MIRA INFORM REPORT

Report Date :

11.10.2013

IDENTIFICATION DETAILS

Name :	PENNAR ENVIRO LIMITED (w.e.f. 16.12.2011)
Formerly Known As :	PENNAR CHEMICAL LIMITED (w.e.f. 22.02.2010) PENNAR ENERGY LIMITED
Registered Office :	186/A, IDA Mallapur, Mallapur, Hyderabad – 500 076, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.03.2008
Com. Reg. No.:	01-058171
Capital Investment / Paid-up Capital :	Rs.40.983 millions
CIN No.: [Company Identification No.]	U40105AP2008PLC058171
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of manufacturing and distribution of Fuel Additives and Water Treatment Chemicals.
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 190000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Reserves of the company appear to be low. 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 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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/ Factory :	186/A, IDA Mallapur, Mallapur, Hyderabad – 500 076, Andhra Pradesh, India
Tel. No.:	91-40-27152266
Fax No.:	91-40-27152266
E-Mail :	pennarchem@pennarchemical.com
Website :	http://www.pennarenviro.com
Corporate Office :	Floor No (-1), DHFLVC Silicon Towers, Kondapur, Hyderabad - 500 084, Andhra Pradesh India
Tel. No.:	91-40-23117043/ 45
Fax No.:	91-40-23117041
E-Mail :	pel@pennarenviro.com
Branch Office :	Located at: · Vadodara · Chennai · Kolkata · Mumbai · New Delhi

DIRECTORS

AS ON 28.09.2012

Name :

Rangaswamy Srinivasa Sampath

Designation :

Director

Address :

102, Samyukta Apartments, Raghava Colony, Sikh Village, Secunderabad – 500 009, Andhra Pradesh, India

Date of Birth/Age :

24.02.1946

Date of Appointment :

01.04.2011

DIN No.:

00063633

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	U24110AP1992PLC014629	PENNAR MANAGEMENT SERVICES LIMITED	Director	01/02/2010	01/11/1999	30/06/2011	Active	NO
2	U74999AP1991PLC012557	PENNAR INTERNATIONAL LIMITED	Director	30/03/2000	30/03/2000	17/04/2010	Active	NO
3	L72200AP1993PLC015737	SAVEN TECHNOLOGIES LIMITED	Director	06/02/2007	06/02/2007	-	Active	NO
4	U74900AP2008PLC058171	PENNAR ENVIRO LIMITED	Director	01/04/2011	05/02/2010	-	Active	NO

Name :

WG. CDR. (Retired) Avula Bharath Bhushan

Designation :

Director

Address :

38, Krishnapuri Colony, West Marredpally, Secunderabad – 500 026, Andhra Pradesh, India

Date of Birth/Age :

19.03.1943

Qualification :

M.B.A.

Expertise :

Expertise in various fields of Management and Administration

Date of Appointment :

12.09.2009

DIN No.:

00063882

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	U24110AP1992PLC014629	PENNAR MANAGEMENT SERVICES LIMITED	Director	29/08/1997	29/08/1997	10/08/2009	Active	NO
2	U74999AP1991PLC012557	PENNAR INTERNATIONAL LIMITED	Director	30/06/2000	30/06/2000	15/03/2010	Active	NO
3	U74900AP2008PLC058171	PENNAR ENVIRO LIMITED	Director	12/09/2009	10/08/2009	-	Active	NO
4	L72200AP1993PLC015737	SAVEN TECHNOLOGIES LIMITED	Director	15/09/2010	13/08/2010	-	Active	NO

Name :

Mr. Venkata Nrupender Rao Joginapally

Designation :

Director

Address :

Plot No.381, Road No.10, Jubilee Hills, Hyderabad – 500 033, Andhra Pradesh, India

Date of Birth/Age :

23.06.1945

Date of Appointment :

14.03.2008

DIN No.:

