MIRA INFORM REPORT

Report Date :

05.07.2012

IDENTIFICATION DETAILS

Name :	WEIGH CONTROL SYSTEMS PRIVATE LIMITED (w.e.f. 13.08.2010)
Formerly Known As :	FLOWMATIC CONTROL SYSTEMS PRIVATE LIMITED (w.e.f. 06.05.2008) IPA FLOWMATICS PRIVATE LIMITED
Registered Office :	Plot No. 447, 12^th Cross, 4^th Phase, Peenya Industrial Area, Bangalore-560058, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.05.1993
Com. Reg. No.:	08-014378
Capital Investment/ Paid-up Capital:	Rs. 0.300 Million
CIN No.: [Company Identification No.]	U31909KA1993PTC014378
TAN No.: [Tax Deduction & Collection Account No.]	BLRI00435B
PAN No.: [Permanent Account No.]	AAACI4105P
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Filing machine, weigh bridges.
No. of Employees:	Approximately 48 (in Office)

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears a huge accumulated losses being recorded by the company. However, trade relations are reported as fair. Payments are reported to be slow. The company can be considered for business dealings on a secured 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. Ravindra
Designation :	Accounts Manager
Contact No.:	91-80-28360393
Date :	25.06.2012

LOCATIONS

Registered Office/ Factory :	Plot No. 447, 12^th Cross, 4^th Phase, Peenya Industrial Area, Bangalore-560058, Karnataka, India
Tel. No.:	91-80-28360393/ 28363560
Mobile No.:	91-9900266681 (Mr. Dilip Kumar)
Fax No.:	91-80-41172270/ 41172207
E-Mail :	biswas@weighmatics.in info@floamatics.in flowmatics@vsnl.com ipaflowmatics@airtelbroadband.in
Website :	http://www.weighmatics.in
Area :	Approximately 3000 sq. ft.
Location :	Rented

DIRECTORS

AS ON 22.09.2010

Name :	Mr. Samarjit Biswas
Designation :	Director
Address :	Flat No. 302, IV Block, RMV Clusters, Lottegollahalli, Devinagar Bangalore-560094, Karnataka, India
Date of Birth/Age :	24.03.1965
Date of Appointment :	23.09.1998
DIN No.:	01357941

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	Company/ LLP Status	Defaulting status
1	U65921KA1998PTC023242	IPA FINANCE PRIVATE LIMITED	Director	05/01/1998	05/01/1998	Strike off	NO
2	U74140KA1993PTC014224	IPA MARKETING PRIVATE LIMITED	Director	31/07/1998	31/07/1998	Active	NO
3	U31909KA1993PTC014378	WEIGH CONTROL SYSTEMS PRIVATE LIMITED	Director	23/09/1998	23/09/1998	Active	NO

Name :	Mr. Ram Mohan Rao Tadimety
Designation :	Director
Address :	2D, Kiadb Tenments, 3^rd Phase, Peenya Industrial Area, Bangalore-560058, Karnataka, India
Date of Birth/Age :	25.07.1968
Date of Appointment :	30.04.2010
Date of Cessation :	29.12.2011
DIN No.:	00750506
Name :	Mr. S.V. Shiv Kumar
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Ravindra
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.09.2010

Names of Shareholders	No. of Shares
V.A. Abraham	750
T. Ram Mohan Rao	1500
Samarjit Biswas	750
TOTAL	3000

AS ON 22.09.2010

Equity Shares Break Up	Percentage
Directors or relatives of Directors	75.00
Others	25.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Filing machine, weigh bridges.

Products :

· Filling Systems For Oil/ Liquefied Gas/ Resin/ Paint/ Adhesive/ Ghee/ Vanaspathi

· Oil Dispensing System (Edigble / Lube Oil)

· Bulk Density Meters

· Electronic Weigh Systems Viz. Weigh Bridge, Tele Crane Scale and Others

· Filling Machines

· Digital Air Gauges

· Bag Filling Machines

· Paint Solvent Filling Machines

· Tyre Inflators (Electronic)

· Automatic Online Check Weighers

· All Types of Loan Cell/ Platforms

· Oil/ Juice/ Mineral water vending Machines

· Tank/ Hopper/ Bin/ Silo Weighting System/ Belt Scale Weighers

· CO2/ N20 Filling Machines and any Custom Built System Requirements.

Product Description	ITC Code
Electronic Weighing Machines	84239020

Exports :

Countries :

· UK

· Dubai

· UAE

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Dispensers	Qnty	3
Filling Machines	Qnty	39
Weighbridges	Qnty	10
Bulk Density Meter	Qnty	3
Tyre Inflators	Qnty	7

GENERAL INFORMATION

Suppliers :

· IPA Private Limited

Customers :

Wholesalers and Retailers

· Ashok Leyland

No. of Employees :

Approximately 48 (in Office)

Bankers :

• Syndicate Bank, 252, Surekha Complex, 100 FT. Road, Peenya, Bangalore-560057, Karnataka, India
• HDFC Bank, Peenya Industrial Branch

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Over Draft Account- Syndicate Bank (Secured against stock in trade, book debts and personal guarantee of directors)	1.729	2.517
Syndicate Bank Term Loan (Secured against stock in trade, book debts and personal guarantee of directors)	0.904	0.000
Mahindra and Mahindra Financial Securities Limited (Secured by hypothecation of Vehicles)	0.308	0.000
Total	2.941	2.517
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Others (Maximum Balance C.Y. Rs. 0.392 Million P.Y. Rs. 0.392 Million)	0.392	0.392
Total	0.392	0.392
Syndicate Bank OD Limit Rs. 0.500 Million.

