MIRA INFORM REPORT

Report Date :

21.08.2012

IDENTIFICATION DETAILS

Name :	PAL TROCKNER PRIVATE LIMITED
Registered Office :	25/1B, Ibrahimpur Road, Jadavpur, Kolkata – 700 032, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.03.1995
Com. Reg. No.:	21-068946
Capital Investment / Paid-up Capital :	Rs.0.201 million
CIN No.: [Company Identification No.]	U28239WB1995PTC068946
TAN No.: [Tax Deduction & Collection Account No.]	CALP03459B
PAN No.: [Permanent Account No.]	AABCP4996L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Water Treatment Plant.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	Subject is a relatively small company in its field. Its scale of activities are limited. It is having moderate track. Financial position of the company is inadequate. There appears some dip in the sales of the company during 2011. It has incurred continuous loss from past some years. Accumulated losses recorded by the company appears to be increasing. The company can be considered for small business dealings only on a safe and secured 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Abhijeet Basu
Designation :	Office Staff Executive
Contact No.:	91-33-24994112
Date :	20.08.2012

LOCATIONS

Registered Office :	25/1B, Ibrahimpur Road, Jadavpur, Kolkata – 700 032, West Bengal, India
Tel. No.:	91-33-24994112/ 24125739/ 24237228
Mobile No.:	91-9831093622 (Mrs. Mahua Dey – Director)
Fax No.:	91-33-24994112/ 24838092
E-Mail :	bpal@cal2.vsnl.net.in
Website :	www.paltrockner.com
Area :	2000 sq ft
Location :	Rented
Factory :	118, Regent Estate, Kolkata – 700 092, West Bengal, India
Area :	2000 sq ft
Location :	Rented

DIRECTORS

As on 30.09.2011

Name :

Mr. Biswanath Harekrishna Pal

Designation :

Managing Director

Address :

25/1B, Ibrahimpur Road, Kolkata – 700 032, West Bengal, India

Date of Birth/Age :

01.11.1935

Date of Appointment :

07.03.1995

Voter ID No.:

WB/23/151/363234

DIN No.:

01881054

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28239WB1995PTC068946	PAL TROCKNER PRIVATE LIMITED	Managing director	07/03/1995	07/03/1995	-	Active	NO
2	U29299WB2001PTC093692	PAL TROCKNER ENVITECH PRIVATE LIMITED	Managing director	06/09/2001	06/09/2001	-	Active	NO
3	U41000WB2003PTC097078	HARBAUER (INDIA) PRIVATE LIMITED	Managing director	01/10/2003	01/10/2003	01/02/2011	Active	NO

Name :

Mrs. Mahua Dey

Designation :

Director

Address :

4, Narkel Bagan, Jadavpur, Kolkata – 700 032, West Bengal, India

Date of Birth/Age :

01.05.1975

Date of Appointment :

05.09.2000

Voter ID No.:

WB/23/151/384498

DIN No.:

01883411

Name :

Barin Pal

Designation :

Director

Address :

7, Eppertshaeusur, 63110 Rodgau, Germany

Date of Birth/Age :

10.02.1964

Date of Appointment :

05.09.2000

Name :

Mr. Mihir Chakraborty

Designation :

Director

Address :

77, Boda Roypur Road, Jadavpur, Kolkata – 700 032, West Bengal, India

Date of Birth/Age :

15.11.1949

Date of Appointment :

01.10.2002

Voter ID No.:

WB/23/151/384106

Other Directorship :

Name :

Ms. Gita Anthur

Designation :

Director

Address :

302, 100 Feet Road, Diwarkar, Bangalore – 560 038, Karnataka, India

Date of Birth/Age :

26.06.1944

Date of Appointment :

28.07.2001

KEY EXECUTIVES

Name :	Mr. Abhijeet Basu
Designation :	Office Staff Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Biswanath Pal	2000
Mahua Dey	10
Total	2010