00089922

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	L27203AP1989PLC010409	PALCO LIMITED	Director	01/09/1989	01/09/1989	05/10/2012	Active	NO
2	U24110AP1992PLC014629	PENNAR MANAGEMENT SERVICES LIMITED	Director	04/08/1992	04/08/1992	-	Active	NO
3	L27109AP1975PLC001919	PENNAR INDUSTRIES LIMITED	Whole-time director	01/04/2013	23/09/1995	-	Active	NO
4	U45403AP2001PTC038033	OANDS RATNA ALUMINIUM FABRICATORS PRIVATE LIMITED	Director	04/09/2003	04/09/2003	04/12/2010	Active	NO
5	U51109AP2005PTC048190	THAPATI TRADING PRIVATE LIMITED	Director	18/03/2010	25/11/2005	-	Active	NO
6	U72200AP2005PTC048191	PALGUNA CONSULTANTS PRIVATE LIMITED	Director	18/03/2010	25/11/2005	-	Active	NO
7	U72200AP2001PLC036672	EVALUE CONSULTING LIMITED	Director	25/08/2006	25/08/2006	30/12/2010	Active	NO
8	U45400AP2008PLC057182	PENNAR ENGINEERED BUILDING SYSTEMS LIMITED	Director	23/07/2012	17/01/2008	-	Active	NO
9	U74900AP2008PLC058171	PENNAR ENVIRO LIMITED	Director	14/03/2008	14/03/2008	-	Active	NO
10	U45400UR2010PTC033275	PENNAR BUILDING SYSTEMS PRIVATE LIMITED	Director	27/08/2010	27/08/2010	-	Under Process of Striking off	NO
11	U40108AP2010PLC071184	PENNAR SOLAR LIMITED	Director	12/11/2010	12/11/2010	-	Active	NO
12	L72200AP1993PLC015737	SAVEN TECHNOLOGIES LIMITED	Director	26/09/2011	22/12/2010	-	Active	NO

Name :

Mr. Aditya Narsing Rao

Designation :

Director

Address :

Plot No.381, Road No.10, Jubilee Hills, Hyderabad – 500 033, Andhra Pradesh, India

Date of Birth/Age :

06.12.1981

Date of Appointment :

14.03.2008

DIN No.:

01307343

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	U24110AP1992PLC014629	PENNAR MANAGEMENT SERVICES LIMITED	Director	07/02/2007	07/02/2007	-	Active	NO
2	U51109AP2005PTC048190	THAPATI TRADING PRIVATE LIMITED	Director	28/09/2007	20/08/2007	-	Active	NO
3	U72200AP2005PTC048191	PALGUNA CONSULTANTS PRIVATE LIMITED	Director	28/09/2007	20/08/2007	-	Active	NO
4	U45400AP2008PLC057182	PENNAR ENGINEERED BUILDING SYSTEMS LIMITED	Director	17/01/2008	17/01/2008	-	Active	NO
5	L27109AP1975PLC001919	PENNAR INDUSTRIES LIMITED	Whole-time director	01/04/2013	30/01/2008	-	Active	NO
6	U74900AP2008PLC058171	PENNAR ENVIRO LIMITED	Director	14/03/2008	14/03/2008	-	Active	NO
7	U45400UR2010PTC033275	PENNAR BUILDING SYSTEMS PRIVATE LIMITED	Director	27/08/2010	27/08/2010	-	Under Process of Striking off	NO
8	U40108AP2010PLC071184	PENNAR SOLAR LIMITED	Director	12/11/2010	12/11/2010	-	Active	NO
9	U72200AP2012PTC083362	135 TECH LABS PRIVATE LIMITED	Director	01/10/2012	01/10/2012	-	Active	NO

Name :

Satyavada Venkata Ramachandra Rao

Designation :

Director

Address :

401, Saivijaya Enclave, 268, 3RT Sanjeeva Reddy Nagar, Hyderabad – 500 038, Andhra Pradesh, India

Date of Birth/Age :

07.08.1952

Date of Appointment :

23.09.2010

DIN No.:

