MIRA INFORM REPORT

Report Date :

11.10.2014

IDENTIFICATION DETAILS

Name :	TECHNICO (INDIA) PRIVATE LIMITED
Registered Office :	Plot No.1966, N.H.-5, Patrapara, Bhubaneswar – 751002, Orissa
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	23.10.1979
Com. Reg. No.:	15-000844
Capital Investment / Paid-up Capital :	Rs.11.921 Millions
CIN No.: [Company Identification No.]	U29193OR1979PTC000844
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Supplier Installation and Assembling of Fire Protection Equipment.
No. of Employees :	125 (Approximately)

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 371000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems some dip in the profit of the company during 2013 however net worth of the company is satisfactory. 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 – 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. Sanjay De
Designation :	Finance Head
Contact No.:	91-33-22365126
Date :	08.10.2014

LOCATIONS

Registered Office :	Plot No.1966, N.H.-5, Patrapara, Bhubaneswar – 751002, Orissa, India
Tel. No. :	91-33-22365126 91-674-2470540
Fax No. :	Not Available
E-Mail :	koyeli.dutt@technico.co.in technico@vsnl.com info@technico.co.in
Head Office :	3, Bepin Behari Ganguly Street , Kolkata - 700 012, West Bengal, India
Tel. No. :	91-33-66045555
Fax No. :	91-33-22150536
Factory :	57A/1, B.T. Road, Kolkata – 7410 02, West Bengal, India
Branch Office :	P1/37, Lake Tarrace, Kolkata – 700029, West Bengal, India
Tel. No. :	91-33-66045444

DIRECTORS

As on 30.09.2013

Name :

Koyeli Dutt

Designation :

Managing director

Address :

38/A/1/A, Raja Manindra Road, Kolkata - 700037, West Bengal, India

Date of Birth/Age :

30.09.1972

Date of Appointment :

01.09.2010

DIN No. :

00484298

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	U65993WB1979PTC032114	SPRAY & SAVE PVT LTD	Director	04/12/97	04/12/97	-	Active	NO
2	U29193WB2000PTC092136	TECHNICO FIRE SYSTEMS PRIVATE LIMITED	Director	13/07/00	13/07/00	-	Active	NO
3	U51505WB1994PTC062645	DSG POWERCON PVT.LTD.	Director	03/11/00	03/11/00	-	Active	NO
4	U29193OR1979PTC000844	TECHNICO(INDIA) PVT LTD	Managing director	01/09/10	30/11/06	-	Active	NO
5	U52190WB2012PTC176130	TIMELINK TRADELINKS PRIVATE LIMITED	Director	15/10/12	15/10/12	-	Active	NO
6	U52100WB2012PTC176702	SUPRATIK SALES PRIVATE LIMITED	Director	15/10/12	15/10/12	-	Active	NO
7	U51909WB2011PTC167337	MAA CHINTPOORNI TIE-UP PRIVATE LIMITED	Director	15/10/12	15/10/12	-	Active	NO

Name :

Sujit Kumar De

Designation :

Director

Address :

11, Old Mayor's Court, Kolkata - 700005, West Bengal, India

Date of Birth/Age :

26.03.1947

Date of Appointment :

23.10.1979

DIN No. :

00484349

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	U29193OR1979PTC000844	TECHNICO(INDIA) PVT LTD	Director	23/10/79	23/10/79	-	Active	NO
2	U51505WB1994PTC062645	DSG POWERCON PVT.LTD.	Managing director	28/03/94	28/03/94	-	Active	NO
3	U29193WB2000PTC092136	TECHNICO FIRE SYSTEMS PRIVATE LIMITED	Director	13/07/00	13/07/00	-	Active	NO
4	U65993WB1979PTC032114	SPRAY & SAVE PVT LTD	Director	21/03/03	21/03/03	-	Active	NO
5	U52190WB2012PTC176130	TIMELINK TRADELINKS PRIVATE LIMITED	Director	15/10/12	15/10/12	-	Active	NO
6	U52100WB2012PTC176702	SUPRATIK SALES PRIVATE LIMITED	Director	15/10/12	15/10/12	-	Active	NO
7	U51909WB2011PTC167337	MAA CHINTPOORNI TIE-UP PRIVATE LIMITED	Director	15/10/12	15/10/12	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjay Dey
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	%age
Sujit Kumar De	51	0.04
Koyeli Dutt	44591	37.40
Piyali De	2200	1.85
DSG Powercon Private Limited, India	10000	8.39
Technico India, India	10000	8.39
Technico Fire Systems Private Limited, India	10000	8.39
MAA Chintpoorni Tie Up Private Limited, India	42373	35.54
Total	119215	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	60.71
Directors or relatives of Directors	39.29
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Supplier Installation and Assembling of Fire Protection Equipment.
Imports:
Products :	Raw Material
Countries :	UK US
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :	Mether and Plants Limited
Customers :	Wholesalers, Retailers and End Users BHEL L &T
No. of Employees :	125 (Approximately)
Bankers :	ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India Canara Bank Hatibagan Market Branch, 109, Aurobinda Sarani, Kolkata - 700005, West Bengal, India Indusind Bank, Upper Wood Street, Kolkata, West Bengal, India

