MIRA INFORM REPORT

Report Date :

04.09.2012

IDENTIFICATION DETAILS

Name :	ABLETECH ELECTRO ENGINEERS PRIVATE LIMITED
Registered Office :	#766, Greenergy House, 8th Main, 3rd Block, Koramangala, Bangalore – 560034, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.02.1991
Com. Reg. No.:	08-011685
Capital Investment / Paid-up Capital :	Rs. 33.790 Millions
CIN No.: [Company Identification No.]	U31909KA1991PTC011685
TAN No.: [Tax Deduction & Collection Account No.]	BLRA01369E
Legal Form :	Private Limited Liability Company
Line of Business :	Power Generation Contractors
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 320000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some continuous dip in the turnover and profitability of the company. Also the company has incurred a loss in the current financial year i.e. 2010-11. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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/ Corporate Office :	#766, Greenergy House, 8th Main, 3rd Block, Koramangala, Bangalore – 560034, Karnataka, India
Tel. No.:	91-80.25501318
Fax No.:	Not Available
E-Mail :	abletechelectro@dataone.in

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Divakar Shetty

Designation :

Managing director

Address :

No. 37, 5 A Block, Koramangala, Bangalore – 560095, Karnataka, India

Date of Birth/Age :

20.05.1962

Date of Appointment :

20.02.1991

DIN No.:

01225946

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	U31909KA1991PTC011685	ABLETECH ELECTRO ENGINEERS PRIVATE LIMITED	Managing director	20/02/1991	20/02/1991	Active	NO
2	U72200KA2004PTC035060	DISHAA POWER CORPORATION PRIVATE LIMITED	Managing director	19/11/2004	19/11/2004	Active	NO
3	U72200KA2004PTC035125	DELMON ENERGY PRIVATE LIMITED	Managing director	01/12/2004	01/12/2004	Active	NO

Name :

Mrs. Sharada Shetty

Designation :

Director

Address :

No. 37, 5th A Block, Koramangala, Bangalore – 560095, Karnataka, India

Date of Birth/Age :

14.05.1965

Date of Appointment :

14.09.1993

DIN No.:

01226065

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	U31909KA1991PTC011685	ABLETECH ELECTRO ENGINEERS PRIVATE LIMITED	Director	14/09/1993	14/09/1993	Active	NO
2	U72200KA2004PTC035060	DISHAA POWER CORPORATION PRIVATE LIMITED	Director	19/11/2004	19/11/2004	Active	NO
3	U72200KA2004PTC035125	DELMON ENERGY PRIVATE LIMITED	Director	01/12/2004	01/12/2004	Active	NO

Name :

Mr. Rama Baba Prasad

Designation :

Director

Address :

423, Siddarameshwara Badavane, Tumkur – 572103, Karnataka, India

Date of Birth/Age :

13.07.1959

Date of Appointment :

28.09.2010

DIN No.:

02720576

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	U40107KA2004PTC034677	S.I.S. POWER INDUSTRIES PRIVATE LIMITED	Director	02/02/2006	02/02/2006	-	Active	YES
2	U70101KA2007PTC042240	ARUNDHATI REAL ESTATE AND LIVING PRIVATE LIMITED	Director	28/03/2007	28/03/2007	04/03/2010	Active	YES
3	U55101KA2003PTC031554	ARUNDHATI MALNAD COTTAGES AND AGRO PRIVATE LIMITED	Director	28/03/2007	28/03/2007	04/03/2010	Dormant	NO
4	U31909KA1991PTC011685	ABLETECH ELECTRO ENGINEERS PRIVATE LIMITED	Director	28/09/2010	23/08/2010	-	Active	NO
5	U17111TZ2005PTC011879	RANI SPINTEX KOVAI PRIVATE LIMITED	Director	30/08/2010	30/08/2010	-	Dormant	NO
6	U40108TZ2005PTC012010	SRI ARANGANATHAR WIND MILLS PRIVATE LIMITED	Director	30/08/2010	30/08/2010	-	Active	NO
7	U40108TZ2005PTC012172	SRI NARASHIM CHAKRA POWER PARK PRIVATE LIMITED	Director	30/08/2010	30/08/2010	-	Dormant	NO
8	U40108TZ2005PTC012039	VINAYAGA WIND PARK PRIVATE LIMITED	Director	01/10/2010	01/10/2010	-	Dormant	NO
9	U17111TZ2005PTC011877	SRI HETHAIAMMAN SPINTEX KOVAI PRIVATE LIMITED	Director	06/10/2010	06/10/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Divakar Shetty	76700
Sharada Shetty	198880
Shalini Kalappa Shetty	58000
Sunita Shetty	4320
Total	337900

