MIRA INFORM REPORT

Report Date :

15.01.2014

IDENTIFICATION DETAILS

Name :	NEELA SYSTEMS LIMITED
Registered Office :	4/8, Piramal Industrial Premises Co-operative Society Limited, S.V. Road, Goregaon (West), Mumbai – 400 062, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.10.2007
Com. Reg. No.:	11-175261
Capital Investment / Paid-up Capital :	Rs.50.000 millions
CIN No.: [Company Identification No.]	U41000MH2007PLC175261
TAN No.: [Tax Deduction & Collection Account No.]	MUMN15624A
PAN No.: [Permanent Account No.]	AACCN6144P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing, Installing and Commissioning of Water Purification Systems and also undertake contracts / sub contracts of Turnkey Projects.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 2213000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of PRAJ INDUSTRIES LIMTIED. It is a well-established company having fine track record. The rating reflects adequate financial risk profile marked by healthy capital structure and debt protection metrics. The rating also reflect the strong operational, financial and managerial support that NSL derives from its parent company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: A
Rating Explanation	Adequate degree of safety and carry low credit risk.
Date	September 16, 2013

Rating Agency Name	CRISIL
Rating	Short term rating: A1
Rating Explanation	Strong degree of safety and carry lowest credit risk.
Date	September 16, 2013

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

Name :	Mr. Nilesh
Designation :	Finance Executive
Contact No.:	91-22-40888444
Date :	14.01.2014

LOCATIONS

Registered/ Corporate Office :	4/8, Piramal Industrial Premises Co-operative Society Limited, S.V. Road, Goregaon (West), Mumbai – 400 062, Maharashtra, India
Tel. No.:	91-22-40888444
Fax No.:	91-22-28747129
E-Mail :	vcjain@neelasystemslimited.com contacts@neelasystemslimited.com nilesh.m@neelasystemslimited.com
Website :	http://www.neelasystemslimited.com
Factory :	Gat No.456/ 467/ 438/ 204/ 205, Village Usar Kudus, Taluka Wada, District Thane – 421 303, Maharashtra, India
Tel. No.:	91-22-40888444
Fax No.:	91-2526-220035

DIRECTORS

AS ON 29.06.2013

Name :

Mr. Himanshu Virendra Shah

Designation :

Managing director

Address :

Flat-1101, Sanghvi Villa, Plot No.73, S.V. Road, TPS VI, Andheri (West), Mumbai – 400 058, Maharashtra, India

Date of Birth/Age :

17.05.1964

Qualification :

B.Sc.

Experience :

26 Years

Date of Appointment :

06.01.2012

PAN No.:

AAHPS7504E

DIN No.:

00012867

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	U27109MH1993PTC075474	NEELA INDIA PRIVATE LIMITED	Managing director	06/12/1993	06/12/1993	Amalgamated	NO
2	U28920MH1999PTC122156	PURE FLOW INDIA PRIVATE LIMITED	Director	11/10/1999	11/10/1999	Strike off	NO
3	U41000MH2007PLC175261	NEELA SYSTEMS LIMITED	Managing director	06/01/2012	22/10/2007	Active	NO

Name :

Mr. Pramod Madhukar Chaudhari

Designation :

Nominee director

Address :

‘Kinnari’, 6, Vee Nimbkar Co-operative Housing Society, 80/4, Opposite Baner Road, Aundh, Pune – 400 107, Maharashtra, India

Date of Birth/Age :

26.11.1949

Date of Appointment :

06.01.2012

DIN No.:

00196415

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	L27101PN1985PLC038031	PRAJ INDUSTRIES LIMITED	Whole-time director	01/08/2012	08/11/1985	-	Active	NO
2	U28113MH1960PLC011575	NICHROME INDIA LIMITED	Director	16/04/2005	16/04/2005	-	Active	NO
3	U72200PN2001PTC016563	ACCELTREE SOFTWARE PRIVATE LIMITED	Director	25/08/2006	25/08/2006	09/06/2009	Active	NO
4	L70200MH2002PLC136849	MAN INFRACONSTRUCTION LIMITED	Director	03/08/2009	30/11/2006	08/08/2012	Active	NO
5	U74900PN2008PTC131691	P-CUBE ENTERPRISES PRIVATE LIMITED	Director	26/03/2008	26/03/2008	-	Active	NO
6	U41000MH2007PLC175261	NEELA SYSTEMS LIMITED	Nominee director	06/01/2012	06/01/2012	-	Active	NO
7	U73100PN2007NPL129455	ENTREPRENEURSHIP DEVELOPMENT CENTER	Director	29/08/2012	11/08/2012	-	Active	NO
8	U74900PN2013PTC147132	P-CUBE TRUSTEESHIP SERVICES PRIVATE LIMITED	Director	29/04/2013	29/04/2013	-	Active	NO
9	AAB-5131	PLUTUS PROPERTIES LLP	Designated Partner	10/05/2013	10/05/2013	-	Active	NO