Banking Relations :	--
Auditors :
Name :	Chandran and Raman Chartered Accountant
Address :	No. 137, 5^th Main, II Block, III Stage, Basaveshwaranagar, Bangalore-560079, Karnataka, India
Tel. No.:	91-80-23225000
Fax No.:	91-80-23228795
E-Mail :	suresh@chandranandraman.com anband@chandranandraman.com
Website:	http://www.chandranandraman.com
Pan No.:	AAAFC3239R

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs. 100/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3000	Equity Shares	Rs. 100/- each	Rs. 0.300 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		0.300	0.300	0.300
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(0.801)	(0.880)	(0.994)
NETWORTH		(0.501)	(0.580)	(0.694)
LOAN FUNDS
1] Secured Loans		2.941	2.517	3.442
2] Unsecured Loans		0.392	0.392	0.592
TOTAL BORROWING		3.333	2.909	4.034
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2.832	2.329	3.340
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.377	0.721	0.870
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.010	0.010	0.010
DEFERREX TAX ASSETS		0.252	0.327	0.387
Deferred Revenue Expenditure		0.085	0.128	0.170
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.532	4.649	5.932
	Sundry Debtors	4.794	2.943	3.289
	Cash & Bank Balances	0.662	0.464	0.510
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.472	1.504	1.817
Total Current Assets		11.460	9.560	11.548
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.978	7.047	7.616
	Other Current Liabilities	1.907	0.791	1.497
	Provisions	0.467	0.579	0.532
Total Current Liabilities		10.352	8.417	9.645
Net Current Assets		1.108	1.143	1.903
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2.832	2.329	3.340

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Turnover	21.960	16.774	24.594
		Other Income	2.911	2.424	NA
		TOTAL (A)	24.871	19.198	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	24.003	18.292	NA
		Advertising Expenses
		TOTAL (B)	24.003	18.292	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.868	0.906	1.124
Less	FINANCIAL EXPENSES (D)		0.450	0.492	0.624
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		0.418	0.414	0.500
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.285	0.209	0.252
	PROFIT BEFORE TAX (E-F) (G)		0.133	0.205	0.248
Less	TAX (H)		0.054	0.091	0.351
	PROFIT AFTER TAX (G-H) (I)		0.079	0.114	[0.103]
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		[0.879]	[0.993]	[0.890]
	BALANCE CARRIED TO THE B/S		[0.800]	[0.879]	[0.993]
	Earnings Per Share (Rs.)		26.21	37.90	--

Particulars	31.03.2012
Sales Turnover (Approximately)	30.000

Expected Sales (2012-2013) : Rs. 40.000 Millions

The above information has been parted by Mr. Ravindra.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.32	0.59	NA
Net Profit Margin (PBT/Sales)	(%)	0.61	1.22	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.02	1.99	1.99
Return on Investment (ROI) (PBT/Networth)		[0.27]	[0.35]	[0.36]
Debt Equity Ratio (Total Liability/Networth)		[27.32]	[19.53]	[19.71]
Current Ratio (Current Asset/Current Liability)		1.11	1.14	1.20

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. Constructions 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	Yes
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
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

FORM 8

Corporate identity number of the company	U31909KA1993PTC014378
Name of the company	WEIGH CONTROL SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 447, 12^th Cross, 4^th Phase, Peenya Industrial Area, Bangalore-560058, Karnataka, India
This form is for	Modification of Charge
Charge identification number of the charge to be modified	90191323
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Syndicate Bank, 252, Surekha Complex, 100 FT. Road, Peenya, Bangalore-560057, Karnataka, India
Nature of instrument creating charge	Composite Hypothecation Agreement SODH Composite Hypothecation Agreement WCDL (Both the above pertain to the same charge)
Date of instrument Creating the charge	19.03.2011
Amount secured by the charge	Rs. 2.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest SODH and WCDL, Base Rate + 3.25% i.e., Presently 12.25% p.a. at present, subject to revision from time to time Terms of Repayment SODH: As per Sanction Terms WCDL: The amount shall be repayable in 32 equal monthly installment of Rs. 0.033 Million each. Margin SODH and WCDL : 25% Extent and Operation of the charge The charge shall operate to the extent of entire loan amount plus interest, cost, commission, expenses, liquidated damages and other charges if any thereon. Others The said amount of Rs. 2.400 Millions comprises of SODH Rs. 1.500 Millions (reduced form Rs. 2.400 Millions), WCDL Rs. 0.900 Million now sanctioned and BG of Rs 1.000 Million since closed.
Short particulars of the property charged	Hypothecation by way of first charge on stocks, raw materials, stock in trade, book debts, other movables, present and future stores or installed at Plot No. 447, 12^th Cross, 4^th Phase, Peenya Industrial Area, Bangalore-560058 or at any other place.
Date of instrument modifying the charge	27.10.2007
Particulars of the present modification	By the above the charge stands renewed from Rs. 3.400 Millions to Rs. 2.400 Millions (All other terms and conditions remain unchanged.)

TRADE REFERENCE

· Ashok Leyland

· IPA Private Limited

FIXED ASSETS

· Plant and Machinery

· Tools

· Furniture and Fixture

· Office Equipments

· Vehicles

· Computers

· Car

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. 54.55
UK Pound	1	Rs. 85.47
Euro	1	Rs. 68.70

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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		14

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.