MIRA INFORM REPORT

Report Date :

20.03.2013

IDENTIFICATION DETAILS

Name :	PULSAR TECHNOLOGIES (INDIA) PRIVATE LIMITED
Registered Office :	147/ G, 10^th Main, 3^rd Block, Koramangala, Bangalore – 560034, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.04.2001
Com. Reg. No.:	08-028906
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U33129KA2001PTC028906
TAN No.: [Tax Deduction & Collection Account No.]	BLRPO2014F
PAN No.: [Permanent Account No.]	AACCP1726D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Digital Taxi, Auto Fare Meters.
No. of Employees :	15 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 21000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. There appears some dip in the turnover and profitability of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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.

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. M R Nagaraj
Designation :	Director
Contact No.:	91-80-25529101
Date :	02.03.2013

LOCATIONS

Registered Office/ Factory :	147/ G, 10^th Main, 3^rd Block, Koramangala, Bangalore – 560034, Karnataka, India
Tel. No.:	91-80-25529101/ 4313123/ 25520310
Fax No.:	91-80-25529101
E-Mail :	pulsar@jpindia.com pulsar@jptoolsindia.com mrn5608@gmail.com
Area :	1500 sq ft
Location :	Owned

DIRECTORS

As on: 30.09.2010

Name :

Mr. Peter Sunder Jagdish Devadasen

Designation :

Director

Address :

796, 9^th Main, 3^rd Block, Koramangala, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

24.12.1934

Date of Appointment :

16.04.2001

DIN No.:

02281688

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	U32302KA1982PTC004967	GURUPRIYA TELE-AUTO PRIVATE LIMITED	Director	24/09/1982	24/09/1982	-	Active	NO
2	U28933KA1989PTC010304	SPOT ELECTROTECH SYSTEMS PRIVATE LIMITED	Director	10/08/1989	10/08/1989	30/04/2011	Active	NO
3	U72900KA2000PTC026831	J.P.TOOLS AND TECHNOLOGIES PRIVATE LIMITED	Managing director	31/03/2000	31/03/2000	-	Active	YES
4	U33129KA2001PTC028906	PULSAR TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	16/04/2001	16/04/2001	-	Active	NO

Name :

Mr. Vikram Jacob Devadasan

Designation :

Director

Address :

796, 9^th Main, 3^rd Block, Koramangala, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

08.02.1975

Date of Appointment :

16.04.2001

DIN No.:

02281702

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	U33129KA2001PTC028906	PULSAR TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	16/04/2001	16/04/2001	-	Active	NO
2	U72900KA2000PTC026831	J.P.TOOLS AND TECHNOLOGIES PRIVATE LIMITED	Director	06/05/2009	06/05/2009	-	Active	YES

Name :

Ms. Madhuri Ranganath Nagaraj

Designation :

Director

Address :

21, Shreyas, 14 Cross, 6’B’ Main Gaurav Nagar, J.P. Nagar, 7^th Phase, Bangalore – 560078, Karnataka, India

Date of Birth/Age :

30.08.1956

Date of Appointment :

02.11.2001

DIN No.:

00797234

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	U33129KA2001PTC028906	PULSAR TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	02/11/2001	02/11/2001	-	Active	NO
2	U72200KA2006PTC039653	RFMW TECHNOLOGIES PRIVATE LIMITED	Director	07/06/2006	07/06/2006	-	Strike off	NO

Name :

Ms. Shubha Devadasen

Designation :

Director

Address :

796, 9^th Main, 3^rd Block, Koramangala, Bangalore – 560034, Karnataka, India

Date of Birth/Age :

18.12.1970

Date of Appointment :

27.02.2002

Name :

Mr. N. Sudhakar

Designation :

Director

Address :

305, 2^nd Main, 3^rd Phase, J.P. Nagar, Bangalore – 560078, Karnataka, India

Date of Appointment :

01.03.2002

Name :

Mr. N. Sudhakar

Designation :

Director

Address :

305, 2^nd Main, 3^rd Phase, J.P. Nagar, Bangalore – 560078, Karnataka, India

Date of Appointment :

01.03.2002

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2010

Names of Shareholders	No. of Shares
P.S.J. Devadasan	3250
K.P. Tunga	2584
Vikram Devadasan	503
Madhuri Ranganath Nagaraj	532
Shubha Devadasen	503
Rudolph Robinson	2400
N. Sudhakar	228
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2010

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Digital Taxi, Auto Fare Meters.