Banking Relations :	--
Auditors :
Name :	Mookherjee Biswas and Pathak Chartered Accountants
Address :	5 and 6, Fancy Lane, Kolkata – 700001, West Bengal, India
Tel. No. :	91-33222481733 / 22438542 / 22421789
Fax No. :	91-33-22480080
E-Mail :	mbpkol@vsnl.com
Website :	www.mbpkol.com
PAN No. :	AAFFM8474R

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
350000	Equity Shares	Rs.100/- each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
119215	Equity Shares	Rs.100/- each	Rs.11.921 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	11.921	6.000	6.000
(b) Reserves & Surplus	80.839	38.598	24.136
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.043	1.684	0.000
Total Shareholders’ Funds (1) + (2)	92.803	46.282	30.136
(3) Non-Current Liabilities
(a) long-term borrowings	8.664	10.434	12.297
(b) Deferred tax liabilities (Net)	0.323	0.101	0.142
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	8.987	10.535	12.439
(4) Current Liabilities
(a) Short term borrowings	38.024	31.368	8.688
(b) Trade payables	204.420	230.392	130.464
(c) Other current liabilities	68.597	52.366	52.951
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	311.041	314.126	192.103
TOTAL	412.831	370.943	234.678
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.969	24.222	21.684
(ii) Intangible Assets	0.183	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.028
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.811	2.121	3.178
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	23.963	26.343	24.890
(2) Current assets
(a) Current investments	0.491	0.828	0.000
(b) Inventories	8.349	0.859	0.998
(c) Trade receivables	351.057	307.918	172.885
(d) Cash and cash equivalents	16.077	15.081	22.432
(e) Short-term loans and advances	12.894	19.914	13.473
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	388.868	344.600	209.788
TOTAL	412.831	370.943	234.678

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		14.138	21.194	11.181
Less	TAX		14.138	6.720	3.714
	PROFIT/ (LOSS) AFTER TAX		8.693	14.474	7.467
	Earnings / (Loss) Per Share (Rs.)		72.92	121.41	62.63

Particulars	31.03.2014
Sales Turnover (Approximately)	480.000

Expected Sales (2014-2015): Rs.530.000 Millions

The above information has been parted by Mr. Sanjay Dey

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	3.42	5.71	4.76
Return on Investment (ROI) (PBT/Networth)		0.15	0.46	0.37
Debt Equity Ratio (Total Debt/Networth)		0.50	0.90	0.70
Current Ratio (Current Asset/Current Liability)		1.25	1.10	1.09

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	6.000	6.000	11.921
Reserves & Surplus	24.136	38.598	80.839
	0.000	1.684	0.043
Net worth	30.136	46.282	92.803
long-term borrowings	12.297	10.434	8.664
Short term borrowings	8.688	31.368	38.024
Total borrowings	20.985	41.802	46.688
Debt/Equity ratio	0.696	0.903	0.503

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	No
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	Yes
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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10473776	31/12/2013	40,200,000.00	HDB FINANCIAL SERVICES LIMITED	Radhika, 2nd Floor, Law Garden Road, Navrangpura, Ahmedabad, Gujarat - 380009, INDIA	B94788494
2	10398449	11/03/2013 *	149,180,000.00	INDUSIND BANK LTD.	SAVITRI TOWERS, 3A, UPPER WOOD STREET, KOLKATA, West Bengal - 700017, INDIA	B71918809
3	10296244	07/07/2011 *	800,000.00	CANARA BANK	HATIBAGAN MARKET BRANCH, 109, AUROBINDA SARANI, K  OLKATA, West Bengal - 700005, INDIA	B18039065

* Date of charge modification

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.61.16
UK Pound	1	Rs.98.62
Euro	1	Rs.77.67

INFORMATION DETAILS

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

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	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.