MIRA INFORM REPORT

Report Date :

15.01.2013

IDENTIFICATION DETAILS

Name :	OHMARK CONTROLS PRIVATE LIMITED
Registered Office :	Survey No.138/ 1, Block 1, Kadabagere Cross, Magadi Main Road, Machohalli Village, Dasanapura Hobli, Bangalore – 560 091, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.07.1983
Com. Reg. No.:	08-005430
Capital Investment / Paid-up Capital :	Rs.0.869 Million
CIN No.: [Company Identification No.]	U45309KA1983PTC005430
TAN No.: [Tax Deduction & Collection Account No.]	BLRO00067E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and exporter of motor controls and a complete range of resistors with associated switching panels.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 34000
Status :	Moderate
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The management of the company has failed to file its financials with the government department for the year 2012. Mr. S. Dakshinamoorthy, director has provided all details to us however, financials are not verified. As per previous year’s record, the financial risk profile of the company appears to be moderate. However, performance capability appears to be improving. Trade relations are reported as fair. Business is active. Payment terms are unknown in absence of latest financials. The company can be considered for business dealings with slight caution.

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. S. Dakshinamoorthy
Designation :	Director
Contact No.:	91-9845413491
Date :	14.01.2013

LOCATIONS

Registered Office/ Factory :	Survey No.138/ 1, Block 1, Kadabagere Cross, Magadi Main Road, Machohalli Village, Dasanapura Hobli, Bangalore – 560 091, Karnataka
Tel. No.:	91-80-28536494/ 64506780/ 64506781/ 23480398
	91-9845413491 (Mr. S. Dakshinamoorthy)
Fax No.:	91-80-28536454/ 23488619
E-Mail :	mssv@vsnl.net
Area :	10000 sq ft
Location :	Owned
Corporate Office :	3954/ 3769, Bhadrappa Industrial Estate, Kamakshipalya, 2^nd Stage, Bangalore – 560 079, Karnataka, India
Tel No.:	91-80-23480398
Fax No.:	91-80-23488619

DIRECTORS

As on 29.09.2011

Name :	Mr. Bangalore Rangaswamy Bhaskar
Designation :	Director
Address :	No.1 D, Main Road, Shivanagar, Bangalore – 560 010, Karnataka, India
Date of Birth/Age :	08.05.1966
Qualification :	ITI
Date of Appointment :	27.06.2003
DIN No.:	00168408
Name :	Mr. Dakshinamoorthy Subramani
Designation :	Director
Address :	L – 14, Kirloskar Colony, 3^rd Main, 3^rd Stage, Kamalanagar, Bangalore – 560 079, Karnataka, India
Date of Birth/Age :	10.06.1974
Qualification :	AME/ Diploma
Date of Appointment :	27.06.2003
DIN No.:	00168464
Name :	Mr. Bangalore Madhava Rao Gopalakrishna
Designation :	Director
Address :	81, Chaitanaya Ram, Sathyanarayana Layout, Basaveshwarnagar, Bangalore – 560 079, Karnataka, India
Date of Birth/Age :	18.10.1970
Qualification :	ITI
Date of Appointment :	27.06.2003
DIN No.:	00481708

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Estate of V.N. Murthy	11875
S. Dakshinamoorthy	31562
B.R. Bhaskar	31563
B.M. Gopalakrishna	11875
Total	86875

As on 29.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Designer of motor controls and a complete range of resistors with associated switching panels.

Products :

Item Code No. (ITC Code)	853300
Product Description	Resistor
Item Code No. (ITC Code)	680800
Product Description	DBR Panel
Item Code No. (ITC Code)	680800
Product Description	Rotor Panel

Exports :

Products :

v Resistor

v DBR Panel

v Rotor Panel

Countries :

v Middle East

v Malaysia

v Singapore

Imports :

Products :

Raw Material

Countries :

v Europe

v China

v Korea

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

GENERAL INFORMATION

Customers :

v End Users

No. of Employees :

30 (Approximately)

Bankers :

v Canara Bank, Rajaji Nagar, III Block, Bangalore – 560 010, Karnataka, India

v State Bank of India

Facilities :

Cash Credit – Rs.2.500 millions (Canara Bank)

Secured Loan	As on 31.03.2011 (Rs. in millions)	As on 31.03.2010 (Rs. in Millions)
Canara Bank Term Loan - Marketing Office Building	2.196	2.798
State Bank of India	0.000	0.000
Canara Bank OD A/c (The overdraft facility and term loan from Canara Bank Limited is secured against the hypothecation of the title deeds pertaining to marketing office situated at Srigandhadha Kavelu Village, Yeshwanthpura Hobli, Bangalore and secured by the personal guarantee of the Directors)	2.124	2.636
Total	4.320	5.434

Unsecured Loan	As on 31.03.2011 (Rs. in millions)	As on 31.03.2010 (Rs. in Millions)
Unsecured Loans from Directors
Bhaskar B.R.	0.350	0.000
S Dakshina Murthy	0.400	0.000
Total	0.750	0.000

Banking Relations :	--
Auditors :
Name :	MSSV and Company Chartered Accountants
Address :	2^nd Floor, No.63/ 2, Railway Parallel Road, Kumara Park West, Bangalore – 560 020, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AABFM1529R

