MIRA INFORM REPORT

Report Date :

12.07.2011

IDENTIFICATION DETAILS

Name :	CRP TECHNOLOGIES (INDIA) LIMITED (w.e.f. 25.05.2011)
Formerly Known as :	CRP TECHNOLOGIES (INDIA) PRIVATE LIMITED
Registered Office :	B – 208-209, Classique Centre, Off Mahakali Caves, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	06.03.2000
Com. Reg. No.:	11-124689
Capital Investment / Paid-up Capital :	Rs.1.500 Millions
CIN No.: [Company Identification No.]	U72100MH2000PTC124689
TAN No.: [Tax Deduction & Collection Account No.]	MUMC08111F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is a Mitigation Consulting and Solutions Provider with five distinct practice areas of Employer Services, Audit Services, Claims Processing, Risk Services and Training.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 137000
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.

INFORMATION DECLINED BY

Name :	Ms. Bhavna
Designation :	Accounts Executive
Date :	08.07.2011

LOCATIONS

Registered/ Corporate Office :	B – 208-209, Classique Centre, Off Mahakali Caves, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-40277777
Fax No.:	91-22-26873392
E-Mail :	ashutosh@crp.co.in crp@crp.co.in bhavna.siddhpura@crp.co.in hitesh@crp.co.in
Website :	http://www.crp.co.in
Location :	Owned
Delivery Center :	39, Nand Ghanshyam, Industrial Estate, Off M Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India
Dubai Office :	P. O. Box 124165, Karama, Dubai, United Arab Emirates.
Zonal Offices :	Located at: · Delhi · Pune · Kolkata · Hyderabad · Bangalore · Chennai
Internal Offices :	Locates at: · USA · Dubai · Sri Lanka

DIRECTORS

As on 21.09.2010

Name :	Mr. Hitesh Parmanand Asrani
Designation :	Managing Director
Address :	4, Golden View, Kalina, Santacruz (East), Mumbai – 400029, Maharashtra, India
Date of Birth/Age :	24.01.1970
Date of Appointment :	06.03.2000
DIN No. :	00561701
Name :	Mr. Ashutosh Rajendra Navalkar
Designation :	Director
Address :	Survodaya, 7^th Juhu Lane Road, Santacruz (West), Mumbai – 400054, Maharashtra, India
Date of Birth/Age :	16.08.1970
Date of Appointment :	06.03.2000
DIN No. :	00561781

KEY EXECUTIVES

Name :	Ms. Bhavna
Designation :	Accounts Executive
Name :	Rahul Belwalkar
Designation :	Chief Executive Officer
Name :	Ms. Nipa Modi
Designation :	Chief Executive Officer, CRP HR Services and Chief Marketing Officer
Name :	Mr. Richard Desouza
Designation :	Head Operations
Name :	Mr. Kshitish Jayakar
Designation :	Head, Process and Quality
Name :	Mr. Rajiv Varma
Designation :	Head, IT
Name :	Ms. Pallavi Sengupta
Designation :	Head – Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 21.09.2010

Names of Shareholders	No. of Shares
Hitesh Parmanand Asrani	75000
Ashutosh Rajendra Navalkar	75000
Total	150000

AS ON 21.09.2010

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is a Mitigation Consulting and Solutions Provider with five distinct practice areas of Employer Services, Audit Services, Claims Processing, Risk Services and Training.
Products/ Services :	· Risk Verification · Claim Verification · Pre and Post Employment Check · Data Management · ERP
Terms :
Selling :	Depend
Purchasing :	Depend

GENERAL INFORMATION

Customers :

· SBI Life Insurance Company Limited

· Aviva Life Insurance Company Limited

· Bajaj Allianz Life Ins. Company Limited

· Bristlecone India Limited

· Capita Offshore Business Ser. Private Limited

· I Flex Solutions Limited

· ICICI Bank Limited

· ICICI Pru. Life Ins. Company Limited

· Ing Vysya Life Insurance Company Limited

· Intelenet Global Ser. Private Limited

· Knowledge Global Limited

· Lanxess India Private Limited

· Msource India Private Limited

· R Systems International Limited

· Reliance Gen. Ins. Company limited

· Voltas Limited

· Videsh Sanchar Nigam Limited

Suppliers :

