MIRA INFORM REPORT

Report Date :

02.09.2013

IDENTIFICATION DETAILS

Name :	ANSHULA TECHNOLOGICAL ENGINEERING CONSULTANTS PRIVATE LIMITED
Registered Office :	401/ 402/ 403, Leo Building, Plot No.479, T.P.S.lll, 24^th Road, Khar (West), Mumbai- 400052, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.08.2008
Com. Reg. No.:	11-185406
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U74210MH2008PTC185406
TAN No.: [Tax Deduction & Collection Account No.]	MUMA33386D
PAN No.: [Permanent Account No.]	AAHCA2064J
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is in the business of providing technological and consultancy services required at chemical Plants.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 18000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears drastic dip in its sales and incurred loss during 2012. 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 – 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 :	401/ 402/ 403, Leo Building, Plot No.479, T.P.S.lll, 24^th Road, Khar (West), Mumbai- 400052, Maharashtra, India
Tel. No.:	91-22-26499079/ 26499089/ 65565131
Fax No.:	91-22-26463870
E-Mail :	tbajpai@atec.co.in bajpai.trinetra@gmail.com
Website :	www.atec.co.in

DIRECTORS

As on 15.09.2012

Name :

Mr. Trinetra Gokarannath Bajpai

Designation :

Managing Director

Address :

101/102, Raheja Grande, Turner Road, Plot No.80, Bandra(West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

12.10.1950

Date of Appointment :

04.08.2008

DIN No.:

00484155

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	U92100MH1998PTC112774	KANIKA MULTISCOPE PRIVATE LIMITED	Director	02-01-98	02-01-98	Active	NO
2	U24110WB2008PLC125850	ARCL PETROCHEMICALS LIMITED	Director	19-05-08	19-05-08	Active	NO
3	U74210MH2008PTC185406	ANSHULA TECHNOLOGICAL ENGINEERING CONSULTANTS PRIVATE LIMITED	Managing director	04-08-08	04-08-08	Active	NO
4	U24121WB1992PLC056562	ARCL ORGANICS LIMITED	Additional director	09-02-10	09-02-10	Active	NO
5	U51900MH2013FTC245852	SAT EXPORTERS PRIVATE LIMITED	Nominee director	18-07-13	18-07-13	Active	NO

Name :

Mrs. Kanika Trinetra Bajpai

Designation :

Director

Address :

101/ 102, Raheja Grande, Turner Road, Plot No.80, Bandra(West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

28.03.1952

Date of Appointment :

04.08.2008

DIN No.:

00484182

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	U92100MH1998PTC112774	KANIKA MULTISCOPE PRIVATE LIMITED	Director	02-01-98	02-01-98	Active	NO
2	U74210MH2008PTC185406	ANSHULA TECHNOLOGICAL ENGINEERING CONSULTANTS PRIVATE LIMITED	Director	04-08-08	04-08-08	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.09.2012

Names of Shareholders	No. of Shares
Trinetra Gokarannath Bajpai	5500
Kanika Trinetra Bajpai	4500
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on 15.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is in the business of providing technological and consultancy services required at chemical Plants.

GENERAL INFORMATION

Suppliers :	v AEBC Credit Card- 22001 v AEBC Credit Card- 52008 v Chemproc International Inc.
Customers :	v Ailied Resin and Chemical Limited v Mangalore Chemicals and fertilizers Limited v Oil India Limited v Pasargad Energy Development Company v Kian Petrochemical company
No. of Employees :	Not Available
Bankers :	Punjab National Bank

Banking Relations :
Auditors :
Name :	Jayesh Sanghrajka and company Chartered Accountants
Address :	405/ 408, 4^th Floor, Hind Rajasthan Centre, D.S. Phalko Road, Dadar, Central Railway, Mumbai-400014, Maharashtra, India
Tel. No.:	91-22-40774600
Fax No.:	91-22-40774606
E-Mail :	jayesh@jsandco.in
Associates :	v Anshula Engineering and Technology and Engg. Company v Kanika Multiscope Private Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 10/- Each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

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

Reconciliation of the Number of Shares Outstanding

Particulars	2011-12
	Number	Rs. In Millions
Shares at Beginning	10000	0.100
Shares Issued During the Year	--	--
Shares Bought back During the Year	--	--
Shares at the End	10000	0.100

Terms/Rights attached to equity shares :

Equity shares are having a par value of Rs.10 per shares, Each holder of equity shares is entitled to one vote per shares.

