MIRA INFORM REPORT

Report Date :

15.07.2013

IDENTIFICATION DETAILS

Name :	INTECH SYSTEMS CHENNAI PRIVATE LIMITED
Registered Office :	S-2, Thiru-vi-ka Industrial Estate, Guindy, Chennai – 600 032, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.03.2003
Com. Reg. No.:	18-050450
Capital Investment / Paid-up Capital :	Rs.7.725 millions
CIN No.: [Company Identification No.]	U72200TN2003PTC050450
IEC No.:	0498038564
TIN No.:	33100903737
CST No.	770624 dated 05.03.2003
Service Tax No.:	AABCI0806JST001
TAN No.: [Tax Deduction & Collection Account No.]	CHEI04528G
PAN No.: [Permanent Account No.]	AABCI0806J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Industrial Automation Products.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 323000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears drastic fall in its sales during 2012. However, general financial strength seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and condition.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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. Vijaya Raghavan
Designation :	Accounts Department
Contact No.:	91-44-43538888
Date :	12.07.2013

LOCATIONS

Registered Office/ Corporate Office/ Factory :	S-2, Thiru-vi-ka Industrial Estate, Guindy, Chennai – 600 032, Tamilnadu, India
Tel. No.:	91-44-43538888
Fax No.:	91-44-43537888
E-Mail :	intech3@eth.net info@intechchennai.com
Website :	http://www.intechchennai.com
Location :	Owned
Windmill Division I :	SF No.864/1, Munduvelampatty Village, Dharapuram Taluk, Erode District, Tamilnadu, India
Windmill Division II :	SF.No.40715 and 406/B, Munduvelampatty Village, Dharapuram Taluk, Erode District, Tamilnadu, India
Petrol Bunk Division :	Reliance Petrol Bunk, Maraimalai Nagar, Chennai, Tamilnadu, India

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Palanisamy Duraisamy

Designation :

Managing Director

Address :

G-202, Gray Shoot, No.4, Bishop Garden Extension, R.A. Puram, Chennai – 600 028, Tamilnadu, India

Date of Appointment :

05.03.2003

DIN No.:

00077642

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U02102TZ1992PTC003643	KOVAI MARUTHI PAPERS AND BOARDS PRIVATE LIMITED	Director	14/02/1992	14/02/1992	-	Active	NO
2	U72200TN2003PTC050450	INTECH SYSTEMS CHENNAI PRIVATE LIMITED	Managing director	05/03/2003	05/03/2003	-	Active	NO
3	U31300KA2006PTC038745	LONGWELL ELECTRONIC (INDIA) PRIVATE LIMITED	Director	19/08/2006	19/08/2006	28/11/2011	Active	NO
4	U01112TN2011PTC080913	INTECH AGROTECH INDIA PRIVATE LIMITED	Director	02/06/2011	02/06/2011	-	Active	NO

Name :

Mrs. Thamilarasi Duraisamy

Designation :

Managing Director

Address :

G-202, Gray Shoot, No.4, Bishop Garden Extension, R.A. Puram, Chennai – 600 028, Tamilnadu, India

Date of Appointment :

05.03.2003

DIN No.:

00361657

KEY EXECUTIVES

Name :	Mr. Vijaya Raghavan
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Palanisamy Duraisamy	40000
Thamilarasi Duraisamy	25000
D. Naveen Kumar	4150

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Industrial Automation Products.
Products :	· Automation Systems · Sensing Solutions · Meters Controllers · Industrial Components · Motion Control · Weighing and Automation · RFID and Vision Systems · STI- Safety Solutions · Panels and Accessories
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

80 (Approximately)

Bankers :

· State Bank of India, S M E Guindy Branch, A-65, G.S.T. Road, Guindy, Chennai – 600 032, Tamilnadu, India (Contact No.: 91-44-22500285)

· Union Bank of India

· Bank of Maharashtra

· HDFC Bank Limited

· ICICI Bank Limited

· Indian Bank, Guindy, Chennai, Tamilnadu, India

· Indian Bank, MM Nagar

· Indian Bank, SP Koil

· Karur Vysya Bank Limited

Facilities :

Secured Loan	As on 31.03.2012 (Rs. in Millions)	As on 31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loan	1.126	5.099
SHORT TERM BORROWINGS
Loan repayable on Demand
- From Bank	35.482	30.769
Total	36.608	35.868

Banking Relations :	--
Auditors :
Name :	A. Saravana Kumar Chartered Accountants
Address :	No.33, Venkata Narayana Road, Nandanam, Chennai – 600 035, Tamilnadu, India
PAN No:	AAGFA4844C

CAPITAL STRUCTURE

AS ON 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
77250	Equity Shares	Rs.100/- each	Rs.7.725 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	7.725	7.725
(b) Reserves & Surplus	72.998	69.065
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	80.723	76.790
(3) Non-Current Liabilities
(a) Long-term borrowings	1.126	5.099
(b) Deferred tax liabilities (Net)	3.777	4.172
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	4.903	9.271
(4) Current Liabilities
(a) Short term borrowings	35.482	30.769
(b) Trade payables	14.782	5.423
(c) Other current liabilities	3.404	2.296
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	53.668	38.488
TOTAL	139.294	124.549
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	40.761	42.506
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	10.478	10.809
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	51.239	53.315
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	41.556	32.867
(c) Trade receivables	30.054	20.463
(d) Cash and cash equivalents	7.414	5.584
(e) Short-term loans and advances	9.031	12.320
(f) Other current assets	0.000	0.000
Total Current Assets	88.055	71.234
TOTAL	139.294	124.549

