MIRA INFORM REPORT

Report Date :

23.01.2013

IDENTIFICATION DETAILS

Name :	CST SENSORS INDIA PRIVATE LIMITED
Registered Office :	Trident Towers, 4^th Floor, No.23, 100 Feet Road, Ashoka Pillar Road, 2^nd Block, Jayanagar, Bangalore – 560011, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.01.2008
Com. Reg. No.:	08-045130
Capital Investment / Paid-up Capital :	Rs.12.834 Millions
CIN No.: [Company Identification No.]	U35303KA2008FTC045130
TAN No.: [Tax Deduction & Collection Account No.]	BLRC08113A
PAN No.: [Permanent Account No.]	AADCC2906M
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Industrial Automation Products.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

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 record. The management has failed to file its latest financials i.e. 2011-12. From the previous year record of 2011, it seems that there appear huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported a fair. Business is active. 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 – 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 :	Ms. Gayatri Ashweth
Designation :	Accounts Department
Contact No.:	91-80-41132205
Date :	15.01.2013

LOCATIONS

Registered Office :	Trident Towers, 4^th Floor, No.23, 100 Feet Road, Ashoka Pillar Road, 2^nd Block, Jayanagar, Bangalore – 560011, Karnataka, India
Tel. No.:	91-80-41132205/ 41132204
Fax No.:	91-80-41132206
E-Mail :	faizur.rehman@schneider-electric.com rajendra2.kumar@crouzet.com sadathullakhan@gmail.com hm.malikarjunappa@crouzet.com gayatriasweth@cstsensors.com cmaison@crouzet.com
Website :	www.cstsensors.com
Area :	4000 Sq. ft
Location :	Rented
Branch Office :	Office No.12, Kedar Impair, 4^th Floor, Servey Road, Herandwani, Pune, Maharashtra, India
Area :	800 Sq. ft
Location :	Owned

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Olivier Pascal Marius Blum

Designation :

Director

Address :

3/35, Shanti Niketan, New Delhi – 110021, India

Date of Birth/Age :

13.10.1970

Date of Appointment :

30.07.2009

DIN No.:

02075443

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	U74899DL1995PTC065815	Schneider Electric India Private Limited	Managing director	01-01-08	01-01-08	-	Active	NO
2	U31100DL1987PTC205171	LK India Private Limited	Managing director	01-02-08	01-02-08	-	Amalgamated	NO
3	U35303KA2008FTC045130	CST Sensors India Private Limited	Director	30-07-09	28-04-08	-	Active	NO
4	U99999MH1970GAP014629	Indian Electrical and Electronics Manufacturers Association	Director	18-09-08	18-09-08	25-09-10	Active	NO
5	U03312DL1988PTC208639	Schneider Electric Conzerv India Private Limited	Managing director	01-01-10	08-06-09	-	Amalgamated	NO
6	U31909DL2010PTC204196	Schneider Electric Fusegears India Private Limited	Director	16-06-10	16-06-10	-	Active	NO
7	U51395DL2004PTC125366	Uniflair India Private Limited	Director	21-12-10	21-12-10	-	Active	NO
8	U31200HR2010PLC041756	Energy Grid Automation Transformers and Switchgears India Limited	Director	29-12-10	29-12-10	-	Active	NO
9	U31900GJ2011PLC064420	Smartgrid Automation Distribution and Switchgear Limited	Director	12-03-11	12-03-11	-	Active	NO
10	U74899DL1988PTC032019	Luminous Power Technologies Private Limited	Additional director	03-06-11	03-06-11	-	Active	NO

Name :

Mr. Jean Yves Marie Mouttet

Designation :

Director

Address :

14501, Princeton Avenue, Moorpark, California, 93021, United State of America

Date of Birth/Age :

29.04.1957

Date of Appointment :

27.03.2008

DIN No.:

02088458

Name :

Mr. Rajani Kesari

Designation :

Additional Director

Address :

C-31, Westend Heights, DLF City Phase V, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

02.07.1971

Date of Appointment :

10.10.2008

DIN No.:

02384170

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	U35303KA2008FTC045130	CST Sensors India Private Limited	Director	30-07-09	10-10-08	-	Active	NO
2	U31100DL1987PTC205171	LK India Private Limited	Director	30-09-09	11-10-08	-	Amalgamated	NO
3	U74899DL1995PTC065815	Schneider Electric India Private Limited	Whole-time director	30-09-09	11-10-08	-	Active	NO
4	U03312DL1988PTC208639	Schneider Electric Conzerv India Private Limited	Director	14-09-09	08-06-09	-	Amalgamated	NO
5	U31909DL2010PTC204196	Schneider Electric Fusegears India Private Limited	Director	16-06-10	16-06-10	-	Active	NO
6	U74899DL1988PTC032019	Luminous Power Technologies Private Limited	Additional director	03-06-11	03-06-11	-	Active	NO

Name :

Claude Eugene Maison

Designation :

Director

Address :