· Alok Sharma and company

· Avi Solutions

· B Vijay Kumar and company

· Capital Solutions

· Dell India Private Limited

· Fine Interbuild Private Limited

· Iti Tours and Travels Private Limited

· Kalu Singh and Company

· King Computers

· M N Rao and Associates

· Neha Stationery and Xerox

· Neesan Technologies Private Limited

· Palm Spring Mineral Water

· ERajesh and Company

· Regal Hardware Store

· S G Kini and Company

· Seshasai Eforms (Private) Limited

· Talisman Consultants Private Limited

· Tutis Technologies Limited

· Vinay Courier Services Private Limited

· Yashwant and Company

No. of Employees :

200 (Approximately)

Bankers :

· Citi Bank

· State Bank of India

· HDFC Bank

· ICICI Bank Limited

· HSBC Bank Limited

· Kotak Mahindra Bank

· Union Bank of India

· Shamrao Vithal Co-operative Bank Limited, Sanskriti Park, Oppo. Canossa High School, Andheri (East) Branch, Mumbai – 400093, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Term Loans From Banks	4.628	7.364
Working Capital	33.090	23.892
Vehicle Loan	0.925	1.608
Term Loan from Financial Institution	35.468	0.051
Total	74.111	32.915
Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Loan from Director, Relatives and Members	20.567	18.338
Inter – Corporate Loan	8.447	0.000
Loan from Banks	12.788	9.749
Total	41.802	28.087

Banking Relations :	--
Auditors :
Name :	Chheda Vyas and Associates Chartered Accountant
Address :	C-32, Gautam Nagar, L T Road, Borivali (West), Mumbai – 400092, Maharashtra, India

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Share	Rs.10/- each	Rs.2.500 Millions
1000	Preference Shares	Rs.10/- each	Rs.0.010 Million
	Total		Rs.2.510 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Share	Rs.10/- each	Rs.1.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		1.500	1.500	1.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		32.739	23.465	14.129
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		34.239	24.965	15.629
LOAN FUNDS
1] Secured Loans		74.111	32.915	13.545
2] Unsecured Loans		41.802	28.087	14.663
TOTAL BORROWING		115.913	61.002	28.208
DEFERRED TAX LIABILITIES		0.338	0.000	0.000
TOTAL		150.490	85.967	43.837
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.792	18.967	17.187
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		3.678	0.103	0.102
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	91.811	48.221	30.780
	Cash & Bank Balances	3.954	1.729	3.305
	Other Current Assets	0.002	0.096	0.000
	Loans & Advances	83.573	43.640	20.629
Total Current Assets		179.340	93.686	54.714
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	23.756	8.548	4.621
	Other Current Liabilities	23.129	7.223	12.224
	Provisions	16.435	11.018	11.320
Total Current Liabilities		63.320	26.789	28.166
Net Current Assets		116.020	66.897	26.548
MISCELLANEOUS EXPENSES		0.000	0.000	0.00
TOTAL		150.490	85.967	43.837

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income from Services	178.894	172.056	110.396
		Other Income	1.531	0.543	3.566
		TOTAL (A)	180.425	172.599	113.962
Less	EXPENSES
		Employees Remuneration and benefits	37.925	40.803
		Operating and Other Expenses	109.305	104.980
		TOTAL (B)	147.230	145.783	93.456
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		33.195	26.816	20.506
Less	FINANCIAL EXPENSES (D)		13.986	8.228	4.748
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.209	18.588	15.758
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4.373	3.203	2.654
	PROFIT BEFORE TAX (E-F) (G)		14.836	15.385	13.104
Less	TAX (H)		5.555	6.109	4.994
	PROFIT AFTER TAX (G-H) (I)		9.281	9.276	8.110
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		23.465	14.129	6.447
Less	Excess short Provision		0.007	0.060	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	0.000
		Proposed Dividend	0.000	0.000	0.375
		Tax on Dividend	0.000	0.000	0.053
	BALANCE CARRIED TO THE B/S		32.739	23.465	14.129
	Earnings Per Share (Rs.)		61.88	61.84	54.06

