MIRA INFORM REPORT

Report Date :

10.02.2012

IDENTIFICATION DETAILS

Name :	PATEL'S ANALOG AND DIGITAL MEASUREMENT COMPANY PRIVATE LIMITED
Registered Office :	A/6, Functional Electronics Estate, Bhosari Industrial Area, M.I.D.C., Pune – 411 026, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.08.1984
Com. Reg. No.:	25-033666
Capital Investment / Paid-up Capital :	Rs.2.000 millions
CIN No.: [Company Identification No.]	U33129MH1984PTC033666
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter of Bushing Winding Machine, Toroidal Winding Machine etc.
No. of Employees :	15 (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 57000
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

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Jeswin
Designation :	Office Assistant
Contact No.:	91-20-27120290
Date :	06.02.2012

LOCATIONS

Registered Office/ Factory :	A/6, Functional Electronics Estate, Bhosari Industrial Area, M.I.D.C., Pune – 411 026, Maharashtra, India
Tel. No.:	91-20-27120290
Fax No.:	91-20-27122043
E-Mail :	iut@eth.net padmco@vsnl.net
Location :	Owned

DIRECTORS

As on 12.08.2011

Name :

Mr. Madhusudan Purushottam Patel

Designation :

Managing Director

Address :

A-6, Functional Electronic Estate, Bhosari, Pune – 411 026, Maharashtra, India

Date of Birth/Age :

03.03.1936

Date of Appointment :

06.08.1984

DIN No.:

00860315

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U33129MH1984PTC033666	Patel's Analog and Digital Measurement Company Private Limited	Managing director	06-08-84	06-08-84	Active	NO
2	U29299PN2005PTC020923	Patel - Janz Solar Energy Solutions Company Private Limited	Director	23-06-05	23-06-05	Strike off	NO
3	U72200PN2006PTC021924	Dr. Patel Infotech and Technologies Private Limited	Director	31-01-06	31-01-06	Strike off	NO
4	U40108PN2008PLC132109	Vivvid Renewable Energies Limited	Director	27-05-08	27-05-08	Under Process of Striking off	NO
5	U31102MH1987PTC042470	Trans Coils Private Limited	Director	12-08-11	28-03-11	Active	NO

Name :

Ms. Arleen Alfred Rogers

Designation :

Director

Address :

A-6, Functional Electronic Estate, Bhosari, Pune – 411 026, Maharashtra, India

Date of Birth/Age :

15.06.1955

Date of Appointment :

06.08.1984

DIN No.:

00860351

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U33129MH1984PTC033666	Patel's Analog and Digital Measurement Company Private Limited	Director	06-08-84	06-08-84	Active	NO
2	U72200PN2006PTC021924	Dr. Patel Infotech and Technologies Private Limited	Director	31-01-06	31-01-06	Strike off	NO

Name :

Mr. Prasad Dattatray Aranke

Designation :

Director

Address :

478/A, Shaniwar Peth, Om Apartments, Pune – 411 030, Maharashtra, India

Date of Birth/Age :

21.12.1970

Date of Appointment :

30.05.2003

DIN No.:

00860399

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31102MH1987PTC042470	Trans Coils Private Limited	Director	30-05-03	30-05-03	Active	NO
2	U33129MH1984PTC033666	Patel's Analog and Digital Measurement Company Private Limited	Director	30-05-03	30-05-03	Active	NO
3	U29299PN2005PTC020923	Patel - Janz Solar Energy Solutions Company Private Limited	Director	23-06-05	23-06-05	Strike off	NO

KEY EXECUTIVES

Name :	Ms. Jeswin
Designation :	Office Assistant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.08.2011

Names of Shareholders	No. of Shares
Madhusudan Patel and Ketan Patel and Hina McKinney	150
Madhusudun Patel and Ketan Patel and Hina McKinney	2850
Madhusudan Patel and Hina McKinney and Ketan Patel	100
Madhusudan Patel and Hina McKinney and Ketan Patel	400
Madhusudan Patel and Hina McKinney and Ketan Patel	2500
Madhusudan Patel and Arlene Rogers	2500
Madhusudan Patel and Hina McKinney	2500
Madhusudan Patel and Ketan Patel	1820
Madhusudan Patel and Ketan Patel	2180
Madhusudan Patel and Prasad Aranke and Arlene Rogers	2000
Arlene Rogers and Ketan Patel	2155
Arlene Rogers and Ketan Patel	845
Total	20000

As on 12.08.2011

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

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter of Bushing Winding Machine, Toroidal Winding Machine etc.
Products :	v Superconducting Magnets and Winding Equipment v Hairpin Or R-shape Conductor Taping Machine v Bushing Winding Machine v Toroidal Winding Machine v Rotor Winding Machine v VT/PT Winding Machine v Bench Type Taping Machine v Gantry Type Taping Machine v Table Top Taping Machine v Edge On Winding Machine.
Exports :
Products :	Industrial Machinery and Parts
Countries :	v Indonesia v Turkey
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

v Kunal Engineering

v Shanta Enterprises

v Appu Service Station

v E N Pansare

v Microsys

v Satyawan Deshmukh

v S D Bhope and Company

v Sharp Industrial Services

v Vaibhav Enterprises

v V S Bhope and Company

v Advantec Systems

v Jeeneshwar Steel Center

v Rohit Enterprises

v Sai Sales Corporation

Customers :

