MIRA INFORM REPORT

Report Date :

29.10.2014

IDENTIFICATION DETAILS

Name :	KISHOR PUMPS PRIVATE LIMITED
Registered Office :	A-13/H MIDC, Pimpri, Pune – 411018, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	27.09.1965
Com. Reg. No.:	11-013333
Capital Investment / Paid-up Capital :	Rs.9.722 Millions
CIN No.: [Company Identification No.]	U31909PN1965PTC013333
TAN No.: [Tax Deduction & Collection Account No.]	PNEK05268E
PAN No.: [Permanent Account No.]	AABCK0619B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of all types of pumps and spares.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. As per Registrar of Companies the date of Balance sheet i.e., Financials filed is shown as 31^st March, 2014 but the documents related to the financials for the year 2014 are not available from any sources. As per available financial of 2013, Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Ramkumar Nadumula
Designation :	Branch Manager of Andhra Pradesh Office
Contact No.:	91-9885055571
Date :	29.10.2014

LOCATIONS

Registered Office :	A-13/H MIDC, Pimpri, Pune – 411018, Maharashtra, India
Tel. No.:	91-20-27473570
Mobile No.:	91-9885055571 (Mr. Ramkumar Nadumula)
Fax No.:	91-20-27470570
E-Mail :	ravikumar.nadumula@kishorpumps.com laxman.nyayadhish@kishorpumps.com
Website :	www.kishorpumps.com
Location :	Owned
Corporate Office :	22, Barve Complex, 1170/1, J. M. Road, Shivaji Nagar, Pune – 411005, Maharashtra, India
Tel. No.:	91-20-25535129
Factory :	675/2, Pune Nashik Highway, Kuruli (Chakan), Pune – 410501, Maharashtra, India
Branches :	Located at: · Andhra Pradesh · Telangana · Chennai · Mumbai · Delhi · Kolkata · Vadodara

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Kishor Narayan Desai

Designation :

Managing Director

Address :

132/2 Kishor Iti Road, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

15.11.1957

Date of Appointment :

01.10.1979

DIN No.:

00108543

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	U31909PN1965PTC013333	KISHOR PUMPS PRIVATE LIMITED	Managing director	01/10/1979	01/10/1979	-	Active	NO
2	U65993MH1983PTC029277	NALINI NARAYAN INVESTMENT PVT LTD	Director	08/02/1983	08/02/1983	-	Active	NO
3	U32109PN1988PTC048151	SHALIN ELECTROMECH PRIVATE LIMITED	Director	18/07/1988	18/07/1988	-	Active	NO
4	U25199PN1996PTC096476	KISHOR VALVES PRIVATE LIMITED	Director	22/01/1996	22/01/1996	-	Active	NO
5	U29100MH1997PTC111528	ENCARE ELECTROMECH Private Limited	Director	14/02/2009	24/10/1997	-	Active	NO
6	U29120PN2001PTC016295	NEERA PUMPS & VALVES PRIVATE LIMITED	Director	03/07/2001	03/07/2001	-	Active	NO
7	U74999PN2001PTC016294	KISHOR ENCARE GLOBAL PRIVATE LIMITED	Director	03/07/2001	03/07/2001	-	Active	NO
8	U29100PN2005PTC020805	FLOWCARE (INDIA) PRIVATE LIMITED	Director	30/05/2005	30/05/2005	-	Active	NO
9	U27106PN2005PTC020927	SARAS FINECAST PRIVATE LIMITED	Director	24/06/2005	24/06/2005	-	Active	NO
10	U28910PN2000PTC015281	Saras Techparts Private Limited	Director	01/06/2006	01/06/2006	-	Active	NO
11	U29100PN2008PTC132740	KISHOR METRO PUMPS PRIVATE LIMITED	Director	05/09/2008	05/09/2008	-	Active	NO
12	U74999PN2008PTC142918	Encare Earth Solutions Private Limited	Director	11/09/2008	11/09/2008	-	Active	NO

Name :

Mrs. Bhagyashree Kishor Desai

Designation :

Director

Address :

37/5, Padmini Lane 10, Prabhat Road, Pune – 411004, Maharashtra, India

Date of Birth/Age :

14.02.1958

Date of Appointment :

26.06.1990

DIN No.:

