MIRA INFORM REPORT

Report No. :	310586
Report Date :	04.03.2015

IDENTIFICATION DETAILS

Name :	TITAN TIMEPRODUCTS LIMITED
Registered Office :	L-15, Electronic City, Verna Industrial City, Verna, Salcette, Goa – 403 722
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.07.1991
Com. Reg. No.:	24-001148
Capital Investment / Paid-up Capital :	Rs.25.250 million
CIN No.: [Company Identification No.]	U33301GA1991PLC001148
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRT02154F
PAN No.: [Permanent Account No.]	AABCT1287A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject specializes in manufacturing of electronic-board assemblies for industries such as automotive, industrial electronics, telecommunication, consumer goods, medical, and defense.
No. of Employees :	132 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (56)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 241000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “TITAN COMPANY LIMITED”, India. It is a well-established company having fine track record. The company has incurred loss from its operational activities during financial year 2014. However, the rating takes into consideration company’s sound financial risk profile marked by comfortable capital structure and strong financial as well as managerial support that company receives from its parent company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. In view of strong parent company support, the company can be considered good for normal 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 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Fund based limits: AA
Rating Explanation	High degree of safety and very low credit risk.
Date	August, 2014

Rating Agency Name	ICRA
Rating	Non-Fund based limits: A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	August, 2014

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 (GENERAL DETAILS)

Name :	Mr. Anil Arondekar
Designation :	Accounts Manager
Contact No.:	91-832-6680173
Date :	03.03.2015

LOCATIONS

Registered Office/ Corporate Office/ Factory :	L-15, Electronic City, Verna Industrial City, Verna, Salcette, Goa – 403 722, India
Tel. No.:	91-832-6680173/ 74-80
Mobile No.:	91-9225900314 (Mr. M.J. Shilesh)
Fax No.:	91-832-2783311
E-Mail :	niranjanh@titan.co.in sales@titancem.com vanik@titan.co.in
Website :	http://www.titancem.com
Area :	10000 sq. ft.
Location :	Owned
Branch Office :	No.132/133, Divyasree Technopolis, Off HAL Airport Road, Yamalur PO, Bangalore – 560 037, Karnataka, India
Tel. No.:	91-80-66609000
Fax No.:	91-80-25263001/ 25269923

DIRECTORS

AS ON 11.07.2014

Name :

Dr. Chandrathilgouri Krishnadas Nair

Designation :

Director

Address :

Chandrathil Mane, No.2388/1, 16^th "A" Main, HAL II Stage, Indiranagar, Bangalore – 560 008, Karnataka, India

Date of Birth/Age :

17.08.1941

Qualification :

B.E Metallurgy, MSC Engineering, PHD Engineering

Date of Appointment :

20.07.2011

DIN No.:

00059686

PAN No.:

