MIRA INFORM REPORT

Report Date :

19.06.2014

IDENTIFICATION DETAILS

Name :	PROTECK MACHINERY PRIVATE LIMITED
Formerly known as:	PROTECK CIRCUITS AND SYSTEMS PRIVATE LIMITED
Registered Office :	15, Medavakkam Road, Sholinganallur, Chennai – 600119, Tamilnadu
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.10.1985
Com. Reg. No.:	18-012310
Capital Investment / Paid-up Capital :	Rs.41.160 Millions
CIN No.: [Company Identification No.]	U29130TN1998PTC040196
TAN No.: [Tax Deduction & Collection Account No.]	CHEP02324A
PAN No.: [Permanent Account No.]	AABCP0020B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Printing and Machine Tools
No. of Employees :	information denied by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 2162400
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for business dealing. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered normal for 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	LONG –TERM RATING (BB) (Suspended)
Rating Explanation	Moderate risk of default
Date	May 2013

REASON FOR SUSPENDED: Inability to carry out rating in the absence of requisite information from the company.

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 DECLINED BY

Name :	Mr. Shiva Raman
Designation :	Accounts Manager
Contact No.:	91-9841019437
Date :	17.06.2014

LOCATIONS

Registered Office :	15, Medavakkam Road, Sholinganallur, Chennai – 600119, Tamilnadu
Tel. No.:	Not Available
Mobile No.:	91-9841019437 (Mr. Shiva Raman)
Fax No.:	Not Available
E-Mail :	babu@proteck.co.in
Website :	www.proteckmachinery.com
Head Office :	SPL Sri Ram Nivas, 2^nd Floor, No. 44/10, Venkatakrishna Road, Mandaveli, Chennai 600028, Tamilnadu, India
Tel. No.:	91-44-24953177
Fax No.:	91-44-24951578
Branch Office :	Located at: Bangalore Belgaum Chennai New Delhi Hyderabad Kolkata Mumbai Pune Rajkot Lucknow

DIRECTORS

As on: 30.09.2013

Name :

Mr. Kameswaran Balasubramanian

Designation :

Managing Director

Address :

No. 11, Spring Gardens, I Street, Akkarai, E.C.R. Road, Chennai – 600119, Tamilnadu, India

Date of Birth/Age :

28.03.1960

Date of Appointment :

18.10.1985

DIN No.:

00222343

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	U31900TN1985PTC012310	PROTECK MACHINERY PRIVATE LIMITED	Managing director	18/10/1985	18/10/1985	-	Active	NO
2	U72300TN1997PTC039195	INSOFT AUTOMATION PRIVATE LIMITED	Director	09/10/1997	09/10/1997	-	Active	NO
3	U29130TN1998PTC040196	PROTECK MACHINERY PRIVATE LIMITED	Director	26/03/1998	26/03/1998	31/03/2010	Amalgamated	NO
4	U72200TN2003PTC050892	INDIA METAMATION SOFTWARE PRIVATE LIMITED	Director	21/05/2004	21/05/2004	-	Active	NO
5	U29253TN2008PTC065970	PROTECK PRECISION PRIVATE LIMITED	Managing director	08/01/2008	08/01/2008	-	Active	NO
6	U27310TN2003PTC051867	PROTECK METALS PRIVATE LIMITED	Director	02/08/2008	02/08/2008	-	Active	NO
7	U74991TN2008PTC069168	NILPETER INDIA PRIVATE LIMITED	Director	05/09/2008	05/09/2008	01/04/2012	Active	NO
8	U29299TZ2009PTC015589	PROCOS MECHATRONICS PRIVATE LIMITED	Director	05/08/2010	11/11/2009	-	Active	NO
9	U29253TN2011PTC079422	TSUGAMI PRECISION ENGINEERING INDIA PRIVATE LIMITED	Director	07/03/2011	07/03/2011	-	Active	NO
10	U74999TN2011PTC080910	TSUGAMI TECH SOLUTIONS INDIA PRIVATE LIMITED	Director	02/06/2011	02/06/2011	-	Active	NO

Name :

Mr. Alan Louis Barretto

Designation :

Director

Address :

Flat 7A, Block 2, Magnolia Park, No.2, Five Furlong road, Guindy, Chennai – 600032, Tamilnadu, India

Date of Birth/Age :

14.09.1960

Date of Appointment :

28.03.1994

DIN No.:

01087603

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	U31900TN1985PTC012310	PROTECK MACHINERY PRIVATE LIMITED	Director	28/03/1994	28/03/1994	-	Active	NO
2	U29253TN2008PTC065970	PROTECK PRECISION PRIVATE LIMITED	Director	08/01/2008	08/01/2008	-	Active	NO
3	U74991TN2008PTC069168	NILPETER INDIA PRIVATE LIMITED	Managing director	07/01/2009	07/01/2009	-	Active	NO

Name :

Mr. Kishor Manohar Arur

Designation :

Director

Address :

Flat No. C 16, Abhinav Gardens, No.34, Velachery Road, Saidapet, Chennai – 600015, Tamilnadu. India

Date of Birth/Age :

21.07.1959

Date of Appointment :

24.04.1992

DIN No.:

01087838

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	U31900TN1985PTC012310	PROTECK MACHINERY PRIVATE LIMITED	Director	24/04/1992	24/04/1992	-	Active	NO
2	U30007TN1993PTC025031	QUANTEK IMAGING SYSTEMS PRIVATE LIMITED	Director	11/05/1993	11/05/1993	-	Amalgamated	NO