Name :

Mr. Sivaramakrishnan Srinivasan Iyer

Designation :

Nominee director

Address :

B-1901, Runwal Pride, Behind R-Mall, L.B.S. Marg, Mulund (West), Mumbai – 400 080, Maharashtra, India

Date of Birth/Age :

28.01.1967

Qualification :

Chartered Accountant

Date of Appointment :

06.01.2012

DIN No.:

00503487

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	L27101PN1985PLC038031	PRAJ INDUSTRIES LIMITED	Director	17/04/2003	17/04/2003	-	Active	NO
2	U67120AP1994PLC052372	EDELWEISS FINANCE AND INVESTMENTS LIMITED	Director	08/03/2006	08/03/2006	15/04/2007	Active	NO
3	L17100MH1905PLC000200	PHOENIX MILLS LIMITED	Director	05/11/2007	31/10/2006	-	Active	NO
4	U65999MH2005PLC155191	EDELWEISS TRUSTEE SERVICES LIMITED	Director	12/09/2007	01/11/2006	-	Active	NO
5	L70200MH2002PLC136849	MAN INFRACONSTRUCTION LIMITED	Director	09/08/2007	03/01/2007	-	Active	NO
6	U74140GJ1983PTC005900	SAI CONSULTING ENGINEERS PRIVATE LIMITED	Director	29/09/2007	02/07/2007	01/10/2008	Active	NO
7	U72200MH2000PTC125520	BUSINESS ASIA CONSULTING PRIVATE LIMITED	Director	24/04/2009	24/04/2009	13/04/2011	Active	NO
8	L65910MH1998PLC115967	IRB INFRASTRUCTURE DEVELOPERS LIMITED	Director	04/09/2009	29/07/2009	06/02/2013	Active	NO
9	U73100PN2008PTC136274	FUSIONTECH VENTURES PRIVATE LIMITED	Director	23/07/2010	01/11/2009	-	Active	NO
10	U65999MH2009PTC195730	DAHLIA COMMODITIES SERVICES PRIVATE LIMITED	Director	29/07/2010	23/03/2010	16/01/2013	Active	NO
11	U65990MH2009PTC195495	MAGNOLIA COMMODITIES SERVICES PRIVATE LIMITED	Director	29/07/2010	23/03/2010	16/01/2013	Active	NO
12	U32200MH2000PLC126562	AVITEL POST STUDIOZ LIMITED	Nominee director	28/07/2010	30/03/2010	04/10/2010	Active	NO
13	U41000MH2007PLC175261	NEELA SYSTEMS LIMITED	Nominee director	06/01/2012	06/01/2012	-	Active	NO
14	L92142MH2002PLC135964	CINELINE INDIA LIMITED	Director	19/09/2013	31/01/2013	-	Active	NO
15	U24246GJ2009PTC058957	VINI COSMETICS PRIVATE LIMITED	Director	16/09/2013	06/08/2013	-	Active	NO

Name :

Mr. Gajanan Jagannath Nabar

Designation :

Nominee director

Address :

Orchid, Flat No.601, Holy Cross Road, IC Colony, Borivali (West), Mumbai – 400 103, Maharashtra, India

Date of Birth/Age :

16.11.1963

Date of Appointment :

06.01.2012

DIN No.:

