MIRA INFORM REPORT

Report Date :

07.01.2012

DENTIFICATION DETAILS

Name :	SUN ENVIRO TECHNOLOGIES PRIVATE LIMITED
Registered Office :	178, Chhatrapati Nagar, Nagpur – 440015, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.11.2006
Com. Reg. No.:	11-165835
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U74140MH2006PTC165835
TAN No.: [Tax Deduction & Collection Account No.]	NGPM04610E
PAN No.: [Permanent Account No.]	AAKCS7578N
Legal Form :	Private Limited Liability Company
Line of Business :	Providing consultancy and turnkey projects suppliers of effluent treatment plants
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 14000
Status :	Small Company
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. However, 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

LOCATIONS

Registered Office :	178, Chhatrapati Nagar, Nagpur – 440015, Maharashtra, India
Tel. No.:	91-712-2282888 / 2282608
Fax No.:	91-712-2282888
E-Mail :	sunenviro@sunenv.com

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Utkasrsha Ashokro Khopkar
Designation :	Director
Address :	83 Indraprasth Nagar, Pannase Layout, Co-Operative Housing Society, Nagpur – 440022, Maharashtra, India
Date of Birth/Age :	28.09.1970
Date of Appointment :	28.11.2006
DIN No.:	00999498
Name :	Mr. Jagdish Balkrishna Lanjewar
Designation :	Director
Address :	27 Doctors Colony Chhatrap, Pati Nagar Wardha Road, Nagpur – 440015, Maharashtra, India
Date of Birth/Age :	04.03.1970
Date of Appointment :	28.11.2006
DIN No.:	00858764

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Utkash Ashok Khopkar	2500
Lanjewar Jagdish	2500
Total	5000

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing consultancy and turnkey projects suppliers of effluent treatment plants

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, SME City Credit Centre, 128-A, Sharaddhanandpeth, Nagpur – 440022, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Secured Loan State Bank of India – Working Capital Limit (Sanctioned Cash Credit limit of Rs. 5.000 millions is secured against hypothecation of raw ,material, finished goods and debtors collaterally secured by equitable mortgage of plot – personal guarantee of all directors.)	0.578	2.791
State Bank of India – Term Loan (Term Loans from Bank are secured by way of hypothecation of vehicles)	0.230	0.304
Repayable within one year Rs. 0.105 millions
Total	0.809	3.096
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From directors and their relatives	2.038	2.038
From others	0.000	0.000
Total	2.038	2.038

Banking Relations :	----
Auditors :
Name :	C. M. Patel and Company Chartered Accountant
Address :	Gani Sans Charitable Trust Building, Residency Road, Sadar, Nagpur – 440001, Maharashtra, India
Tel. No.:	91-22-2584800 / 2584082
Email :	cnoca@rediffmail.com
PAN No.:	AACFC6640G

CAPITAL STRUCTURE

AS ON 31.03.2011

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
5000	Equity Shares	Rs.100/- each	Rs.0.500 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		0.500	0.500	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.906	2.330	1.866
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.406	2.830	1.966
LOAN FUNDS
1] Secured Loans		0.809	3.096	2.394
2] Unsecured Loans		2.038	2.038	2.438
TOTAL BORROWING		2.847	5.134	4.832
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		6.253	7.964	6.798
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.968	3.900	4.009
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.029	0.021	0.007
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.053	2.991	3.935
	Sundry Debtors	3.882	6.477	5.087
	Cash & Bank Balances	0.831	0.380	0.348
	Other Current Assets	0.411	0.568	0.884
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		5.177	10.416	10.254
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.100	1.478	4.373
	Other Current Liabilities	2.286	4.246	6.413
	Provisions	0.541	0.660	1.074
Total Current Liabilities		5.927	6.384	7.487
Net Current Assets		(0.750)	4.032	2.767
MISCELLANEOUS EXPENSES		0.006	0.011	0.015
TOTAL		6.253	7.964	6.798

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	18.638	11.340	22.718
		Other Income	1.751	3.731	3.611
		TOTAL	20.389	15.071	26.329
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses	19.549	14.393	24.463
		Interest
		Depreciation
		TOTAL	19.549	14.393	24.463
	PROFIT BEFORE TAX		0.840	0.678	1.866
Less	TAX		0.265	0.213	0.619
	PROFIT AFTER TAX		0.575	0.465	1.247
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.330	1.866	0.619
	BALANCE CARRIED TO THE B/S		2.906	2.331	1.866
	Earnings Per Share (Rs.)		115.19	92.91	249.40

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.82	3.08	4.73
Net Profit Margin (PBT/Sales)	(%)	4.50	5.97	8.21
Return on Total Assets (PBT/Total Assets}	(%)	6.91	4.73	13.08
Return on Investment (ROI) (PBT/Networth)		0.24	0.23	0.94
Debt Equity Ratio (Total Liability/Networth)		2.57	4.06	6.26
Current Ratio (Current Asset/Current Liability)		0.87	1.63	1.36

LOCAL AGENCY FURTHER INFORMATION

OPERATION :

In this Connection the directors are point out that the sales for the year were higher than the previous year. The total sales were Rs. 18.638 millions during the year as against Rs. 11.340 millions from previous year. The operations for the year resulted in net profit of Rs. 0.840 millions as against net profit of Rs. 0.678 millions in the previous year. Though the company has earned an operating profit of Rs. 1.199 millions in the current year and Rs. 1.087 millions from previous year. The directors are very optimistic about enhancing the sales as well as profit in the coming year.

FORM 8

Corporate identity number of the company	U74140MH2006PTC165835
Name of the company	SUN ENVIRO TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	178, Chhatrapati Nagar, Nagpur – 440015, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge) Floating charge
Particular of charge holder	State Bank of India, SME City Credit Centre, 128-A, Sharaddhanandpeth, Nagpur – 440022, Maharashtra, India
Nature of instrument creating charge	Supplemental agreement of loan cum hypothecation.
Date of instrument Creating the charge	11/05/2011
Amount secured by the charge	Rs. 10.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest DCC: 6.50% above base rate present effective rate 15.00% p.a. With monthly rests. Terms of repayment DCC: On Demand. Margin Finished Goods : 25% Domestic Receivables : 40% Bank Guarantees : 25% Extent and operation of the charge The charge operates as security over the properties of the company. Other Nil
Short particulars of the property charged (Including location of the property)	Hypothecation of Stocks, Book Debts And Other Current Assets.
Date of instrument modifying the charge	18/01/2008
Particulars of the present modification	By Present Modification Bank Guarantee Facility Is Increased From Rs. 1.000 millions To 5.000 millions. thus total credit Facilities Stand At Rs. 10.000 millions. The bifurcation of above credit facilities is as under: 1) DCC: RS. 5.000 millions 2) BG: RS. 5.000 millions TOTAL: RS. 10.000 millions

FIXED ASSETS :

· Land

· Furniture and Fixture

· Office Equipment

· computer

· Air Conditioner

· 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. 52.78
UK Pound	1	Rs. 81.78
Euro	1	Rs. 67.46

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		33

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.