MIRA INFORM REPORT

Report Date :

12.04.2013

IDENTIFICATION DETAILS

Name :	PROTOCONTROL INSTRUMENTS (INDIA) PRIVATE LIMITED
Registered Office :	EL- 31/1, Electronic Zone, J-Block, MIDC, Bhosari, Pune-411026, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.04.1994
Com. Reg. No.:	11-77628
Capital Investment / Paid-up Capital :	Rs.1.662 Millions
CIN No.: [Company Identification No.]	U3190MH1994PLC077628
TAN No.: [Tax Deduction & Collection Account No.]	PNEP01563C
PAN No.: [Permanent Account No.]	AABCP1200H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Importer and Exporter of Electronics Instruments.
No. of Employees :	55 [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 85000
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 dealing 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Ulhas Raghunath Belhe
Designation :	Director
Contact No.:	91-9370149560
Date :	02.04.2013

LOCATIONS

Registered Office/ Factory :	EL- 31/1, Electronic Zone, J-Block, MIDC, Bhosari, Pune-411026, Maharashtra, India
Tel. No.:	91-20-27125198/27125197/ 32324545/27130197/27130398/32947007
Mobile No.:	91-9370149560 [Mr. Ulhas Raghunath Belhe]
Fax No.:	91-20-27123918 /27130918
E-Mail :	protocontrol@eth.net protocontrol@vsnl.com
Website :	www.protocontrol.com
Location :	Owned

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Ulhas Raghunath Belhe

Designation :

Directors

Address :

R. Ho. No. 26, Kunal Icon, Saudagar Pimpale, Aundh, Pune- 411 027, Maharashtra, India

Date of Appointment :

08.04.1994

DIN No.:

01907170

Name :

Mr. Ravindra Govind Parale

Designation :

Directors

Address :

R. Ho. No. 25, Kunal Icon, Saudagar Pimpale, Aundh, Pune- 411 027, Maharashtra, India

Date of Appointment :

08.04.1994

DIN No.:

02465062

Name :

Mr. Milind Malhari Vechlekar

Designation :

Directors

Address :

Flat No. 5, Building No.6, Gande Park, Sharda Garden, Chinchawad, Pune- 411 033, Maharashtra, India

Date of Appointment :

08.04.1994

DIN No.:

02462451

Name :

Mr. Pradeep Govind Parale.

Designation :

Directors

Address :

229/1, Mabisha Society, Parvati, Pune- 411 009, Maharashtra, India

Date of Appointment :

19.06.1994

DIN No.:

01907180

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	U31901MH1994PLC077628	PROTOCONTROL INSTRUMENTS (INDIA) PRIVATE LIMITED	Managing director	11-02-10	19-06-94	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Ulhas Bhele	43100
Ravindra Govind Parale	43200
Milind Malhari Vechlekar	43000
Pradeep Govind Parale	24400
Raghunath Bhele	50
M.N. Mahajan	50
S.G. Parale	50
V.G. Parale	50
Swati Pote	50
N.G. Parale	50
Govind Joshi	50
Gajanan Joshi	50
Malhari Vechlekar	50
G.S. Ubale	50
Sunil Chopde	50
Manjusha M. Velchlekar	3000
Surekha M. Velchlekar	3000
Purnima P. Parale	3000
Manisha U. Belhe	3000
TOTAL	166250

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	92.45
Other top fifty shareholders	7.55
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Importer and Exporter of Electronics Instruments.
Products :	Proximity Switches Indicating And Controlling Instruments-Temperature And Humidity Measuring Safety Switches for Material Handling Plants Level Management Solutions Turnkey Automation Packages Agency Products
Exports :
Products :	Finished Goods
Countries :	Thailand Indonesia UAE Sri Lanka
Imports :
Products :	Raw Materials
Countries :	USA
Terms :
Selling :	Credit [30 Days]
Purchasing :	Credit [30 Days]

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Electronics Instruments	SSI	NA	35000	32958

GENERAL INFORMATION

Customers :

Others [Manufacture]

No. of Employees :

