MIRA INFORM REPORT

Report Date :

07.10.2014

IDENTIFICATION DETAILS

Name :	PUNE TECHTROL PRIVATE LIMITED
Registered Office :	S – 18 MIDC, Bhosari, Pune – 411026, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.09.1991
Com. Reg. No.:	11-063403
Capital Investment / Paid-up Capital :	Rs.7.500 Millions
CIN No.: [Company Identification No.]	U31909PN1991PTC063403
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Marketing of level, Measurement and Control instruments for liquids and solids.
No. of Employees :	80 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 306000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Mayank Nandlal Khatan
Designation :	Director
Contact No.:	91-9881231315
Date :	01.10.2014

LOCATIONS

Registered Office :	S – 18 MIDC, Bhosari, Pune – 411026, Maharashtra, India
Tel. No.:	91-20-66342900
Mobile No.:	91-9881231315 (Mr. Mayank Nandlal Khatan)
Fax No.:	91-20-66342998
E-Mail :	ho@punetechtral.com
Website :	www.levelmeasurements.in
Factory 1 :	J – 52/7, MIDC, Bhosari, Pune – 411026, Maharashtra, India

DIRECTORS

As on 30.09.2013

Name :	Mr. Nandlal Parmanand Khatan
Designation :	Chairman
Address :	C-23, Abhimanshree Society, At Post NCL, Pune – 411008, Maharashtra, India
Date of Birth/Age :	14.07.1945
Date of Appointment :	27.09.1991
Voter ID No.:	MT0042/0247/012182
DIN No.:	00029618
Name :	Mr. Manoj Parmanand Khatan
Designation :	Director
Address :	Flat No. 401, Swojas Samrudhi, Anand Park, Lane NO. 3, Aundh, Pune – 411007, Maharashtra, India
Date of Birth/Age :	28.05.1964
Date of Appointment :	27.09.1991
DIN No.:	00029653
Name :	Shalini Nandlal Khatan
Designation :	Director
Address :	C-23, Abhimanshree Society, At Post NCL, Pune – 411008, Maharashtra, India
Date of Birth/Age :	28.07.1954
Date of Appointment :	01.101994
Voter ID No.:	MT0042/0247/012181
DIN No.:	00029709
Name :	Mr. Mayank Nandlal Khatan
Designation :	Director
Address :	C-23, Abhimanshree Society, At Post NCL, Pune – 411008, Maharashtra, India
Date of Birth/Age :	02.05.1986
Date of Appointment :	01.04.2013
DIN No.:	06562143

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	%age
Nandlal Parmanad Khatan	21863	29.15
Manoj Parmanand Khatan	18600	24.80
Shalini Nandlal Khatan	15000	20.00
N.P. Khatan – HUF	213	0.28
Mayank Nandlal Khatan	19324	25.77
Total	75000	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Other top fifty shareholders	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing and Marketing of level, Measurement and Control instruments for liquids and solids.
Products :	· Level Gauges · Level Switches · Techtrol Control Panels · Techtrol Display Units · Techtrol Level Transmitters · Techtrol Level Cages · Float and Board Tank Gauge · Techtrol Ultrasonic Level System – TUS · Techtrol Bilge Level Switch TBS
Exports :
Products :	Finished Goods
Countries :	· UAE · Singapore · Malaysia · China · Oman · Nepal · Dubai · Bangladesh
Imports :
Products :	Raw Material
Countries :	· China · Taiwan · Hongkong
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

80 (Approximately)

Bankers :

· State Bank of India, Industrial Finance Branch, Pimpri, Pune – 411034, Maharashtra, India

· The Saraswat Co-Operative Bank, Aundh Branch, Pune – 411007, Maharashtra, India

· IDBI Bank Limited, City MSME Centre, 4^th Floor, IDBI House, F.C. Road, Dnyaneshwar Paduka Chowk, Shivaji Nagar, Pune – 400004, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
IDBI Bank Term Loan T/ L A/c. No.0007673200000189 (Secured against Hypothecation of Plant and Machinery and Equitable Mortgage of Land and Building at i) S-18, MIDC, ii) J-52/7 MIDC Bhosari Pune 411026 and Personal Guarantee of Mr. Nandlal P. Khatan and Mr.Manoj P. Khatan – Directors of the Company)	15.134	3.741
Saraswat Co. Operative Bank Limited. (Car Loan) (Hypothecation of vehicle Viz Toyota Corolla Altis)	0.470	0.000
SHORT TERM BORROWINGS
Cash Credit from banks (Cash Credit A/c. No.0522651100000231 with IDBI Bank Ltd. Against Secured against Hypothecation of Stocks and Book Debts. and Equitable Mortgage of Factory Building and personal guarantee of the Directors - Mr. N. P. Khatan and Mr. M. P. Khatan)	2.897	0.000
Other Provisions
Provision for Income Tax A.Y.11-12 (Net of Advance Tax)	0.000	1.532
Provision for Income Tax A.Y.12-13 (Net of Advance Tax)	1.172	1.172
Provision for Income Tax A.Y.13-14 (Net of Advance Tax)	0.676	0.000
Proposed Dividend	1.875	1.875
Provision for Tax on Proposed Dividend	0.304	0.304
Total	22.528	8.624

