MIRA INFORM REPORT

Report Date :

01.03.2014

IDENTIFICATION DETAILS

Name :	PRECIMEASURE CONTROLS PRIVATE LIMITED
Registered Office :	No.168/C, Industrial Sub-Urb, Peenya III Phase, Bangalore – 560058, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	02.07.2001
Com. Reg. No.:	08-029210
Capital Investment / Paid-up Capital :	Rs.7.500 Millions
CIN No.: [Company Identification No.]	U33130KA2001PTC029210
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of temperature indicators and controllers for transformers, motors and generators and industrial process control equipments.
No. of Employees :	Information declined 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 960000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Net worth of the company is good. Trade relations are reported as fair. Business is active. Payments 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National  Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled  Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Cash Credit: BB+
Rating Explanation	Moderate risk of default.
Date	July 2013

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. Shankar Naragan
Designation :	Account Departments
Contact No.:	91-80-42602704
Date :	27.02.2014

LOCATIONS

Registered Office / Factory:	No.168/C, Industrial Sub-Urb, Peenya III Phase, Bangalore – 560058, Karnataka, India
Tel. No.:	91-80-41552201
Fax No.:	91-80-41552205
E-Mail :	accounts@precimeasure.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Vaidyanathan Janardhanan

Designation :

Managing director

Address :

No.1, Sharadha Apartments, 10^th A Main, Malleshwaram, Bangalore – 560055, Karnataka, India

Date of Birth/Age :

12.09.1939

Date of Appointment :

02.07.2001

DIN No.:

00589820

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	U31909KA1989PTC010498	PRECI MEASURE CONT-EQUIP. PRIVATE LIMITED	Managing director	07/11/1989	07/11/1989	-	Strike off	NO
2	U33130KA2001PTC029210	PRECIMEASURE CONTROLS PRIVATE LIMITED	Managing director	02/07/2001	02/07/2001	-	Active	NO

Name :

Mr. Krishnamurthy Ramachandra Iyer

Designation :

Whole-time director

Address :

32, Krishna Puri, srinivasa Avenue, R A Puram, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

13.12.1933

Date of Appointment :

02.07.2001

DIN No.:

00589688

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	U31909KA1989PTC010498	PRECI MEASURE CONT-EQUIP. PRIVATE LIMITED	Whole-time director	07/11/1989	07/11/1989	-	Strike off	NO
2	U33130KA2001PTC029210	PRECIMEASURE CONTROLS PRIVATE LIMITED	Whole-time director	02/07/2001	02/07/2001	-	Active	NO

Name :

Mr. Aruna Janardhanan

Designation :

Director

Address :

No.1, Sharadha Apartments, 10^th A Main, Malleshwaram, Bangalore – 560055, Karnataka, India

Date of Birth/Age :

11.11.1974

Date of Appointment :

29.09.2012

DIN No.:

05222634

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	U33130KA2001PTC029210	PRECIMEASURE CONTROLS PRIVATE LIMITED	Director	29/09/2012	01/02/2012	-	Active	NO

Name :

Mr. Krishnamurthy Sivaramakrishnan

Designation :

Director

Address :

Flat – C, Devi Vasutahm Apartments, 1/49, Kppam Beach Road, Thiruvanmiyur, Chennai – 600041, Tamilnadu, India

Date of Birth/Age :

01.11.1947

Date of Appointment :

02.05.2012

DIN No.:

05309787

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	U33130KA2001PTC029210	PRECIMEASURE CONTROLS PRIVATE LIMITED	Director	29/09/2012	01/02/2012	-	Active	NO

Name :

Mr. Vaidyanathan Ramachandran

Designation :

Director

Address :

Old No. 46/644, N No. 42/122, VKK Menon Road, New Sidhapudur, Coimbator – 641044, Tamilnadu, India

Date of Birth/Age :

11.01.1957

Date of Appointment :

30.09.2013

DIN No.:

06645232

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	U33130KA2001PTC029210	PRECIMEASURE CONTROLS PRIVATE LIMITED	Director	30/09/2013	01/04/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shankar Naragan
Designation :	Account Departments