Particulars	31.03.2011
Sales Turnover (Approximately)	250.000

The above information has been parted by Ms. Bhavna

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.14	5.37	7.12
Net Profit Margin (PBT/Sales)	(%)	8.29	8.94	11.87
Return on Total Assets (PBT/Total Assets}	(%)	7.06	13.66	18.23
Return on Investment (ROI) (PBT/Networth)		0.43	0.62	0.84
Debt Equity Ratio (Total Liability/Networth)		5.23	3.52	3.61
Current Ratio (Current Asset/Current Liability)		1.54	3.50	1.94

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS :-

(Rs. in Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors	23.756	8.548	4.621
Total	23.756	8.548	4.621

NOTE:

The Registered Office of the company has been shifted from Suryodaya, 7 Juhu Road, Santacruz (West), Mumbai – 40054, Maharashtra, India, to the present address w.e.f. 01.10.2009

FORM 8:

Corporate identity number of the company	U72100MH2000PTC124689
Name of the company	CRP Technologies (India) Private Limited
Address of the registered office or of the principal place of business in India of the company	B – 208-209, Classique Centre, Off Mahakali Caves, Andheri (East), Mumbai – 400093, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book Debts Movable property
Particular of charge holder	Shamrao Vithal Co-operative Bank Limited, Sanskriti Park, Oppo. Canossa High School, Andheri (East) Branch, Mumbai – 400093, Maharashtra, India
Nature of instrument creating charge	Composite Hypothecation Agreement
Date of instrument Creating the charge	07.05.2011
Amount secured by the charge	Rs.38.605 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests : Cash Credit:@PLR-2% p.a. Term Loan (21.05 Lacs):@PLR-2% p.a. Term Loan (40 Lacs):@PLR-2% p.a. Terms of Repayment : As may be decided by the Bank, from time to time. Margin : Cash Credit:25% Term Loan (21.05 Lacs):50% Term Loan (40 Lacs):50% Extent and Operation of the charge : To secure due repayment of credit facilities aggregating Rs.38.605 Millions, together with interest, costs, charges, expenses thereof, granted by the Bank to the Company. Others : Total Facilities: Cash Credit: Rs.32.500 Millions Term Loan: Rs.2.105 Millions Term Loan: Rs.4.000 Millions -------------------------------- Total: Rs.38.605 Millions
Short Particulars of the property charged	The whole of the Borrower's present and future stocks of raw materials, goods-in-process of manufacture and all finished and manufactured goods and articles. All of the Borrower's present and future book debts, outstanding monies, receivables, claims, bills, rights to or in moveable properties and moveable assets. All the Plant and Machinery, other assets, etc, installed at the Borrower's factory and all other tangible moveable assets.

FIXED ASSETS:

· Mobile Instrument

· Fire Safety Equipments

· Refrigerator

· Air Conditions

· Car

· Computer

· Furniture and Fixtures

· Office Equipments

· Digital Camera

· EPBX

· Office Premises

· Scanner

· Xerox Machine

· Projector

· Micorwave

WEBSITE DETAILS:

PROFILE:

Subject is one of India's risk mitigation consulting and solutions provider with five distinct practice areas of Employer Services, Audit Services, Claims Processing, Risk Services and Training. In a short span of less than two decades, company has evolved from being a basic 'background check' entrepreneurial start-up to an 'integrated risk solutions' company with professional management and international best practices.

The company's business philosophy is to transform risk from a non-measurable and unpredictable uncertainty to a definite and scientific opportunity.

Subject’s four practice areas provide comprehensive risk mitigation services to leading Indian and MNC companies, helping them run their business in a safer and efficient way. The company acts as a strategic partner to clients in the entire value chain, from situation assessment and audit, process mapping and solutions to ensuring compliance of the same.

Company has a dedicated team of over 600 professionals, spread over 95 locations in India, US and Middle-East. The team consists an eclectic mix of managerial professionals, domain experts and people with hands on field experience.

The company's unique value proposition is its ability to marry consulting with execution. Over the past decade the company has built extensive capabilities and insights into risk mitigation practices, processes and solutions by working with some of the best Indian and global corporates. It is rated as one of the best players with a pan-India presence. With clients across sectors like BFSI, IT and ITES, FMCG and manufacturing, PSU and government organizations, company endeavors to become the 'preferred partner' for Indian and global corporates in risk mitigation and solutions services.

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.44.37
UK Pound	1	Rs.70.84
Euro	1	Rs.62.96

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.