01869061

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	U74140AP2000PLC033589	RESOURCE INPUTS LIMITED	Managing director	30/09/2010	16/02/2000	-	Active	NO
2	U95000AP2003PTC041864	HR CHAMBERS OUTSOURCING PRIVATE LIMITED	Managing director	14/10/2003	14/10/2003	-	Active	NO
3	U74900AP2008PLC058171	PENNAR ENVIRO LIMITED	Director	23/09/2010	05/02/2010	-	Active	NO
4	L27203AP1989PLC010409	PALCO LIMITED	Director	31/08/2012	31/10/2011	-	Active	NO
5	U31909AP1991PTC013404	THERMAL SYSTEMS (HYDERABAD)PRIVATE LIMITED	Director	29/09/2012	03/09/2012	-	Active	NO
6	U72200AP2013PTC088049	OPENBRICK SYSTEMS PRIVATE LIMITED	Director	30/05/2013	30/05/2013	-	Active	NO
7	U93000AP2009PTC062968	NIRANJANAYA HR SERVICES PRIVATE LIMITED	Additional director	21/08/2013	21/08/2013	-	Active	NO

Name :

Potluri Venkateswara Rao

Designation :

Director

Address :

179, Ushodaya Enclave, HIG Phase II, Road No.1, Kanaka Miyapur, Hyderabad – 500 049, Andhra Pradesh, India

Date of Birth/Age :

15.08.1959

Qualification :

Civil Engineering Graduate from College of Engineering, Kakinada, A.P. (JNTU)

Expertise :

Expertise in Business Development

Date of Appointment :

28.09.2012

DIN No.:

03157581

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	U45400AP2008PLC057182	PENNAR ENGINEERED BUILDING SYSTEMS LIMITED	Managing director	09/02/2013	26/05/2010	-	Active	NO
2	U45400UR2010PTC033275	PENNAR BUILDING SYSTEMS PRIVATE LIMITED	Director	27/08/2010	27/08/2010	-	Under Process of Striking off	NO
3	U74900AP2008PLC058171	PENNAR ENVIRO LIMITED	Director	28/09/2012	24/08/2012	-	Active	NO

Name :

Mr. Suhas Gangadhar Baxi

Designation :

Additional Director

Address :

503/H5, Bel Vedere, ITI Road, Aundh, Pune – 411 007, Maharashtra, India

Date of Birth/Age :

30.11.1966

Date of Appointment :

30.01.2013

DIN No.:

00649689

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	U72200PN2003PTC017808	TRIPLE POINT TECHNOLOGY (INDIA) PRIVATE LIMITED	Director	25/03/2003	25/03/2003	30/04/2007	Active	NO
2	U29299MH1997PTC109449	DEMAG CRANES AND COMPONENTS (INDIA) PRIVATE LIMITED	Managing director	11/05/2009	31/08/2006	30/11/2012	Active	NO
3	U74900AP2008PLC058171	PENNAR ENVIRO LIMITED	Additional director	30/01/2013	30/01/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Aditya Narsing Rao	2049099	39.68
J.V. Nrupender Rao (HUF) and Joginapalli Rajyalakshmi Rao	409826	7.93
Joginapalli Rajyalakshmi Rao	409826	7.93
Joginapalli Rajyalakshmi Rao and Arathi Chelikani	409826	7.93
Avanti Rao	409826	7.93
Sudeepta Rao	409826	7.93
Jayanthi Puljal	10	0.00
Bhavana Puljal	10	0.00
Kalpana Puljal	10	0.00
Pennar Industries Limited, India	1067500	20.67
Total	5165759	100.00

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	21.00
Directors or relatives of directors	79.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of manufacturing and distribution of Fuel Additives and Water Treatment Chemicals.

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	2010-2011
Licensed Capacity	Not Applicable
Installed Capacity	625.00 KL
Production (KLS)	215.82 KL

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

ICICI Bank Limited

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Vehicle Loan: Kotak Mahindra	0.816	1.262
Vehicle Loan: ICICI Bank	0.732	0.000
Total	1.548	1.262

Notes:

Long Term Borrowings

Vehicle loan - Kotak Mahindra Prime Limited. Payable in 23 equal monthly installments of Rs.0.037 million each and carries an interest @10.25%

Vehicle loan - ICICI Bank limited. Payable in 23 equal monthly installments of Rs.0.032 million each carries an interest @ 11%

Both the above loans are secured by way of hypothecation of the vehicles on which loans were taken.

