MIRA INFORM REPORT

Report Date :

12.03.2011

IDENTIFICATION DETAILS

Name :	OTTO PROJECTS PRIVATE LIMITED
Registered Office :	4 Bishgoy Lefroy Road, Flat No. 3, Calcutta Mansion, Kolkata-700020, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.10.2004
Com. Reg. No.:	21-100222
CIN No.: [Company Identification No.]	U45309WB2004PTC100222
TAN No.: [Tax Deduction & Collection Account No.]	CALO00990D
PAN No.: [Permanent Account No.]	AAACO7228D
Legal Form :	Private Limited Liability Company.
Line of Business :	Service provider for Turnkey projects.

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 48000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered fro small 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 – 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 (GENERAL DETAILS)

Name :	Mr. S Chakrborthy
Designation :	Accounts Departments
Date :	03.03.2011

LOCATIONS

Registered Office :	4 Bishgoy Lefroy Road, Flat No. 3, Calcutta Mansion, Kolkata-700020, West Bengal, India
Tel. No.:	91-33-22891577
Fax No.:	91-33-22891576/ 22891577
E-Mail :	ottoprojects@vsnl.net

DIRECTORS

As on 21.09.2010

Name :	Mr. Gautam Gangopadhyay
Designation :	Whole Time Director
Address :	181/1, Canal Street, Sreebhumi, Lake Town, Kolkata-700048, West Bengal, India
Date of Birth/Age :	20.09.1957
Date of Appointment :	20.10.2004
DIN No.:	00761395
Name :	Mr. Vivek Bhaskaran
Designation :	Whole Time Director
Address :	16/2, Raja Santosh Road, Alipore, Kolkata-700027, West Bengal, India
Date of Birth/Age :	30.05.1972
Date of Appointment :	20.10.2004
DIN No.:	00771770
Name :	Mr. Muzaffar Ghulam Mohd Shah
Designation :	Chairman Cum Managing Director
Address :	The Icon Apartments, B-193, DLF Phase 5l, Gurgaon-122009, Haryana, India
Date of Birth/Age :	11.08.1956
Date of Appointment :	20.10.2004
DIN No.:	01059203
Name :	Mr. Brij Gopal Roy
Designation :	Vice Chairman and Director
Address :	“Purna Villa”, Flat No. 1B, 68/3A, Purna Das Road, Kolkata-700029, West Bengal, India
Date of Birth/Age :	09.11.1939
Date of Appointment :	20.10.2004
DIN No.:	00771713
Name :	Mr. Shib Kali Banerjee
Designation :	Director
Address :	5B, Ashoka, 111 Southern Avenue, Kolkata-700029, West Bengal, India
Date of Birth/Age :	05.05.1943
Date of Appointment :	05.05.2008
DIN No.:	00292887
Name :	Mr. Satish Charan Kumar Patne
Designation :	Director
Address :	403, Panchmarhi Tower, Kaushambi, Ghaziabad-201010, Uttar Pradesh, India
Date of Birth/Age :	19.04.1944
Date of Ceasing :	18.08.2009
DIN No.:	00616104

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.09.2010

Names of Shareholders	No. of Shares
Tycoons Industries Private Limited, West Bengal, India	98250
Virama Enterprises Private Limited, West Bengal, India	93750
Muzaffar Shah	258750
S.K. Banerjee	97500
Vivek Bhaskaran	63750
Nalini Bhaskaran	30000
Gautam Gangopadhyay	39000
Ujjal Paramanik	39000
Brij Gopal Roy	5250
Biswajit Misra	7500
K.O. Ramarajan	7500
Amit Chatterjee	3000
C Prabhakaran	3750
Sandip Gupta	1500
Tridib Kumar Das	1500
Total	750000

Equity Share Breakup (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Bodies corporate	25.60
Directors or relatives of Directors	52.40
Other top fifty shareholders	22.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Service provider for Turnkey projects.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

Approximately 12 (In Office)