00714569

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	U24111KA1996PTC020272	PRAXAIR INDIA PRIVATE LIMITED	Managing director	01/01/2009	29/09/2004	02/11/2010	Active	NO
2	U40200KA1998PTC023496	PRAXAIR CARBONDIOXIDE PRIVATE LIMITED	Managing director	01/01/2009	14/10/2004	02/11/2010	Active	NO
3	U85110KA1995PTC018868	JINDAL PRAXAIR OXYGEN COMPANY PRIVATE LIMITED	Nominee director	30/09/2008	29/09/2008	15/11/2010	Active	NO
4	U40101KA2000PTC028247	AMBUTHIRTHA POWER PRIVATE LIMITED	Nominee director	30/09/2009	29/06/2009	28/12/2009	Active	NO
5	L27101PN1985PLC038031	PRAJ INDUSTRIES LIMITED	Managing director	15/11/2010	15/11/2010	-	Active	NO
6	U41000MH2007PLC175261	NEELA SYSTEMS LIMITED	Nominee director	06/01/2012	06/01/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Abhijit Satish Tikekar
Designation :	Secretary
Address :	D-II-6, N.C.L. Colony, Pashan Road, Pune – 411 008, Maharashtra, India
Date of Birth/Age :	13.05.1982
Date of Appointment :	07.05.2013
PAN No.:	ADVPT3720E
Name :	Mr. Nilesh
Designation :	Finance Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.06.2013

Names of Shareholders	No. of Shares
Himanshu Shah jointly with Manisha H. Shah jointly with Sunanda Shah	2000000
Praj Industries Limited, India	3000000
Pramod Madhukar Chaudhari jointly with Parimal Chaudhari	**4960
Parimal Pramod Chaudhari jointly with Pramod Chaudhari	**10
Pramod Chaudhari jointly with Parimal Pramod Cahudhari as a Trustees of Moriyaset Trust	**10
Gajanan Nabar	**10
Bipeen Yashwant Valame	**10
Total	5000000

Note:

** Shares held as a Nominee of Praj Industries Limited.

AS ON 29.06.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	60.00
Directors or relatives of directors	40.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Installing and Commissioning of Water Purification Systems and also undertake contracts / sub contracts of Turnkey Projects.

Products/ Services :

ITC Code No.	Product Descriptions
84212190	Filtering or Purifying Machinery and Apparatus

Exports :

Products :

Water Purification Systems

Countries :

Bangladesh

Imports :

Products :

Raw Materials

Countries :

USA

Terms :

Selling :

Cash and Credit (30 days)

Purchasing :

Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

· Merck

Aurobindo

Lupin

Panacea Biotec

Shasun

Aurobindo Pharma

Cadila Healthcare Limited

Dishman Pharma Healthcare

Wockhardt

L’Oreal

NecLife

Ranbaxy

Glenmark

Unichem

Shasun

Colgate

Savita

No. of Employees :

150 (Approximately)

Bankers :

· State Bank of India, Industrial Finance Branch, Near Chicholi Phatak, S.V. Road, Malad West, Mumbai – 400 064, Maharashtra, India

ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from banks	0.000	24.000
SHORT TERM BORROWINGS
Loans repayable on demand from banks	137.385	189.544
Total	137.385	213.544
LONG-TERM BORROWINGS I. Terms Loan from Bank is repayable by equal monthly instalment of Rs. 2.000 Million per month. II. The Company has a Term Loan facility from bankers secured by first charge on Company’s entire Fixed Assets acquired or to be acquired, wherever situated. III. Previous Year the facilities from State Bank of India Bank are further collaterally secured by way of Equitable Mortgage on Office Premises at 4/8 and 5/8 Piramal Industrial Estate and also by way of extension of Equitable Mortgage on Residential flat, 1101 of Himanshu Shah (Managing Director). SHORT-TERM BORROWINGS I. Current year Cash Credit and PCFC Loan Balance with ICICI Bank is secured by first charge by way of hypothecation of the company’s entire stock of raw-materials, semi-finished goods and finished good, consumable stores and spares and such other movables including book-debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, in a form and manner satisfactory to the Bank, ranking pari-passu with other participating banks. II. Previous year Cash Credit Balance with State Bank of India is secured by first charge on the company’s entire stock of raw materials, packing materials, semi-finished and finished goods, consumables stores and spares, book debts and is collaterally secured by charge on the fixed assets of the company. III. Previous year Cash Credit facilities with State Bank of India is further secured by first charge on Company’s entire current assets both present and future, wherever situated. It is further collaterally secured by mortgage of Land at Wada of the Company. IV. Previous Year the facilities from State Bank of India Bank are further collaterally secured by way of Equitable Mortgage on Office Premises at 4/8 and 5/8 Piramal Industrial Estate and also by way of extension of Equitable Mortgage on Residential flat, 1101 of Himanshu Shah (Managing Director). V. Previous year the balance of Fixed Deposits with State Bank of India of Rs.16.400 millions is charged to lenders SBI as margin money for Bank Guarantee and Letter of Credit and also as security for cash credit account.