162, Rue Jean Antoine Houdon domaine De Fontmagne Guilherand Granges 07500

Date of Birth/Age :

05.06.1958

Date of Appointment :

30.09.2011

DIN No.:

03520204

KEY EXECUTIVES

Name :	Ms. Gayatri Ashweth
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Crouzet Automatismes SAS, France	1283386
Electro Porcelaine, France	1
Total	1283387

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Industrial Automation Products.
Imports :
Products :	Automation Products
Countries :	· US · France · Germany · China
Terms :
Selling :	Credit (30 days)
Purchasing :	Credit (30 days)

GENERAL INFORMATION

Customers :	End Users and Distributors
No. of Employees :	30 (Approximately)
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	Kalyaniwalla and Mistry Chartered Accountant
Address :	Second Floor, No 102, Gangadhara Chetty Road, Bangalore – 560042, Karnataka, India
Tel No.:	91-80-25549556/ 25514977
PAN No.:	AAAFK7554R
Holding Company :	· Crouzet Automotismes SAS, France
Associates :	· BEI Ideacode · BEI Industrial Encoder · BEI Duncan Electronics · BEI Kimco Magnetics · Crydom Inc. · CST Asia (Hong Kong) Limited · Kaviico GmbH · Kaviico · Newall Measurement Systems Limited

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
1300000	Equity Shares	Rs.10/- each	Rs.13.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1283387	Equity Shares	Rs.10/- each	Rs.12.834 Millions

NOTE:

(Of the above 1283866 shares held by Crouzet Automotismes SAS, France the holding company)

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		12.834	12.834	12.834
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(11.481)	(12.477)	(3.257)
NETWORTH		1.353	0.357	9.577
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.206	0.405	0.000
TOTAL		1.559	0.762	9.577
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.991	2.707	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.116
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.284	6.143	1.961
	Sundry Debtors	26.649	12.676	13.014
	Cash & Bank Balances	18.625	19.066	8.879
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.309	0.726	0.646
Total Current Assets		53.867	38.611	24.500
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	52.043	39.531	14.291
	Other Current Liabilities	3.256	1.025	0.632
	Provisions	0.000	0.000	0.116
Total Current Liabilities		55.299	40.556	15.039
Net Current Assets		(1.432)	(1.945)	9.461
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1.559	0.762	9.577

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	121.619	60.555	30.127
		Other Income	0.046	0.838	0.687
		TOTAL (A)	121.665	61.393	30.814
Less	EXPENSES
		Cost of Goods Sold		43.989	20.810
		Expenditure on Employees		13.243	7.320
		Operatind and Administration Expenses		11.978	5.880
		TOTAL (B)	119.995	69.210	34.010
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial Expenses)	(7.817)	(3.196)
Less	FINANCIAL EXPENSES (D)			0.082	0.059
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.670	(7.899)	(3.255)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.873	0.799	0.002
	PROFIT BEFORE TAX (E-F) (G)		0.797	(8.698)	(3.257)
Less	TAX (H)		(0.200)	0.522	0.000
	PROFIT AFTER TAX (G-H) (I)		0.997	(9.220)	(3.257)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(12.477)	(3.257)	0.000
	BALANCE CARRIED TO THE B/S		(11.480)	(12.477)	(3.257)
	IMPORTS
		Trading Goods	63.619	35.677	16.244
	TOTAL IMPORTS		63.619	35.677	16.244
	Earnings Per Share (Rs.)
	Basic		0.78	(7.18)	(5.66)
	Diluted		0.78	(7.18)	(5.66)

Particulars	31.03.2012
Sales Turnover (Approximately)	160.000

The above information has been parted by Ms. Gayatri Asweth.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.82	(15.02)	(10.57)
Net Profit Margin (PBT/Sales)	(%)	0.66	(14.36)	(10.81)
Return on Total Assets (PBT/Total Assets}	(%)	1.40	(21.05)	(13.29)
Return on Investment (ROI) (PBT/Networth)		0.59	24.36	0.34
Debt Equity Ratio (Total Liability/Networth)		40.87	113.60	1.57
Current Ratio (Current Asset/Current Liability)		0.97	0.95	1.63

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	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	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	No
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, Prestige Meridian II, 13^th Floor, No.1301 and 1302 No.30, M G Road, Bangalore – Karnataka, India, to the present address w.e.f 09.05.2011.

REVIEW OF OPERATIONS

The company has during its third year of operations has stabilized its operations and has put in systems and processes in place, to support the business plan of the company. The company has during the year achieved a turnover of Rs.121.619 Millions, which has resulted in a business profit/loss of Rs.0.997 Million. The management is confident that the company would be able to achieve higher turnover of generate better profits in the year to income.

Since the company does not have profits. The board does not recommend payment of dividend for the year ending 31^st March 2011

FIXED ASSETS:

· Office Equipment

· Furniture and Fixture

· Car

· JDE Software

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.53.51
UK Pound	1	Rs.84.85
Euro	1	Rs.71.43

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		11

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.