AAFPN9411R

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	L74999TZ1984PLC001456	TITAN COMPANY LIMITED	Director	01/08/2014	02/05/2002	-	Active	NO
2	U85110KA1992PLC012851	KARNATAKA HYBRID MICRO DEVICES LIMITED.	Director	14/12/2002	02/11/2002	28/02/2014	Active	NO
3	U85110KA1989PLC013224	TATA ADVANCED MATERIALS LIMITED	Director	08/06/2003	08/06/2003	-	Active	NO
4	U64202KA2001PTC029836	CADES DIGITECH PRIVATE LIMITED	Director	01/01/2005	01/01/2005	14/12/2009	Amalgamated	NO
5	L62200DL1998PLC093225	GLOBAL VECTRA HELICORP LIMITED	Director	07/06/2006	07/06/2006	-	Active	NO
6	L29190KA1985PLC007363	SIKA INTERPLANT SYSTEMS LIMITED	Director	18/01/2007	18/01/2007	-	Active	NO
7	U24239KA2007PTC042072	SUPARNA BIO-PHARMATECH PRIVATE LIMITED	Managing director	29/03/2007	29/03/2007	30/03/2009	Active	NO
8	U63033KL1994PLC007803	COCHIN INTERNATIONAL AIRPORT LIMITED	Managing director	29/07/2009	19/07/2007	09/06/2011	Active	NO
9	U29299KL1989PLC005405	BRAHMOS AEROSPACE THIRUVANANTHAPURAM LIMITED	Director	25/09/2014	31/12/2007	-	Active	NO
10	U35900KA2008PTC044963	EMSAC ENGINEERING PRIVATE LIMITED	Additional director	11/03/2008	11/03/2008	-	Active	NO
11	U35303KL2005PLC018632	COCHIN INTERNATIONAL AVIATION SERVICES LIMITED	Managing director	08/07/2008	02/06/2008	23/06/2011	Active	NO
12	U63033KA2008PTC047734	MAINI GLOBAL AEROSPACE PRIVATE LIMITED	Director	10/09/2008	10/09/2008	31/03/2013	Active	NO
13	U62100KL2006PLC019227	AIR KERALA INTERNATIONAL SERVICES LIMITED	Additional director	06/10/2008	06/10/2008	07/08/2009	Active	NO
14	U74140KA2008PTC047954	CHIVARO TECHNOLOGIES PRIVATE LIMITED	Director	30/09/2011	10/12/2010	26/03/2012	Active	NO
15	U33301GA1991PLC001148	TITAN TIMEPRODUCTS LIMITED	Director	20/07/2011	19/04/2011	-	Active	NO
16	U55205KA2011PTC061497	SIKA TOURISM PRIVATE LIMITED	Additional director	12/05/2012	12/05/2012	-	Active	NO
17	U80301KA2014NPL076367	AEROSPACE AND AVIATION SECTOR SKILL COUNCIL	Nominee director	12/09/2014	12/09/2014	-	Active	NO

Name :

Mr. Bhaskar Bhat

Designation :

Nominee director

Address :

No.884, Chaitanya Plot, Indiranagar, 1^st Stage, Bangalore – 560 038, Karnataka, India

Date of Birth/Age :

29.08.1954

Qualification :

B. Tech, PGDM

Date of Appointment :

24.06.2005

DIN No.:

00148778

PAN No.:

AANPB3013D

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	U36911KA1996PLC020977	TANISHQ (INDIA) LIMITED	Director	31/03/1999	31/03/1999	-	Amalgamated	NO
2	U22120MH1978PLC020849	SAMRAT HOLDINGS LIMITED	Director	24/09/2001	24/09/2001	-	Amalgamated	NO
3	L74999TZ1984PLC001456	TITAN COMPANY LIMITED	Managing director	06/05/2014	01/04/2002	-	Active	NO
4	U70101TZ1991PLC003557	TITAN PROPERTIES LIMITED	Director	22/04/2003	22/04/2003	-	Amalgamated	NO
5	U85110KA1993PLC014090	TITAN HOLDINGS LIMITED	Director	22/04/2003	22/04/2003	-	Amalgamated	NO
6	U67120MH1983PLC029631	QUESTAR INVESTMENTS LIMITED	Director	18/12/2003	18/12/2003	-	Amalgamated	NO
7	U33301GA1991PLC001148	TITAN TIMEPRODUCTS LIMITED	Nominee director	24/06/2005	24/06/2005	-	Active	NO
8	U64201MH2007PTC169408	VIRGIN MOBILE INDIA PRIVATE LIMITED	Director	26/09/2008	17/12/2007	-	Active	NO
9	U45401MH2007PTC170381	CASA DECOR PRIVATE LIMITED	Director	30/09/2009	13/05/2009	06/11/2012	Active	NO
10	L24240MH1952PLC008951	TRENT LIMITED	Director	05/08/2011	27/09/2010	-	Active	NO
11	U26933KL1991PLC006018	TATA CERAMICS LIMITED	Director	26/09/2012	05/03/2012	-	Active	NO
12	U19200MH2012PLC229877	TATA INTERNATIONAL WOLVERINE BRANDS LIMITED	Nominee director	06/12/2012	06/12/2012	-	Active	NO
13	L85110KA1951PLC000761	BOSCH LIMITED	Director	05/06/2013	01/01/2013	-	Active	NO

Name :

Mr. Thanjavur Kanakaraj Arun

Designation :

