MIRA INFORM REPORT

Report Date :

24.10.2013

IDENTIFICATION DETAILS

Name :	IPS-MEHTALIA PRIVATE LIMITED
Registered Office :	101-109, Unit B, First Floor, Kailash Vaibhav, Industrial Complex, Park Site, Vikhroli (West), Mumbai-400079, Maharashtra
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	31.03.1998
Com. Reg. No.:	11-114264
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U74210MH1998PTC114264
TAN No.: [Tax Deduction & Collection Account No.]	MUMB12945C
PAN No.: [Permanent Account No.]	AABCB3523B
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider of Technical, Engineering and Architectural Consultancy Services.
No. of Employees :	80 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 651000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear

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

India’s current account deficit or CAD in April-June widened to 4.9 % of gross domestic product. High imports of gold and oil led to a worsening of the traqde deficit, resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the corresponding quarter of the previous financial year. The government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2 billion in 2012/13.

The finance ministry has started preparations for Budget 2014/15. With general elections scheduled to be held by May next year, there will only be an interim budget. The new government will present the fiscal Budget.

The Supreme Court has barred clinical trials for new drugs till a monitoring mechanism is put in place to protect the lives of people on which the drugs are tested.

Mumbai has been named the world’s second most honest city according to a survey on 15 cities worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot for the world’s most honest city while Lisbon, the capital of Portugal, proved to be the least honest.  The survey put hundreds of people to test in four continents to find out just how honest they were by dropping wallets and seeing how many would be returned.

3.7 % Growth of the core sector in August, a seven month high. This takes the overall growth in April-August this year to 2.3 % compared with 6.3 % in the corresponding period next financial year.

$19 million Estimated average spending by companies across the globe including India, on social media this year, according to a global study by information technology major Tata Consultancy Services. This will rise to $ 24 million in 2015.

Rising inflation, fewer employment avenues and dwindling earnings are taking a toll on the spending capacity in India. Over 72 % respondents from middle and lower middle income families would be forced to slash their Diwali expenditure by 40 % and on average spend nearly 25 % of their monthly salary on Diwali, according to a survey by Assochem.

Analysts believe the shutdown of the US government would have limited impact in sectors such as IT or tourism that are dependent on Visa clearances.

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 [GENERAL DETAILS]

Name :	Mr. Shailesh Upadhyay
Designation :	Accounts Department
Contact No.:	91-22-67209717
Date :	23.10.2013

LOCATIONS

Registered Office :	101-109, Unit B, First Floor, Kailash Vaibhav, Industrial Complex, Park Site, Vikhroli (West), Mumbai-400079, Maharashtra, India
Tel. No.:	91-22-67209717
Fax No.:	91-22-24145185
E-Mail :	supadhyay@ips-mehtalia.com shailesh@mehtalia.com
Website :	http://www.ips-mehtalia.com
Location :	Owned
Branch Office :	Located At: · Ahmedabad · New Delhi · Hyderabad

DIRECTORS

AS ON 08.05.2012

Name :

Mr. Anthony Salvatore Andrew Signore

Designation :

Director

Address :

380, Colket Lane, Wayne, Pin Code 19087

Date of Birth/Age :

23.01.1951

Date of Appointment :

04.10.2011

Din No.:

03546869

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	U74210MH1998PTC114264	IPS-MEHTALIA PRIVATE LIMITED	Director	21/10/2011	04/10/2011	Active	NO

Name :

Mr. Thomas Brian Robert Morris

Designation :

Director

Address :

21, Flamehill Road, Levittown, Pin Code 19056

Date of Birth/Age :

07.07.1972

Date of Appointment :

04.10.2011

Din No.:

03546657

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	U74210MH1998PTC114264	IPS-MEHTALIA PRIVATE LIMITED	Director	21/10/2011	04/10/2011	Active	NO

Name :

Mr. Pratapkumar Sachintdrakumar Ghosh

Designation :

Director

Address :

EB-Inder Puri, New Delhi-110012, India

Date of Birth/Age :

15.04.1952

Date of Appointment :

04.10.2011

Din No.:

00375628

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	U74210TN1985PTC012135	ERCOM CONSULTING ENGINEERS PRIVATE LIMITED	Director	19/08/1985	19/08/1985	Active	NO
2	U74899DL1991PTC042601	CONSCOM ENGINEERS PRIVATE LIMITED	Director	11/10/1994	11/10/1994	Active	NO
3	U74899DL1995PTC065881	ERCOM ENGINEERS PRIVATE LIMITED	Director	28/02/1995	28/02/1995	Active	NO
4	U74899DL1993PTC055433	ORIENTAL GLOBAL SERVICES PRIVATE LIMITED	Director	28/09/1998	28/09/1998	Active	NO
5	U74210DL2005PTC133053	INTEGRATED PROJECT SERVICES INTERNATIONAL PRIVATE LIMITED	Director	16/02/2005	16/02/2005	Active	NO
6	U74210MH1998PTC114264	IPS-MEHTALIA PRIVATE LIMITED	Managing director	07/03/2013	04/10/2011	Active	NO

Name :

Mr. Devavrata Pareshchandra Goswami

Designation :

Director

Address :

89, Lenape Road, Richboro, Pin Code 18954

Date of Birth/Age :

30.04.1953

Date of Appointment :

04.10.2011

Din No.:

01390495

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	U74210DL2005PTC133053	INTEGRATED PROJECT SERVICES INTERNATIONAL PRIVATE LIMITED	Director	06/04/2005	06/04/2005	Active	NO
2	U74210MH1998PTC114264	IPS-MEHTALIA PRIVATE LIMITED	Director	21/10/2011	04/10/2011	Active	NO
3	U74899DL1995PTC065881	ERCOM ENGINEERS PRIVATE LIMITED	Additional director	03/09/2013	03/09/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Shailesh Upadhyay
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 08.05.2012

