MIRA INFORM REPORT

Report Date :

05.01.2012

IDENTIFICATION DETAILS

Name :	PULSAR TECHNOLOGIES (INDIA) PRIVATE LIMITED
Registered Office :	147/ G, 10^th Main, 3^rd Block, Koramangala, Bangalore – 560 034, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.04.2001
Com. Reg. No.:	08-028906
Capital Investment / Paid-up Capital :	Rs.1.000 Millions
CIN No.: [Company Identification No.]	U33129KA2001PTC028906
IEC No.:	0701003561
TAN No.: [Tax Deduction & Collection Account No.]	BLRPO2014F
PAN No.: [Permanent Account No.]	AACCP1726D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Digital Taxi, Auto Fare Meters.
No. of Employees :	15 [Office + Factory] Approximately

RATING & COMMENTS

MIRA’s Rating :

B [32]

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 20000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some dip in the turnover and profitability of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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 :	Mr. Gangadhar
Designation :	Manager
Contact No.:	91-80-25529101
Date :	28.12.2011

LOCATIONS

Registered Office :	147/ G, 10^th Main, 3^rd Block, Koramangala, Bangalore – 560 034, Karnataka, India
Tel. No.:	91-80-25529101/ 4313123/ 25520310
Fax No.:	91-80-25529101
E-Mail :	pulsar@jpindia.com pulsar@jptoolsindia.com mrn5608@gmail.com
Area :	1500 sq ft
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :

Ms. Madhuri Ranganath Nagaraj

Designation :

Director

Address :

21, Shreyas, 14 Cross, 6’B’ Main Gaurav Nagar, J.P. Nagar, 7^th Phase, Bangalore – 560 078, Karnataka, India

Date of Birth/Age :

30.08.1956

Date of Appointment :

02.11.2001

DIN :

00797234

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	U33129KA2001PTC028906	PULSAR TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	2/11/2001	2/11/2001	Active	NO
2	U72200KA2006PTC039653	RFMW TECHNOLOGIES PRIVATE LIMITED	Director	7/6/2006	7/6/2006	Strike off	NO

Name :

Mr. Peter Sunder Jagdish Devadasen

Designation :

Director

Address :

796, 9^th Main, 3^rd Block, Koramangala, Bangalore – 560 034, Karnataka, India

Date of Birth/Age :

24.12.1934

Date of Appointment :

16.04.2001

DIN :

02281688

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	U32302KA1982PTC004967	GURUPRIYA TELE-AUTO PRIVATE LIMITED	Director	24/09/1982	24/09/1982	-	Active	NO
2	U28933KA1989PTC010304	SPOT ELECTROTECH SYSTEMS PRIVATE LIMITED	Director	10/8/1989	10/8/1989	30/04/2011	Active	NO
3	U72900KA2000PTC026831	J.P.TOOLS AND TECHNOLOGIES PRIVATE LIMITED	Managing director	31/03/2000	31/03/2000	-	Active	YES
4	U33129KA2001PTC028906	PULSAR TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	16/04/2001	16/04/2001	-	Active	NO

Name :

Mr. Kota Parmeshwara Tunga

Designation :

Director

Address :

101, Uma Ganapathy Apartments, 8^th Main, Malleshwaram, Bangalore, India

Date of Birth/Age :

02.05.1937

Date of Appointment :

16.04.2001

DIN :

00797265

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	U72900KA2000PTC026831	J.P.TOOLS AND TECHNOLOGIES PRIVATE LIMITED	Director	31/03/2000	31/03/2000	Active	YES
2	U33129KA2001PTC028906	PULSAR TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	16/04/2001	16/04/2001	Active	NO

Name :

Mr. Vikram Jacob Devadasan

Designation :

Director

Address :

796, 9^th Main, 3^rd Block, Koramangala, Bangalore – 560 034, Karnataka, India

Date of Birth/Age :

08.02.1975

Date of Appointment :

16.04.2001

DIN :

02281702

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	U33129KA2001PTC028906	PULSAR TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	16/04/2001	16/04/2001	Active	NO
2	U72900KA2000PTC026831	J.P.TOOLS AND TECHNOLOGIES PRIVATE LIMITED	Director	6/5/2009	6/5/2009	Active	YES

Name :

Mr. N. Sudhakar

Designation :

Director

Address :

305, 2^nd Main, 3^rd Phase, J.P. Nagar, Bangalore – 560 078, Karnataka, India

Date of Appointment :

01.03.2002

Name :

Ms. Shubha Devadasen

Designation :

Director

Address :

796, 9^th Main, 3^rd Block, Koramangala, Bangalore – 560 034, Karnataka, India

Date of Birth/Age :

18.12.1970

Date of Appointment :

27.02.2002

Name :

Mr. Rudolph Robinson

Designation :

Director

Address :

27-20, 4^th Road, Long Island City, New York, USA 11101

Date of Appointment :

01.03.2002

KEY EXECUTIVES

Name :	Mr. Gangadhar
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
P.S.J. Devadasan	3250
K.P. Tunga	2584
Vikram Devadasan	503
Madhuri R. Nagaraj	532
Shubha Devadasen	503
Rudolph Robinson	2400
N. Sudhakar	228
Total	10000

As on 30.09.2010

Equity Share Break Up Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Digital Taxi, Auto Fare Meters.

