MIRA INFORM REPORT

Report Date :

20.06.2014

IDENTIFICATION DETAILS

Name :	ENERZI MOCROWAVE SYSTEMS PRIVATE LIMITED
Registered Office :	Creintors Compound, Plot No.99/107, Survey No.343A/335, Behind Kunjal Steels, Udyambag, Belgaum – 590008, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.08.2007
Com. Reg. No.:	08-043629
Capital Investment / Paid-up Capital :	Rs.1.250 Millions
CIN No.: [Company Identification No.]	U29142KA2007PTC043629
TAN No.: [Tax Deduction & Collection Account No.]	BLRE04823A
PAN No.: [Permanent Account No.]	AABCE8744K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Industrial Microwave Heating Systems.
No. of Employees :	26 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Status :	Small company
Payment Behaviour :	Slow but company
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for small 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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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. Roopesh
Designation :	Accounts Executive
Contact No.:	91-831-2441104
Date :	17.06.2014

LOCATIONS

Registered Office :	Creintors Compound, Plot No.99/107, Survey No.343A/335, Behind Kunjal Steels, Udyambag, Belgaum – 590008, Karnataka, India
Tel. No.:	91-831-2441104
Fax No.:	91-831-2441104
E-Mail :	accounts@enerzi.co contact@enerzi.co
Website :	www.enerzi.co
Location :	Owned
Locality :	Commercial

DIRECTORS

As on 28.09.2013

Name :

Mr. Prakash Somanna Mugali

Designation :

Managing Director

Address :

#147, 2^nd Floor, JC Nagar, Pipeline Road, Near Kurubarahalli, Bangalore – 560086, Karnataka, India

Date of Birth/Age :

05.01.1980

Date of Appointment :

20.08.2007

DIN No.:

01584322

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	U29142KA2007PTC043629	ENERZI MICROWAVE SYSTEMS PRIVATE LIMITED	Managing director	14/05/2013	20/08/2007	Active	NO
2	U74140KA2012PTC065511	Creintors Teknosol Private Limited	Director	04/04/2013	23/08/2012	Active	NO
3	U65900KA2013PTC068227	Creintors Holdings Private Limited	Managing director	04/04/2013	20/03/2013	Active	NO
4	U41000KA2013PTC072152	CREINTORS WATER SOLUTIONS PRIVATE LIMITED	Director	27/11/2013	27/11/2013	Active	NO

Name :

Mr. Neelesh Bhimrao Chougule

Designation :

Director

Address :

832/F, Bel Layout, 2^nd Cross, 15^th Main, Near Anjana Nagar, Bangalore – 560091, Karnataka, India

Date of Birth/Age :

11.05.1978

Date of Appointment :

20.08.2011

DIN No.:

00843036

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	U85110KA1997PTC021747	MILENIUM TECHNOLOGIES (INDIA) PRIVATE LIMITED	Director	09/08/2005	09/08/2005	19/12/2009	Active	NO
2	U73100KA2006PTC040738	MULTIFACET TECHNICAL CENTER PRIVATE LIMITED	Director	16/10/2006	16/10/2006	30/10/2011	Active	NO
3	U29142KA2007PTC043629	ENERZI MICROWAVE SYSTEMS PRIVATE LIMITED	Director	14/05/2013	20/08/2011	-	Active	NO
4	U74140KA2012PTC065511	Creintors Teknosol Private Limited	Managing director	04/04/2013	23/08/2012	-	Active	NO
5	U65900KA2013PTC068227	Creintors Holdings Private Limited	Director	04/04/2013	20/03/2013	-	Active	NO

Name :

Mr. Krupa Shankara Sethuram Mysore

Designation :

Director

Address :

363, 16^th Main, 4^th T Block, Jayanagar, Bangalore – 560041, Karnataka, India

Date of Birth/Age :

08.05.1969

Date of Appointment :

20.08.2007

DIN No.:

01584486

KEY EXECUTIVES

Name :	Mr. Roopesh
Designation :	Accounts Executive

MAJOR SHAREHOLDERS

As on 28.09.2013

Names of Shareholders	No. of Shares	% of Holding
Prakash Somanna Mugali	7000	5.60
Krupa Shankara Sethuram Mysore	15000	12.00
Neelesh Bhimrao Chougule	7000	5.60
Suryaji Vichare	4000	3.20
Iyer Siddarth	5000	4.00
Sanjay Magdum	10000	8.00
Prasad Rotti	1000	0.80
Sunil Kalburgi	5000	4.00
Creintors Holdings Private Limited	71000	56.80
Total	125000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2013

