Business information report

1. Summary Information

		Country	India
Company Name	TRAK HYDRO POWER COMPONENTS PRIVATE LIMITED	Principal Name 1	Mr. Tushar Shripad Mahajani
Status	Satisfactory	Principal Name 2	Mr. Ravindra Gajanan Akolkar
		Registration #	11-18103
Street Address	Flat No. 5, Mahurgad Apartment Laxman Bagh, Colony, Erandwane, Pune – 411 004, Maharashtra
Established Date	08.07.2003	SIC Code	----
Telephone#	----	Business Style 1	Dealer
Fax #	----	Business Style 2	---
Homepage	----	Product Name 1	MS TENGAL Undercarriage Parts
# of employees	----	Product Name 2	----
Paid up capital	Rs.100,000/-	Product Name 3	----
Shareholders	Directors or relatives of directors – 100%	Banking	IDBI Bank
Public Limited Corp.	NO	Business Period	8 years
IPO	NO	International Ins.	----
Public Enterprise	NO	Rating	Ba ( 45 )
Related Company
Relation	Country ---	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	6,214,000	Current Liabilities	12,405,000
Inventories	12,372,000	Long-term Liabilities	3,968,000
Fixed Assets	2,344,000	Other Liabilities	156,000
Deferred Assets	0	Total Liabilities	16,529,000
Invest & other Assets	462,000	Retained Earnings	4,763,000
		Net Worth	4,863,000
Total Assets	21,392,000	Total Liabilities & Equity	21,392,000
Total Assets (Previous Year)	23,835,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	76,200,000	Net Profit	1,097,000
Sales(Previous year)	91,180,000	Net Profit (Previous year)	1,859,000

MIRA INFORM REPORT

Report Date :

29.09.2011

IDENTIFICATION DETAILS

Name :	TRAK HYDRO POWER COMPONENTS PRIVATE LIMITED
Registered Office :	Flat No. 5, Mahurgad Apartment Laxman Bagh, Colony, Erandwane, Pune – 411 004, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	08.07.2003
Com. Reg. No.:	11-18103
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	u51909pn2003ptc018103
TAN No.: [Tax Deduction & Collection Account No.]	PNET04919F
Legal Form :	Private Limited Liability Company
Line of Business :	Dealer for MS TENGAL Undercarriage Parts Manufacturing Company

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 15000
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 – 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

LOCATIONS

Registered Office :	Flat No. 5, Mahurgad Apartment Laxman Bagh, Colony, Erandwane, Pune – 411 004, Maharashtra, India
E-Mail :	aniruddha.joshee@gmail.com s_ppandit@vsnl.com
Corporate Office :	1/1, Chaturdham Cooperative Housing Society, Opposite Indulal Complex, LBS Road, Lokmanya Nagar, Navi Peth, Pune – 411 030, Maharashtra, India
Tel. No.:	91-20-65230373
Fax No.:	91-20-24330762

DIRECTORS

AS ON 15.09.2010

Name :	Mr. Tushar Shripad Mahajani
Designation :	Director
Address :	722/28 Yashad Laxmi Park Navi Peth, Pune – 411 030, Maharashtra, India
Date of Appointment :	08.07.2003
DIN No.:	00576562
Name :	Mr. Ravindra Gajanan Akolkar
Designation :	Director
Address :	Flat No. 5, Mahurgad Apartment Laxman Bagh, Colony, Erandwane, Pune – 411 004, Maharashtra, India
Date of Appointment :	08.07.2003
DIN No.:	00576464
Name :	Ms. Medha Ravindra Akolkar
Designation :	Director
Address :	Flat No. 5, Mahurgad Apartment Laxman Bagh, Colony, Erandwane, Pune – 411 004, Maharashtra
Date of Appointment :	08.07.2003
DIN No.:	00576501
Name :	Ms. Kavita Tushar Mahajani
Designation :	Director
Address :	722/28, Yashad Laxmi Laxmi Park, Navi Peth, Pune – 411 030, Maharashtra
Date of Appointment :	08.07.2003
DIN No.:	00576608

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.09.2010

Names of Shareholders	No. of Shares
Tushar Shripad Mahajani	4000
Ravindra Gajanan Akolkar	4000
Kavita Tushar Mahajani	1000
Medha Ravindra Akolkar	1000
Total	10000

AS ON 15.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Dealer for MS TENGAL Undercarriage Parts Manufacturing Company

GENERAL INFORMATION

Bankers :

· Industrial Development Bank of India Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra

· IDBI Bank Limited, IDBI House, Dnyaneshwar Paduka Chowk, Ferguson College Road, Shivajinagar, Pune-411004, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Car Loan From Tata Motors Finance Limited (Against mortgage of motor cars)	0.876	0.000
Cash Credit A/C with IDBI Bank (Secured against hypothecation of Stocks and Book debts and counter guarantee by directors)	(0.962)	3.127
IDBI Cash Credit (HP)	0.011	0.011
Total	(0.075)	3.138

Note : Cash credit A/C with bank shows debit balance as on balance sheet date due to customers advances received against orders, executed in next financial year.

Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Soft Loans from directors	4.043	2.263
Total	4.043	2.263

Banking Relations :	--
Auditors :
Name :	S P Pandit and Associates Chartered Accountant
Address :	203, Shriniwas Building, Eradwane, Patwardhan Baug, Pune – 411 004, Maharashtra, India

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 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	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.763	3.684	1.824
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4.863	3.784	1.924
LOAN FUNDS
1] Secured Loans		(0.075)	3.138	1.224
2] Unsecured Loans		4.043	2.263	0.757
TOTAL BORROWING		3.968	5.401	1.981
DEFERRED TAX LIABILITIES		0.156	0.099	0.070
TOTAL		8.987	9.284	3.975
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.344	1.270	1.029
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.448	0.448	0.350
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.372	14.064	7.651
	Sundry Debtors	3.387	5.333	6.366
	Cash & Bank Balances	0.187	0.124	0.171
	Other Current Assets	2.329	2.117	1.337
	Loans & Advances	0.311	0.459	0.128
Total Current Assets		18.586	22.097	15.653
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.614	6.237	3.117
	Other Current Liabilities	9.671	6.454	8.967
	Provisions	2.120	1.860	0.995
Total Current Liabilities		12.405	14.551	13.079
Net Current Assets		6.181	7.546	2.574
MISCELLANEOUS EXPENSES		0.014	0.020	0.022
TOTAL		8.987	9.284	3.975

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales Turnover	76.200	91.180	73.931
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.912	2.908	2.060
Less/ Add	DEPRECIATION/ AMORTISATION		0.204	0.151	0.122
	PRELIMINARY EXPENSE W/OFF		0.004	0.004	0.004
	PROFIT BEFORE TAX		1.704	2.753	1.934
Less	TAX		0.607	0.894	0.650
	PROFIT AFTER TAX		1.097	1.859	1.284
	BALANCE CARRIED TO THE B/S		1.097	1.859	1.284
	EXPORT VALUE		0.096	0.174	2.122
	IMPORTS VALUE		45.660	60.010	41.524

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	2.24	3.02	2.62
Return on Total Assets (PBT/Total Assets}	(%)	8.14	11.56	11.35
Return on Investment (ROI) (PBT/Networth)		0.35	0.73	1.00
Debt Equity Ratio (Total Liability/Networth)		3.40	5.27	7.28
Current Ratio (Current Asset/Current Liability)		1.50	1.52	1.19

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

The company has been successful in operating with considered profit during the year under this report, in spite of 16% decline in total turnover of sales (decline from Rs. 91.200 million to Rs. 76.200 million in current year). the Directors assure you all for sizable increase in both Sales and Operating profits shall be achieved in the current year, with the help of dynamic marketing strategies.

FORM 8

Corporate identity number of the company	u51909pn2003ptc018103
Name of the company	TRAK HYDRO POWER COMPONENTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Flat No. 5, Mahurgad Aprtment Laxman Bagh, Colony, Erandwane, Pune – 411 004, Maharashtra
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	IDBI Bank Limited, IDBI House, Dnyaneshwar Paduka Chowk, Ferguson College Road, Shivajinagar, Pune-411004, Maharashtra, India
Nature of instrument creating charge	Agreement of Hypothecation
Date of instrument Creating the charge	28.05.2010
Amount secured by the charge	Rs. 8.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest interest BPLR + 1% = 13.75% p.a. Terms of repayment 12 Months line or repayable on demand. Margin Stock 25% Debenture 40% up to 90 days Extent and operation of the charge Stock and debtors up to 90 days Other Facility Cash credit - Rs. 8.000 millions
Charge identification number of the charge to be modified	10104428
Particulars of the present modification	Original limit is Rs. 5.000 millions registered with ROC Charge ID No.10104428 and said amount increase by Rs.3.000 millions on 24/05/2010. So that total amount of charge is Rs.8.000 millions

FIXED ASSETS:

· Computer Set up

· Office Equipment

· Two Wheeler

· Vehicles

· Inverter

· Fax Machine

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. 48.91
UK Pound	1	Rs. 76.53
Euro	1	Rs. 66.43

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.