Banking Relations :	--
Auditors :
Name :	Dhanraj Jain and Associates Chartered Accountants
Address :	31, Shubh Commercial Premises Co-operative Society Limited, Opposite Temptation Hotel, Akurli Station Road, Kandivali (East), Mumbai – 400 101, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAGPJ5394J
Holding Company :	Praj Industries Limited
Associate Entities :	Naman Traders (Formerly Neela Traders)

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	50.000	50.000	50.000
(b) Reserves & Surplus	503.281	388.980	270.285
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	553.281	438.980	320.285
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	24.000	47.996
(b) Deferred tax liabilities (Net)	1.887	0.927	6.753
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	2.540	1.386	2.142
Total Non-current Liabilities (3)	4.427	26.313	56.891
(4) Current Liabilities
(a) Short term borrowings	137.385	189.544	180.442
(b) Trade payables	160.576	73.937	157.824
(c) Other current liabilities	80.231	57.695	91.767
(d) Short-term provisions	125.785	119.255	85.980
Total Current Liabilities (4)	503.977	440.431	516.013
TOTAL	1061.685	905.724	893.189
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	287.521	318.980	260.460
(ii) Intangible Assets	0.771	1.200	1.708
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.012	1.364	0.908
(e) Other Non-current assets	10.508	5.461	2.414
Total Non-Current Assets	299.812	327.005	265.490
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	200.591	162.871	260.731
(c) Trade receivables	387.095	214.248	196.014
(d) Cash and cash equivalents	22.821	50.800	55.611
(e) Short-term loans and advances	0.771	0.492	115.025
(f) Other current assets	150.595	150.308	0.318
Total Current Assets	761.873	578.719	627.699
TOTAL	1061.685	905.724	893.189

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	846.003	928.106	762.493
		Other Income	8.549	8.931	11.290
		TOTAL (A)	854.552	937.037	773.783
Less	EXPENSES
		Cost of materials consumed	543.926	486.721	450.569
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(112.604)	1.286	(37.790)
		Employee benefit expense	80.960	77.605	71.809
		Other expenses	114.482	101.830	98.545
		Prior period items	0.000	11.223	0.000
		TOTAL (B)	626.764	678.665	583.133
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		227.788	258.372	190.650
Less	FINANCIAL EXPENSES (D)		20.740	35.914	32.838
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		207.048	222.458	157.812
Less/ Add	DEPRECIATION/ AMORTISATION (F)		37.984	35.394	20.738
	PROFIT BEFORE TAX (E-F) (G)		169.064	187.064	137.074
Less	TAX (H)		54.763	62.370	49.512
	PROFIT AFTER TAX (G-H) (I)		114.301	124.694	87.562
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	170.747	39.968	50.725
		Other Earnings	1.958	0.000	0.000
	TOTAL EARNINGS		172.705	39.968	50.725
	IMPORTS
		Raw Materials	129.622	55.554	65.716
		Components and spare parts	1.707	4.709	1.114
	TOTAL IMPORTS		131.329	60.263	66.830
	Earnings Per Share (Rs.)		22.86	24.94	17.51

Expected Sales (2013-2014): Rs.900.000 millions

The above information has been parted by Mr. Nilesh (Finance Executive).

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	13.38	13.31	11.32
Net Profit Margin (PBT/Sales)	(%)	19.98	20.16	17.98
Return on Total Assets (PBT/Total Assets}	(%)	15.92	20.65	15.35
Return on Investment (ROI) (PBT/Networth)		0.31	0.43	0.43
Debt Equity Ratio (Total Debt/Networth)		0.25	0.49	0.71
Current Ratio (Current Asset/Current Liability)		1.51	1.31	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	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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10359770	22/08/2013 *	450,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B84327279
2	90166412	08/12/1995	200,000.00	STATE BANK OF INDORE	THAKUR COMPLEX, KANDIVALI, MUMBAI - 400101, MAHARASHTRA, INDIA	-

* Date of charge modification

GENERAL INFORMATION

The company has been incorporated on 22^nd October 2007. The company’s main object is to manufacture, install and commissioning of water purification systems used for Food, Pharma and Beverage Industries, undertake contracts / sub contracts of Turnkey Projects.

FIXED ASSETS:

· Land

Buildings

Plant and Equipment

Furniture and fixtures

Vehicles

Office Equipment

Computer Equipments

Computer 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 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.61.52
UK Pound	1	Rs.101.48
Euro	1	Rs.84.11

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	SMN

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	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.