Products :

· Digital Taxi meter

· Autorickshaw Meter

· Transducers for Auto and Taxi

· Digital Taxi Meter (With LED Display)

· Digital Taxi / Auto Meter

· Digital Auto Fare Meter

· Receipt Printer

· Transducer For 2 Stroke

· Transducer For 4 Stroke

· Transducer For Taxi

· Solar Street Light

· Solar Home UPS

· Main Distribution Frame For Telecom

• Splitters For Telecom

Products Description	ITC Code No.
Digital Fare Meter Taxi Fare Meter Auto Rickshaw Fare Meter	9092

Exports :

Products :

• Digital Taxi, Auto Fare Meters

Countries :

• Sri Lanka
• Nepal
• Indonesia

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

GENERAL INFORMATION

Suppliers :

• Electronica Meters (Bangalore)
• Crown Meter Services

Customers :

Wholesalers and Retailers

• Meru Cabs (Private) Limited

No. of Employees :

15 [Office + Factory] Approximately

Bankers :

• HDFC Bank, Koramangala, Bangalore – 560 095, Karnataka, India
• State Bank of India
• The South Indian Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Car loan from HDFC Bank [Swift Car]	0.311	0.460
Car loan from HDFC Bank [ACE Van]	0.211	0.000
[secured against hypothecation of vehicle]
Total	0.522	0.460

Banking Relations :	--
Auditors :
Name :	G.V. Sunder and Company Chartered Accountants
Address :	3/5, IV Floor, Tower Block, Unity Building, JC Road, Bangalore – 560002, Karnataka, India
Tel. No.:	91-80-22275160
Fax No.:	91-80-22244189
E-Mail :	sundergv@vsnl.com
PAN :	ABTPS4985N
Memberships :	India Mart ISO: 9001: 2000 Company
Collaborators :	Pulsar Technology Systems Inc. (USA)
Group Companies :	J.P. Tools and Technologies (Private) Limited, Bangalore Gurupriya Tele-Auto Private Limited

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000	Equity Shares	Rs.100/- each	Rs.2.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs.100/- each	Rs.1.000 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000	1.000
2] Share Application Money		0.031	0.031	0.031
3] Reserves & Surplus		4.124	4.062	3.842
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.155	5.093	4.873
LOAN FUNDS
1] Secured Loans		0.522	0.460	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.522	0.460	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		5.677	5.553	4.873
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.555	2.657	1.236
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.038	0.038	0.037
DEFERREX TAX ASSETS		0.084	0.051	0.268
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.219	0.942	1.780
	Sundry Debtors	4.771	8.621	8.598
	Cash & Bank Balances	0.744	0.561	2.518
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.928	2.330	2.199
Total Current Assets		12.662	12.454	15.095
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.517	5.384	4.948
	Other Current Liabilities	1.871	1.552	3.640
	Provisions	1.722	2.711	3.175
Total Current Liabilities		10.110	9.647	11.763
Net Current Assets		2.552	2.807	3.332
Deferred Revenue Expenses		0.448	0.000	0.000
TOTAL		5.677	5.553	4.873

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL	16.899	26.801	24.302
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	16.234	24.136	20.196
	PROFIT / [LOSS] BEFORE TAX		0.665	2.665	4.106
Less	TAX		0.253	1.275	1.150
	PROFIT / [LOSS] AFTER TAX		0.412	1.390	2.956
	EARNINGS IN FOREIGN CURRENCY		0.000	0.092	0.000
	Earnings/[Loss] Per Share (Rs.)		41.20	-	-

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.44	5.19	12.16
Net Profit Margin (PBT/Sales)	(%)	3.93	9.94	16.89
Return on Total Assets (PBT/Total Assets}	(%)	4.37	17.64	25.14
Return on Investment (ROI) (PBT/Networth)		0.13	0.52	0.84
Debt Equity Ratio (Total Liability/Networth)		2.06	1.98	2.41
Current Ratio (Current Asset/Current Liability)		1.25	1.29	1.28

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	No
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	No
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	No
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

Trade References :

• Electronica Meters (Bangalore)
• Crown Meter Services
• Meru Cabs (Private) Limited

Performance of the Company

The company recorded a turnover of Rs.16.899 millions for the current year against the previous year turnover of Rs.26.801 millions and made a net profit of Rs.0.665 million. The management is exploring possible opportunities to attain better turnover during the forth coming year.

FIXED ASSETS :

• Plant and Machinery
• Furniture and Fixtures
• Computer
• Motor Vehicles

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.53.14
UK Pound	1	Rs.83.08
Euro	1	Rs.69.24

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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.