AS ON 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Power Generation Contractors

PRODUCTION STATUS (AS ON 31.03.2011)

Power Generation Capacity:

Particulars	31.03.2011
Licensed Capacity	43.2MW
Installed Capacity	1.6MW

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, Specialised Commercial Branch, Krishi Bhavan, I Floor, Hudson Circle, Bangalore – 560001, Karnataka, India

· UCO Bank, No. 4010, New K.R. Road, BSK 2^nd Stage, Bangalore – 560070, Karnataka, India

· ICICI Bank Limited

· ABN AMRO Bank

· Barclys Bank

· Citi Bank

· HDFC Bank Limited

· ING Vyshya Bank

· Yes Bank Limited

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Term Loans with Scheduled Banks	153.228	136.656
Working Capital Term Loan from Scheduled Banks	38.058	33.124
Cash Credit with Scheduled Banks	46.760	39.022
Total	238.046	208.802
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Unsecured loans from Banks and Financial Institutions	2.388	8.572
Unsecured Loans from Directors	1.401	0.000
Unsecured loans from Others	5.710	4.800
Total	9.499	13.372

Banking Relations :	--
Auditors :
Name :	Rangaraju and Associates Chartered Accountants
Address :	No.202, 2nd Floor, 73/25, Shree Complex, St.John Road, Bangalore – 560042, Karnataka, India
Tel. No.:	91-80-25307959
Fax No.:	91-80-25307962
E-Mail :	rangaraju.associates@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAAFR8818D
Sister Concern :	Dishaa Power Corporation

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs. 100/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
337,900	Equity Shares	Rs. 100/- each	Rs. 33.790 Millions

Note: [Of the above 167630 Equity Shares are allotted as fully paid up by way of Bonus shares]

[Of the above 2640 Equity Shares are allotted as fully paid up in consideration of Abletech Engineers purchase]

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		33.790	33.790	33.790
2] Share Application Money		0.100	0.100	0.100
3] Reserves & Surplus		47.514	50.811	47.147
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		81.404	84.701	81.037
LOAN FUNDS
1] Secured Loans		238.046	208.802	87.934
2] Unsecured Loans		9.499	13.372	20.583
TOTAL BORROWING		247.545	222.174	108.517
DEFERRED TAX LIABILITIES		0.000	0.192	0.192
TOTAL		328.949	307.067	189.746
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		40.477	162.573	81.273
Capital work-in-progress		133.570	0.000	0.000
INVESTMENT		36.228	36.765	55.777
DEFERREX TAX ASSETS		3.999	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	44.115	37.229	58.149
	Sundry Debtors	24.535	28.462	4.467
	Cash & Bank Balances	1.486	3.609	41.877
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	79.403	73.479	69.968
Total Current Assets		149.539	142.779	174.461
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.453	22.903	28.561
	Other Current Liabilities	10.822	7.994	83.810
	Provisions	4.589	4.153	8.394
Total Current Liabilities		34.864	35.050	120.765
Net Current Assets		114.675	107.729	53.696
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		328.949	307.067	189.746

