MIRA INFORM REPORT

Report Date :

20.06.2012

IDENTIFICATION DETAILS

Name :	TITAN TIME PRODUCTS LIMITED
Registered Office :	L-15, Electronic City, Verna Industrial City, Verna, Salcette – 403 722, Goa
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.07.1991
Com. Reg. No.:	24-001148
Capital Investment / Paid-up Capital :	Rs.19.000 millions
CIN No.: [Company Identification No.]	U33301GA1991PLC001148
TAN No.: [Tax Deduction & Collection Account No.]	BLRT02154F
PAN No.: [Permanent Account No.]	AABCT1287A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Seller of Electronic Circuit Boards and Micro Assemblies.
No. of Employees :	Approximately 126 (of which 98 were direct employees)

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 269000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a sole client of Titan Industries Limited, Bangalore. It is a well established and a reputed company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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.

INFORMATION DECLINED BY

Name :	Mr. M.J. Shilesh
Designation :	HR Department
Contact No.:	91-832-6680173
Date :	19.06.2012

LOCATIONS

Registered Office/ Factory :	L-15, Electronic City, Verna Industrial City, Verna, Salcette – 403 722, Goa, India
Tel. No.:	91-832-6680173/ 74-80
Mobile No.:	91-9225900314 (Mr. M.J. Shilesh)
Fax No.:	91-832-2783311
E-Mail :	niranjanh@titan.co.in sales@titancem.com vanik@titan.co.in
Website :	http://www.titancem.com
Area :	10000 sq. ft.
Location :	Owned

DIRECTORS

As on 20.07.2011

Name :	Mr. Xerxes Sapur Desai
Designation :	Chairman
Address :	No.41, II Main, IV Cross, Defence Colony, Indiranagar, Bangalore - 560 068, Karnataka, India
Date of Birth/Age :	19.03.1937
Qualification :	MA
Date of Appointment :	31.07.1991
DIN No.:	00305447
Name :	Mr. Bhaskar Bhat
Designation :	Director
Address :	No.884, Chaitanya Plot, Indiranagar, 1^st Stage, Bangalore – 560 038, Karnataka, India
Date of Birth/Age :	29.08.1954
Qualification :	B. Tech, PGDM
Date of Appointment :	24.06.2005
DIN No.:	00148778
Name :	Mr. Parthasarathy Varadarajan
Designation :	Director
Address :	New No.10, Old No.48, Sri Venkatesa Perumal Nagar, Arumbakkam, Chennai – 600 106, Tamilnadu, India
Date of Birth/Age :	05.02.1959
Qualification :	B.Com, ACA, ICWA
Date of Appointment :	20.10.2008
DIN No.:	02266066
Name :	Mr. Kailasanathan Narayan
Designation :	Director
Address :	Flat F1, Prathamesh Apartments, 59/2, 6^th Main, 17^th Cross, Malleshwaram, Bangalore – 560 055, Karnataka, India
Date of Birth/Age :	15.02.1952
Qualification :	BSC, PGDSM, MFM, PGDSE
Date of Appointment :	27.04.2010
DIN No.:	03398264
Name :	Dr. C.G. Krishnadas Nair
Designation :	Director
Address :	Chandrathil Mane, No.2388/1, 16^th "A" Main, HAL II Stage, Indiranagar, Bangalore - 560 008, Karnataka, India
Date of Birth/Age :	17.08.1941
Date of Appointment :	19.04.2011
DIN No.:	00059686
Name :	Hebbani Gopinath Raghunath
Designation :	Additional Director
Address :	502, Sriram Sankari Apartments 6/1 2^nd Main, Anjaneyanagar BSK 3^rd Stage, Bangalore – 560 085, Karnataka, India
Date of Birth/Age :	06.05.1955
Date of Appointment :	27.04.2012
DIN No.:	03548928

KEY EXECUTIVES

Name :	Mr. M.J. Shilesh
Designation :	HR Department
E-Mail :	mjshilesh@titangoa.co.in

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.07.2011

Names of Shareholders	No. of Shares
Titan Industries Limited, India	1899990
Titan Industries Limited, India jointly with Bhaskar Bhat	1
Titan Industries Limited, India jointly with Harish Bhat	1
Titan Industries Limited, India jointly with Rajarathnam	1
Titan Industries Limited, India jointly with M.J. Shilesh	1
Titan Industries Limited, India jointly with Anil Arondekar	1
Titan Industries Limited, India jointly with S. Satish	1
Titan Industries Limited, India jointly with Niranjan H.	1
Titan Industries Limited, India jointly with N. Kailasanathan	1
Titan Industries Limited, India jointly with S. Subramaniam	1
Titan Industries Limited, India jointly with A.R. Rajaram	1
Total	1900000

As on 20.07.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Electronic Circuit Boards and Micro Assemblies.