Banking Relations :	--
Auditors :
Name :	S R Rege and Company Chartered Accountant
Address :	125, Hiramani Super Market, Lalbaug, Mumbai – 411012, Maharashtra, India
Tel. No. :	91-22-24710050/ 24713450
Fax No. :	91-22-24713450
PAN No. :	AAAFS7198F
Associates/Subsidiaries :	Eureka Engineering Enterprises Private Limited Address: Bhosari, Pune, Maharashtra, India

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

SOURCES 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	2.000
(b) Reserves & Surplus	69.050	59.075	49.296
(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)	76.550	66.575	51.296
(3) Non-Current Liabilities
(a) long-term borrowings	16.594	11.241	7.500
(b) Deferred tax liabilities (Net)	1.609	1.129	0.441
(c) Other long term liabilities	1.104	1.411	1.781
(d) long-term provisions	0.381	0.288	0.206
Total Non-current Liabilities (3)	19.688	14.069	9.928
(4) Current Liabilities
(a) Short term borrowings	6.924	4.883	3.816
(b) Trade payables	25.252	21.174	18.779
(c) Other current liabilities	20.446	13.079	10.295
(d) Short-term provisions	0.092	0.000	0.000
Total Current Liabilities (4)	52.714	39.136	32.890
TOTAL	148.952	119.780	94.114
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	71.797	36.144	36.490
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.332	13.897	0.339
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.625	2.126	0.555
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.241	1.726	1.560
(e) Other Non-current assets	1.042	1.299	0.299
Total Non-Current Assets	75.037	55.192	39.243
(2) Current assets
(a) Current investments	0.490	0.000	0.000
(b) Inventories	29.668	25.824	18.218
(c) Trade receivables	42.777	35.229	34.914
(d) Cash and cash equivalents	0.123	2.297	0.387
(e) Short-term loans and advances	0.857	1.238	1.352
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	73.915	64.588	54.871
TOTAL	148.952	119.780	94.114

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	161.873	146.303	124.085
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		21.563	22.112	18.807
Less	FINANCIAL EXPENSES		1.823	1.540	0.754
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		19.740	20.572	18.053
Less/ Add	DEPRECIATION/ AMORTISATION		1.611	1.152	1.109
	PROFIT/ (LOSS) BEFORE TAX		18.129	19.420	16.944
Less	TAX		5.981	7.288	6.191
	PROFIT/ (LOSS) AFTER TAX		12.148	12.132	10.753
Less/ Add	I T ADJUSTMENT FOR EARLIER YEAR P & L A/C		0.005	(0.173)	0.381
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.950	1.170	1.469
Less	APPROPRIATIONS
		Transfer to General Reserve	9.000	9.000	10.500
		Dividend	1.875	1.875	0.800
		Tax on Dividend	0.304	0.304	0.133
	BALANCE CARRIED TO THE B/S		2.924	1.950	1.170
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Exports	5.981	3.660	1.671
	CIF VALUE OF IMPORTS		12.116	12.439	7.069
	Earnings / (Loss) Per Share (Rs.)		161.97	161.76	143.37

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	11.20	13.27	13.66
Return on Total Assets (PBT/Total Assets}	(%)	12.25	18.72	18.18
Return on Investment (ROI) (PBT/Networth)		0.24	0.29	0.33
Debt Equity Ratio (Total Debt/Networth)		0.31	0.24	0.22
Current Ratio (Current Asset/Current Liability)		1.40	1.65	1.67

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	2.000	7.500	7.500
Reserves & Surplus	49.296	59.075	69.050
Net worth	51.296	66.575	76.550
long-term borrowings	7.500	11.241	16.594
Short term borrowings	3.816	4.883	6.924
Total borrowings	11.316	16.124	23.518
Debt/Equity ratio	0.221	0.242	0.307

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)
Revenue from operations	124.085	146.303	161.873
		17.905	10.642

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	124.085	146.303	161.873
Profit	10.753	12.132	12.148
	8.67%	8.29%	7.50%

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	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	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	Yes
34]	External Agency Rating, if available	No

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
From Directors
N. P. Khatan	0.000	4.835
S. N. Khatan	0.000	2.075
From Relatives of Directors
N. P. Khatan -HUF	0.390	0.390
Mayank N. Khatan	0.300	0.200
B. P. Punjabi	0.300	0.000
Total	0.990	7.500

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10268791	20/05/2014 *	32,250,000.00	IDBI Bank Limited	S. No 4628, (near Jayashri Talkies), Pune - Mumbai  Road, Pune, Maharashtra - 411019, INDIA	C15350028

* Date of charge modification

FIXED ASSETS

œ Leasehold Land

œ Factory Building

œ Electrical Installation

œ Plant & Machinery

œ Vehicle

œ Furniture & Fixture

œ Flat Baner Furniture

œ Flat Baner

œ MIDC Leasehold Land

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.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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		48

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.