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	58.629	71.377
		Other Income	N.A.	0.587
		TOTAL	N.A.	71.964	181.865
	TOTAL EXPENSES		53.672	59.837	136.356
Less	PROFIT/ LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(Including Financial Expenses)	15.988	45.509
Less	FINANCIAL EXPENSES			3.861	15.618
	PROFIT/ LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION		7.519	12.127	29.891
Less/ Add	DEPRECIATION/ AMORTISATION		6.571	7.793	9.110
	PROFIT/ LOSS BEFORE TAX		0.948	4.334	20.781
Less	TAX		4.245	0.670	2.647
	PROFIT/ LOSS AFTER TAX		(3.297)	3.664	18.134
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		67.573	63.909	45.775
	BALANCE CARRIED TO THE B/S		N.A.	67.573	63.909
	Earnings/ loss Per Share (Rs.)		(10.00)	10.85	107.88

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	N.A.	5.09	9.97
Net Profit Margin (PBT/Sales)	(%)	1.62	5.13	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	0.50	1.42	8.13
Return on Investment (ROI) (PBT/Networth)		0.01	0.05	0.26
Debt Equity Ratio (Total Liability/Networth)		3.47	3.04	2.83
Current Ratio (Current Asset/Current Liability)		4.29	4.07	1.44

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	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
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

REVIEW OF OPERATION:

During the year, the company has recorded the total turnover of 58.629 Millions. The net loss of the company has been recorded at Rs. (3.297) Millions which is marginally lower than the previous year profit of Rs. 3.664 Millions. The directors expect a robust growth during the current financial year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U31909KA1991PTC011685
Name of the company	ABLETECH ELECTRO ENGINEERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	#766, Greenergy House, 8th Main, 3rd Block, Koramangala, Bangalore - 560034, Karnataka, India Email ID: abletechelectro@dataone.in
This form is for	Modification of charge
Charge identification number of the modified	10154590
Type of charge	Book Debts Movable Property
Particular of charge holder	UCO Bank, No. 4010, New K.R. Road, BSK 2nd Stage, Bangalore – 560070, Karnataka, India Email ID: ucobanashankari@vsnl.net
Nature of description of the instrument creating or modifying the charge	Letter regarding reschedulement of the term loan
Date of instrument Creating the charge	01.02.2011
Amount secured by the charge	Rs. 100.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per existing/sanction terms of the bank Terms of Repayment Repayment rescheduled - repayable in 8 quarterly instalments of Rs.12.500 Millions each commencing from September 2011. Interest to be serviced as and when due. However, if sale of points take place earlier, the repayment will be preponed. Sale proceeds of the project to be remitted to Escrow account with bank. 75% of the realisation from sale of point to be paid towards repayment subject to the condition that the TL repayment should not be less than Rs.12.500 Millions per quarter commencing from September 211. interest to be serviced as and when charged Margin As per sanction terms Extent and Operation of the charge Charge is operational on the movable properties, book debts, plant and machineries of the Company till the entire repayment of the term loan, accumulated interest and related expenses.
Short particulars of the property charged	Hypothecation of all the fixed assets, movable properties and plant and machineries (both existing and future) of the Company situated at the project site situated at Ranebennur, Haveri District, more specifically described in the Deed of Hypothecation of Movable Plant and Machinery to secure a Term Loan dated 05.05.2009
Particulars of the present modification	No change in the charge amount of Rs.1.000 Millions. Repayment period rescheduled as under Repayable in 8 quarterly instalments of Rs.12.500 Millions each commencing from September 2011. Interest to be serviced as and when due. (all other terms and conditions remain unchanged)

FIXED ASSETS:

· Computer

· Fax Machine

· Furniture and Fixture

· Mobile and Pager

· Office Equipments

· UPS

· Generator

· Tool and Equipment

· Wind Mill Project

· Motor Pump

· Air Conditioner

· Vehicles

· Land and Buildings

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. 55.45
UK Pound	1	Rs. 87.98
Euro	1	Rs. 69.70

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	4
--CREDIT LINES	1~10	2
--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		29

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

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.