55 [Approximately]

Bankers :

State Bank of India SMECC Account SBI Chinchwad Branch, Madhuri- Kishor Complex, Above SBI Branch, Senapati Bapat Marg, Pune-411016, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Working capital loans from banks Cash credit from State Bank of India* [* Cash credit from State Bank of India is secured by hypothecation of stocks, debtors, other current assets, mortgage of factory land and building, assignment of LIC policies of directors sum assured Rs.0.400 million each and personal guarantee of directors]	3.404	5.305
Term loan from State Bank of India* [* Term Loan From State Bank of India is secured by mortgage of factory land and building and hypothecation of furniture, office equipments and personal guarantee of director and carrying rate of interest of 13%]	2.053	2.663
Less: Current Maturities shown under other current liabilities	(0.685)	(0.610)
TOTAL	4.772	7.358

Banking Relations :	--
Auditors :
Name :	Parag Patwa and Associates Chartered Accountants
Address :	313, Patil Plaza Mitra Mandal Corner, Pune- 411 009, Maharashtra, India
Tel. No.:	91-20-24441420/65280376
Fax No.:	91-20-24445884
E-Mail :	Cal1234@eth.net
PAN No:	ABQPP4578F

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.10/- each	Rs.2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
166250	Equity Shares	Rs.10/- each	Rs.1.662 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.662	1.662	1.662
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		19.614	15.784	12.088
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		21.276	17.446	13.750
LOAN FUNDS
1] Secured Loans		4.772	7.358	8.491
2] Unsecured Loans		0.963	0.963	1.663
TOTAL BORROWING		5.735	8.321	10.154
DEFERRED TAX LIABILITIES		0.486	0.579	0.620
TOTAL		27.497	26.346	24.524
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.355	11.481	12.435
Capital work-in-progress		0.032	0.032	0.032
INVESTMENT		0.502	0.502	0.002
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.393	4.823	4.482
	Sundry Debtors	14.359	13.006	15.201
	Cash & Bank Balances	6.840	6.185	2.501
	Other Current Assets	0.984	0.610	0.000
	Loans & Advances	2.251	1.858	2.061
Total Current Assets		32.827	26.482	24.245
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.220	6.672	8.685
	Other Current Liabilities	4.066	2.886	1.746
	Provisions	2.933	2.593	1.759
Total Current Liabilities		16.219	12.151	12.190
Net Current Assets		16.608	14.331	12.055
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		27.497	26.346	24.524

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	49.921	50.942	40.152
		Other Income	0.965	0.368	0.464
		TOTAL (A)	50.886	51.310	40.616
Less	EXPENSES
		Cost of materials consumed	21.868	22.331
		Purchase on stock in trade	3.573	1.741
		Employee benefit expenses	10.120	8.928	34.249
		Other expenses	9.071	10.010
		Changes in inventories of finished goods, work in progress and stock in trade	(2.226)	0.434
		TOTAL (B)	42.406	43.444	34.249
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.480	7.866	6.367
Less	FINANCIAL EXPENSES (D)		1.087	0.741	0.482
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.393	7.125	5.882
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.244	1.185	0.901
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		6.149	5.940	4.944
Less	TAX (H)		1.932	1.954	1.569
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		4.217	3.986	3.375
Less	APPROPRIATIONS
		Transfer to General Reserve	1.000	1.000	1.000
		Dividend to Equity Share	0.333	0.249	0.249
		Dividend to Tax Expenses	0.054	0.041	0.044
	BALANCE CARRIED TO THE B/S		2.830	2.696	2.082
	EARNINGS IN FOREIGN CURRENCY
		On Account of Sale	NA	2.138	1.886
	IMPORTS		NA	0.384	0.174
	Earnings / (Loss) Per Share (Rs.)
	Basic		25.36	23.98	20.30
	Diluted		25.36	23.98	20.30

Expected Sales (2012-13) : Rs.80.000 Millions.

