MIRA INFORM REPORT

Report Date :

15.12.2011

IDENTIFICATION DETAILS

Name :	PROCON ENGINEERS (DIVISION OF NIMOTO CONSULTING ENGINEERS PRIVATE LIMITED) NIMOTO CONSULTING ENGINEERS PRIVATE LIMITED
Registered Office :	24-26, Shreeji Arcade, Opposite Nitin Casting Company, Almeda Road, Thane – 400602, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.06.2006
Com. Reg. No.:	11-162813
Capital Investment / Paid-up Capital :	Rs.2.100 Millions
CIN No.: [Company Identification No.]	U74140MH2006PTC162813
Legal Form :	Private Limited Liability Company
Line of Business :	Consulting Engineers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 48000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION DECLINED BY

Name :	Ms. Vaishali
Designation :	Accounts Department
Date :	13.12.2011

LOCATIONS

Registered Office :	24-26, Shreeji Arcade, Opposite Nitin Casting Company, Almeda Road, Thane – 400602, Maharashtra, India
Tel. No.:	91-22-25389601
Fax No.:	91-22-26824371
E-Mail :	anaghaj@proconengineers.org proconengineers@vsnl.com
Website :	www.proconenginees.org
Correspondence Office :	Venus Building, 2^nd Floor, Plot No. 8, Kalwa Block, TTC Industrial Area, Opposite Digha Talao, Digha, Thane – Belapur Road, Airoli, Navi Mumbai 700708, Maharashtra, India
Tel. No.:	91-22-64570461/ 464
E-Mail :	projects@proconengineers.org

DIRECTORS

As on 30.09.2011

Name :

Mr. Harjas Sanmukhdas Gurbani

Designation :

Managing director

Address :

703,Carnation, Satguru Garden, Mith Bunder Road, Thane (East) – 400603, Maharashtra, India

Date of Birth/Age :

01.07.1948

Date of Appointment :

23.06.2006

DIN No.:

00188590

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U24230MH2005PTC151829	Sanruk Pharmaceuticals Private Limited	Director	7/03/2005	7/03/2005	-	Active	NO
U74140MH2006PTC162813	Nimoto Consulting Engineers Private Limited	Managing director	23/06/2006	23/06/2006	-	Active	NO
U40105MH2009PTC194758	Procon Energy Solutions Private Limited	Director	8/08/2009	8/08/2009	-	Active	NO
U40106MH2010PTC202057	Nimoto Solar Private Limited	Managing director	15/04/2010	15/04/2010	-	Active	NO

Name :

Mr. Ravindra Kumar Chandorkar

Designation :

Director

Address :

01/503, Om Gokul Garden, Thakur Complex , Kandivali, Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

01.07.1944

Date of Appointment :

23.06.2006

DIN No.:

00188580

Name :

Ms. Nirmala Harjas Gurbani

Designation :

Director

Address :

703,Carnation, Satguru Garden, Mith Bunder Road, Thane (East) – 400603, Maharashtra, India

Date of Birth/Age :

26.02.1954

Date of Appointment :

23.06.2006

DIN No.:

00188597

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U24230MH2005PTC151829	Sanruk Pharmaceuticals Private Limited	Director	7/03/2005	7/03/2005	-	Active	NO
U74140MH2006PTC162813	Nimoto Consulting Engineers Private Limited	Director	23/06/2006	23/06/2006	-	Active	NO
U40105MH2009PTC194758	Procon Energy Solutions Private Limited	Director	8/08/2009	8/08/2009	-	Active	NO

Name :

Mr. Mukeshkumar Harjas Gurbani

Designation :

Whole-time director

Address :

703,Carnation, Satguru Garden, Mith Bunder Road, Thane (East) – 400603, Maharashtra, India

Date of Birth/Age :

01.06.1980

Date of Appointment :

17.08.2009

DIN No.:

02851680

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U74140MH2006PTC162813	Nimoto Consulting Engineers Private Limited	Whole-time director	17/08/2009	17/08/2009	-	Active	NO
U40106MH2010PTC202057	Nimoto Solar Private Limited	Director	15/04/2010	15/04/2010	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Vaishali
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Harjas Sanmukhdas Gurbani	105000
Nirmala Harjas Gurbani	105000
Total	210000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Consulting Engineers.

GENERAL INFORMATION

Suppliers :

· Actrina Consulting Enginners Private Limited

· Computer Solution

· Quantum Link Communication Private Limited

· S.C. Maheshwari and Associates

· Sakshi Engineers

· Vandana Services

· Vasanti Enterprises

· Venus Furniture Private Limited

· Virtual Advisor Private Limited

Customers :

· Filatex India Limited

· Hosiarpur Roller Floor Mills Private Limited

· IL and FS Cluster Dev. Initiative Limited

· IL and FS Renewable Energy Limited

· Kilitch Durgs (India) Limited

· Maharashtra State Power Generation Company Limited

· Megha Engineering and Infrastructure Limited

· MEIL Green Power Limited

· Petron Engineering Construction Limited

· Shubhalaxmi Polyster Limited

· Sigrun Group of Companies

· Sri Lakshmi Narasimlia Enterprises

· Tata Projects Limited - U. A. E.

