MIRA INFORM REPORT

Report Date :

26.11.2012

IDENTIFICATION DETAILS

Name :	OTTO WASTE SYSTEMS (INDIA) PRIVATE LIMITED
Registered Office :	201, New India Industrial Estate, Off Mahakali Caves Road, Andheri East, Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	21.10.2003
Com. Reg. No.:	11-142792
Capital Investment / Paid-up Capital :	Rs. 8.253 Millions
CIN No.: [Company Identification No.]	U90000MH2003PTC142792
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of garbage bin, dust bin, dust bin wheel, plastic dust bin etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 52000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The profitability of the company appears to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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.

LOCATIONS

Registered Office :	201, New India Industrial Estate, Off Mahakali Caves Road, Andheri East, Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-66754170/ 66754171
Fax No.:	91-22-66754455
E-Mail :	ottoindia@ottoasiapac.com panmalh@vsnl.com ottoraviraj@gmail.com
Website :	http://www.ottoasiapac.com

DIRECTORS

AS ON 29.06.2012

Name :

Mr. Pankajkumar Sudarshankumar Malhotra

Designation :

Whole-time director

Address :

17-B-36, Takshila Apartment, M. C. Road, Andheri (East), Mumbai - 400093

Date of Birth/Age :

06.08.1962

Date of Appointment :

21.10.2003

DIN No.:

00078361

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U51909PN1993PTC070814	KAM MARKETING PRIVATE LIMITED	Director	16/02/1993	16/02/1993	01/09/2009	Active	NO
2	U90000MH2003PTC142792	OTTO WASTE SYSTEMS (INDIA) PRIVATE LIMITED	Whole-time director	21/10/2003	21/10/2003	-	Active	NO
3	U52100MH2009PTC196418	PAMTEC ENVIRO SYSTEMS PRIVATE LIMITED	Director	14/10/2009	14/10/2009	-	Active	NO

Name :

Mr. Christopher Fergus Lopez

Designation :

Director

Address :

10 Sterling Road No. 13-04, Singapore 148954

Date of Birth/Age :

20.12.1967

Date of Appointment :

20.06.2009

DIN No.:

00326443

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	U90000MH2003PTC142792	OTTO WASTE SYSTEMS (INDIA) PRIVATE LIMITED	Director	20/06/2009	06/03/2005	Active	NO

Name :

Mr. Luc Charles Muller

Designation :

Director

Address :

APT BLK2 Lynwood Grove, Singapore 358671

Date of Birth/Age :

28.03.1966

Date of Appointment :

06.12.2004

DIN No.:

00326469

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.06.2012

Names of Shareholders	No. of Shares
Pankajkumar Sudarshankumar Malhotra	8442
Otto Holding Asia Pacific Pte Limited, Singapore	816871
Total	825313

AS ON 29.06.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	98.98
Directors or relatives of directors	1.02
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of garbage bin, dust bin, dust bin wheel, plastic dust bin etc.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loans	31.12.2011	31.12.2010
	(Rs. In Millions)
Cash Credit (Secured against hypothecation of bank fixed deposit)	1.848	0.538
Total	1.848	0.538
Unsecured Loans	31.12.2011	31.12.2010
	(Rs. In Millions)
Inter corporate loans	1.000	0.000
Total	1.000	0.000

Banking Relations :	--
Auditors :
Name :	M V Damania and Company Chartered Accountants
Address :	14/2, Mahalaxmi Industrial Estate, D. Shivner Road, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-66614320 / 21 / 22
Fax No.:	91-22-24938040
E-Mail :	consult@mvdco.com
Income-tax PAN of auditor or auditor's firm :	AAEFM9871H
Holding Company :	Otto Holding Asia Pacific Pte. Limited
Company under same management :	Ø Otto Waste System (S) Pte. Limited Ø Pamtec Enviro Services Ø Pamtec Enviro Services Private Limited

CAPITAL STRUCTURE

AS ON 31.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
850,000	Equity Shares	Rs. 10/- each	Rs. 8.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
825,313	Equity Shares	Rs.10/- each	Rs. 8.253 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		8.253	8.253	8.253
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.982	2.860	1.464
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		13.235	11.113	9.717
LOAN FUNDS
1] Secured Loans		1.848	0.538	0.000
2] Unsecured Loans		1.000	0.000	0.000
TOTAL BORROWING		2.848	0.538	0.000
DEFERRED TAX LIABILITIES		0.052	0.045	0.000
TOTAL		16.135	11.696	9.717
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.336	0.242	0.284
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	1.298
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.539	16.546	13.077
	Sundry Debtors	17.885	11.004	12.474
	Cash & Bank Balances	6.127	4.952	5.097
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.968	7.550	4.999
Total Current Assets		55.519	40.052	35.647
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	37.767	25.663	25.075
	Other Current Liabilities	1.953	1.129	2.162
	Provisions	0.000	1.806	0.275
Total Current Liabilities		39.720	28.598	27.512
Net Current Assets		15.799	11.454	8.135
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		16.135	11.696	9.717

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
		Income
		Other Income
		TOTAL	77.789	N.A.	N.A.
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	74.727	N.A.	N.A.
	PROFIT BEFORE TAX		3.062	5.927	3.487
Less	TAX		0.934	2.725	(1.326)
	PROFIT AFTER TAX		2.128	3.202	4.813
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.860	1.464	(3.349)
Less	APPROPRIATIONS
		Dividend	0.000	1.554	0.000
		Tax on Dividend	0.006	0.252	0.000
	BALANCE CARRIED TO THE B/S		4.982	2.860	1.464
	EARNINGS IN FOREIGN CURRENCY
		Commission Earnings	1.515	2.392	0.000
	CIF VALUE OF IMPORTS		44.814	26.266	36.336
	Earnings Per Share (Rs.)		7.42	18.11	27.22

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	2.74	N.A.	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	3.81	7.95	13.40
Return on Investment (ROI) (PBT/Networth)		0.23	0.53	0.36
Debt Equity Ratio (Total Liability/Networth)		3.22	2.62	2.83
Current Ratio (Current Asset/Current Liability)		1.40	1.40	1.30

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	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	Yes
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 involved in	--
23]	Banking Details	No
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

CONTINGENT LIABILITIES:

(Rs. in millions)

Particulars	31.12.2011	31.12.2010
Bank Guarantees (Disputed with concern state authority)	0.559	0.559
Capital Commitment	3.653	0.000

FIXED ASSETS:

Ø Plant and Machinery

Ø Computer systems

Ø Furniture and fittings

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. 55.34
UK Pound	1	Rs. 88.30
Euro	1	Rs. 71.37

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.