MIRA INFORM REPORT

Report Date :

17.11.2012

IDENTIFICATION DETAILS

Name :	OCHRE DRILLERS (INDIA) PRIVATE LIMITED
Registered Office :	A-1, Vijay Apartments, Near Aradhana Cinema, LBS Road, Pachpakhadi, Thane-400602 (West), Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.09.2003
Com. Reg. No.:	11-142106
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U74210MH2003PTC142106
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider for Ground Drilling, Ochre Drillers and Soil Investigation.
No. of Employees :	35 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
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	-

Maximum Credit Limit :	USD 33000
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. 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 PARTED BY

Name :	Mr. Shekhar Sitaram Vaishampayan
Designation :	Technical Consultant
Contact No.:	91-9920827638
Date :	16.11.2012

LOCATIONS

Registered Office :	A-1, Vijay Apartments, Near Aradhana Cinema, LBS Road, Pachpakhadi, Thane-400602 (West), Maharashtra, India
Tel. No.:	91-22-25371020
Mobile No.:	91-9920827638 [Mr. Shekhar Sitaram Vaishampayan]
Fax No.:	91-22-25339393
E-Mail :	ochreaccounts@gmail.com orchre125@gmail.com
Location :	Owned

DIRECTORS

AS ON 10.09.2011

Name :

Ms. Renuka Shekhar Vaishampayan

Designation :

Director

Address :

AT-30, Brahmin Society, Thane, Maharashtra, India

Date of Birth/Age :

04.07.1987

Qualification :

M Tech

Date of Appointment :

01.07.2010

Din No.:

03165327

Name :

Mrs. Lalita Shekhar Vaishampayan

Designation :

Director

Address :

Neelkhanth Krupa, Room No. 30, Brahmin Society, Thane, Maharashtra, India

Date of Birth/Age :

24.08.1963

Qualification :

MA

Date of Appointment :

09.09.2003

Din No.:

02493380

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74210MH2003PTC142106	OCHRE DRILLERS (INDIA) PRIVATE LIMITED	Director	09/09/2003	09/09/2003	Active	NO
2	U45400MH2012PTC225983	SUB SURFACE CONSULTANTS PRIVATE LIMITED	Director	12/01/2012	12/01/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Shekhar Sitaram Vaishampayan
Designation :	Technical Consultant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 10.09.2011

Names of Shareholders	No. of Shares
Shekhar Sitaram Vaishampayan	500
Lalita Shekhar Vaishampayan	500
TOTAL	1000

AS ON 15.09.2011

Names of Shareholders	No. of Shares
Shekhar Sitaram Vaishampayan	1000
Lalita Shekhar Vaishampayan	1000
Renuka Shekhar Vaishampayan	1000
TOTAL	3000

AS ON 10.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Service Provider for Ground Drilling, Ochre Drillers and Soil Investigation.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Others [Corporate]

· Lodha Developers

No. of Employees :

35 [Approximately]

Bankers :

Indian Overseas Bank, Arjun Towers, 1^st Floor, Gokhale Road, Naupada, Thane-400602, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Cash Credit - Indian Overseas Bank [Secured by equitable mortgage of Flat No. 1, First Floor, A Wing, Vijay Apartments CHS, Near Aradhana Talkies, LBS Road, Paanchpakhadi, Thane (West) jointly held in the name of Mr. Shekhar Vaishampayan and Mrs. Lalita Vaishampayan.]	3.312	2.913
TOTAL	3.312	2.913
Unsecured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Loan From Directors	0.123	0.447
TOTAL	0.123	0.447

Banking Relations :	--
Auditors :
Name :	D.A. Oak and Company Chartered Accountants
Address :	Sudha Sadan, B.P.D Road, Vishnu Nagar, Naupada, Thane-400602, Maharashtra, India
Tel. No.:	91-22-25349902
Fax No.:	91-22-25393481
PAN No:	AAAPO6133A

CAPITAL STRUCTURE

AS ON 10.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4000	Equity Shares	Rs.100/- each	Rs.0.400 Million

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- each	Rs.0.100 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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.371	6.038	4.625
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.471	6.138	4.725
LOAN FUNDS
1] Secured Loans		3.312	2.913	0.000
2] Unsecured Loans		0.123	0.447	0.352
TOTAL BORROWING		3.435	3.360	0.352
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		11.906	9.498	5.077
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.639	2.927	3.247
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.200	0.100	0.150
DEFERREX TAX ASSETS		0.038	0.027	0.013
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.320	0.339	0.000
	Sundry Debtors	14.082	14.924	8.781
	Cash & Bank Balances	0.020	0.088	0.323
	Other Current Assets	0.148	0.262	0.075
	Loans & Advances	4.088	3.192	1.650
Total Current Assets		18.658	18.805	10.829
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.650	10.893	8.355
	Other Current Liabilities	0.284	1.150	0.529
	Provisions	1.695	0.318	0.278
Total Current Liabilities		9.629	12.361	9.162
Net Current Assets		9.029	6.444	1.667
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		11.906	9.498	5.077