In the event of Liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Details of Shareholders (holding more than 5%)

Name of Shareholder	As at 31^st March, 2012
	Number of Share Held	% of Holding
Trinetra Bajpai	5500	55%
Kanika Bajpai	4500	45%

As per the of the company. Including its register of share holders/ members and other declaration received from shareholders regarding beneficial Interest the above shareholding represents both legal and beneficial ownership of shares.

The company has neither issued any bonus shares nor any shares pursuant to contract without payment being received in cash during preceeding five years. It has also not bought back any shares during these years.

As on 15.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs. 10/- Each	Rs. 0.100 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	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100
(b) Reserves & Surplus	4.576	8.618
(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)	4.676	8.718
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.123	0.106
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.123	0.106
(4) Current Liabilities
(a) Short term borrowings	7.292	3.519
(b) Trade payables	0.703	13.414
(c) Other current liabilities	0.467	3.567
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	8.462	20.500
TOTAL	13.261	29.324
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.958	2.025
(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	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1.958	2.025
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	0.099	17.366
(d) Cash and cash equivalents	3.830	3.532
(e) Short-term loans and advances	0.010	0.044
(f) Other current assets	7.364	6.357
Total Current Assets	11.303	27.299
TOTAL	13.261	29.324

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		2.100
3] Reserves & Surplus		6.289
4] (Accumulated Losses)		0.000
NETWORTH		8.489
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.832
TOTAL BORROWING		0.832
DEFERRED TAX LIABILITIES		0.056
TOTAL		9.377
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.087
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	12.509
	Cash & Bank Balances	16.447
	Other Current Assets	8.718
	Loans & Advances	2.468
Total Current Assets		40.142
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	27.701
	Other Current Liabilities and provisions	5.151
Total Current Liabilities		32.852
Net Current Assets		7.290
MISCELLANEOUS EXPENSES		0.000
TOTAL		9.377

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3.487	54.256	131.685
		Other Income	4.325	0.156	0.082
		TOTAL (A)	7.812	54.412	131.767
Less	EXPENSES
		Cost of Material Consumed	0.003	22.352	93.861
		Employee Benefit Expenses	3.210	6.656	0.000
		Personal Expenses	0.000	0.000	9.311
		Other Expenses	7.901	21.685	18.071
		Preliminary Expenditures W/off.	0..000	0.000	0.023
		TOTAL (B)	11.114	50.693	121.266
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(3.302)	3.719	10.501
Less	FINANCIAL EXPENSES (D)		0.473	0.031	0.443
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(3.775)	3.688	10.058
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.250	0.239	0.106
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(4.025)	3.449	9.952
Less	TAX (I)		0.017	1.121	3.574
	PROFIT AFTER TAX (G-I) (J)		(4.042)	2.328	6.378
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.618	6.290	(0.088)
	BALANCE CARRIED TO THE B/S		4.576	8.618	6.290
	Earnings Per Share (Rs.)		(404)	233	638

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(51.74)	4.28	4.84
Net Profit Margin (PBT/Sales)	(%)	(115.43)	6.36	7.56
Return on Total Assets (PBT/Total Assets}	(%)	(30.35)	11.76	24.79
Return on Investment (ROI) (PBT/Networth)		(0.86)	0.40	1.17
Debt Equity Ratio (Total Liability/Networth)		1.56	0.40	0.10
Current Ratio (Current Asset/Current Liability)		1.34	1.33	1.22

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	Yes
18]	Major customers	Yes
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	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:- INDEX OF CHARGES : NO CHARGES EXIST FOR COMPANY.

UNSECURED LOANS :

Short Term Borrowings	31.03.2012 Rs. in Millions	31.03.2011 Rs in Millions
Loans from related Parties
Anshula Bajpai	1.421	1.255
Atec Prop	0.150	0.150
Trinetra Bajpai	4.400	0.653
Kanika Bajpai	1.321	1.461
Total	7.292	3.519

FIXED ASSETS :

v Motor Car

v Computers and Printers

v Laptop

v Mobile Handset

v Furniture and Fixture

v Attendance Machine

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.66.57
UK Pound	1	Rs.103.34
Euro	1	Rs.88.16

INFORMATION DETAILS

Report Prepared by :

NKT

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	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	No
--EPF	YES/NO	No
TOTAL		33

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.