MIRA INFORM REPORT

Report Date :

12.04.2012

IDENTIFICATION DETAILS

Name :	MAX WATT ENERGY SYSTEMS PRIVATE LIMITED
Registered Office :	No.1304, 2^nd Floor, 3^rd Stage, New Town Bus Stand, Yelahanka New Town, Bangalore – 560064, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.03.2009
Com. Reg. No.:	049441
Capital Investment / Paid-up Capital :	Rs.3.100 Millions
CIN No.: [Company Identification No.]	U40108KA2009PTC049441
TAN No.: [Tax Deduction & Collection Account No.]	BLRM15266G
PAN No.: [Permanent Account No.]	AAGCM1321F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Natural Gas Systems and Bio Gas Systems.
No. of Employees :	30 (Approximately)

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 24000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for 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 – 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 PARTED BY

Name :	Mr. Prem Garg
Designation :	Director
Contact No.:	91-9341899066
Date :	27.03.2012

LOCATIONS

Registered Office :	No.1304, 2^nd Floor, 3^rd Stage, New Town Bus Stand, Yelahanka New Town, Bangalore – 560064, Karnataka, India
Tel. No.:	91-80-28562066
Mobile No.:	91-9341899066 (Mr. Prem Garg)
Fax No.:	91-80-42242948
E-Mail :	prem@maxwattenergy.com rajani.bangalore@gmail.com cg_venk@yahoo.com
Location :	Owned

DIRECTORS

(AS ON 08.08.2011)

Name :

Mr. Prem Sukh Garg

Designation :

Director

Address :

B3-314, 1^st Floor, Sobha Zircon Garden Estate, Jakkur Plantation, Yelahanka, Bangalore – 560064, Karnataka, India

Date of Birth/Age :

07.04.1967

Date of Appointment :

24.03.2009

DIN No.:

02552190

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U40108KA2009PTC049441	ENERZEA POWER SOLUTION PRIVATE LIMITED	Director	24/03/2009	24/03/2009	Active	NO
2	U28910KA2011PTC057853	BABBITT ENGINEERING PRIVATE LIMITED	Director	24/05/2011	24/05/2011	Active	NO
3	U29253KA2012PTC062906	HUEGLI TECH INDIA PRIVATE LIMITED	Director	9/3/2012	9/3/2012	Active	NO

Name :

Mrs. Anu Garg

Designation :

Director appointed in casual vacancy

Address :

B3-314, 1^st Floor, Sobha Zircon Garden Estate, Jakkur Plantation, Yelahanka, Bangalore – 560064, Karnataka, India

Date of Birth/Age :

07.04.1967

Date of Appointment :

24.11.2010

DIN No.:

03310247

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U92190KA2007PTC042581	HOWDY ENTERTAINMENT (INDIA) PRIVATE LIMITED	Director	23/04/2007	23/04/2007	Under Process of Striking off	NO
2	U40108KA2009PTC049441	ENERZEA POWER SOLUTION PRIVATE LIMITED	Director appointed in casual vacancy	24/11/2010	24/11/2010	Active	NO
3	U29253KA2012PTC062906	HUEGLI TECH INDIA PRIVATE LIMITED	Director	9/3/2012	9/3/2012	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 08.08.2011)

Names of Shareholders	No. of Shares
Prem Sukh Garg	18300
Venkatesh Chincholi Gururajachar	263
Satish Kumar Pandey	263
Chandrasekhar Ramachandra Kollegal	174
Anu Garg	12000
Total	31000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Natural Gas Systems and Bio Gas Systems.
Terms :
Selling :	Cash and Credit (30-60 days)
Purchasing :	Cash and Credit (30-60 days)

GENERAL INFORMATION

Customers :	Wholesalers, Retailers and Industries
No. of Employees :	30 (Approximately)
Bankers :	· Axis Bank, Bangalore Branch, Karnataka, India

Banking Relations :	--
Auditors :
Name :	R. Raghvendra Chartered Accountant
Address :	12, 43^rd Main, Ideal Homes, 2^nd Stage, Raja Rajeshwari Nagar, Near Nimishamba temple, Bangalore – 560098, Karnataka, India
Tel No.:	91-80-22733222
Telefax No.:	91-80-28601686
Mobile No.:	91-9243411601
PAN No.:	AEIPR4856F
Email :	rr.zerobase@gmail.com
Other Related Parties :	· Pentagon Turbo Engineers Private Limited · Maxwatt Turbines Private Limited

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Share	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
31000	Equity Share	Rs.100/- each	Rs.3.100 Millions

NOTE:

Out of above during the year 30,000 Equity Shares of Rs.100 each allotted as fully paid out of share application money

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3.100	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		2.777	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		5.877	0.100
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.860	0.000
TOTAL BORROWING		0.860	0.000
DEFERRED TAX LIABILITIES		0.021	0.000
TOTAL		6.758	0.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.890	0.149
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	0.310	0.000
	Sundry Debtors	2.729	0.000
	Cash & Bank Balances	13.672	2.075
	Other Current Assets	0.000	0.000
	Loans & Advances	1.937	0.209
Total Current Assets		18.648	2.284
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	6.411	0.012
	Other Current Liabilities	6.146	4.963
	Provisions	1.257	0.000
Total Current Liabilities		13.814	4.975
Net Current Assets		4.834	(2.691)
MISCELLANEOUS EXPENSES		0.034	2.642
TOTAL		6.758	0.100

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011
	Gross Sales and Other Income	31.131
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	4.435
Less	FINANCIAL EXPENSES	0.052
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	4.383
Less/ Add	DEPRECIATION/ AMORTISATION	0.328
	PROFIT BEFORE TAX	4.055
Less	TAX	1.278
	PROFIT AFTER TAX	2.777
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	0.000
	BALANCE CARRIED TO THE B/S	2.777
	Earnings Per Share (Rs.)	89.58

Particulars	31.03.2012
Sales Turnover (Approximately)	600.000

The above information has been parted by Mr. Prem Garg.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	19.74	NA
Return on Investment (ROI) (PBT/Networth)		0.69	NA
Debt Equity Ratio (Total Liability/Networth)		2.50	49.75
Current Ratio (Current Asset/Current Liability)		1.35	0.46

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last one years	Yes
Profitability for last one years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	No
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

FIXED ASSETS:

· Tools and Equipment

· Furniture and Fixtures

· Vehicles

· Computer Systems

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.51.55
UK Pound	1	Rs.81.95
Euro	1	Rs.67.57

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	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		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.