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income			27.623
		Other Income			0.028
		TOTAL (A)	29.626	28.119	27.651
Less	EXPENSES
		Office Expenses
		Administrative Expenses	25.670	25.267	24.978
		Advertising Expenses
		TOTAL (B)	25.670	25.267	24.978
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.956	2.852	2.673
Less	FINANCIAL EXPENSES (D)		0.000	0.166	0.078
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.956	2.686	2.595
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.496	0.552	0.574
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		3.460	2.134	2.021
Less	TAX (H)		1.069	0.663	0.674
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		2.391	1.471	1.356
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.037	4.625	2.498
	BALANCE CARRIED TO THE B/S		8.370	6.037	3.854
	Earnings / (Loss) Per Share (Rs.)		2391.00	1471.00	--

Particulars	31.03.2012
Sales Turnover [Approximately]	24.200

Expected Sales (2012-13) : Rs.26.000 Millions.

The above information has been parted by Mr. Shekhar Sitaram Vaishampayan.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.07	5.23	4.90
Net Profit Margin (PBT/Sales)	(%)	NA	NA	7.31
Return on Total Assets (PBT/Total Assets}	(%)	16.25	9.82	14.35
Return on Investment (ROI) (PBT/Networth)		0.41	0.35	0.43
Debt Equity Ratio (Total Liability/Networth)		1.54	2.56	2.01
Current Ratio (Current Asset/Current Liability)		1.94	2.56	1.18

LOCAL AGENCY FURTHER INFORMATION

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
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	No
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth 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

NOTE:

The registered office of the company has been shifted from Flat No. 1, Shivtirth CHS, M Groad, Near Jupiter Scam Centre, Naupada, Thane-400602 (West), Maharashtra, India to the present address w.e.f. 01.01.2007.

BUSINESS ACTIVITY:

During the year, the Company's net profit as Rs.2.391 Millions and now they are looking for further increment in their income to be received in the coming years.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10188794
Corporate identity number of the company	U74210MH2003PTC142106
Name of the company	OCHRE DRILLERS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-1, Vijay Apartments, Near Aradhana Cinema, LBS Road, Pachpakhadi, Thane-400602 (West), Maharashtra, India
Type of charge	Book Debts Movable Property [not being pledge] Immovable Property
Particular of charge holder	Indian Overseas Bank, Arjun Towers, 1^st Floor, Gokhale Road, Naupada, Thane-400602, Maharashtra, India
Email	thanebr@mumnsco.iobnet.co.in
Nature of description of the instrument creating or modifying the charge	Letter of Hypothecation and Title Deed Narration for Equitable Mortgage.
Date of instrument Creating the charge	13.04.2012
Amount secured by the charge	Rs.11.700 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Sanction Letter. Terms of Repayment As per Sanction Letter. Margin As per Sanction Letter. Extent and Operation of the charge Hypothecation of stocks, receivables, machineries, movable current assets described in the schedule AND Extension of Mortgage by way of deposit of title deeds of properties viz Full Basement, Krishna Kunj Bldg, Survey No 21, Hissa No 2-b-1, Naupada, Thane. Others The total credit facilities of Rs 11.700 Millions Consist of the following 1. Cash Credit Rs. 4.500 Millions 2. Letter of Guarantee Rs. 1.000 Millions 3. Term Loan Rs. 6.200 Millions
Short particulars of the property charged	Hypothecation of stocks, receivables, machineries, movable current assets described in the schedule And Extension of Mortgage by way of deposit of title deeds of properties viz Full Basement, Krishna Kunj Bldg, Survey No 21, Hissa No 2-b-1, Naupada, Thane
Date of latest modification prior to the present modification	01.01.2011
Particulars of the present modification	By present modification, the Credit facilities have been revised / renewed / enhanced to Rs 11,700,000/-. The continuing security by way of Hypothecation of book debts, receivables, stocks, machineries and other current assets and Equitable mortgage by deposit of title deeds of properties viz Full Basement, Krishna Kunj Bldg, Survey No 21, Hissa No 2-b-1, Naupada, Thane.

FIXED ASSETS:

• Computer
• Electrical Fittings
• Furniture
• Plant and Machinery
• 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 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.54.99
UK Pound	1	Rs.87.21
Euro	1	Rs.70.22

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

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