Banking Relations :	--
Auditors :
Name :	Rambabu and Company Chartered Accountants
Address :	6-3-1090/1/A, Pancom Chambers, Raj Bhavan Road, Somajiguda, Hyderabad – 500 016, Andhra Pradesh, India
PAN No.:	AACFR1603G
Related Parties (Having Significant influence)	Pennar Industries Limited Saven Technologies Limited PennarEngineered Building Systems Limited

CAPITAL STRUCTURE

AS ON 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs.90.000 millions

Issued & Subscribed Capital :

No. of Shares	Type	Value	Amount
8368259	Equity Shares	Rs.10/- each	Rs.83.683 millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
5165759	Equity Shares	Rs.10/- each	Rs.51.658 millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs.90.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4098259	Equity Shares	Rs.10/- each	Rs.40.983 millions

All equity shares issued by the company carry equal voting and participatory rights.

Out of 4098259 Issued, Subscribed and fully paid up equity shares of Rs.10 each, 4048259 were allotted to the shareholders of the demerged company (Pennar Chemicals Limited) without requirement of any payment pursuant to the scheme of arrangement as sanctioned by honorable High Court of Andhra Pradesh vide its order dated 2^nd July 2009.

The details of Shareholders holding more than 5% share:

Particulars	As at 31^st March, 2012
	No. of Shares	%
J Rajyalakshmi	3278464	79.90%
Aditya Narsing Rao	819627	19.90%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	40.983	40.983
(b) Reserves & Surplus	4.393	4.074
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	2.135	0.000
Total Shareholders’ Funds (1) + (2)	47.511	45.057
(3) Non-Current Liabilities
(a) Long-term borrowings	5.572	6.926
(b) Deferred tax liabilities (Net)	2.257	2.257
(c) Other long term liabilities	0.000	0.000
(d) Long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	7.829	9.183
(4) Current Liabilities
(a) Short term borrowings	0.500	0.000
(b) Trade payables	5.971	2.041
(c) Other current liabilities	3.906	1.672
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	10.377	3.713
TOTAL	65.717	57.953
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.554	22.057
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.193	1.248
(e) Other Non-current assets	9.169	1.975
Total Non-Current Assets	32.916	25.280
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	10.021	8.813
(c) Trade receivables	17.292	13.853
(d) Cash and cash equivalents	3.511	6.503
(e) Short-term loans and advances	1.459	2.173
(f) Other current assets	0.518	1.331
Total Current Assets	32.801	32.673
TOTAL	65.717	57.953

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		40.983
2] Share Application Money		0.000
3] Reserves & Surplus		3.945
4] (Accumulated Losses)		0.000
NETWORTH		44.928
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		5.664
TOTAL BORROWING		5.664
DEFERRED TAX LIABILITIES		2.259
TOTAL		52.851
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.277
Capital work-in-progress		0.600
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.727
	Sundry Debtors	13.772
	Cash & Bank Balances	7.303
	Other Current Assets	5.771
	Loans & Advances	0.000
Total Current Assets		35.573
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.618
	Other Current Liabilities	2.190
	Provisions	0.791
Total Current Liabilities		6.599
Net Current Assets		28.974
MISCELLANEOUS EXPENSES		0.000
TOTAL		52.851