· The Indian Smelting and Refining Company Limited

No. of Employees :

Not Available

Bankers :

Bank of Baroda, Thane East Branch, Ratan House, Kopri Colony, Pai Road, Thane (East) – 400603, Maharashtra, India

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors and Relatives
H. S. Gurbani	3.859	0.400
N. H. Gurbani	0.609	0.000
Mukesh Gurbani	0.963	0.000
Manish Gurbani	0.838	0.000
Naina Gurbani	0.718	0.000
Total	6.987	0.400

Banking Relations :	--
Auditors :
Name :	S. C. Maheshwari and Associates Chartered Accountants
Address :	108, Sai Dham, 1^st Floor, 90 Feet Road, Zulelal Chawk, Opposite Pancholi Hospital, Ghatkopar (East), Mumbai – 400077, Maharashtra, India
Tel. No.:	91-22-25169150
PAN.:	AABPM4051E

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
210000	Equity Shares	Rs.10/- each	Rs.2.100 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		2.100	2.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		9.910	4.630	3.592
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		12.010	6.730	3.692
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		6.987	0.400	0.400
TOTAL BORROWING		6.987	0.400	0.400
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		18.997	7.130	4.092
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.093	0.691	0.602
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
FDR With HDFC Bank		4.484	0.000	0.425
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	15.703	7.701	2.656
	Cash & Bank Balances	1.136	1.438	0.268
	Other Current Assets	1.453	1.420	0.000
	Loans & Advances	3.910	2.736	2.185
Total Current Assets		22.202	13.295	5.109
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.466	4.669	0.930
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	4.316	2.188	1.117
Total Current Liabilities		8.782	6.857	2.047
Net Current Assets		13.420	6.438	3.062
MISCELLANEOUS EXPENSES		0.000	0.001	0.003
TOTAL		18.997	7.130	4.092

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	31.921	20.179	12.105
		Other Income
		TOTAL	31.921	20.179	12.105
Less	EXPENSES
		Office Expenses	23.668	15.391	9.301
		Administrative Expenses
		Advertising Expenses
		TOTAL	23.668	15.391	9.301
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.253	4.788	2.804
Less/ Add	DEPRECIATION/ AMORTISATION		0.563	0.388	0.352
	PROFIT BEFORE TAX		7.690	4.400	2.452
Less	TAX		2.410	1.362	0.864
	PROFIT AFTER TAX		5.280	3.038	1.588
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.630	3.592	2.004
Less	APPROPRIATIONS
		Transfer to Capital Account (Issue of Bonus Shares)	0.000	2.000	0.000
	BALANCE CARRIED TO THE B/S		9.910	4.630	3.592
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	3.003	0.000
	TOTAL EARNINGS		0.000	3.003	0.000
	Earnings Per Share (Rs.)		25.14	288.06	158.88

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	16.54	15.05	13.12
Return on Total Assets (PBT/Total Assets}	(%)	33.01	31.46	42.93
Return on Investment (ROI) (PBT/Networth)		0.64	0.65	0.66
Debt Equity Ratio (Total Liability/Networth)		1.31	1.07	0.66
Current Ratio (Current Asset/Current Liability)		2.52	1.93	2.49

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U74140MH2006PTC162813
Name of the company	NIMOTO CONSULTING ENGINEERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	24-26, Shreeji Arcade, Opposite Nitin Casting Company, Almeda Road, Thane – 400602, Maharashtra, India Email Id : anaghaj@proconengineers.org
This form is for	Creation of charge
Type of charge	Immovable property Any interest in immovable property
Particular of charge holder	Bank of Baroda, Thane East Branch, Ratan House, Kopri Colony, Pai Road, Thane (East) – 400603, Maharashtra, India Email Id : shirishshetye@gmail.com
Nature of instrument creating charge	Memorandum of Equitable Mortgage
Date of instrument Creating the charge	18.11.2010
Amount secured by the charge	Rs.25.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest to be charged as per sanction/review of the account from time to time Terms of repayment Nil Margin Nil Extent and operation of the charge The charge is created to secure Inland Bank Guarantee (Performance) facility of Rs.25.000 Millions together with interest, compound interest, interest tax, additional/further interest in case of default, penal interest, commission, liquidated damages, premium on pre-payment or on redemption costs, charges, expenses and other moneys payable by the Company to the Bank
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Office No.6, 1st Floor, adm. 297 sq.ft. (Carpet Area), Shreeji Arcade Commercial Premises Co-operative Society Limited, Final Plot No.325, S.No.329, H.No.5 and S.No.330 Village Panchpakhadi, Taluka and District Thane, Maharashtra, India Office No.24, 1st Floor, adm. 213 sq.ft. (Carpet Area), Shreeji Arcade Commercial Premises Co-operative Society Limited, Final Plot No.325, S.No.329, H.No.5 and S.No.330 Village Panchpakhadi, Taluka and District Thane, Maharashtra, India Office No.25, 1st Floor, adm. 213 sq.ft. (Carpet), Shreeji Arcade Commercial Premises Co-operative Society Limited, Final Plot No.325, S.No.329, H.No.5 and S.No.330 Village Panchpakhadi, Taluka and District Thane, Maharashtra, India Office No.26, 1st Floor, adm. 213 sq.ft. (Carpet), Shreeji Arcade Commercial Premises Co-operative Society Limited, Final Plot No.325, S.No.329, H.No.5 and S.No.330 Village Panchpakhadi, Taluka and District Thane, Maharashtra, India
Whether any of the property or interest therein under reference is not registered in the name of the company	Office No.6 belongs to Manish and Nirmala Gurbani- Office No.24 belongs to Harjas and Nirmala Gurbani- Office No.25 belongs to Harjas and Mukeshkumar Gurbani- Office No.26 belongs to Harjas and Manish Gurbani

Contingent Liabilities not provided for (31.03.2011) is Rs.13.560 Millions

FIXED ASSETS

· Furniture and Fixture

· Air Conditioner

· Motor Car

· UPS with Batteries

· Office Equipments

· Piping Software

· Laptop

· Computer and Printer

· Computer Software

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 records 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.53.58
UK Pound	1	Rs.82.97
Euro	1	Rs.69.89

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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
TOTAL		43

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.