MIRA INFORM REPORT

Report Date :

24.05.2012

IDENTIFICATION DETAILS

Name :	MAKVEN CAPITAL PRIVATE LIMITED (w.e.f. 22.06.2010)
Formerly Known As :	WEALTH SOLUTIONS PRIVATE LIMITED
Registered Office :	GK Complex, No. 257, Amar Jyothi BHCS Layout, Inner Ring Road, Domlur, Bangalore – 560071, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.10.2000
Com. Reg. No.:	08-028007
Capital Investment / Paid-up Capital :	Rs. 0.200 Million
CIN No.: [Company Identification No.]	U85110KA2000PTC028007
TAN No.: [Tax Deduction & Collection Account No.]	BLRW00276D
PAN No.: [Permanent Account No.]	AAACW3471C
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is primarily engaged in Financial / Management Consultancy.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

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
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears accumulated losses recorded by the company. Profitability of the company is under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a 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 – 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 :	GK Complex, No. 257, Amar Jyothi BHCS Layout, Inner Ring Road, Domlur, Bangalore – 560071, Karnataka, India
Tel. No.:	91-80-42456789/41159234
Fax No.:	91-80-42456790
E-Mail :	info@nageshandassociates.in
Website :	http://www.makven.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Venu Madhava Kaparthy

Designation :

Director

Address :

No. 3221, 6^th C Main, Hal II Stage, Indira Nagar, Bangalore – 560008, Karnataka, India

Date of Birth/Age :

11.07.1969

Date of Appointment :

20.10.2000

DIN No.:

00021699

Other Directorship:

S.No.	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
1	U85110KA2000PTC028007	MAKVEN CAPITAL PRIVATE LIMITED	Director	20/10/2000	20/10/2000	-	Active	NO
2	U40101TN2006PLC059638	POORVA POWERGENCO LIMITED	Director	16/12/2006	16/12/2006	17/09/2007	Active	YES
3	U40105KA2007PTC041415	FOUR SEASONS ENERGY VENTURES PRIVATE LIMITED	Director	8/01/2007	8/01/2007	-	Active	NO
4	U40105KA2007PTC043345	LAMDA POWERGENCO PRIVATE LIMITED	Director	27/07/2007	27/07/2007	1/03/2011	Active	NO
5	U40102KA2011PTC060066	XI'AN ENERGY (INDIA) PRIVATE LIMITED	Director	19/08/2011	19/08/2011	17/09/2011	Active	NO

Name :

Mr. Mahadevan Ramaswamy Iyer Maliemadom

Designation :

Director

Address :

No. D 4, 2^nd Block, Galaxy Enclave, 7^th Cross, Kaggadaspura Main Road, Bangalore – 560093, Karnataka, India

Date of Birth/Age :

01.04.1969

Date of Appointment :

01.04.2003

DIN No.:

00021636

Other Directorship:

S.No.	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
1	U85110KA2000PTC028007	MAKVEN CAPITAL PRIVATE LIMITED	Director	1/04/2003	1/04/2003	-	Active	NO
2	U40101TN2006PLC059638	POORVA POWERGENCO LIMITED	Director	16/12/2006	16/12/2006	17/09/2007	Active	YES
3	U40105KA2007PTC041415	FOUR SEASONS ENERGY VENTURES PRIVATE LIMITED	Director	8/01/2007	8/01/2007	-	Active	NO
4	U40105KA2007PTC043345	LAMDA POWERGENCO PRIVATE LIMITED	Director	10/07/2007	10/07/2007	1/03/2011	Active	NO
5	U40105KA2007PTC042979	VEDAVATHI POWER PROJECTS PRIVATE LIMITED	Director	27/07/2007	27/07/2007	-	Active	YES
6	U40102KA2011PTC060066	XI'AN ENERGY (INDIA) PRIVATE LIMITED	Director	19/08/2011	19/08/2011	17/09/2011	Active	NO

Name :

Mr. Kapil Ashokkumar Khandelwal

Designation :

Additional Director

Address :

109, Ansala Krsna – I, Hosur Road, Adugodi, Bangalore – 560030, Karnataka, India

Date of Birth/Age :

21.03.1968

Date of Appointment :

12.03.2010

DIN No.:

02976602

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Venu Madhava Kaparthy	10000
Mahadevan Ramaswamy Iyer Maliemadom	10000
Total	20000