00165573

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	U31909PN1965PTC013333	KISHOR PUMPS PRIVATE LIMITED	Director	26/06/1990	26/06/1990	-	Active	NO
2	U25199PN1996PTC096476	KISHOR VALVES PRIVATE LIMITED	Director	22/01/1996	22/01/1996	-	Active	NO
3	U29100MH1997PTC111528	ENCARE ELECTROMECH Private Limited	Director	17/09/1998	17/09/1998	25/03/2009	Active	NO
4	U28910PN2000PTC015281	Saras Techparts Private Limited	Director	05/09/2000	05/09/2000	-	Active	NO
5	U29100PN2005PTC020805	FLOWCARE (INDIA) PRIVATE LIMITED	Director	30/05/2005	30/05/2005	-	Active	NO
6	U91990PN2013NPL148712	INDIAN FILM TELEVISION ENTERTAINMENT ASSOCIATION	Director	04/09/2013	04/09/2013	-	Active	NO
7	U74999PN2001PTC016294	KISHOR ENCARE GLOBAL PRIVATE LIMITED	Additional director	15/11/2013	15/11/2013	-	Active	NO

Name :

Mr. Siddharth Kishor Desai

Designation :

Director

Address :

759/117, Deccan Gymkhana, Prabhat Road, Pune – 411004, Maharashtra, India

Date of Birth/Age :

12.06.1984

Date of Appointment :

01.04.2008

DIN No.:

00169175

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	U31909PN1965PTC013333	KISHOR PUMPS PRIVATE LIMITED	Whole-time director	01/04/2008	01/01/2003	-	Active	NO
2	U28910PN2000PTC015281	Saras Techparts Private Limited	Director	27/10/2003	27/10/2003	-	Active	NO
3	U27106PN2005PTC020927	SARAS FINECAST PRIVATE LIMITED	Director	24/06/2005	24/06/2005	-	Active	NO
4	U65993MH1983PTC029277	NALINI NARAYAN INVESTMENT PVT LTD	Director	30/09/2008	01/04/2008	-	Active	NO
5	U32109PN1988PTC048151	SHALIN ELECTROMECH PRIVATE LIMITED	Director	30/09/2008	01/04/2008	-	Active	NO
6	U29120PN2001PTC016295	NEERA PUMPS & VALVES PRIVATE LIMITED	Director	12/09/2008	01/04/2008	-	Active	NO
7	U74999PN2001PTC016294	KISHOR ENCARE GLOBAL PRIVATE LIMITED	Managing director	01/01/2009	01/04/2008	-	Active	NO
8	U29100PN2008PTC132740	KISHOR METRO PUMPS PRIVATE LIMITED	Director	05/09/2008	05/09/2008	-	Active	NO
9	U74999PN2008PTC142918	Encare Earth Solutions Private Limited	Director	11/09/2008	11/09/2008	-	Active	NO
10	U29100MH1997PTC111528	ENCARE ELECTROMECH Private Limited	Director	29/09/2009	25/03/2009	-	Active	NO

Name :

Mr. Sunil Babasaheb Sawant

Designation :

Director

Address :

Flat No - 17, Jaltrang Apartment, Prabhat Road, Lane No - 01, Opposite Tilak Tank, Pune – 411004, Maharashtra, India

Date of Birth/Age :

12.01.1967

Date of Appointment :

28.09.2012

DIN No.:

05348054

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	U31909PN1965PTC013333	KISHOR PUMPS PRIVATE LIMITED	Director	28/09/2012	10/08/2012	-	Active	NO

Name :

Mr. Shirish Ajagaonkar Shantaram

Designation :

Director

Address :

Shree Niwas Plot No. 4 Sector No. 30/32, PC NTDA Walhekar Wadi, Chinchwad, Pune – 411033, Maharashtra, India

Date of Birth/Age :

25.10.1959

Date of Appointment :

01.10.2013

DIN No.:

03284863

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	U31909PN1965PTC013333	KISHOR PUMPS PRIVATE LIMITED	Additional director	01/10/2013	01/10/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ramkumar Nadumula
Designation :	Branch Manager of Andhra Pradesh Office