Wholesalers and Retailers

No. of Employees :

15 (Approximately)

Bankers :

v Canara Bank, SME Branch, Kasarwadi, Pune – 411 034, Maharashtra, India

v HDFC Bank Limited

v Cosmos Co-Operative Bank

v Union Bank of India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Canara Bank – Kasarwadi A/c No.136	8.233	11.155
Canara Bank – Car Loan (Versa)	0.212	0.268
HDFC Car Loan	1.650	2.060
Total	10.095	13.483

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Dr. M.P. Patel	0.000	0.085
Total	0.000	0.085

Banking Relations :	--
Auditors :
Name :	M.N. Devi and Company Chartered Accountants
Address :	Office No. A - 15, Kamala Cross Road, Opposite P.C.M.C. Pimpri, Pune – 411 018, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAAM5961F

CAPITAL STRUCTURE

As on 12.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs.2.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs.2.000 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		2.000	2.000	2.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12.355	9.855	9.460
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		14.355	11.855	11.460
LOAN FUNDS
1] Secured Loans		10.095	13.483	1.288
2] Unsecured Loans		0.000	0.085	0.362
TOTAL BORROWING		10.095	13.568	1.650
DEFERRED TAX LIABILITIES		0.000	0.003	0.035
TOTAL		24.450	25.426	13.145
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.181	12.657	9.803
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.125	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.636	22.365	3.134
	Sundry Debtors	3.488	0.038	0.022
	Cash & Bank Balances	1.000	0.350	0.375
	Other Current Assets	7.067	6.058	2.333
	Loans & Advances	0.840	0.915	0.408
Total Current Assets		20.031	29.726	6.272
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.114	0.744	0.799
	Other Current Liabilities	5.987	15.257	1.571
	Provisions	0.786	0.956	0.560
Total Current Liabilities		6.887	16.957	2.930
Net Current Assets		13.144	12.769	3.342
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		24.450	25.426	13.145

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
SALES
	Income	33.980	4.875	16.240
	Other Income	0.440	0.000	0.000
	TOTAL	34.420	4.875	16.240
EXPENSES
	Operating Expenses	30.248	3.094	14.626
	TOTAL	30.248	3.094	14.626
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		4.171	1.781	1.614
DEPRECIATION/ AMORTISATION		1.284	1.069	0.511
PROFIT BEFORE TAX		2.788	0.712	1.103
TAX		0.288	0.317	0.394
PROFIT AFTER TAX		2.500	0.395	0.709
Earnings Per Share (Rs.)		125.00	19.75	35.45

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.26	8.10	4.37
Net Profit Margin (PBT/Sales)	(%)	8.20	14.61	6.79
Return on Total Assets (PBT/Total Assets}	(%)	8.93	1.68	6.86
Return on Investment (ROI) (PBT/Networth)		0.19	0.06	0.10
Debt Equity Ratio (Total Liability/Networth)		1.18	2.57	0.40
Current Ratio (Current Asset/Current Liability)		2.91	1.75	2.14

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	--
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	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	--
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 involved in	--
23) Banking Details	Yes
24) Banking facility details	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

PERFORMANCE:

The performance of the company during the year was good. This year the sales were Rs.33.980 millions and other income of Rs.0.440 million. After providing for the depreciation of Rs.1.284 millions, the company has reported Net Profit after tax of Rs.2.500 millions during the year.

FORM 8:

Corporate identity number of the company	U33129MH1984PTC033666
Name of the company	PATEL'S ANALOG AND DIGITAL MEASUREMENT COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A/6, Functional Electronics Estate, Bhosari Industrial Area, M.I.D.C., Pune – 411 026, Maharashtra, India E-Mail: iut@eth.net
This form is for	Modification of charge
Charge identification number of the modified	90088558
Type of charge	Movable Property (not being pledge) Floating Charge
Particular of charge holder	Canara Bank, SME Branch, Kasarwadi, Pune – 411 034, Maharashtra, India E-Mail: sunilshanoy@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Supplementary agreement
Date of instrument Creating the charge	05.10.2009
Amount secured by the charge	Rs.31.300 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: BPLR - 1.25% presently at 10.75% Terms of Repayment: On demand Margin: 25% on stocks and 40% on book debts Extent and Operation of the charge: OCC Rs.14.000 millions and Bank Guarantee Rs.17.300 millions
Short particulars of the property charged	Stock, book debts, plant, machinery, factory land and building
Date of latest modification prior to the present modification	27.05.2009
Particulars of the present modification	OCC Limits raised from Rs.5.000 millions to Rs.14.000 millions. BG limits raised to Rs.17.300 millions.

FIXED ASSETS:

v Building

v Land

v Plant and Machinery

v Battery

v Office Equipments

v Type Writer

v Xerox Machine

v Pump

v Air Condition (Split AC)

v Vehicle

v A.G. Grinder

v Generator

v Mobile

v Camera

v Printer

v Computer and Software

v Furniture and Fixture

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.49.29
UK Pound	1	Rs.78.10
Euro	1	Rs.65.59

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.