As on 16.03.2012

Names of Allottee	No. of Shares
Biswanath Pal	4182
Total	4182

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Water Treatment Plant.
Exports :
Products :	Water Treatment Plant
Countries :	v Iran v Bangladesh
Imports :
Products :	Raw Materials
Countries :	v Germany v USA
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users and Government Department

v Public Health Engineering Department, West Bengal

No. of Employees :

25 (Approximately)

Bankers :

v Indian Overseas Bank, Kolkata, West Bengal, India

v Andhra Bank

v State Bank of India

Facilities :

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Directors (Interest Free)	0.418	0.418
Total	0.418	0.418

Banking Relations :	--
Auditors :
Name :	Ghosh Basu and Associates Chartered Accountants
Address :	33B, Market Street, Kolkata – 700 087, West Bengal, India
Tel. No.:	91-33-22645762/ 22177035
Fax No.:	91-33-22177035
E-Mail :	bhadra.1234@gmail.com
Income-tax PAN of auditor or auditor's firm :	AADFG7042H
Related Party :	Pal Trockner Envitech (Private) Limited Address: Kolkata, West Bengal, India Line of Business: Manufacturer and Exporter of Water Treatment Plant.

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6192	Equity Shares	Rs.100/- each	Rs.0.619 million

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2010	Equity Shares	Rs.100/- each	Rs.0.201 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.201	0.201	0.201
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(2.779)	(2.618)	(2.545)
NETWORTH		(2.578)	(2.417)	(2.344)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.418	0.418	0.430
TOTAL BORROWING		0.418	0.418	0.430
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		(2.160)	(1.999)	(1.914)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.106	0.133	0.167
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.175	1.175	1.175
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.310	2.535	3.785
	Sundry Debtors	3.923	3.254	1.446
	Cash & Bank Balances	0.055	0.058	0.088
	Other Current Assets	0.000	0.000	0.000
	Loans, Advances & Deposits	5.877	6.224	6.346
Total Current Assets		12.165	12.071	11.665
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.453	13.273	13.235
	Other Current Liabilities	2.134	2.086	1.667
	Provisions	0.019	0.019	0.019
Total Current Liabilities		15.606	15.378	14.921
Net Current Assets		(3.441)	(3.307)	(3.256)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		(2.160)	(1.999)	(1.914)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.880	2.177	2.559
		Other Income
		TOTAL	0.880	2.177	2.559
	EXPENSES
		Office Expenses	2.653	2.250	2.851
		Administrative Expenses
		Advertising Expenses
		TOTAL	2.653	2.250	2.851
	PROFIT/ (LOSS) BEFORE TAX		(0.161)	(0.073)	(0.292)
Less	TAX		0.000	0.000	0.014
	PROFIT/ (LOSS) AFTER TAX		(0.161)	(0.073)	(0.306)
	Earnings/ (Loss) Per Share (Rs.)		(80.10)	(36.32)	(152.24)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(18.30)	(3.35)	(11.96)
Return on Total Assets (PBT/Total Assets}	(%)	(1.31)	(0.60)	(2.47)
Return on Investment (ROI) (PBT/Networth)		0.06	0.03	0.12
Debt Equity Ratio (Total Liability/Networth)		(6.22)	(6.54)	(6.55)
Current Ratio (Current Asset/Current Liability)		0.78	0.78	0.78

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	Yes
34) External Agency Rating, if available	No

TRADE REFERENCES:

v Public Health Engineering Department, West Bengal

FINANCIAL RESULTS

The Company has made Sales and execution of Contract job including Service Charges of Rs.0.880 million and incurred Loss of Rs.0.161 million after providing depreciation.

FIXED ASSETS:

v Furniture and Fixture

v Computer

v Cycle

v Car

v Tools and Equipment

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.55.70
UK Pound	1	Rs.87.55
Euro	1	Rs.68.85

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	-
--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		12

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.