Director appointed in casual vacancy

Address :

Block F1, Flat No.1, Old No.183, New No.16, Baid Moha Complex, Mount Road, Saidapet, Chennai – 600 015, Tamilnadu, India

Date of Birth/Age :

17.10.1959

Date of Appointment :

23.10.2012

DIN No.:

02163427

PAN No.:

AADPA2726J

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	L17111TZ1989PLC005902	CHESLIND TEXTILES LIMITED	Nominee director	11/07/2008	11/07/2008	-	Active	NO
2	U74999TN2003PLC051878	ASCENDAS IT PARK (CHENNAI) LIMITED	Nominee director	14/08/2008	14/08/2008	-	Active	NO
3	U55101TZ1998PLC008431	TANFLORA INFRASTRUCTURE PARK LIMITED	Nominee director	07/10/2008	07/10/2008	-	Active	NO
4	L23200TN1984PLC010931	TAMILNADU PETROPRODUCTS LIMITED	Nominee director	23/10/2008	23/10/2008	-	Active	NO
5	L24290TN1973PLC006441	SREE MARUTHI MARINE INDUSTRIES LIMITED	Nominee director	31/10/2008	31/10/2008	-	Active	NO
6	U45200TN2008PLC067001	DLF INFO PARK DEVELOPERS (CHENNAI) LIMITED	Nominee director	11/12/2008	11/12/2008	-	Active	NO
7	L24294TN1986PLC013087	MANALI PETROCHEMICALS LIMITED	Nominee director	22/09/2010	07/10/2009	-	Active	NO
8	L11101TN1969PLC005778	SOUTHERN PETROCHEMICAL INDUSTRIES CORPORATION LIMITED	Nominee director	27/10/2009	27/10/2009	-	Active	NO
9	U74999TN1997PLC039523	TIDEL PARK LIMITED	Director	26/12/2013	23/06/2011	-	Active	NO
10	L74999TZ1984PLC001456	TITAN COMPANY LIMITED	Director appointed in casual vacancy	31/07/2012	31/07/2012	-	Active	NO
11	U45209TN1998PLC040572	TAMIL NADU ROAD DEVELOPMENT COMPANY LIMITED	Director	31/12/2012	31/08/2012	-	Active	NO
12	U70101TZ1991PLC003557	TITAN PROPERTIES LIMITED	Director appointed in casual vacancy	23/10/2012	23/10/2012	-	Amalgamated	NO
13	U33301GA1991PLC001148	TITAN TIMEPRODUCTS LIMITED	Director appointed in casual vacancy	23/10/2012	23/10/2012	-	Active	NO

Name :

Mr. Hebbani Gopinath Raghunath

Designation :

Director

Address :

502, Sriram Sankari Apartments 6/1 2^nd Main, Anjaneyanagar BSK 3^rd Stage, Bangalore – 560 085, Karnataka, India

Date of Birth/Age :

06.05.1955

Date of Appointment :

18.07.2012

DIN No.:

03548928

PAN No.:

AALPR6524K

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	U40105DL2011PLC274929	GREEN INFRA WIND POWER THENI LIMITED	Director	29/06/2012	10/06/2011	-	Active	NO
2	U33301GA1991PLC001148	TITAN TIMEPRODUCTS LIMITED	Director	18/07/2012	27/04/2012	-	Active	NO
3	U91110DL2004NPL128854	ALL INDIA FEDERATION OF HOROLOGICAL INDUSTRIES	Director	01/02/2014	01/02/2014	-	Active	NO

Name :

Mr. Ramasamy Vivekanandah

Designation :

Director

Address :

Plot No.16-17, Maruthi Nagar, Krishnagiri Main Road, Hosur – 635 109, Tamilnadu, India

Date of Birth/Age :

15.06.1959

Date of Appointment :

18.07.2013

DIN No.:

06563820

PAN No.:

AAXPV9688A

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	U33301GA1991PLC001148	TITAN TIMEPRODUCTS LIMITED	Director	18/07/2013	03/05/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Anil Arondakar
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 11.07.2014

