MIRA INFORM REPORT

Report Date :

25.06.2012

IDENTIFICATION DETAILS

Name :	CRP TECHNOLOGIES (INDIA) LIMITED (w.e.f. 25.05.2011)
Formerly Known as :	CRP TECHNOLOGIES (INDIA) PRIVATE LIMITED
Registered Office :	B – 208-209, Classique Centre, Off Mahakali Caves, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.03.2000
Com. Reg. No.:	11-124689
Capital Investment / Paid-up Capital :	Rs.1.500 Millions
CIN No.: [Company Identification No.]	U72100MH2000PTC124689
TAN No.: [Tax Deduction & Collection Account No.]	MUMC08111F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is a Mitigation Consulting and Solutions Provider with five distinct practice areas of Employer Services, Audit Services, Claims Processing, Risk Services and Training.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 233876
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financially company is performing well. 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 conditions.

NOTES:

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

INFORMATION DECLINED BY

Name :	Ms. Bhavna
Designation :	Accountant
Contact No.:	91-22-40277777
Date :	25.06.2012

LOCATIONS

Registered/ Corporate Office :	B – 208-209, Classique Centre, Off Mahakali Caves, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-40277777
Fax No.:	91-22-26873392
E-Mail :	ashutosh@crp.co.in crp@crp.co.in bhavna.siddhpura@crp.co.in hitesh@crp.co.in
Website :	http://www.crp.co.in
Location :	Owned
Delivery Center :	39, Nand Ghanshyam, Industrial Estate, Off M Caves Road, Andheri (East), Mumbai – 400093, Maharashtra, India
Dubai Office :	P. O. Box 124165, Karama, Dubai, United Arab Emirates.
Zonal Offices :	Located at: · Delhi · Pune · Kolkata · Hyderabad · Bangalore · Chennai
Internal Offices :	Locates at: · USA · Dubai · Sri Lanka

DIRECTORS

AS ON 20.05.2011

Name :	Mr. Hitesh Parmanand Asrani
Designation :	Managing Director
Address :	4, Golden View, Kalina, Santacruz (East), Mumbai – 400029, Maharashtra, India
Date of Birth/Age :	24.01.1970
Date of Appointment :	06.03.2000
Name :	Mr. Ashutosh Rajendra Navalkar
Designation :	Director
Address :	Survodaya, 7^th Juhu Lane Road, Santacruz (West), Mumbai – 400054, Maharashtra, India
Date of Birth/Age :	16.08.1970
Date of Appointment :	06.03.2000
Name :	Mr. Rahul Suresh Belwalkar
Designation :	Director
Address :	6, Anjaneshwar Society, Tejpal Scheme Road 3, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Date of Birth/Age :	23.11.1973
Date of Appointment :	02.05.2011
Name :	Mr. MH. Raza MH. Sibtain Sayyed
Designation :	Director
Address :	4/C-101, Oshiwara Zodiac Chsl, Patliputra Nagar, Link Road, Oshiwara, Jogeshwari (West), Mumbai – 400102, Maharashtra, India
Date of Birth/Age :	13.01.1976
Date of Appointment :	02.05.2011

KEY EXECUTIVES

Name :	Ms. Bhavna
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.05.2011

Names of Shareholders	No. of Shares
Ashutosh Rajendra Navalkar	74970
Hitesh Parmanand Asrani	74970
Sangeeta Navalkar	10
Rajendra Navalkar	10
Nayan Navalkar	10
Nisha Asrani	10
Geeta Asrani	10
Parmanand Asrani	10
Total	150000

LIST OF ALLOTTEES AS ON 23.06.2011

Names of Shareholders	No. of Shares
Rahul Belwalkar	650000
Sayyed Raza	195000
Sangeera Navalkar	52500
Nisha Asrani	26250
Parmanand Asrani	26250
Total	950000

AS ON 20.05.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is a Mitigation Consulting and Solutions Provider with five distinct practice areas of Employer Services, Audit Services, Claims Processing, Risk Services and Training.
Products/ Services :	· Risk Verification · Claim Verification · Pre and Post Employment Check · Data Management · ERP

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

State Bank of India, Goregaon-Mulund Link Road Branch, Rustumjee-O-Zone,

Building, Shop No.11, Goregaon-Mulund Link Road, Goregoan West, Mumbai - 400062, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Term Loans From Banks	1.983	4.628
Working Capital	33.532	33.090
Vehicle Loan	0.969	0.925
Term Loan from Financial Institution	37.276	35.468
Total	73.760	74.111
Unsecured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Loan from Director, Relatives and Members	27.161	20.567
Inter – Corporate Loan	15.144	8.447
Loan from Banks	16.578	12.788
Total	58.883	41.802

Banking Relations :	--
Auditors :
Name :	Pankaj Ramesh Vyas Chartered Accountant
Address :	C-32, Gautam Nagar, L T Road, Borivali (West), Mumbai – 400092, Maharashtra, India
Enterprises Over Which Key Management Personal have Significant Influence:	· Axis Resources Private Limited · Apple Lifecare (India) Private Limited · Medline Pharmaceuticals (India) Private Limited · CRP Associates Private Limited · Apple Lifecare Private Limited · Rudra Properties Private Limited · Gingerfarms – (Proprietor Hitesh Asrani) · Gingerhills – (Partner Hitesh Asrani)

