MIRA INFORM REPORT

Report Date :

14.01.2012

IDENTIFICATION DETAILS

Name :	FIRST CARBON TECHNOLOGIES PRIVATE LIMITED
Registered Office :	A -1/2, Shraddha Apartment, Vishal Nagar, Gujarat Gas Circle, Adajan, Surat – 395009, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.01.2008
Com. Reg. No.:	04-052618
Capital Investment / Paid-up Capital :	Rs.433.453 Millions
CIN No.: [Company Identification No.]	U72900GJ2008PTC052618
TAN No.: [Tax Deduction & Collection Account No.]	SRTF00215F
PAN No.: [Permanent Account No.]	AABCF1702C
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Supplier of Carbon.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

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 :	Yet to commence business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Though the company was incorporated in the year 2008, it is yet to commence its commercial business activities. As claim by Ms. Avani, Auditor that the company will start its business activities in near future. Payments are unknown. The company can be considered for business dealings on a secured trade terms and conditions. Profit and Loss Account for the year 2010-2011 is not available

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 :	Ms. Avani
Designation :	Chartered Accountant
Contact No.:	91-9879106020

LOCATIONS

Registered Office :	A -1/2, Shraddha Apartment, Vishal Nagar, Gujarat Gas Circle, Adajan, Surat – 395009, Gujarat, India
Tel. No.:	91-9727703001
Fax No.:	91-261-2788801
E-Mail :	mail@firstcarbon.co.in ca@firstcarbon.co.in
Website :	http://www.firstcarbon.co.in
Plant :	Village Vadalia, Near Dahej, Taluka Vagra, Bharuch- Dahej Road, District- Bharuch – 392130, Gujarat, India
Tel. No.:	91-2641-256404
Fax No.:	91-2641-257505

DIRECTORS

As on 18.09.2010

Name :

Mr. Shailesh Rangildas Patel

Designation :

Managing Director

Address :

A/P Puna Kumbharia, TA-Choryasi, Surat – 395009, Gujarat, India

Date of Birth/Age :

26.11.1968

Date of Appointment :

10.01.2008

DIN No.:

01849017

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U45201GJ2007PTC052476	PYRAMID INFRAPROJECTS (INDIA) PRIVATE LIMITED	Director	28/12/2007	28/12/2007	-	Active	NO
U72900GJ2008PTC052618	FIRST CARBON TECHNOLOGIES PRIVATE LIMITED	Managing director	19/07/2008	10/01/2008	-	Active	NO
U29100GJ2008PTC053490	CARBONYX ENGINEERING (INDIA) PRIVATE LIMITED	Director	3/04/2008	3/04/2008	-	Active	NO
U72900GJ2008PTC055758	GEEPAGE (INDIA) INFOSYSTEM PRIVATE LIMITED	Director	24/12/2008	24/12/2008	-	Active	NO

Name :

Mr. Manherlal Thakorbhai Patel

Designation :

Director

Address :

2375, Airways, BLVD, Memphis, TN – 381146008, US

Date of Birth/Age :

01.10.1951

Date of Appointment :

31.03.2008

DIN No.:

02077456

Name :

Mr. Bharat Madhav Patel

Designation :

Director

Address :

9929, Coronado Lake Dr., Boynton Beach, FL – 334375339, US

Date of Birth/Age :

15.10.1960

Date of Appointment :

31.03.2008

DIN No.:

02048178

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U72900GJ2008PTC052618	First Carbon Technologies Private Limited	Director	31/03/2008	31/03/2008	-	Active	NO
U72900GJ2008PTC055758	Geepage (India) Infosystem Private Limited	Director	29/12/2008	29/12/2008	-	Active	NO

Name :

Mr. Siddhartha R. Gaur

Designation :

Nominee Director

Address :

7521, England Drive, Plano, TX – 75025, US

Date of Birth/Age :

03.09.1962

Date of Appointment :

31.03.2008

DIN No.:

02056105

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U72900GJ2008PTC052618	First Carbon Technologies Private Limited	Nominee director	1/05/2008	31/03/2008	-	Active	NO
U29100GJ2008PTC053490	Carbonyx Engineering (India) Private Limited	Nominee director	1/05/2008	1/05/2008	-	Active	NO

Name :

Mr. Bharatbhai Kanjibhai Patel

Designation :

Director

Address :

8632, Daystar Ridge PT, Boyton Beanch, FL- 334737842, US

Date of Birth/Age :