Names of Shareholders	No. of Shares
Titan Company Limited, India	2524990
Titan Company Limited, India jointly with Bhaskar Bhat	1
Titan Company Limited, India jointly with Rajarathnam	1
Titan Company Limited, India jointly with M.J. Shilesh	1
Titan Company Limited, India jointly with Anil Arondekar	1
Titan Company Limited, India jointly with S. Satish	1
Titan Company Limited, India jointly with Niranjan H.	1
Titan Company Limited, India jointly with S. Subramaniam	1
Titan Company Limited, India jointly with A.R. Rajaram	1
Titan Company Limited, India jointly with H.G. Raghunath	1
Titan Company Limited, India jointly with R. Vivekanandah	1
Total	2525000

AS ON 11.07.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Subject specializes in manufacturing of electronic-board assemblies for industries such as automotive, industrial electronics, telecommunication, consumer goods, medical, and defense.

Products/ Services :

ITC Code No.	Product Descriptions
85427000	Electronic Circuit Boards and Micro Assemblies

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

• Finished Goods

Countries :

• Sweden
• Poland

Imports :

Products :

• Raw Material

Countries :

• UK
• China
• Singapore

Terms :

Selling :

Cheque and Credit

Purchasing :

Cheque and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Micro Interconnection Private Limited, Goa
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

Reference :	Siemens Limited, Thane
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

132 (Approximately)

Bankers :

Banker Name	Canara Bank
Branch Address	Corporate Service Branch, Shankar Narayana Building, No.25, M.G. Road, Bangalore – 560 025, Karnataka, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· State Bank of India, Verna, Goa, India

· Standard Chartered Bank, Bangalore, Karnataka, India

· Canara Bank, Panaji, Goa, India

· Corporation Bank

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
SHORT TERM BORROWINGS
Loans repayable on demand from banks (Hypothecation of inventories, spares and book debts both present and future.)	5.700	0.000
Total	5.700	0.000

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte Centre, Anchorage II, Richmond Road, Bangalore – 560 025, Karnataka, India
PAN No.:	AACFD3771D
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	Titan Company Limited, India (CIN No.: L74999TZ1984PLC001456)

CAPITAL STRUCTURE

AFTER 11.07.2014

Authorised Capital : Rs.70.000 millions

Issued, Subscribed & Paid-up Capital : Rs.34.625 millions

AS ON 11.07.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2525000	Equity Shares	Rs.10/- each	Rs.25.250 million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2525000	Equity Shares	Rs.10/- each	Rs.25.250 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	25.250	19.625	19.000
(b) Reserves & Surplus	59.120	70.482	58.618
(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)	84.370	90.107	77.618
(3) Non-Current Liabilities
(a) Long-term borrowings	25.000	25.000	0.000
(b) Deferred tax liabilities (Net)	5.550	2.232	2.772
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	22.895	22.073	17.743
Total Non-current Liabilities (3)	53.445	49.305	20.515
(4) Current Liabilities
(a) Short term borrowings	5.700	0.000	0.000
(b) Trade payables	26.932	16.040	33.347
(c) Other current liabilities	3.890	4.690	3.339
(d) Short-term provisions	1.198	1.001	0.824
Total Current Liabilities (4)	37.720	21.731	37.510
TOTAL	175.535	161.143	135.643
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	100.306	62.771	52.913
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.987	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	8.270	13.821	6.065
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	108.576	77.579	58.978
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	21.482	23.843	25.582
(c) Trade receivables	32.292	32.422	32.301
(d) Cash and cash equivalents	4.518	22.237	15.442
(e) Short-term loans and advances	8.667	5.053	3.113
(f) Other current assets	0.000	0.009	0.227
Total Current Assets	66.959	83.564	76.665
TOTAL	175.535	161.143	135.643