CAPITAL STRUCTURE

AS ON 25.05.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Share	Rs.10/- each	Rs.2.500 Millions
1000	Preference Shares	Rs.10/- each	Rs.0.010 Million
	Total		Rs.2.510 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	Equity Share	Rs.10/- each	Rs.1.500 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		1.500	1.500	1.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		56.969	32.739	23.465
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		58.469	34.239	24.965
LOAN FUNDS
1] Secured Loans		73.760	74.111	32.915
2] Unsecured Loans		58.883	41.802	28.087
TOTAL BORROWING		132.643	115.913	61.002
DEFERRED TAX LIABILITIES		0.133	0.338	0.000
TOTAL		191.245	150.490	85.967
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		53.394	30.792	18.967
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		7.580	3.678	0.103
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	126.398	91.811	48.221
	Cash & Bank Balances	2.493	3.954	1.729
	Other Current Assets	0.000	0.002	0.096
	Loans & Advances	99.413	83.573	43.640
Total Current Assets		228.304	179.340	93.686
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	53.299	23.756	8.548
	Other Current Liabilities	21.455	23.129	7.223
	Provisions	23.279	16.435	11.018
Total Current Liabilities		98.033	63.320	26.789
Net Current Assets		130.271	116.020	66.897
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		191.245	150.490	85.967

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income from Services	237.312	178.894	172.056
		Other Income	0.866	1.531	0.543
		TOTAL (A)	238.178	180.425	172.599
Less	EXPENSES
		Employees Remuneration and benefits	NA	37.925	40.803
		Operating and Other Expenses	NA	109.305	104.980
		TOTAL (B)	NA	147.230	145.783
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	33.195	26.816
Less	FINANCIAL EXPENSES (D)		NA	13.986	8.228
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		39.980	19.209	18.588
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.817	4.373	3.203
	PROFIT BEFORE TAX (E-F) (G)		36.163	14.836	15.385
Less	TAX (H)		12.007	5.555	6.109
	PROFIT AFTER TAX (G-H) (I)		24.156	9.281	9.276
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		32.739	23.465	14.129
Add	REVALUATION ADJUSTMENT		0.073	(0.007)	(0.060)
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	0.000
		Proposed Dividend	0.000	0.000	0.000
		Tax on Dividend	0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		56.969	32.739	23.465
	EARNINGS IN FOREIGN CURRENCY
		Service Charges	7.611	4.738	NA
	Earnings Per Share (Rs.)		161.04	61.88	61.84

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	10.14	5.14	5.37
Net Profit Margin (PBT/Sales)	(%)	15.23	8.29	8.94
Return on Total Assets (PBT/Total Assets}	(%)	12.83	7.06	13.66
Return on Investment (ROI) (PBT/Networth)		0.62	0.43	0.62
Debt Equity Ratio (Total Liability/Networth)		3.95	5.23	3.52
Current Ratio (Current Asset/Current Liability)		2.33	1.54	3.50

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:-

(Rs. in Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	45.016	7.655	8.548
Sundry Creditors for Expenses	8.283	16.101	NA

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	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	No
19) Payments terms	No
20) Export / Import details (if applicable)	--
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

NOTE:

The Registered Office of the company has been shifted from Suryodaya, 7 Juhu Road, Santacruz (West), Mumbai – 40054, Maharashtra, India, to the present address w.e.f. 01.10.2009

FORM 8:

Corporate identity number of the company	U72100MH2000PTC124689
Name of the company	CRP Technologies (India) Private Limited
Address of the registered office or of the principal place of business in India of the company	B – 208-209, Classique Centre, Off Mahakali Caves, Andheri (East), Mumbai – 400093, Maharashtra, India
This form is for	Creation of charge
Type of charge	Book Debts Movable property
Particular of charge holder	Shamrao Vithal Co-operative Bank Limited, Sanskriti Park, Oppo. Canossa High School, Andheri (East) Branch, Mumbai – 400093, Maharashtra, India
Nature of instrument creating charge	Composite Hypothecation Agreement
Date of instrument Creating the charge	07.05.2011
Amount secured by the charge	Rs.38.605 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests : Cash Credit:@PLR-2% p.a. Term Loan (21.05 Lacs):@PLR-2% p.a. Term Loan (40 Lacs):@PLR-2% p.a. Terms of Repayment : As may be decided by the Bank, from time to time. Margin : Cash Credit:25% Term Loan (21.05 Lacs):50% Term Loan (40 Lacs):50% Extent and Operation of the charge : To secure due repayment of credit facilities aggregating Rs.38.605 Millions, together with interest, costs, charges, expenses thereof, granted by the Bank to the Company. Others : Total Facilities: Cash Credit: Rs.32.500 Millions Term Loan: Rs.2.105 Millions Term Loan: Rs.4.000 Millions -------------------------------- Total: Rs.38.605 Millions
Short Particulars of the property charged	The whole of the Borrower's present and future stocks of raw materials, goods-in-process of manufacture and all finished and manufactured goods and articles. All of the Borrower's present and future book debts, outstanding monies, receivables, claims, bills, rights to or in moveable properties and moveable assets. All the Plant and Machinery, other assets, etc, installed at the Borrower's factory and all other tangible moveable assets.

FIXED ASSETS:

· Mobile Instrument

· Fire Safety Equipments

· Refrigerator

· Air Conditions

· Car

· Computer

· Furniture and Fixtures

· Office Equipments

· Digital Camera

· EPBX

· Office Premises

· Scanner

· Xerox Machine

· Projector

· Micorwave

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.56.99
UK Pound	1	Rs.88.97
Euro	1	Rs.71.57

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		49

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.