02.02.1962

Date of Appointment :

31.03.2008

DIN No.:

02056054

KEY EXECUTIVES

Name :	Mr. P. K. Ajmera
Designation :	Secretary
Address :	B-30, Sardar Smriti, Sardar Patel Road, Borivali (West), Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	23.01.1954
Date of Appointment :	14.02.2009
Income – Tax PAN :	AAAPA9007H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 18.09.2010

Names of Shareholders	No. of Equity Shares
Shailesh R. Patel	2258667
Jagat K. Viradia	1026667
Haresh B. Panchani	1232000
Rakesh K. Patel	308000
Krunal G. Vansia	308000
Pioneer Capital Investment Inc	8666667
Manhar K. Patel	866667
Total	14666668

Names of Allottee	No. of Equity Shares Allotted
Haresh Jariwala [As on 21.09.2010]	193452

Names of Allottee	No. of Equity Shares Allotted Class B
Carbonyx Engineering India Private Limited [As on 23.10.2010]	5959322
Carbonyx Engineering India Private Limited, India [As on 07.02.2011]	4877002
Total	10836324

As on 07.02.2011

Names of Allottee	No. of Equity Shares Class A
Pioneer Capital Investment INC, USA	1646666
Haresh Jariwala	23214
Haresh Jariwala	228281
Shailesh R. Patel	7127
Haresh B. Panchani	695652
Rakesh P. Patel	173912
Jagjivandas K. Patel	54347
Jayantilal C. Patel	54347
Naginbhai K. Patel	54347
Natwarbhai K. Patel	54347
Madhavbhai C. Patel	219565
Jagat K. Viradia	326086
Rakesh Patel	86956
Natvarbhai M. Patel	347826
G. Ravinder Reddy (HUF)	434782
Madhav Corporation	430434
Carbonyx Engineering India Private Limited, India	4922780
Total	9760669

As on 19.08.2011

Names of Allottee	No. of Equity Shares Class A
Ashish Patel	1956521
Carbonyx Engineering India Private Limited, India	2895081
Naranbhai J. Patel	217391
Samir M. Patel	217391
Rakesh P Patel	804349
Natvar M Patel	86956
Shailesh R Patel	521740
Jagat K Viradia	1365218
Haresh B Panchani	2304348
Total	10368995

Equity Share Break up (Percentage of Total Equity)

As on 18.09.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	59.09
Directors or relatives of Directors	30.80
Other top fifty shareholders	10.11
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Supplier of Carbon.

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	Axis Bank Limited, Dig Vijay Towers, Opposite St. Xavier’s School, Ghod Dod Road, Surat – 395001, Gujarat, India
Facilities :	Not Available

Banking Relations :	--
Auditors :
Name :	Y.B. Desai and Associates Chartered Accountant
Address :	1/573, 1^st Floor, Gajanan Chambers, Por Mahallow, Near Anand Hospital, Nanpura, Surat – 395001, Gujarat, India
PAN.:	ABFPD1635G

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
48,750,000	Equity Shares Class A	Rs.10/- each	Rs.487.500 Millions
16,250,000	Equity Shares Class B	Rs.10/- each	Rs.162.500 Millions
	Total		Rs.650.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
32,508,977	Equity Shares Class A	Rs.10/- each	Rs.325.090 Millions
10,836,324	Equity Shares Class B	Rs.10/- each	Rs.108.363 Millions
43,345,301	Total		Rs.433.453 millions

As on 19.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
48,750,000	Equity Shares Class A	Rs.10/- each	Rs.487.500 Millions
16,250,000	Equity Shares Class B	Rs.10/- each	Rs.162.500 Millions
	Total		Rs.650.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
42,877,972	Equity Shares Class A	Rs.10/- each	Rs.428.780 Millions
14,292,656	Equity Shares Class B	Rs.10/- each	Rs.142.926 Millions
57,170,628	Total		Rs.571.706 millions

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		433.453	105.680	105.680
2] Share Application Money Pending Allotment		165.300	28.517	0.000
3] Reserves & Surplus		1008.608	456.270	438.780
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1607.361	590.467	544.460
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		30.100	0.000	0.000
TOTAL BORROWING		30.100	0.000	0.000
DEFERRED TAX LIABILITIES		0.556	0.424	0.149
TOTAL		1638.017	590.891	544.609
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.652	8.733	5.828
Capital work-in-progress		1623.901	362.724	92.125
INVESTMENT		43.399	20.458	450.727
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	1.174	11.805	0.921
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	257.846	277.663	8.283
Total Current Assets		259.020	289.468	9.204
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	303.916	87.028	0.472
	Other Current Liabilities	0.000	0.000	6.079
	Provisions	0.330	3.500	6.773
Total Current Liabilities		304.246	90.528	13.324
Net Current Assets		[45.226]	198.940	(4.120)
MISCELLANEOUS EXPENSES		3.291	0.036	0.049
TOTAL		1638.017	590.891	544.609