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	231.059	264.024	258.722
		Other Income	2.333	1.194	0.333
		TOTAL	233.392	265.218	259.055
Less	EXPENSES
		Cost of Materials Consumed	127.914	143.215	135.760
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	1.666	(0.747)	(0.048)
		Employees benefits expense	59.417	53.055	54.053
		Other expenses	59.545	47.359	47.174
		TOTAL	248.542	242.882	236.939
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(15.150)	22.336	22.116
Less	FINANCIAL EXPENSES		0.005	0.000	0.327
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(15.155)	22.336	21.789
Less/ Add	DEPRECIATION/ AMORTISATION		9.764	7.572	7.197
	PROFIT/ (LOSS) BEFORE TAX		(24.919)	14.764	14.592
Less	TAX		3.317	4.775	4.298
	PROFIT/ (LOSS) AFTER TAX		(28.236)	9.989	10.294
	EARNINGS IN FOREIGN CURRENCY
		FOB value of manufactured goods exported	15.523	24.586	18.204
		Earnings on other income	0.302	0.280	0.000
	TOTAL EARNINGS		15.825	24.866	18.204
	IMPORTS
		Raw Materials	86.537	88.394	93.190
		Components & Spare Parts	1.193	1.048	0.899
		Capital Goods	29.950	11.101	1.564
	TOTAL IMPORTS		117.680	100.543	95.653
	Earnings / (Loss) Per Share (Rs.)		(12.78)	5.18	5.42

Expected Sales (2014-2015): Rs.260.000 million (Due to market fluctuation).

The above information has been parted by Mr. Anil Arondakar (Accounts Manager).

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	(12.22)	3.78	3.98
Operating Profit Margin (PBDIT/ Sales)	(%)	(6.56)	8.46	8.55
Return on Total Assets (PBT/Total Assets}	(%)	(14.20)	9.22	10.76
Return on Investment (ROI) (PBT/Networth)		(0.30)	0.16	0.19
Debt Equity Ratio (Total Debt/Networth)		0.36	0.28	0.00
Current Ratio (Current Asset/Current Liability)		1.78	3.85	2.04

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Share Capital	19.000	19.625	25.250
Reserves & Surplus	58.618	70.482	59.120
Net worth	77.618	90.107	84.370
Long Term borrowings	0.000	25.000	25.000
Short Term borrowings	0.000	0.000	5.700
Total borrowings	0.000	25.000	30.700
Debt/Equity ratio	0.000	0.277	0.364

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from operations	258.722	264.024	231.059
		2.049	(12.486)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(INR in Million)	(INR in Million)	(INR in Million)
Revenue from operations	258.722	264.024	231.059
Profit	10.294	9.989	(28.236)
	3.98%	3.78%	(12.22%)

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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FINANCE

At the Extra Ordinary General Meeting held on 28^th January 2012, the Members had authorised the issuance of 625000 equity shares of Rs.10/- each at a premium of Rs.30/- per share aggregating to Rs.25.000 million and one number Zero Coupon Unsecured Optionally Convertible Bond of Rs.25.000 million on preferential basis to Holding Company, Titan Company Limited (formerly Titan Industries Limited), to meet the funding requirement for procurement of production equipment and infrastructure. During the previous year, the Company allotted 625000 equity shares of Rs.10/- each at a premium of Rs.30/- per share, partly paid to the extent of Rs.4/- per share (Re.1/- on Equity Account and Rs.3/- on Share Premium Account) aggregating to Rs.2.500 million and one number Zero Coupon Unsecured Optionally Convertible Bond of Rs.25.000 million to Titan Company Limited. During the year, the Company made the first and the final call of Rs.15.000 million and Rs.7.500 million respectively and the 625000 equity shares have been fully paid up.

MANUFACTURING

During the year, the Company produced a total of 6408448 Nos. (Previous Year: 8238415 Nos.) Electronic Circuit Boards (ECBs) and Micro Assemblies. The Company has demonstrated a high degree of resilience while delivering the product mix that included a variety of boards in terms of size and number of child components, as well as the varying batch sizes.

SALES

During the year 2013-2014, the Company sold a total of 6459583 nos. of ECBs and micro assemblies (previous year: 8186173 nos.). Net sales income during the year was Rs.225.962 million against the previous year’s figure of Rs.260.819 million. The drop in volumes is largely attributed to the decline in the off-take of watch circuit boards from Titan Company Limited (2012-13: 6.43 million nos. 2013-14: 4.85 million nos.). The quality, delivery and competitive price of the products continue to be well received by the Holding Company and external customers.