Category	Percentage
Bodies corporate	57.00
Directors or relatives of Directors	23.00
Other top fifty shareholders	20.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Industrial Microwave Heating Systems.
Imports :
Products :	Raw Materials
Countries :	USA
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

GENERAL INFORMATION

No. of Employees :

26 (Approximately)

Bankers :

State Bank of India, Hindwadi, Belgaum, Karnataka, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
State Bank of India Term loan	0.788	0.000
Short Term Borrowings
State Bank of India Cash credit	1.363	2.375
Total	2.151	2.375

Banking Relations :	--
Auditors :
Name :	Prakash R Adhyapak and Company Chartered Accountants
Address :	371, Nehru Road, Tilakwadi, Belgaum, Karnataka, India
Qualification :	B.Com, F.C.A.
Tel. No.:	91-831-2466861
E-Mail :	pradhyapak@indiatimes.com
PAN No.:	ABLPA9503A

CAPITAL STRUCTURE

As on 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
125000	Equity Shares	Rs.10/- each	Rs.1.250 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	1.250	0.800	0.700
(b) Reserves & Surplus	6.595	3.028	2.289
(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)	7.845	3.828	2.989
(3) Non-Current Liabilities
(a) long-term borrowings	0.788	0.000	0.200
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1.207	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1.995	0.000	0.200
(4) Current Liabilities
(a) Short term borrowings	2.375	3.883	2.155
(b) Trade payables	2.122	0.703	0.784
(c) Other current liabilities	1.910	0.827	0.793
(d) Short-term provisions	1.245	0.543	0.135
Total Current Liabilities (4)	7.652	5.956	3.867
TOTAL	17.492	9.784	7.056
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.643	0.205	0.240
(ii) Intangible Assets	0.000	0.000	0.000
(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	3.710	1.600	1.031
(e) Other Non-current assets	0.012	0.015	0.019
Total Non-Current Assets	5.365	1.820	1.290
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3.820	4.103	1.910
(c) Trade receivables	6.880	3.109	3.466
(d) Cash and cash equivalents	0.568	0.454	0.183
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.859	0.298	0.207
Total Current Assets	12.127	7.964	5.766
TOTAL	17.492	9.784	7.056

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	16.187	14.123	13.642
Less	EXPENSES
		TOTAL	14.926	12.859	12.641
	PROFIT/(LOSS) BEFORE TAX		1.261	1.264	1.001
Less	TAX		0.375	NA	NA
	PROFIT/(LOSS) AFTER TAX		0.886	NA	NA
	Earnings Per Share (Rs.)		7.08	NA	NA

Particulars	31.03.2014
Sales Turnover (Approximately)	19.700

The above information has been parted by Mr. Roopesh (Accounts Executive)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.47	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	7.21	12.92	14.19
Return on Investment (ROI) (PBT/Networth)		0.16	0.33	0.33
Debt Equity Ratio (Total Debt /Networth)		0.40	1.01	0.79
Current Ratio (Current Asset/Current Liability)		1.58	1.34	1.49

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	0.700	0.800	1.250
Reserves & Surplus	2.289	3.028	6.595
Net worth	2.989	3.828	7.845
long-term borrowings	0.200	0.000	0.788
Short term borrowings	2.155	3.883	2.375
Total borrowings	2.355	3.883	3.163
Debt/Equity ratio	0.788	1.014	0.403

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	13.642	14.123	16.187
		3.526	14.614

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Income	13.642	14.123	16.187
Profit Before Tax	1.001	1.264	1.261
	7.34%	8.95%	7.79%

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 four years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Advance Received from Customers	0.000	2.520
Total	0.000	0.520

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10109974	08/01/2014 *	6,644,000.00	STATE BANK OF INDIA	RASMECCC, 2ND FLOOR, HALGEKAR BHAVAN, GOAVES, HINDWADI, BELGAUM, KARNATAKA - 590008, INDIA	B95985750

*Date of modification Charges

FIXED ASSETS:

· Computer

· Furniture

· Tools, Equipments

· Vehicles

· Building

· Plant and Machinery

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.60.00
UK Pound	1	Rs.102.05
Euro	1	Rs.81.71

INFORMATION DETAILS

Information Gathered by :	PLK
Analysis Done by :	RAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.