MAJOR SHAREHOLDERS

AS ON 28.09.2013

Names of Shareholders	No. of Shares
Sudha Madhukar Madan	42
Narayan Narsinh Desai (HUF)	786
Kishor Narayan Desai	7359
Ajayya Madhukar Madan	10
Kamalakar Narsinh Desai	90
Nalini Narayan Investment Private Limited	584
Kishor Narayan Desai (HUF)	106
Bhaskar Kashinath Walwalkar	24
Pradeep Kalyanchand Chordia	70
Usha Gajanan Desai	16
Bhagyashee Kishor Desai	8
Kishor Narayan Desai Jointly with Siddharth Kishor Desai	54
Mohan Krishnarao Desai	28
Shreenivas Krishnarao Desai	28
Swati Vivek Stalekar	30
Keshav Gurunath Shette	51
Keshav Gurunath Shette Jointly with Rajan Keshav Shette	81
Narayan Narsinh Desa Jointly with Kishor Narauyan Desai	1
Vasudha Shaym Abhyankat	54
Siddharth Kishor Desai	300
Total	9722

Equity Share Break up (Percentage of Total Equity)

AS ON 28.09.2013

Category	Percentage
Bodies corporate	6.00
Directors or relatives of Directors	88.60
Other top fifty shareholders	5.40
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of all types of pumps and spares.
Exports :
Products :	Finish Goods
Countries :	Dubai
Terms :
Selling :	L/C, Cheque and Credit
Purchasing :	L/C, Cheque and Credit

GENERAL INFORMATION

No. of Employees :

100 (Approximately)

Bankers :

· The Saraswat Co-operative Bank Limited, Rasec Branch F C Road, Pune – 411004, Maharashtra, India

· State Bank of India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Cash credit from bank	61.300	36.288
Bills Discounted	14.771	0.000
Over draft against fixed deposits	2.518	2.493
Total	78.589	38.781

Banking Relations :	--
Auditors :
Name :	Kulkarni and Khanolkar Chartered Accountants
Address :	Bell Building, Sir Phirozshah Mehta Road, Fort, Mumbai – 400001, Maharashtra, India
PAN No.:	AAAFK2921N
Associates :	· Shalin Electromech Private Limited · Business Facilities and Services · Kishor Encare Global Private Limited · Kishor Metro Pumps Private Limited · Saras Finecast Private Limited · Flowcare (India) Private Limited · Neera Pumps and Valves Private Limited · Saras Techparts Private Limited · Encare Electromech Private Limited · Nalini Narayan Investment Private Limited · Encare Earth Solutions Private Limited · N. N. Desai Family Trust

CAPITAL STRUCTURE

AS ON 28.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs1000/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9722	Equity Shares	Rs.1000/- each	Rs.9.722 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	9.722	9.722	9.722
(b) Reserves & Surplus	183.394	166.280	144.363
(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)	193.116	176.002	154.085
(3) Non-Current Liabilities
(a) long-term borrowings	50.293	56.624	48.386
(b) Deferred tax liabilities (Net)	5.656	7.120	7.055
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	2.605	0.141	0.210
Total Non-current Liabilities (3)	58.554	63.885	55.651
(4) Current Liabilities
(a) Short term borrowings	78.589	38.781	51.172
(b) Trade payables	214.643	182.663	82.579
(c) Other current liabilities	97.046	45.009	53.905
(d) Short-term provisions	34.854	35.987	21.490
Total Current Liabilities (4)	425.132	302.440	209.146
TOTAL	676.802	542.327	418.882
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	55.110	54.768	59.102
(ii) Intangible Assets	1.226	1.990	2.460
(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	0.425	0.425	0.425
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	60.950	64.578	53.152
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	117.711	121.761	115.139
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5.627	15.841	41.001
(c) Trade receivables	531.057	385.881	243.517
(d) Cash and cash equivalents	8.037	12.148	8.872
(e) Short-term loans and advances	14.370	6.696	10.353
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	559.091	420.566	303.743
TOTAL	676.802	542.327	418.882