Names of Shareholders	No. of Shares
Balvant Dhirajlal Mehtalia	900
Integrated Project Services Inc., US	9100
TOTAL	10000

AS ON 08.05.2012

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]	91.00
Directors or relatives of directors	9.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Service Provider of Technical, Engineering and Architectural Consultancy Services.
Terms :
Selling :	LC and Credit
Purchasing :	LC and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

80 [Approximately]

Bankers :

Indusind Bank

Facilities :

Secured Loan	31.12.2011 [6 Months]	30.06.2011 [12 Months]
	Rs. in Millions
Short Term Borrowings
Overdraft against FD from Indusind Bank	0.000	9.825
TOTAL	0.000	9.825

Banking Relations :	--
Auditors :
Name :	Sheth Mehta Associates Chartered Accountants
Address :	701, Ganjawala Residency, Ganjawala Lane, Borivali (West), Mumbai-400092, Maharashtra, India
PAN No:	AAKFS4532K
Holding or Subsidiary of the company :	IPS Integrated Project Services Inc.
Associates or Joint Venture :	Integrated Project Service International Private Limited
Other Related Parties :	Ercom Engineers Private Limited

CAPITAL STRUCTURE

AS ON 31.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.10/- each	Rs.0.400 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2011 [6 Months]	30.06.2011 [12 Months]
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100
(b) Reserves & Surplus	162.757	144.648
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	162.857	144.748
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	43.895	45.897
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.594	1.742
Total Non-current Liabilities (3)	44.489	47.639
(4) Current Liabilities
(a) Short term borrowings	21.149	28.900
(b) Trade payables	0.000	0.000
(c) Other current liabilities	7.880	29.840
(d) Short-term provisions	6.783	72.828
Total Current Liabilities (4)	35.812	131.568
TOTAL	243.158	323.955
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.247	7.936
(ii) Intangible Assets	6.561	3.365
(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	0.000	0.000
(e) Other Non-current assets	100.352	154.482
Total Non-Current Assets	114.160	165.783
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	108.712	129.005
(d) Cash and cash equivalents	17.773	26.479
(e) Short-term loans and advances	1.280	2.019
(f) Other current assets	1.233	0.669
Total Current Assets	128.998	158.172
TOTAL	243.158	323.955

SOURCES OF FUNDS		30.06.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		137.841
4] (Accumulated Losses)		0.000
NETWORTH		137.941
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		34.564
TOTAL		172.505
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.010
Capital work-in-progress		0.000
INVESTMENT		5.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	108.683
	Cash & Bank Balances	1.508
	Other Current Assets	156.303
	Loans & Advances	166.939
Total Current Assets		433.433
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	23.309
	Provisions	255.629
Total Current Liabilities		278.938
Net Current Assets		154.495
MISCELLANEOUS EXPENSES		0.000
TOTAL		172.505

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011 [6 Months]	30.06.2011 [12 Months]	30.06.2010
	SALES
		Income	145.911	350.001	381.791
		Other Income	7.797	8.979	12.837
		TOTAL (A)	153.708	358.980	394.628
Less	EXPENSES
		Professional Fees	62.437	144.876	147.448
		Employee Benefit Expenses	16.749	40.812	51.116
		Other Expenses	47.321	102.490	173.910
		TOTAL (B)	126.507	288.178	372.474
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		27.201	70.802	22.154
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		27.201	70.802	22.154
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.933	3.842	5.102
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		25.268	66.960	17.052
Less	TAX (H)		7.158	25.013	18.170
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		18.110	41.947	(1.118)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		138.648	136.340	283.703
Less	APPROPRIATIONS
		Interim Dividend	0.000	30.350	0.000
		Final Dividend	0.000	0.000	125.000
		Dividend Tax	0.000	4.557	21.244
		Interest on Dividend Tax (2009-10)	0.000	0.212	0.000
		Interest on Dividend Tax (2010-11)	0.000	0.020	0.000
		Transfer to General Tax	0.000	4.500	0.000
	BALANCE CARRIED TO THE B/S		156.758	138.648	136.341
	EARNINGS IN FOREIGN CURRENCY
		Consultancy Fees	0.000	143.496	NA
	Earnings / (Loss) Per Share (Rs.)		1811.00	4195.00	--

KEY RATIOS

PARTICULARS		31.12.2011 [6 Months]	30.06.2011 [12 Months]	30.06.2010
PAT / Total Income	(%)	11.78	11.69	(0.28)
Net Profit Margin (PBT/Sales)	(%)	17.32	19.13	4.47
Return on Total Assets (PBT/Total Assets}	(%)	17.69	20.67	3.82
Return on Investment (ROI) (PBT/Networth)		0.15	0.46	0.12
Debt Equity Ratio (Total Debt/Networth)		0.13	0.20	0.00
Current Ratio (Current Asset/Current Liability)		3.60	1.20	1.55

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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

NOTE:

The registered office of the company has been shifted from 807, Imperial Mahal, 3^rd Floor, Khoddad Circle, Dadar TT, Mumbai-400014, Maharashtra, India to the present address w.e.f.20.07.2012.

Unsecured Loan	31.12.2011 [6 Months]	30.06.2011 [12 Months]
	Rs. in Millions
Short Term Borrowings
From Directors and Relatives of Directors	21.149	19.075
TOTAL	21.149	19.075

FIXED ASSETS:

· Furniture and Fixtures

· Vehicle

· Office Equipments

· Building

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.61.53
UK Pound	1	Rs.99.75
Euro	1	Rs.84.75

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.