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	0.000	0.000
		Other Income	24.378	25.539
		TOTAL (A)	24.378	25.539
Less	EXPENSES
		Increase/ Decrease in Stock	0.000	0.000
		Manufacturing and Operating Expenses	0.000	0.000
		Employees Remuneration and Benefits	4.584	1.104
		Administrative Expenses	7.311	4.199
		Selling and Distribution Expenses	0.000	0.000
		TOTAL (B)	11.895	5.303
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.483	20.236
Less	FINANCIAL EXPENSES (D)		0.032	0.013
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.451	20.223
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.432	0.281
	PROFIT BEFORE TAX (E-F) (G)		11.019	19.942
Less	TAX (H)		3.774	6.922
	PROFIT AFTER TAX (G-H) (I)		7.245	13.020
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		13.020	0.000
Less	Tax Adjustments of earlier years		0.001	0.000
	BALANCE CARRIED TO THE B/S		20.264	13.020
	Earnings Per Share (Rs.)		0.75	1.36

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	29.71	50.98
Return on Total Assets (PBT/Total Assets}	(%)	NA	1.67	18.61
Return on Investment (ROI) (PBT/Networth)		NA	0.02	0.03
Debt Equity Ratio (Total Liability/Networth)		0.21	0.15	0.02
Current Ratio (Current Asset/Current Liability)		0.85	3.20	0.69

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS

During the year, the civil work of the plant is on the verge of completion. The Company has started its commissioning and testing. The trial production is likely to take place by 31st December, 2011. The company is expecting to commence commercial production in this financial year subject to successful trial run.

FORM 8

Corporate identity number of the company	U72900GJ2008PTC052618
Name of the company	FIRST CARBON TECHNOLOGIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A -1/2, Shraddha Apartment, Vishal Nagar, Gujarat Gas Circle, Adajan, Surat – 395009, Gujarat, India Email Id : ca@firstcarbon.co.in
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge) Others
Particular of charge holder	Axis Bank Limited, Dig Vijay Towers, Opposite St. Xavier’s School, Ghod Dod Road, Surat – 395001, Gujarat, India Email Id : bharat.kale@axisbank.com
Nature of instrument creating charge	Composite Hypothecation Deed dated 4^th June 2011
Date of instrument Creating the charge	04.06.2011
Amount secured by the charge	Rs.250.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 4.25% above Axis Bank base rate i.e. presently at the rate of 13.25% p.a. or such other rate that bank may decided from time to time with reference to base rate, payable at monthly interval. Terms of repayment 26 Quarterly Installments commencing after the moratorium period of 18 Months from the date of first disbursement as under : *4 Equal Quarterly Installment of Rs.6.667 Millions *4 Equal Quarterly Installment of Rs.8.334 Millions *17 Equal Quarterly Installment of Rs.10.555 Millions *Last Quarterly Installment of Rs.10.555 Millions Margin 89.32% Extent and operation of the charge First charge over entire current assets of the company and over entire fixed assets of the present project of first module with capacity of 0.250 Millions MTPA. Other Purpose of the Term Loan is for part financing setting up plant from manufacturing of Cokonyx
Short particulars of the property charged (Including location of the property)	· Charge over entire current assets comprising of stock in trade, raw material, good in process and finished goods, cash and other current assets whatsoever at anytime hereafter belongs to borrower · Charge over all movable fixed assets both present and future consisting of Plant and Machinery, Furniture and Fixtures, articles and things at factory premises at Village Vadadla, Dahej Roadm Bharuch · All the present and future book – debts, outstanding monies and receivables

FIXED ASSETS

· Bicycle

· Camera and Accessories

· Car

· Computer and Printer

· Electric Installation

· Furniture and Fixtures

· Generator

· Hydra

· Office Building – Site

· Office Equipments

· Other Equipments

· Two Wheelers

· Tools and Accessories

· Software

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.51.43
UK Pound	1	Rs.79.10
Euro	1	Rs.66.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	--
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		16

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.