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 :	The Company is primarily engaged in Financial / Management Consultancy.
Products :	Financial / Management Consultancy

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Indian Overseas Bank

· ICICI Bank

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
ICICI Bank Cars Loan (Secured by hypothecation of Cars)	0.454	0.906
Indian Overseas Bank – Cars Loan (Secured by hypothecation of Cars)	0.000	0.270
Indian Overseas Bank (Secured by Pledge of Fixed Deposites)	0.937	0.953
Total	1.391	2.129
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
From Directors	0.000	0.262
From others	8.867	8.867
Total	8.867	9.129

Banking Relations :	--
Auditors :
Name :	Nagesh and Associates Chartered Accountants
Address :	No. 238, 2^nd Floor, Krishna Rao Sindhia Road, R V Road, Cross V V Puram, Bangalore – 560004, Karnataka, India
Tel No.:	91-80-22429200/26618200
Email:	info@nageshandassociates.in
PAN.:	AADFN4584H

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.10/- each	Rs.0.200 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		0.200	0.200	0.200
2] Share Application Money		2.191	2.088	3.288
3] Reserves & Surplus		0.000	0.000	1.794
4] (Accumulated Losses)		(1.157)	(0.840)	0.000
NETWORTH		1.234	1.448	5.282
LOAN FUNDS
1] Secured Loans		1.391	2.129	3.254
2] Unsecured Loans		8.867	9.129	8.898
TOTAL BORROWING		10.259	11.258	12.152
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		11.492	12.706	17.434
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.030	2.661	4.124
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.065	0.805	0.432
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.920	0.306	2.739
	Cash & Bank Balances	0.124	0.127	1.422
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	10.745	11.051	10.483
Total Current Assets		11.789	11.484	14.644
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	2.392	2.022	1.585
	Provisions	0.000	0.222	0.181
Total Current Liabilities		2.392	2.244	1.766
Net Current Assets		9.397	9.240	12.878
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		11.492	12.706	17.434

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	6.863	2.532	10.923
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	5.809	4.619	13.664
	PROFIT/LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.054	(2.087)	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.630	0.878	NA
	PROFIT/LOSS BEFORE TAX (E-F) (G)		0.424	(2.965)	(2.741)
Less	TAX (I)		NA	NA	NA
	PROFIT/LOSS AFTER TAX (G-I) (J)		NA	NA	NA
	EARNINGS IN FOREIGN CURRENCY		1.649	0.467	4.939
	Earnings/Loss Per Share (Rs.)		(16.00)	(132.00)	(125.00)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	3.59	25.82	18.72
Return on Investment (ROI) (PBT/Networth)		0.34	2.05	0.52
Debt Equity Ratio (Total Liability/Networth)		1.94	1.55	0.33
Current Ratio (Current Asset/Current Liability)		4.93	5.12	8.29

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	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	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	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	--
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

PERFORMANCE

During the year the company has achieved a turnover of Rs.6.863 Millions and Net Profit of Rs.0.423 Lakhs after providing depreciation Rs. 0.630 Millions.

Note: Registers office of the company has been shifted from No. 348, 77^th Main Hal 2^nd Stage, Indira Nagar, Bangalore – 460038, Karnataka, India to the present address w.e.f. 28.06.2011

Fixed Assets:

· Computers

· Furniture and Fittings

· Office Equipment

· Vehicles

AS PER WEBSITE DETAILS

COMPANY

They deliver a range of banking services with utmost speed, flexibility and commitment. With prime focus on investment banking, they provide tailor-made solutions including Fund Raising, Advisory, Strategies, Mergers and Acquisitions and Structuring. Established in 2000 as Wealth Solutions, Makven Capital is a boutique Investment Banking and Advisory Services company focused on Asia Pacific and emerging markets. With the aim of building long term relationships, they offer solutions that are at par with the largest companies in investment banking transcending diverse sectors and geographies.

MANAGEMENT

Established by MR Mahadevan, Kapil Khandelwal and Venu Madhava, Makven Capital has a team of 14 professionals that includes chartered accountants, cost accountants, MBAs and sector experts, who bring with them an average of 15 years of experience in investment banking and related industries. It is the collective experience, incisive understanding of financial markets and business life cycles, sectorial expertise and scientific approach of the team that continues to drive the expansion of Makven’s business operations and market coverage.

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.55.93
UK Pound	1	Rs.88.14
Euro	1	Rs.70.87

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		13

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.