Approximately 45 (at Site)

Bankers :

• Syndicate Bank, Camac Street Branch, 26, Shakespeare Sarani, Kolkata-700017, West Bengal, India
• Canara Bank Limited, Park Streedt Branch, Kolkata-700016, West Bengal, India
• HDFC Bank Limited

Facilities :

Secured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
Overdraft with Syndicate Bank (Against hypothecation of book debts)	1.402	0.000
Overdraft with Canara Bank (Against third party security)	0.991	0.000
From Kotam Mahindra	0.168	0.206
From HDFC Bank	1.324	0.285
From Reliance Capital	0.140	0.178
(Against hypothecation of car)
Total	4.025	0.669
Unsecured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
From HDFC Bank	0.625	0.915
From Directors and Shareholders	0.301	0.308
Corporate Loan and Others	4.294	1.616
Total	5.220	2.839

Banking Relations :	--
Auditors :
Name :	Mr. M K Gupta Chartered Accountant
Address :	53A, Mirza Ghalib Street, Kolkata-700016, West Bengal, India
Tel. No.:	91-33-22292638/ 22296241/ 22290871/ 72
Fax No.:	91-33-22291858
E-Mail :	guptaco55@hotmail.com

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs. 10/- each	Rs. 7.500 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		7.500	5.000	3.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.452	3.013	2.732
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11.952	8.013	6.232
LOAN FUNDS
1] Secured Loans		4.025	0.669	0.726
2] Unsecured Loans		5.220	2.839	1.102
TOTAL BORROWING		9.245	3.508	1.828
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		21.197	11.521	8.060
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.527	1.654	1.709
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.169	0.059	0.001
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.262	3.985	0.000
	Sundry Debtors	42.238	22.166	20.578
	Cash & Bank Balances	5.132	3.548	0.916
	Other Current Assets	0.233	0.170	0.019
	Loans & Advances	13.426	6.111	3.871
Total Current Assets		63.291	35.980	25.384
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	30.643	17.797	14.871
	Other Current Liabilities	12.277	6.248	2.511
	Provisions	2.870	2.133	1.667
Total Current Liabilities		45.790	26.178	19.049
Net Current Assets		17.501	9.802	6.335
MISCELLANEOUS EXPENSES		0.000	0.006	0.015
TOTAL		21.197	11.521	8.060

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	107.899	45.099	52.623
		Other Income	0.308	0.155	0.056
		TOTAL (A)	108.207	45.254	52.679
Less	EXPENSES
		Cost of Goods Sold	10.187	1.113	6.500
		Contracting Expenses	73.989	27.097	34.014
		Salary and Wages	9.664	7.852	5.217
		Company’s Contribution to P.F.	0.585	0.501	0.000
		Directors’ Fees	0.008	0.016	0.000
		Staff Welfare	0.184	0.080	0.059
		Legal and Consulting Charges	0.961	0.696	0.345
		Rent	0.591	0.504	0.388
		Telephone	0.359	0.324	0.149
		Electricity	0.437	0.081	0.056
		Traveling and Conveyance	2.000	1.516	0.359
		Loading Expenses	0.000	0.000	0.194
		Other Expenses	0.000	0.000	0.079
		Tools and Consumables	0.084	0.199	0.104
		Car Hire Charges	0.686	0.575	0.362
		Office Maintenance	0.332	0.186	0.121
		Site Office Maintenance	0.020	0.023	0.017
		Repairs and Maintenance- Others	0.284	0.054	0.368
		Car Maintenance	1.028	0.670	0.436
		Car Insurance and Tax	0.115	0.071	0.000
		Other Insurance	0.288	0.295	0.000
		Printing and Stationeries	0.213	0.196	0.129
		Preliminary Expenses written off	0.006	0.009	0.006
		Rates and Taxes	0.009	0.009	0.009
		Insurance for Directors and Executives	0.255	0.050	0.000
		Audit Fees	0.082	0.066	0.067
		Other Expenses	1.487	0.970	0.332
		Loss on Sale of assets	0.000	0.000	0.001
		Bad Debt Written off	0.005	0.061	0.148
		TOTAL (B)	103.859	43.214	49.460
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.348	2.040	3.219
Less	FINANCIAL EXPENSES (D)		1.390	0.827	0.505
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.958	1.213	2.714
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.873	0.494	0.410
	PROFIT BEFORE TAX (E-F) (G)		2.085	0.719	2.304
Less	TAX (H)		0.646	0.438	0.845
	PROFIT AFTER TAX (G-H) (I)		1.439	0.281	1.462
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.013	2.732	1.270
	BALANCE CARRIED TO THE B/S		4.452	3.013	2.732
	Earnings Per Share (Rs.)		1.92	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.33	0.62	2.78
Net Profit Margin (PBT/Sales)	(%)	1.93	1.59	4.38
Return on Total Assets (PBT/Total Assets}	(%)	3.12	1.91	8.53
Return on Investment (ROI) (PBT/Networth)		0.17	0.09	0.37
Debt Equity Ratio (Total Liability/Networth)		4.60	3.70	3.35
Current Ratio (Current Asset/Current Liability)		1.38	1.37	1.33