Products :

v Automotive Electronics

v Industrial Electronics

v Medical Electronics

v Image Sensor

v Smart Card Modules

v Time Keeping

Production Status	ITC Code
Electronics Circuit Boards	85427000

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Electronic Circuit Boards	Nos.	8522403

GENERAL INFORMATION

No. of Employees :

Approximately 126 (of which 98 were direct employees)

Bankers :

Canara Bank, Corporate Service Branch, Shankar Narayana Building, No.25, M.G. Road, Bangalore – 560 025, Karnataka, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Working capital loans banks secured	4.977	3.764
Total	4.977	3.764

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte Centre, Anchorage II, 100/2, Richmond Road, Bangalore – 560 025, Karnataka, India
Tel. No.:	91-80-66276000
Fax No.:	91-80-66276011
Income-tax PAN of auditor or auditor's firm :	AACFD3771D
Holding Company :	Titan Industries Limited CIN No.: L74999TZ1984PLC001456 Address: 3, Sipcot Industrial Complex, Hosur – 635 126, Tamilnadu, India

CAPITAL STRUCTURE

As on 20.07.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 millions
1000000	Preference Shares	Rs.10/- each	Rs.10.000 millions
	Total		Rs.30.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1900000	Equity Shares	Rs.10/- each	Rs.19.000 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		19.000	19.000	19.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		48.324	41.063	37.619
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		67.324	60.063	56.619
LOAN FUNDS
1] Secured Loans		4.977	3.764	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		4.977	3.764	0.000
DEFERRED TAX LIABILITIES		5.498	5.961	6.254
TOTAL		77.799	69.788	62.873
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		53.509	51.539	54.752
Capital work-in-progress		0.186	0.368	0.186
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	23.912	13.989	20.662
	Sundry Debtors	39.765	17.361	5.450
	Cash & Bank Balances	0.880	0.353	0.508
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.221	11.477	10.035
Total Current Assets		76.778	43.180	36.655
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	36.284	10.272	17.066
	Other Current Liabilities	3.089	4.132	0.000
	Provisions	13.301	10.895	11.654
Total Current Liabilities		52.674	25.299	28.720
Net Current Assets		24.104	17.881	7.935
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		77.799	69.788	62.873

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Operating revenue, net	226.350	144.714	158.674
		Other Income	2.704	2.421	0.464
		TOTAL (A)	229.054	147.135	159.138
Less	EXPENSES
		Consumption materials changes inventories	133.843	82.615	140.365
		Manufacturing service costs	13.971	7.982
		Employee related expenses	44.130	33.839
		Administrative selling other expenses	18.927	12.121
		TOTAL (B)	210.871	136.557	140.365
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18.183	10.578	18.773
Less	INTEREST FINANCIAL CHARGES (D)		0.292	0.163	0.201
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17.891	10.415	18.572
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.293	6.088	5.862
	PROFIT BEFORE TAX (E-F) (G)		11.598	4.327	12.710
Less	TAX (H)		4.337	0.884	4.642
	PROFIT AFTER TAX (G-H) (I)		7.261	3.443	8.068
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		37.136	33.693	25.625
	BALANCE CARRIED TO THE B/S		44.397	37.136	33.693
	EARNINGS IN FOREIGN CURRENCY
		Export of goods	13.946	5.934	11.254
	TOTAL EARNINGS		13.946	5.934	11.254
	IMPORTS
		Raw materials and components	93.040	54.150	64.920
		Stores and spares	0.776	0.338	0.521
		Capital goods	2.877	2.201	6.896
	TOTAL IMPORTS		96.693	56.689	72.337
	Earnings Per Share (Rs.)		3.82	1.81	4.25

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.17	2.34	5.07
Net Profit Margin (PBT/Sales)	(%)	5.12	2.99	8.01
Return on Total Assets (PBT/Total Assets}	(%)	8.90	4.57	13.90
Return on Investment (ROI) (PBT/Networth)		0.17	0.07	0.22
Debt Equity Ratio (Total Liability/Networth)		0.86	0.48	0.51
Current Ratio (Current Asset/Current Liability)		1.46	1.71	1.28

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
- Creditors due small micro enterprises	0.000	0.000	0.000
- Creditors due others	36.284	10.272	17.066
Total	36.284	10.272	17.066

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	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	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
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

MANUFACTURING

During the year, the Company produced a total of 85,22,403 Nos. (Previous Year - 6,208,718 Nos.) Electronic Circuit Boards and Micro Assemblies. This includes the highest ever production of Watch circuit boards to the tune of 7,351,887 Nos. within the given resources and infrastructure.

SALES

During 2010-2011, the Company sold a total of 85,23,923 Nos. (Previous Year - 6,271,108 Nos.) Electronic Circuit Boards and Micro Assemblies. Net sales income during the year was Rs.226.350 millions (Previous Year - Rs.144.714 millions). The Company met the entire requirement of Titan Industries Limited, as well as the committed numbers to the external customers. The quality, delivery and competitive price of the products continue to be well received.

PROSPECTS

The Company continues to be the sole supplier of ECBs to Titan Industries. It has made continuous efforts to improve the quality of the product, simultaneously containing the costs over the years.

The Company has been able to grow its external business of electronics manufacturing services significantly by generating business opportunities in automotive, industrial control, power electronics, telecom, and recently from the green energy sectors.

About 39% of the revenue in the current fiscal has come from sale to these external customers, who have acknowledged the company’s efforts on its ability to meet their stringent quality requirements.

The Company has earned a considerable goodwill in a span of five years and considered as an emerging player in the Indian electronic manufacturing services industry.

TECHNOLOGICAL DEVELOPMENT

The Company has been steering through successfully high-mix low-volume manufacturing and has developed more than 42 new products of varying complexities during the year for both the domestic and overseas customers.

The company continues its efforts in terms of indigenization of several input materials including PCBs, inductors, fixtures and pallets, thus saving on the foreign currency outgo.

The Company has made significant efforts towards sustaining the Quality Management System and thus won the confidence of many a customer.

The company’s quality management system received the recertification of ISO 9001 and TS 16949 during the year.

FIXED ASSETS:

v Leasehold Land

v Factory Building

v Plant and Machinery

v Office Equipments

v Computer Equipments

v Furniture Fixtures

v 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.56.01
UK Pound	1	Rs.87.85
Euro	1	Rs.70.54

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	SMN

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	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--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.