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	% age
Vaidyanathan Janardhanan	24000	32.00
Krishnamurthy Ramachandra Iyer	24000	32.00
J Mohana	1000	1.33
Santha Krishnamurthy	1000	1.33
Aruna J	15000	20.00
V Ramachandra	10000	13.33
Total	75000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of temperature indicators and controllers for transformers, motors and generators and industrial process control equipments.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

• State Bank of India, Sme Branch, Peenya 2nd Stage, 45, Peenya Industrial Area, Bangalore - 560058, Karnataka, India
• Bank of India, Mallewaram Branch, Bangalore - 560003, Karnataka, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
State Bank of India Working Capital Loan (Secured by hypothecation of stock and book debts)	5.112	0.000
Total	5.112	0.000

Banking Relations :	--
Auditors :
Name :	Rajgopal and Badri Narayanan Chartered Accountants
Address :	No.25, "Padmashree Mansions", 2nd Floor, 1st Cross, Sampige Road, Malleswaram, Bangalore – 560003, Karnataka, India
Tel. No.:	91-80-23440987/23310811/23313911
Fax No.:	91-80-23313666
E-Mail :	bangalore@mbca.com
PAN N Income-tax PAN of auditor or auditor's firm :	AACFR5386A

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs. 7.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SB3:E41OURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	7.500	7.500	7.500
(b) Reserves & Surplus	232.707	194.786	160.911
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	240.207	202.286	168.411
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.466	0.869	1.958
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	14.362	34.524	39.821
Total Non-current Liabilities (3)	14.828	35.393	41.779
(4) Current Liabilities
(a) Short term borrowings	5.112	0.000	0.000
(b) Trade payables	20.652	28.019	24.492
(c) Other current liabilities	7.220	8.371	7.041
(d) Short-term provisions	16.767	0.196	0.085
Total Current Liabilities (4)	49.751	36.586	31.618
TOTAL	304.786	274.265	241.808
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	73.795	69.471	36.655
(ii) Intangible Assets	6.892	7.264	5.000
(iii) Capital work-in-progress	21.597	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	19.743	4.143	0.022
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	37.378	42.808	42.094
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	159.405	123.686	83.771
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	36.760	57.530	62.595
(c) Trade receivables	54.320	60.952	48.949
(d) Cash and cash equivalents	42.102	27.562	42.537
(e) Short-term loans and advances	12.199	4.535	3.956
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	145.381	150.579	158.037
TOTAL	304.786	274.265	241.808

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	241.731	256.247	233.027
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	187.873	209.024	173.632
	PROFIT BEFORE TAX		53.858	47.223	59.395
Less	TAX		15.501	12.615	20.889
	PROFIT AFTER TAX		38.357	34.608	38.506
	Earnings Per Share (Rs.)		511.43	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	15.87	13.51	16.52
Return on Total Assets (PBT/Total Assets}	(%)	20.44	17.48	24.57
Return on Investment (ROI) (PBT/Networth)		0.22	0.23	0.35
Debt Equity Ratio (Total Debt /Networth)		0.02	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.92	4.12	5.00

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	7.500	7.500	7.500
Reserves & Surplus	160.911	194.786	232.707
Net worth	168.411	202.286	240.207
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	5.112
Total borrowings	0.000	0.000	5.112
Debt/Equity ratio	0.000	0.000	0.021

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	233.027	256.247	241.731
		9.965	(5.665)

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	233.027	256.247	241.731
Profit	38.506	34.608	38.357
	16.52%	13.51%	15.87%

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	No
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	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	Yes

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS

Tangible Assets

• Land
• Building
• Plant and Machinery
• Testing Equipments
• Generator
• Dies and Jigs
• Factory Equipments
• Computer
• Office Equipments
• Vehicles
• Furniture and Fixture
• Borwell

Intangible Assets

• Software
• Goodwill

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 records 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.62.07
UK Pound	1	Rs.103.61
Euro	1	Rs.85.03

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	KVT

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	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	6
--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	NO
--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.