The above information has been parted by Mr. Ulhas Raghunath Belhe.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	8.29	7.77	8.31
Net Profit Margin (PBT/Sales)	(%)	12.32	11.66	12.41
Return on Total Assets (PBT/Total Assets}	(%)	14.23	15.65	13.58
Return on Investment (ROI) (PBT/Networth)		0.29	0.34	0.36
Debt Equity Ratio (Total Debt/Networth)		0.27	0.47	0.74
Current Ratio (Current Asset/Current Liability)		2.02	2.17	1.98

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
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	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	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
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
From Shareholders and Relatives of Directors ** [** Unsecured loans from shareholders and relatives of directors is repayable on demand]	0.963	0.963
TOTAL	0.963	0.963

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	90091006
Corporate identity number of the company	U31901MH1994PLC077628
Name of the company	PROTOCONTROL INSTRUMENTS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	EL- 31/1, Electronic Zone, J-Block, MIDC, Bhosari, Pune-411026, Maharashtra, India
Type of charge	Book Debts Movable Property [not being pledge] Floating Charge Immovable Property
Particular of charge holder	State Bank of India SMECC Account SBI Chinchwad Branch, Madhuri- Kishor Complex, Above SBI Branch, Senapati Bapat Marg, Pune-411016, Maharashtra, India Email: secc.pune@sbi.co.in
Nature of description of the instrument creating or modifying the charge	1) Supplemental Agreement of Loan-Cum-Hypothecation. 2) Memorandum for recording Extension of Mortgage by Deposit of Title Deeds covering Enhanced Limits and/or creation of Equitable Mortgage on Additional Properties for Existing Limits and Enhanced Limits and Additional Facilities. 3) Letter of Confirmation 4) Letter of Arrangement (All the documents executed for a single modification)
Date of instrument Creating the charge	12.02.2013
Amount secured by the charge	Rs.10.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest WC:Interest@3% margin above Base Rate which is presently 9.75% p.a., Present Effective Rate 12.75% p.a. or rate prescribed by Bank from time to time. Terms of Repayment As per Agreement with the Bank Margin Raw Material 25%, Semi-Finished and Finished Goods 30%, Domestic Receivables 40%, Letter of Credit, Bank Guarantee 25%-Cash Margin. Extent and Operation of the charge The Details of Facilities (Rs. in Millions) - DCC 7.000, BG/LC 3.000, Total Rs.10.000 Millions. Charge on hypothecated assets and mortgaged property shall continue till full repayment of Loan.
Short particulars of the property charged	Hypothecation of Stock, Book-debts, Goods in Transit, Other Current Assets of the Company. Hypothecation of Plant and Machinery and Furniture/Fixtures, Other Equipments located at EL-31/1,Electronic Zone J Block, MIDC, Bhosari, Pune-411026. Mortgage of immovable property of Company - All that piece and parcel of property bearing Plot No.EL-31/1 adm.1500 Sq.mtrs.in Pimpri Industrial Area and lying at Village Bhosari, Taluka Haveli, Dist. Pune, Sub-Regn. Dist. Haveli and within local limits of PCMC along with construction thereon and to be constructed thereto.
Particulars of the present modification	Enhancement in CC Limit upto Rs.7.000 Millions. Hence total of Facilities stands at Rs.10.000 Millions. Facilities (Rs. in Millions) - DCC 7.000, BG/LC 3.000. Also charge on hypothecated assets and mort. on imm property of Co. located at All that piece and parcel of property bearing Plot No.EL-31/1 adm.1500 Sq.mtrs.in Pimpri Industrial Area and lying at Village Bhosari, Taluka Haveli within local limits of PCMC along with construction thereon and to be constructed thereto was extended to secure total facilities availed by the Company.

FIXED ASSETS:

• Lease Hold Land
• Factory Building
• Computer Machinery
• Furniture and Fixture
• Vehicle
• Plant and Machinery
• Typewriter
• Office Equipment
• Motor Car
• Portable Generator
• Computer Software
• Electrical Installation
• Air Conditioner
• UPS Inverter

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 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.54.53
UK Pound	1	Rs.83.60
Euro	1	Rs.71.33

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	TPT

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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.