LOCAL AGENCY FURTHER INFORMATION

Business Performance and Prospects:

Turnover during the period had been Rs. 110.470 Millions and Profit Before Tax Rs. 2.085 Millions, as compared to the last year’s turnover and profit of Rs. 49.238 Millions and Rs. 0.689 Million respectively.

Some of the major orders executed during the year has resulted into higher turnover, as compared to the last year. The increase in the profit is due to higher volume of turnover and increase in efficiency in the execution of the contracts. Due to the expected increase in the economic activities, specially higher outlay on the infrastructure, the company is reasonably assured to maintain the growth in turnover and profits in the coming years.

Unexecut4ed orders in hand, as at 31^st March, 2010 totalled Rs. 227.500 Millions. Orders in the pipeline were about Rs. 140.000 Millions.

Bankers Charges Report as per Registry

Corporate identity number of the company	U45309WB2004PTC100222
Name of the company	OTTO PROJECTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	4 Bishgoy Lefroy Road, Flat No. 3, Calcutta Mansion, Kolkata-700020, West Bengal, India
This form is for	Creation of Charge
Type of charge	Book Debts Floating Charges
Particular of charge holder	Syndicate Bank, Camac Street Branch, 26, Shakespeare Sarani, Kolkata-700017, West Bengal, India
Nature of instrument creating charge	Composite Hypothecation Agreement Dated 28.09.2010 Omnibus Counter Guarantee dated 28.09.2010 Sanction Letter Dated 21.09.2010 Board Resolution Dated 22.09.2010
Date of instrument Creating the charge	28.09.2010
Amount secured by the charge	Rs. 18.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest SOD: Base Rate + 4.00% i.e. 12.25% p.a. (Presently) with monthly rests. BG Commission :- as per rules Terms of Repayment Repayable on demand Margin SOD:- 50% on Debtors BG:- 25% on Cash Margin Extent and Operation of the charge The charge shall operate as first charge on bok debts To the extent of the overall limit of Rs. 18.000 Millions (SOD:- Rs. 3.000 Millions and BG:- Rs. 15.000 Millions) excluding interest, commission and other charges. The charge will operate till the limit enjoyed by the borrower company is fully repaid.
Short particulars of the property charged	Hypothecation by way of first charge on al the present and future book debts, outstanding, monies receivables claims, bills, contracts, investments etc. of the company.

Fixed Assets:

· Furniture and Fixture

· Refrigerator and Airconditoners

· Computer

· Plant and Machinery

· Motor Car

· Private Automatic Telephone

· Phone

· Office 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 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.45.21
UK Pound	1	Rs.72.55
Euro	1	Rs.62.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
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	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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.