CAPITAL STRUCTURE

As on 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
86875	Equity Shares	Rs.10/- each	Rs.0.869 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		0.869	0.869	0.869
2] Share Application Money		0.043	0.043	0.043
3] Reserves & Surplus		7.553	5.263	4.226
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.465	6.175	5.138
LOAN FUNDS
1] Secured Loans		4.320	5.434	0.152
2] Unsecured Loans		0.750	0.000	0.000
TOTAL BORROWING		5.070	5.434	0.152
DEFERRED TAX LIABILITIES		0.202	0.190	0.000
TOTAL		13.737	11.799	5.290
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.275	16.764	12.427
Capital work-in-progress		4.344	0.000	0.000
INVESTMENT		0.003	0.003	0.003
DEFERREX TAX ASSETS		0.000	0.000	0.177
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.578	1.349	0.551
	Sundry Debtors	17.997	24.092	14.295
	Cash & Bank Balances	5.631	0.825	0.558
	Other Current Assets	0.099	0.000	0.000
	Loans & Advances	3.874	3.246	4.330
Total Current Assets		30.179	29.512	19.734
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	38.060	33.783	26.422
	Other Current Liabilities
	Provisions	1.004	0.697	0.629
Total Current Liabilities		39.064	34.480	27.051
Net Current Assets		(8.885)	(4.968)	(7.317)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		13.737	11.799	5.290

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	TURNOVER	76.247	69.175	54.584
	TOTAL EXPENSES	73.842	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	4.731	3.324	2.590
Less/ Add	DEPRECIATION/ AMORTISATION	1.426	1.223	0.498
	PROFIT BEFORE TAX	3.305	2.101	2.092
Less	TAX	1.015	1.064	0.328
	PROFIT AFTER TAX	2.290	1.037	1.764
	EXPORT VALUE	5.170	1.438	1.218
	Earnings Per Share (Rs.)	26.36	11.94	20.30

Particulars	31.03.2012
Sales Turnover (Approximately)	82.000

Expected Sales (2012-2013) : Rs. 90.000 Millions

The above information has been parted by Mr..S. Dakshinamoorthy

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	6.82	4.54	6.50
Return on Investment (ROI) (PBT/Networth)		0.39	0.34	0.41
Debt Equity Ratio (Total Liability/Networth)		5.21	6.46	5.29
Current Ratio (Current Asset/Current Liability)		0.77	0.86	0.73

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	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	No
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN 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

Note: The registered office of the company has been shifted from 3954/3769, Bhadrappa Industrial Estate, Kamakshi Palya II Stage, Saneguruvanahalli, Bangalore – 560 079, Karnataka to the present address w.e.f. 10.01.2008.

PERFORMANCE:

The company had a turnover of Rs.76.247 millions for the year as compared to the turnover of Rs.69.175 millions in the previous year. During the year ending 31^st March, 2011 the company has executed orders on behalf of Asia Brown Bovary Limited, Kirloskar Electric Company Limited and BHEL Limited, The Prospects for the current year are bright.

That the financial results for the company is that there is a profit of Rs.3.305 millions (PY Rs.2.101 millions) after providing for depreciation of Rs.1.426 millions (PY Rs.1.223 millions).

FORM 8:

Corporate identity number of the company	U45309KA1983PTC005430
Name of the company	OHMARK CONTROLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No.138/ 1, Block 1, Kadabagere Cross, Magadi Main Road, Machohalli Village, Dasanapura Hobli, Bangalore – 560 091, Karnataka E-Mail: mssv@vsnl.net
This form is for	Modification of charge
Charge identification number of the modified	10223820
Type of charge	Immovable Property Book Debts Others (Hypothecation of stock)
Particular of charge holder	Canara Bank, Rajaji Nagar, III Block, Bangalore – 560 010, Karnataka, India E-Mail: blr2698@canarabank.co.in
Nature of description of the instrument creating or modifying the charge	EMT of building in No 31, SY No 20/2, 20/3, 21/2, 22, 1231, 124, 125, 126, 40/4, 40/5, 116, 118, 27/4, 27/5, 27/7, 27/14 and 37/22 of Sri Gandhadhakaval Village, Yeswanthpura Hobli, Bangalore. and Hypothecation of stock and book debt (in respect of building charge is created vide charge no 10223820 for availing term loan. now additional charge is created on the same to avail over draft facility of Rs.2.500 millions)
Date of instrument Creating the charge	17.12.2009
Amount secured by the charge	Rs.5.494 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: 13.00% Terms of Repayment: A. For term loan: in 60 monthly installments of Rs.0.049 million each w.e.f November 2009 B. Over draft facility for working capital: Till closure of the facility Margin: 25% for term loan Extent and Operation of the charge: Till closure of the facility
Short particulars of the property charged	Building in No 31, SY No 20/2, 20/3, 21/2, 22, 1231, 124, 125, 126, 40/4, 40/5, 116, 118, 27/4, 27/5, 27/7, 27/14 AND 37/22 of Sri Gandhadhakaval Village, Yeswanthpura Hobli, Bangalore Hypothecation of stock and book debt
Particulars of the present modification	Continuing EMT of the property

TRADE REFERENCES:

v BHEL Limited

v A.B.B. Limited

v Siemens Limited

FIXED ASSETS:

v Plant and Machinery

v Furniture and Fixtures

v Motor Vehicle

v Motor Car

v Scooter

v Electrical Installation

v Office Equipments

v Land

v Crane Accessories

v Building

v EPA BX

v Mobile

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 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.54.63
UK Pound	1	Rs.88.17
Euro	1	Rs.73.12

INFORMATION DETAILS

Information Gathered by :	SVD
Report Prepared by :	SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		35

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.