MIRA INFORM REPORT

Report Date :

15.07.2011

IDENTIFICATION DETAILS

Name :	BRISSUN TECHNOLOGIES PRIVATE LIMITED
Registered Office :	19 A, Building B, Premier Plaza, Old Mumbai-Pune Highway, Chinchwad, Pune-411019, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.07.2008
Com. Reg. No.:	132394
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U29100PN2008PTC132394
PAN No.: [Permanent Account No.]	AADCB4991M
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturing of Engineering Goods.
No. of Employees :	26 (Approximately) (Office 06, Factory 20)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 3000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a company having moderate track records. Profitability of the company appears to be low. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Vivek Bansal
Designation :	Managing Director
Contact No.:	91-9422008741

LOCATIONS

Registered Office :	19 A, Building B, Premier Plaza, Old Mumbai-Pune Highway, Chinchwad, Pune-411019, Maharashtra, India
Tel. No.:	91-20-27463405
Mobile No.:	91-9422008741 (Mr. Vivek Bansal)
Fax No.:	91-20-66300150
E-Mail :	vivekbansal@brissun.com sales@brissun.com
Website :	http://www.brissum.com
Area :	Owned
Factory :	Flat No. 231, Sector 7, Pcntda Bhosari, Pune-411026, Maharashtra, India
Mobile No.:	91-9422008742
Area :	Owned

DIRECTORS

(AS ON 30.09.2010)

Name :	Mr. Vivek Lalitkumar Bansal
Designation :	Managing Director
Address :	Flat No. 502, Building C-3, Empire Estate, Old Mumbai Pune Road, Chinchwad, Pune-411019, Maharashtra, India
Date of Birth/Age :	11.05.1969
Qualification :	B.E
Date of Appointment :	09.07.2008
Name :	Mrs. Monica Bansal
Designation :	Director
Address :	Flat No. 502, Building C-3, Empire Estate, Old Mumbai Pune Road, Chinchwad, Pune-411019, Maharashtra, India
Date of Birth/Age :	22.05.1973
Qualification :	M.A
Date of Appointment :	09.07.2008
PAN No.:	ABEPB4322K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Vivek Lalitkumar Bansal	6000
Monica Bansal	4000
Total	10000

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Engineering Goods.

Products :

Products Description	Item Code No.
Machinery for Edible Plant	847920

· Edible Oil Plants

· Alcohol Process Plants

· Bio-Diesel and Bio-fuels Plants

· Heat Exchangers

· Distillation Columns

· Candle Filters

· Pressure Leaf Filters

· Modular Plants

GENERAL INFORMATION

Customers :	· Sidhartha Oil and Soilvent Industries Private Limited, Bharwah, Nepal · Makwano Group of IND, Uganda · Technochem INC, USA · Bhushan Oils and Fats Private Limited, Ambala, Haryana · Amrit Banaspati Company Limited, Rajpura, Punjab · A P Solvex Limited, Dhuri, Punjab · Jhunjhunwala Vanaspati Limited, Varanasi, Uttar Pradesh · Dinesh Oils Limited Kanpur, Uttar Pradesh · Kanpur Edibles Limited, Kanpur, Uttar Pradesh · Mantora Oil Products Limited, Kanpur, Uttar Pradesh · ACI Oils Limited, Kanpur, Uttar Pradesh · Jailuxmi Solvex Private Limited, Gorakhpur, Uttar Pradesh · Shree Sai Agro Private Limited , Baroda, Gujrat · P B S Oil Industries Limited, Dhamtari, Raipur, Chhattisgarh · Shivangi Oils Private Limited , Bilaspur, Chhattisgarh · Vijayshree Fats and Oil Private Limited, Raipur, Chhattisgarh · Dayal Agro Products Limited, Akola, Maharashtra, India · Tinna Oils and Chemicals Limited, Latur, Maharashtra, India · Technochem International Inc., Lowa, USA · Shakti Refoils and Agro Food Products Private Limited, Himatnagar, Gujarat
Suppliers :	· Ashita International · Anushree Enterprises · Atco Insulation Services · Bellow Seal Valves Private Limited · Electronic Systems Devices · Esteem Tech Engineering Company · Eureka Industrial Equipments Private Limited · Forbes Marshall Arca Private Limited · International Wirenetting Industries · Kamal Metal Industries · Lucky Engineers · Manthan Engineering Systems · Patil Sales Corporation · Rajendra Trading Company · Salecha Tubes and Pipes Private Limited · Sankalap Pipe Fittings · Shree Ganesh Enterprises · Suyog Engineering Systems · Syntech Engineering Systems · Trans Power Equipments · Universal Wire Products · Western Metals Industries
No. of Employees :	26 (Approximately) (Office 06, Factory 20)
Bankers :	· ICICI Bank Limited Corporation Bank, Chinchwad, Pune, Maharashtra, India · ABN Amro Bank · HSBC Bank · Standard Chartered Bank

Banking Relations :	--
Auditors :
Name :	Ajay Patil and Company Chartered Accountant
Address :	1126/1, Shreeram Complex, Model Colony, Pune – 411016, Maharashtra, India
Associates/Subsidiaries :	· Syntech Engineering Systems Address: Plot No. 2321, Sector 7, PCNTDA Bhosari Pune-411026, Maharashtra, India Line of Business: Manufacturing of Industrial Equipments

