MIRA INFORM REPORT

Report Date :

06.12.2012

IDENTIFICATION DETAILS

Name :	ACCUTECH POWER SOLUTIONS PRIVATE LIMITED
Registered Office :	310/311 Vardhman Chambers, Cawasji Patel Street, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.03.2005
Com. Reg. No.:	11-152149
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U51505MH2005PTC152149
TAN No.: [Tax Deduction & Collection Account No.]	MUMA25353G
PAN No.: [Permanent Account No.]	AAFCA1377A
Legal Form :	Private Limited Liability Company
Line of Business :	Service provider of Power Generation, Transmission and Control.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 100000
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 condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 DENIED

Management Non Co-operative

LOCATIONS

Registered Office :	310/311 Vardhman Chambers, Cawasji Patel Street, Mumbai – 400001, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	bk_associates@hotmail.com
Regional Office :	Accutech House, S. V. Road, Near Andheri Subway, Andheri (West), Mumbai – 400058, Maharashtra, India
Tel. No.:	91-22-67090600/26776767/30003825
Mobile No.:	91-9223187550
Fax No.:	91-22-67096000/67096666
E-Mail :	sales@accutech.co.in enquiry@accutech.co.in
Website :	www.accutech.co.in www.acutech.co.in

DIRECTORS

As on: 30.09.2011

Name :	Mr. Akash Vishnu Desai
Designation :	Director
Address :	C-62 Starling Court , Maheshwari Nagar, Midc Andheri (East), Mumbai – 400093, Maharashtra, India
Date of Appointment :	23.03.2005
DIN No.:	00959284
Name :	Mr. Narayan Baburao Desai
Designation :	Director
Address :	Vasant Niwas, Goregoankar Wadi, S.V. Road, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Appointment :	23.03.2005
DIN No.:	00959493
Name :	Mr. Chandrakant Baburao Desai
Designation :	Director
Address :	C-202, Nav Asavari Co-Operative Housing Society, J.B.Nagar, Andheri (East), Mumbai – 400059, Maharashtra, India
Date of Appointment :	23.03.2005
DIN No.:	00959558
Name :	Mr. Pranobh Desai
Designation :	Director
Address :	Sterling Court, B-701, MIDC, R. V. Lane, Andheri (East), Mumbai – 400093, Maharashtra, India
Date of Birth/Age :	27.10.1974
Date of Appointment :	01.01.2007
PAN No.:	AEZPD0014J
DIN No.:	00962598
Name :	Ms. Khusali Desai
Designation :	Director
Address :	C-62, Sterling Court, Maheshwari Nagar, MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India
Date of Birth/Age :	10.08.1976
Date of Appointment :	01.01.2007
PAN No.:	ACEPT0611L
DIN No.:	01174093

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Vishnu Desai	40000
Chandrakant Desai	17500
Pranobh Desai	10000
Akhilesh Desai	7500
Narayan Desai	10000
Sugandha Desai	7500
Akash Desai	7500
Total	100000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Service provider of Power Generation, Transmission and Control.

GENERAL INFORMATION

No. of Employees :

Information denied by management

Bankers :

· Corporation Bank, Sarkarpalace, Amboli Andheri (West), Mumbai - 400058, Maharashtra, India

· ICICI Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term loans from Banks
Corporation Bank	35.172	29.464
ICICI Bank Car Loan	0.000	0.069
repayment of loans and interest with respect to (a) and (b) 1. Period of default 2. Amount
Total	35.172	29.533
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Loans and Advances from related Parties	102.672	53.648
Total	102.672	53.648

Banking Relations :	--
Auditors :
Name :	Bharat Kanakia And Associates Chartered Accountants
Address :	602, Abhinandanswami CHS Limited, Plot No.21, Road No.25, Sion, Mumbai – 400022, Maharashtra, India
Tel. No.:	91-22-24042222
Fax No.:	91-22-24040808
PAN No.:	AGPPK5224R

CAPITAL STRUCTURE

As on: 30.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

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

a) Disclosure pursuant to Note no. 6(A)(d) of Part I of Schedule VI to the Companies Act, 1956

Particular	Equity Shares
	31.03.2012
	Number of Shares	Amount
Shares outstanding at 1st April 2011	10000	0.100
Shares Issued during the year	-	-
Shares bought back during the year	-	-
Shares outstanding at 31st March 2012	10000	0.100

b) Disclosure pursuant to Note no. 6(A)(g) of Part I of Schedule VI to the Companies Act, 1956 (if more than 5%)

Name of Shareholder	31.03.2012
	Number of Shares held	% of Holding
Narayan B. desai	1000	10
Vishnu B. desai	4000	40
Chandrakant B. desai	1750	17.5
Pranobh N. Desai	1000	10
Akash V. desai	750	7.5
Sugandha V. Desai	750	7.5
Akhilesh C. Desai	750	7.5
Total	10000	100

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		38.031	35.301	31.626
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		38.131	35.401	31.726
LOAN FUNDS
1] Secured Loans		35.172	29.533	5.468
2] Unsecured Loans		102.672	53.648	47.864
TOTAL BORROWING		137.844	83.181	53.332
DEFERRED TAX LIABILITIES		0.000	0.157	0.000
TOTAL		175.975	118.739	85.058
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.454	6.948	3.378
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	1.102
DEFERREX TAX ASSETS		0.061	0.082	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	35.614	22.901	20.776
	Sundry Debtors	95.564	59.456	54.793
	Cash & Bank Balances	4.827	12.367	1.899
	Other Current Assets	0.000	0.000	19.315
	Loans & Advances	85.548	54.384	25.853
Total Current Assets		221.553	149.108	122.636
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.146	13.991	19.945
	Other Current Liabilities	3.691	3.991	6.057
	Provisions	21.269	19.430	16.071
Total Current Liabilities		53.106	37.412	42.073
Net Current Assets		168.447	111.696	80.563
MISCELLANEOUS EXPENSES		0.013	0.013	0.015
TOTAL		175.975	118.739	85.058

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
NET PROFIT	2.729	3.675	3.025

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Debt Equity Ratio (Total Liability/Networth)	5.01	3.41	3.01
Current Ratio (Current Asset/Current Liability)	4.17	3.98	2.91

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors

(Rs in millions)

Particular	31.03.2012	31.03.2011	31.03.2010
Creditors for Expenses	2.327	7.824	0.000
Creditors for Material	25.819	6.167	19.945
Total	28.146	13.991	19.945

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	No
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FIXED ASSETS

· Computer

· Air Conditioner

· Furniture and Fixture

· Office Equipments

· Vehicles

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 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. 54.57
UK Pound	1	Rs. 87.90
Euro	1	Rs. 71.53

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	UDS

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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		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.