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		427.227	524.800	392.800
		Other Income		3.793	3.330	2.919
		TOTAL (A)		431.020	528.130	395.719
Less	EXPENSES
		TOTAL (B)		385.221	474.183	360.449
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			45.799	53.947	35.270
Less	FINANCIAL EXPENSES (D)			10.811	8.701	8.171
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			34.988	45.246	27.099
Less	DEPRECIATION/ AMORTISATION (F)			6.858	7.409	8.097
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			28.130	37.837	19.002
Less	TAX (H)			9.535	14.564	6.806
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			18.595	23.273	12.196
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			113.946	92.614	81.210
Add	Excess Provision for Tax for Earlier Years			(0.124)	0.000	1.425
Add	Export Incentive Reserve			0.000	0.000	0.566
Less	APPROPRIATIONS
			Transfer to General Reserve	0.500	0.585	1.427
			Dividend	1.167	1.167	1.167
			Corporate Tax on Dividend	0.189	0.189	0.189
	BALANCE CARRIED TO THE B/S			130.561	113.946	92.614
	Earnings in foreign currency (F.O.B. Value)			5.408	27.328	NA
	C.I.F. Value of imports			4.215	4.859	NA
	Earnings Per Share (Rs.)			1913.00	2394.00	NA

Particulars	31.03.2014
Sales Turnover (Approximately)	500.000

Expected Sales (2014-2015): Rs.800.000 Millions

The above information has been parted by Mr. Ravikumar Nadumula (Branch Manager of Andhra Pradesh Office)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	4.31	4.41	3.08
Net Profit Margin (PBT/Sales)	(%)	6.58	7.21	4.84
Return on Total Assets (PBT/Total Assets}	(%)	4.16	6.98	4.54
Return on Investment (ROI) (PBT/Networth)		0.15	0.21	0.12
Debt Equity Ratio (Total Debt /Networth)		0.67	0.54	0.65
Current Ratio (Current Asset/Current Liability)		1.32	1.39	1.45

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	9.722	9.722	9.722
Reserves & Surplus	144.363	166.280	183.394
Net worth	154.085	176.002	193.116
long-term borrowings	48.386	56.624	50.293
Short term borrowings	51.172	38.781	78.589
Total borrowings	99.558	95.405	128.882
Debt/Equity ratio	0.646	0.542	0.667

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
Sales	392.800	524.800	427.227
		33.605	(18.592)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	392.800	524.800	427.227
Profit	12.196	23.273	18.595
	3.10%	4.43%	4.35%

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	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
Long Term Borrowings
Fixed Deposits	47.733	54.204
Inter Corporate Deposits	2.560	2.420
Total	50.293	56.624

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10469952	26/12/2013	760,448.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	2ND FLOOR ABOVE F C ROAD BRANCH GANESHWADI, OPP H OTEL VAISHALI SHIVAJI NAGAR, PUNE, MAHARASHTRA - 411004, INDIA	B93421337
2	10399129	29/12/2012	7,200,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	C-2, KOHINOOR ESTATE CO-OPERATIVE HOUSING SOCIETY, PLOT NO. 12, MULA ROAD, SANGAMWADI, PUNE, MAHARA SHTRA - 411003, INDIA	B66509969
3	10399310	29/12/2012	12,800,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	C-2, KOHINOOR ESTATE CO-OPERATIVE HOUSING SOCIETY, PLOT NO. 12, MULA ROAD, SANGAMWADI, PUNE, MAHARA SHTRA - 411003, INDIA	B66510082
4	90092034	29/12/2012 *	110,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	C-2, KOHINOOR ESTATE CO-OPERATIVE HOUSING SOCIETY, PLOT NO. 12, MULA ROAD, SANGAMWADI, PUNE, MAHARA SHTRA - 411003, INDIA	B66510876
5	90088568	09/01/2003	8,500,000.00	THE SARASWAT CO-OP. BANK LTD	PIMPRI BRANCH, PUNE, MAHARASHTRA - 411018, INDIA	-
6	80066083	29/12/2012 *	20,000,000.00	THE SARASWAT CO-OPERATIVE BANK LIMITED	C-2, KOHINOOR ESTATE CO-OPERATIVE HOUSING SOCIETY, PLOT NO. 12, MULA ROAD, SANGAMWADI, PUNE, MAHARASHTRA - 411003, INDIA	B66658808
7	90089796	28/10/1995 *	15,000,000.00	STATE BANK OF INDIA	TILAK MARG BRANCH, PUNE, MAHARASHTRA, INDIA	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Furniture and Fixture

· Electrical Installations

· Plant and Machinery

· Computer

· Vehicles

· 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.61.23
UK Pound	1	Rs.98.53
Euro	1	Rs.77.75

INFORMATION DETAILS

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

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	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.