CAPITAL STRUCTURE

(AS ON 30.09.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.617	0.151
4] (Accumulated Losses)		0.000	0.000
NETWORTH		0.717	0.251
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		1.450	0.000
TOTAL BORROWING		1.450	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		2.167	0.251
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.045	0.000
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.651	0.816
	Sundry Debtors	1.296	0.980
	Cash & Bank Balances	0.236	0.172
	Other Current Assets	0.000	0.003
	Loans & Advances	0.988	0.464
Total Current Assets		6.171	2.435
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	3.989	1.719
	Other Current Liabilities and Provisions	1.073	0.482
Total Current Liabilities		5.062	2.201
Net Current Assets		1.109	0.234
MISCELLANEOUS EXPENSES		0.013	0.017
TOTAL		2.167	0.251

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	32.460	11.596
		Other Income	0.004	0.000
		TOTAL	32.464	11.596
Less	EXPENSES
		Consumption of Material	23.219	7.508
		Production and Operating Expenses	6.193	2.491
		Selling and Administrative Expenses	2.202	1.307
		Communication, Finance and Other Charges	0.102	0.062
		TOTAL	31.716	11.368
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.748	0.228
Less/ Add	DEPRECIATION/ AMORTISATION		0.075	0.000
	PROFIT BEFORE TAX		0.673	0.228
Less	TAX		0.207	0.077
	PROFIT AFTER TAX		0.466	0.151
	Earnings Per Share (Rs.)		46.60	15.10

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	1.44	1.30
Net Profit Margin (PBT/Sales)	(%)	2.07	1.97
Return on Total Assets (PBT/Total Assets}	(%)	9.33	9.36
Return on Investment (ROI) (PBT/Networth)		0.94	0.91
Debt Equity Ratio (Total Liability/Networth)		9.08	8.77
Current Ratio (Current Asset/Current Liability)		1.22	1.11

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

The company has achieved sales turnover of Rs.32.460 Millions as compared to Rs.11.596 Millions in the previous year. The company has achieved profit of Rs.0.465 Million during the year report as compared to Profit of Rs.0.151 Million in the previous year.

TRADE REFERENCES:

· Bhushan Oil and Fats Private Limited, Ambala City

Contact Person: Mr. Shashi Bhushan Gupta

Tel No.: 91-171-2840462

· Pioneer Industries Limited, Patahnkot, Punjab

Contact Person: Mr. Jagat Agarwal JI

SYNTECH ENGINEERING SYSTEMS

(SISTER CONCERN)

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		8.333
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		8.333
LOAN FUNDS
1] Secured Loans		0.372
2] Unsecured Loans		0.482
TOTAL BORROWING		0.854
DEFERRED TAX LIABILITIES		0.000
TOTAL		9.187
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.253
Capital work-in-progress		0.000
INVESTMENT		6.616
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.753
	Sundry Debtors	2.195
	Cash & Bank Balances	0.251
	Other Current Assets	0.075
	Loans & Advances	1.995
	Deposits	0.250
Total Current Assets		5.519
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	9.118
	Provisions	0.083
Total Current Liabilities		9.201
Net Current Assets		[3.682]
MISCELLANEOUS EXPENSES		0.000
TOTAL		9.187

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2008
Sales Turnover		32.046
Other Income		0.104
Total Income		32.150
Profit/(Loss) Before Tax		1.087
Provision for Taxation		0.000
Profit/(Loss) After Tax		1.087
Expenditures :
	Cost of Goods Sold	27.408
	Professional Fees	0.106
	Telephone Expenses	0.150
	Travelling Expenses	0.459
	Depreciation & Amortization	0.099
	Other Expenditure	2.841
Total Expenditure		31.063

KEY RATIOS

PARTICULARS		31.03.2008
PAT / Total Income	(%)	3.38
Net Profit Margin (PBT/Sales)	(%)	3.39
Return on Total Assets (PBT/Total Assets}	(%)	9.23
Return on Investment (ROI) (PBT/Networth)		0.13
Debt Equity Ratio (Total Liability/Networth)		1.21
Current Ratio (Current Asset/Current Liability)		0.59

AS PER WEBSITE:

HISTORY:

Subject is promoted by Mr. Vivek Bansal, a technocrat and an entrepreneur who has the vision to develop new technologies in the field of edible oil processing, alcohol and bio-fuels.

1995: Syntech Engineering Systems was started by Mr. Vivek Bansal. Syntech Engineering System has since been primarily into design and supply of heat exchangers, pressure vessels, reactors and distillation columns. The company has worked with various third parties such as EIL, Burea Veritas and Udhe to name a few.

2000: Mr. Bansal formed a separate entity, Lipid Systems Engineers Private Limited to enter the project commissioning business in the field of edible oil refining and executed various projects in that particular line of work. The company specialized in the field of rice bran oil processing and supplied plants of various capacities from 30 tpd to 250 tpd in rice bran oil and up to 350 tpd in CPO. They also supplied plants for all capacities for CPO, cotton seed, soyabeen, sunflower oil other than RBO. During this phase all the equipment manufacturing was taken care of by Syntech Engineering.

2005: Company supplied its first multi pressure grain based distillery on a turnkey basis and achieved milestone by successfully commissioning it.

2006: Company supplied skid mounted ready to assemble modular bio diesel plant to USA.

2007: Another milestone was reached by integrating all business under the name of subject to conduct the business of edible oil processing, alcohol and bio fuels under one roof. Company has already bagged orders for execution of edible oil projects from within the country and Nepal.

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.44.59
UK Pound	1	Rs.71.07
Euro	1	Rs.62.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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
TOTAL		28

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.