Products :

· Taxi Meter

· Autorickshaw Meter

· Receipt Meter

· Transducer for Auto and Taxi

· Solar Products

Products Description	ITC Code No.
Digital Fare Meter Taxi Fare Meter Auto Rickshaw Fare Meter	9092

Exports :

Products :

Finished Goods

Countries :

• Sri Lanka
• Nepal
• Indonesia

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :	Wholesalers and Retailers Meru Cabs (Private) Limited
No. of Employees :	15 (Approximately)
Bankers :	HDFC Bank Limited, Koramangala, Bangalore – 560095, Karnataka, India State Bank of India The South Indian Bank Limited

Banking Relations :	--
Auditors :
Name :	G.V. Sunder Chartered Accountant
Address :	3/5, IV Floor, Tower Block, Unity Building, JC Road, Bangalore – 560002, Karnataka, India
Tel. No.:	91-80-22275160
Fax No.:	91-80-22244189
E-Mail :	sundergv@vsnl.com
PAN No.:	AAAFG6642G
Related Parties :	Gurupriya Teleauto Private Limited Shanghai Trading Company

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.1.000 Million

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		1.000	1.000	1.000
2] Share Application Money		0.032	0.031	0.031
3] Reserves & Surplus		4.296	4.157	4.124
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5.328	5.188	5.155
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.522
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.522
DEFERRED TAX LIABILITIES		0.000	0.037	0.000
TOTAL		5.328	5.225	5.677
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.764	2.101	2.555
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.005	0.037	0.038
DEFERREX TAX ASSETS		0.340	0.222	0.084
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.766	2.548	4.219
	Sundry Debtors	4.583	5.496	4.771
	Cash & Bank Balances	0.537	0.370	0.744
	Other Current Assets	0.224	0.448	0.000
	Loans & Advances	2.613	2.153	2.928
Total Current Assets		11.723	11.015	12.662
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.508	4.873	6.517
	Other Current Liabilities	0.645	2.156	1.871
	Provisions	1.351	1.121	1.722
Total Current Liabilities		8.504	8.150	10.110
Net Current Assets		3.219	2.865	2.552
MISCELLANEOUS EXPENSES		0.000	0.000	0.448
TOTAL		5.328	5.225	5.677

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	20.268	21.891	16.899
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	19.950	21.358	16.234
	PROFIT BEFORE TAX		0.318	0.533	0.665
Less	TAX		NA	NA	0.253
	PROFIT AFTER TAX		NA	NA	0.412
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.445	0.941	0.000
	TOTAL EARNINGS		1.445	0.941	0.000
	IMPORTS
		Raw Materials	0.036	0.547	0.000
	TOTAL IMPORTS		0.036	0.547	0.000
	Earnings Per Share (Rs.)		NA	NA	41.20

Expected Sales (2012-2013): Rs.23.000 Millions

The above information has been parted by Ms. M R Nagaraj

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	2.44
Return on Total Assets (PBT/Total Assets}	(%)	2.36	4.06	4.37
Return on Investment (ROI) (PBT/Networth)		0.06	0.10	0.13
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.10
Current Ratio (Current Asset/Current Liability)		1.38	1.35	1.25

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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	Yes
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

PERFORMANCE OF THE COMPANY

The company recorded a turnover of Rs.20.268 millions for the current year against the previous year turnover of Rs.21.891 millions. The management is exploring possible opportunities to attain better turnover during the forthcoming year.

TRADE REFERENCE:

• Meru Cabs (Private) Limited

FIXED ASSETS:

• Plant and Machinery
• Furniture and Fixtures
• Computer
• 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 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.54.26
UK Pound	1	Rs.81.94
Euro	1	Rs.70.21

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.