MIRA INFORM REPORT

Report Date :

31.05.2013

IDENTIFICATION DETAILS

Name :	CHRYSTEC MACHINE TOOLS PRIVATE LIMITED
Registered Office :	F-1, Farhaan Centre, 24/1, Norris Road, Richmond Town, Bangalore-560025, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.10.2009
Com. Reg. No.:	08-051153
Capital Investment / Paid-up Capital :	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U29242KA2009PTC051153
TAN No.: [Tax Deduction & Collection Account No.]	BLRC09461E
PAN No.: [Permanent Account No.]	AADCC7680E
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Consultancy Services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (55)

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

Maximum Credit Limit :	USD 171700
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having a good track record. There appears a decent profitability without any external borrowings. The financial and liquidity position is strong. Trade relations are fair. Business is active. Payments terms are recorded as regular and as per commitments. The company can be considered 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

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 :	F-1, Farhaan Centre, 24/1, Norris Road, Richmond Town, Bangalore-560025, Karnataka, India
Tel. No.:	91-80-40927021
Fax No.:	Not Available
E-Mail :	pmascarenhas@chrystec.com service@chrystec.com
Website :	www.chrystec.com
Sales Office :	103, Winner’s Court, Lullanagar, Pune-411040, Maharashtra, India
Tel. No.:	91-20-30527484

DIRECTORS

As on 12.09.2012

Name :	Mr. Philip Andrew Mascarenhas
Designation :	Chairman
Address :	# 115, Shelter Apartments, Palmgrove Road, Viveknagar, Bangalore-560047, Karnataka, India
Date of Birth/Age :	15.08.1955
Date of Appointment :	09.10.2009
DIN No.:	02734047
Name :	Mr. Sunil Mukund Bharkhande
Designation :	Director
Address :	Flat No. 403/E3, Sunshree S N 20/2, Kondhwa Khurd, Pune-411048, Maharashtra, India
Date of Birth/Age :	07.08.1961
Date of Appointment :	09.10.2009
DIN No.:	02734732
Name :	Mr. Mohammad Rafique Isahaque Shaikh
Designation :	Director
Address :	Kumar Sansar G 603, Kondhwa Khurd, Taluka Haveli, Pune-411048, Maharashtra, India
Date of Birth/Age :	07.12.1952
Date of Appointment :	09.10.2009
DIN No.:	02738025
Name :	Mr. Jehangir Dinshaw Moogat
Designation :	Director
Address :	Esperance 978, Padumjee Park, Nana Peth, Pune-411002, Maharashtra, India
Date of Birth/Age :	02.05.1937
Date of Appointment :	09.10.2009
DIN No.:	02729213
Name :	Mr. Abdul Wahab Rafi Ahmed Kani
Designation :	Director
Address :	SAK Manzil, 1 Balaji Nagar, Valsaravakam, Chennai-600087, Tamilnadu, India
Date of Birth/Age :	12.03.1960
Date of Appointment :	09.10.2009
DIN No.:	02728312

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.09.2012

Names of Shareholders	No. of Shares
Philip Andrew Mascarenhas	51000
Sunil Mukund Bhatkhande	12250
Mohammad Rafique Isahaque Shaikh	12250
Abdul Wahab Rafi Ahmed Kani	12250
Jehangir Dinshaw Moogat	12250
Total	100000

As on 12.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Consultancy Services.

Products :

ITC CODE	PRODUCTS
0714	Other Service

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	ASA and Associates Chartered Accountant
Address :	A-2, Ground Floor, Akruti Antara Apartments, No.11/1, Haudin Road, Bangalore-560042, Karnataka, India
PAN.:	AAAFA4690A
Tel No.:	91-80-41510751
Fax No.:	91-80-41135109

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

a) Reconciliation of number of equity shares outstanding at the beginning and at the end of the year

Equity Shares	March 31, 2012
	No. of Shares	Rs. In Millions
At the beginning of the year Period	100000	1.000
Issued during the Period	-	-
Outstanding at the end of the Period	100000	1.000

b) Rights, preferences and restrictions attached to shares

Equity shares: The Company has one class of equity shares having a par value of 10 per share. Each shareholder is eligible for one vote per share held.

Details of share holding more than 5% shares in the company

Name of the shareholder	No. of Shares	% of holding in the class
J D Moogat	12250	12.25
Mohdrafique Shaikh	12250	12.25
Phlip Mascarenhas	51000	51.00
Rafi Kani	12250	12.25
Sunil Bhatkhande	12250	12.25

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		41.933	15.574	0.076
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		42.933	16.574	1.076
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		42.933	16.574	1.076
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.889	0.628	0.457
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.032	0.035	0.024
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	4.945	7.595	1.506
	Cash & Bank Balances	41.888	18.791	0.919
	Other Current Assets	0.360	0.480	0.000
	Loans & Advances	1.126	0.687	0.537
Total Current Assets		48.319	27.553	2.962
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.380	1.082
	Other Current Liabilities	2.432	5.029	2.757
	Provisions	3.495	5.531	0.211
Total Current Liabilities		7.307	11.642	2.968
Net Current Assets		41.012	15.911	(0.006)
MISCELLANEOUS EXPENSES		0.000	0.000	0.601
TOTAL		42.933	16.574	1.076

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	74.941	52.881	5.939
		Other Income	1.204	0.211	0.000
		TOTAL	76.145	53.092	5.939
Less	EXPENSES
		Employee Benefits Expense	18.667	16.882
		Other Expenses	17.379	11.893
		TOTAL	36.046	28.775	5.643
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		40.099	24.317	0.296
Less/ Add	DEPRECIATION/ AMORTISATION		0.484	0.214	0.103
	PROFIT BEFORE TAX		39.615	24.103	0.193
Less	TAX		13.256	8.606	0.117
	PROFIT AFTER TAX		26.359	15.497	0.076
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		15.573	0.076	0.000
	BALANCE CARRIED TO THE B/S		41.932	15.573	0.076
	Earnings Per Share (Rs.)		263.59	154.97	0.076

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	34.62	29.19	1.28
Net Profit Margin (PBT/Sales)	(%)	52.86	45.58	3.25
Return on Total Assets (PBT/Total Assets}	(%)	78.90	85.53	5.64
Return on Investment (ROI) (PBT/Networth)		0.92	1.45	0.18
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		6.61	2.37	0.99

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	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 involved in	----------------------
23]	Banking Details	No
24]	Banking facility details	No
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

NOTE: The registered office of the company has been shifted from 1/17, Hanumanthappa Layout, Ulsoor Road, Banglore – 560042, Karnataka, India to the present address w.e.f. 29.01.2010

REVIEW OF OPERATIONS

During the year the Company achieved a Total Income of Rs.76.146 millions. Net Profit of the Company after provision for taxes for the year stood at Rs.26.359 millions. The Board is pleased with the performance of the Company.

The manufacturing industry is going through a period of slow down in the current year 2012-13, which has affected the sale of capital goods. Hence performance of year 2012-13 is likely to be affected.

CORPORATE INFORMATION

Subject was incorporated on 9'th October, 2009. The principal activity of the Company is to provide consultancy service in the field of light, medium and heavy Engineering machinery, engineering design, turnkey projects and to provide engineering and project consultancy services to foreign and Indian buyers, sellers, exporters, importers, manufacturers, traders, enterprises in all fields. The Company has its registered office in Bangalore.

FIXED ASSETES:

• Computers
• Office Equipment
• Furniture and Fixture
• 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] 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.56.10
UK Pound	1	Rs.85.13
Euro	1	Rs.72.80

INFORMATION DETAILS

Report Prepared by :

ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		55

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.