The year 2013-14 has shown a growth of 29% in the revenues from automotive sensors and infotainment products, while the income from electrical switch-gear products have marginally reduced by 3%. Income from other industrial customers has dropped by 29%, largely due to delay in launch of their few programs, as well as due to two of the customers moving away to competitors for better prices.

The Company has been able to secure orders for products with a relatively high end-use application (shift-by-wire; throttle-valve body sensors; electro-mechanical speed sensing systems, and radio frequency switches). This evidences the increased confidence by customers on Company’s manufacturing capabilities and quality systems which is further re-inforced through long-term contracts that are signed or under negotiations.

During the year, the Company has entered into a strategic alliance with Firstronic of USA engaged in business of electronics contract manufacturing. The alliance shall allow both the companies in sharing the business development and customer engagement efforts while servicing common customers, and also provide economy of scale while sourcing raw materials. The Company has been benefited in terms of gaining insights into the manufacturing processes adopted by Firstronic, as well as some in terms of the benchmarking of their price work-outs.

PROSPECTS

The Company has been able to grow over the years its external business of Electronics Manufacturing Services (EMS) significantly by generating business opportunities in automotive, industrial control, power electronics, telecom, and recently from the green energy sectors.

In the current fiscal year, Rs.133.400 million of revenue is attributable to external customers, who have shown confidence of continuing with the Company in the years to come.

The Company continues to be the single largest supplier of ECBs to Titan Company Limited. However, due to a change in their in-house manufacturing plan of watch movements, Titan Company Limited has indicated the volumes of watch circuits boards procured from the Company may decline further. The specialty movements being designed by Titan Company Limited are supposed to bring incremental revenues to the Company in the years ahead.

During the year, the services of Tata Strategic Management Group (TSMG) were sought to formulate a long term growth strategy for the Company. The study was conducted with an objective of a) validating the growth prospects of pursuing contract electronics manufacturing business and b) to identify a new business opportunity to transform the Company into a Product Company in the long run.

TECHNOLOGICAL DEVELOPMENT

The Company has been steering through successfully high-mix low-volume manufacturing and has developed more than 180 products of varying complexities during the year for both the domestic and overseas customers.

During the year, a second surface mount assembly equipment was commissioned, thus enhancing the placement capacity by over 50%. The new equipment has been configured to provide a greater flexibility in manufacturing at the same time includes advanced facilities such as online inspection of solder paste, dispensing of paste or glue spots anywhere on the Printed Circuit Boards (PCBs) and an improved oven process length that ensures solder joint quality of high reliability electronics. The addition of an X-Ray inspection equipment has enhanced the process capability to assemble leadless packages like Ball Grid Arrays (BGAs). The addition of automated conformal coating equipment adds flexibility to selectively apply conformal materials on the Printed Circuit Board Assemblies (PCBAs) and the Ultra Violet (UV) oven helps in speedy cure of the UV based conformal materials.

Continue d efforts have been made in terms of indigenization of several input materials including PCBs, inductors, fixtures and pallets, thus saving on the foreign currency outgo.

The Company has made significant efforts towards sustaining the Quality Management System and thus won the confidence of many customers.

The Company’s quality management system continued to be accredited to ISO 9001 and TS 16949 standards during the year.

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Zero coupon unsecured optionally convertible bond (The above bond was issued on 23 October 2012, for a maximum tenure of five years. The price, date, interest and terms of conversion or redemption will be mutually agreed to between the Company and the allottee before the date of maturity or redemption.)	25.000	25.000
Total	25.000	25.000

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90076670	07/09/2007 *	27,500,000.00	CANARA BANK	CORPORATE SERVICE BRANCH, SHANKAR NARAYANA BUILDING, NO.25, M.G.ROAD, BANGALORE, KARNATAKA - 560025, INDIA	A31235054

* Date of charge modification

FIXED ASSETS:

· Land

· Buildings

· Factory Building

· Plant and Equipment

· Factory Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Other Equipments

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.61.84
UK Pound	1	Rs.95.14
Euro	1	Rs.69.25

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
-- PROFITABILITY	1~10	-
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		56

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.