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operations	55.694	50.387	48.190
		Other Income	0.407	0.337	4.307
		TOTAL (A)	56.101	50.724	52.497
Less	EXPENSES
		Cost of Materials Consumed	16.624	15.673	48.463
		Changes in Inventories of Finished Goods	(0.311)	(0.517)
		Employee Benefit Expenses	18.340	18.224
		Other Expenses	19.260	15.396
		TOTAL (B)	53.913	48.776	48.463
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.188	1.948	4.034
Less	FINANCIAL EXPENSES (D)		0.129	0.155	0.076
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.059	1.793	3.958
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.665	1.637	1.508
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		0.394	0.156	2.450
Less	TAX (H)		0.076	0.027	1.176
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.318	0.129	1.274
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.325	2.196	0.922
	BALANCE CARRIED TO THE B/S		2.643	2.325	2.196
	EARNINGS IN FOREIGN CURRENCY
		Commission Earnings	NA	Nil	0.174
	TOTAL EARNINGS		NA	Nil	0.174
	IMPORTS
		Raw Materials	NA	3.857	4.849
	TOTAL IMPORTS		NA	3.857	4.849
	Earnings / (Loss) Per Share (Rs.)		0.08	0.03	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.57	0.25	2.43
Net Profit Margin (PBT/Sales)	(%)	0.71	0.31	5.08
Return on Total Assets (PBT/Total Assets}	(%)	0.60	0.27	4.16
Return on Investment (ROI) (PBT/Networth)		0.01	0.00	0.05
Debt Equity Ratio (Total Debt/Networth)		0.13	0.15	0.13
Current Ratio (Current Asset/Current Liability)		3.16	8.80	5.39

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	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

Note:

The registered office of the company has been shifted from 305, Saptagiri Towers, Begumpet, Hyderabad – 500 016, Andhra Pradesh to the present address w.e.f. 14.02.2011.

INDEX OF CHARGES

S. No	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10429253	22/05/2013	100,000,000.00		6-3-879-B, GROUND AND 1ST FLOOR, BEGUMPET, GREENLANDS ROAD, HYDERABAD, ANDHRA PRADESH - 500016, INDIA	B76373364
2	90258352	08/07/2002 *	14,500,000.00	IDBI BANK LIMITED	MAHAVEER HOUSE, BASHEERBAGH SQUARE, HYDERABAD, ANDHRA PRADESH, INDIA	-
3	90258001	24/09/1994	7,500,000.00	STATE BANK OF MYSORE	BAIDS BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA	-
4	90257979	01/07/1994	250,000.00	THE VYSYA BANK LIMITED	SARDAR PATEL, SECUNDERABAD, ANDHRA PRADESH, INDIA	-

* Date of charge modification

Unsecured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
LONG TERM BORROWINGS
Sales Tax Deferment Loan	4.024	5.664
Short Term Borrowings
Loan from Related Parties (During the year the company has taken interest free demand loan from Mr. Aditya N. Rao amounting to Rs.0.500 million)	0.500	0.000
Total	4.524	5.664

CORPORATE INFORMATION:

The Company is engaged in the business of manufacturing and distribution of Fuel Additives and Water Treatment Chemicals from its Registered Office cum Manufacturing facility at Plot No.186/A, IDA Mallapur. The Company had changed its name from Pennar Chemical Limited to "Pennar Enviro Limited" with effect from 16.12.2011 with the objective of entering into the business of Water Projects and Environmental Solution Providers.

PERFORMANCE:

The total revenue of the Company for the year ended March 31, 2012 was Rs.56.101 millions and in terms of volume the total sales were 148kl of Fuel Additives, 73.70 tons of Water Treatment Chemicals and 40.5 tons of byproduct, Ammonium Chloride. The Net Profit Before Tax for the year ended March 31, 2012 was Rs.0.394 million and the Profit After Tax was Rs.0.318 million.

FUTURE OUTLOOK:

The Company has been looking for new areas for diversification, as the Fuel Additive business was impacted due to fluctuating oil prices and consequent use of alternate fuels by end users. The Company has also started marketing Solid Fuel Additives in the market, which is registering a good growth. The Water Treatment Chemicals business has shown 119% growth during the year and it is expected that the market of this business will increase in the coming years.

The company has formed a separate management team for providing Water Treatment Projects and Environmental Solutions. The company expects to develop this market segment during the current fiscal.

FIXED ASSETS:

· Land

· Factory Buildings

· Plant and Machinery

· Equipments

· Furniture and Fixtures

· Vehicles

· Computers

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 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.62.14
UK Pound	1	Rs.99.02
Euro	1	Rs.83.87

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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
--	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.