KEY EXECUTIVES

Name :	Mr. Shiva Raman
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares	% of holding
K. Balasubramanian	817627	19.86
K. Vaidyanathan	807000	19.61
Lakshmi Vaidyanathan	537800	13.07
Kishor Arur	263773	6.41
Allan L. Barretto	306000	7.43
Insoft Automation private limited, India	150000	3.64
Kartik	199000	4.83
Jayant	199000	4.83
Deepa Balasubramanian	835800	20.31
Total	4116000	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Bodies corporate	0.36
Directors or relatives of directors	99.64
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Printing and Machine Tools

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

State Bank of India, Overseas Branch, No. 86. Rajaji Salai, Chennai – 600001, Tamilnadu, India

Financial Institutions:

India Equipment Leasing Limited, 21, Patullos Road, Madras – 600002, Tamilnadu, India

Facilities :

Secured Loan	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
LONG TERM BORROWINGS:
Term Loans From Banks	140.932	57.551
Working Capital Loans From Banks	0.000	13.800
Other Loans and Advances	4.511	0.252
SHORT TERM BORROWINGS:
Working capital loans from banks	171.529	121.779
Total	316.972	193.382

Banking Relations :	--
Auditors :
Name :	Chandran and Raman Chartered Accountants, Tamilnadu
Address :	No. 2 Paragon Dr. Radhakrishnan Salai, II Street, Mylapore, Chennai 600004, Tamil Nadu, India
Tel. No.:	Not Available
Fax No.:	Not Available
PAN No.:	AAAFC3239R
Associates/Subsidiaries :	Insoft Automation Private Limited CIN No: U72300TN1997PTC039195 Proteck Metals Private Limited CIN No: U27310TN2003PTC051867 Procos Mechatronics Private Limited CIN No: U29299TZ2009PTC015589 Proteck Precision Private Limited CIN No: U29253TN2008PTC065970

CAPITAL STRUCTURE

As on: 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
4300000	Equity Shares	Rs.10/- each	Rs. 43.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4116000	Equity Shares	Rs.10/- each	Rs.41.160 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	41.160	32.400	32.400
(b) Reserves & Surplus	499.450	464.039	425.013
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	8.760	8.760
Total Shareholders’ Funds (1) + (2)	540.610	505.199	466.173
(3) Non-Current Liabilities
(a) long-term borrowings	145.443	71.603	34.280
(b) Deferred tax liabilities (Net)	27.530	26.957	26.733
(c) Other long term liabilities	34.574	34.624	14.167
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	207.547	133.184	75.180
(4) Current Liabilities
(a) Short term borrowings	280.322	170.161	170.871
(b) Trade payables	145.481	120.608	136.938
(c) Other current liabilities	220.377	208.416	119.498
(d) Short-term provisions	8.108	5.471	1.155
Total Current Liabilities (4)	654.288	504.656	428.462
TOTAL	1402.445	1143.039	969.815
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	528.599	443.508	279.240
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	28.773
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.947	0.947	0.898
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	21.829	19.473	19.337
(e) Other Non-current assets	4.058	3.682	4.839
Total Non-Current Assets	555.433	467.610	333.087
(2) Current assets
(a) Current investments	0.000	0.000	12.000
(b) Inventories	402.715	363.855	308.537
(c) Trade receivables	392.407	245.742	256.515
(d) Cash and cash equivalents	23.564	23.758	29.388
(e) Short-term loans and advances	27.063	36.930	28.404
(f) Other current assets	1.263	5.144	1.884
Total Current Assets	847.012	675.429	636.728
TOTAL	1402.445	1143.039	969.815

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	1046.346	973.239	1114.417
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	1001.944	922.594	1067.629
	PROFIT BEFORE TAX		44.402	50.645	46.788
Less	TAX		8.992	11.619	11.677
	PROFIT AFTER TAX		35.410	39.026	35.111
	IMPORTS
		Stores & Spares	261.060	209.919	348.916
		Capital Goods	4.993	(0.372)	0.000
		Others	5.018	4.947	4.178
	TOTAL IMPORTS		271.071	204.6	353.094
	Earnings Per Share (Rs.)		8.60	9.48	8.53

The above information has been parted by Mr. Shiva Raman (Accounts Manager)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	3.38	4.01	3.15
Return on Total Assets (PBT/Total Assets}	(%)	3.17	4.43	4.98
Return on Investment (ROI) (PBT/Networth)		0.08	0.10	0.10
Debt Equity Ratio (Total Debt/Networth)		0.79	0.48	0.44
Current Ratio (Current Asset/Current Liability)		1.29	1.34	1.49

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	32.400	32.400	41.160
Reserves & Surplus	425.013	464.039	499.450
Net worth	457.413	496.439	540.610
long-term borrowings	34.280	71.603	145.443
Short term borrowings	170.871	170.161	280.322
Total borrowings	205.151	241.764	425.765
Debt/Equity ratio	0.449	0.487	0.788

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1114.417	973.239	1046.346
		(12.668)	7.512

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1114.417	973.239	1046.346
Profit	35.111	39.026	35.410
	3.15%	4.01%	3.38%

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	No
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	No
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	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	Yes

UNSECURED LOAN:

Particulars	As on 31.03.2013	As on 31.03.2012
	(Rs. In Millions)
SHORT TERM BORROWINGS:
Term Loans from Banks	108.793	48.382
Total	108.793	48.382

INDEX OF CHARGES:

NO CHARGES EXIST FOR COMPANY

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.60.12
UK Pound	1	Rs.102.00
Euro	1	Rs.81.43

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	DIV
Report Prepared by :	JAY

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	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.