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		7.725
2] Share Application Money		0.000
3] Reserves & Surplus		66.091
4] (Accumulated Losses)		0.000
NETWORTH		73.816
LOAN FUNDS
1] Secured Loans		32.068
2] Unsecured Loans		0.000
TOTAL BORROWING		32.068
DEFERRED TAX LIABILITIES		4.657
TOTAL		110.541
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		43.008
Capital work-in-progress		0.000
INVESTMENT		11.110
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.898
	Sundry Debtors	24.248
	Cash & Bank Balances	3.669
	Other Current Assets	0.000
	Loans & Advances	17.827
Total Current Assets		67.642
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.708
	Other Current Liabilities	2.361
	Provisions	0.150
Total Current Liabilities		11.219
Net Current Assets		56.423
MISCELLANEOUS EXPENSES		0.000
TOTAL		110.541

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	221.261	601.202	355.617
		Other Income	0.744	0.653
		TOTAL	222.005	601.855	355.617
			(Due to market fluctuation)
Less	EXPENSES
		Office Expenses	214.010	595.318	344.311
		Administrative Expenses
		Advertising Expenses
		TOTAL	214.010	595.318	344.311
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		7.995	6.537	11.306
Less/ Add	DEPRECIATION/ AMORTISATION		NA	NA	3.687
	PROFIT / (LOSS) BEFORE TAX		NA	NA	7.619
Less	TAX		NA	NA	0.333
	PROFIT / (LOSS) AFTER TAX		3.932	2.919	7.286
	Earnings / (Loss) Per Share (Rs.)		50.90	37.79	94.32

Particulars	31.03.2013
Sales Turnover (Approximately)	160.000 (Due to market fluctuation)

The above information has been parted by Mr. Vijaya Raghavan (Accounts Department).

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.77	0.49	2.05
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	6.89
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.10
Debt Equity Ratio (Total Debt/Networth)		0.45	0.47	0.43
Current Ratio (Current Asset/Current Liability)		1.64	1.85	6.03

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) 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 four years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	Yes
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	No
19) Payments terms	Yes
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
31) Date of Birth of Proprietor/Partner/Director, if available	No
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

OPERATIONS

During the year, the company has four divisions namely Manufacturing, Petrol Bunk, Wind Mill - I and Wind Mill - II. The overall decrease in revenue is Rs.379.800 millions. Despite the decrease in revenue in Petrol bunk division there is an increase in the net profit by Rs.1.012 millions due to the increase in revenue in Manufacturing division to the extent of 31.500 millions.

Bankers Charges Report as per Registry

Corporate identity number of the company	U72200TN2003PTC050450
Name of the company	INTECH SYSTEMS CHENNAI PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	S-2, Thiru-vi-ka Industrial Estate, Guindy, Chennai – 600 032, Tamilnadu, India E-Mail: intech3@eth.net
This form is for	Modification of charge
Charge identification number of the modified	90288047
Type of charge	Any interest in immovable property Book Debts Movable Property (not being pledge) Others (Releasing of Title Deeds of immovable properties)
Particular of charge holder	State Bank of India, S M E Guindy Branch, A-65, G.S.T. Road, Guindy, Chennai – 600 032, Tamilnadu, India E-Mail: mahendiran56@gmail.com
Nature of description of the instrument creating or modifying the charge	1. Letter of Arrangement SME - 1. 2. Supplemental Agreement of Loan cum Hypothecation SME - 4. 3. Letter of Confirmation for Extension of Equitable Mortgage SME - 8 4. Release of Property.
Date of instrument Creating the charge	04.06.2012
Amount secured by the charge	Rs.47.500 millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest: CC and SME CP: 3.50% above Base Rate (10.00%) i.e. 13.50% p.a. with monthly rests. Terms of Repayment: Working Capital: Repayable on Demand Margin: Raw Materials : Imported: 25% Indigenous: 25% Semi Finished Goods: 25% Finished Goods: 25% Domestic Receivables : 25% cover period 90 days Bank Guarantee: 25% Extent and Operation of the charge: The existing charge on the Current Assets and immovable property belonging to the Company shall continue to secure other than the properties situated at Thirukatchiyur Sengundram Village and Munduvelampatti Village, more fully described in the "Attachment" which have been released. The Lease Hold Rights of the immovable property situated at S2, Thiru-Vi-Ka Industrial Estate, Guindy, shall also secure the Cash Credit Facility to an extent of Rs.6.000 millions granted to Intech Automation.
Short particulars of the property charged	The existing charge on the Current Assets such as Stocks, Book Debts and Security Deposits shall continue to secure the present reduced limit; Extension of charge over the Lease Hold Rights of the Immovable Property situated at Thiru-Vi-Ka Industrial Estate Guindy Other existing securities remain same.
Date of latest modification prior to the present modification	02.03.2011
Particulars of the present modification	By the present modification, the overall limit has been reduced from Rs.69.400 millions to Rs.47.500 millions and secured by the Current Assets and Lease Hold Rights of the Immovable Property of the Company. The immovable properties situated at Thirukatchiyur and Munduvelampatti have been released from the charge. The Lease Hold Rights of the immovable property situated at Guindy, shall also secure the CC facility of Rs.6.000 millions granted to Intech Automation

FIXED ASSETS:

· Land

· Building

· Plant and Equipments

· Plant and Equipments – Windmill

· Furniture and Fixtures

· Office Equipment

· Computers

· 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 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.59.90
UK Pound	1	Rs.90.88
Euro	1	Rs.78.32

INFORMATION DETAILS

Information Gathered by :	PLK
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	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.