MIRA INFORM REPORT

Report No. :	315104
Report Date :	03.04.2015

IDENTIFICATION DETAILS

Name :	KOTAKURJA PRIVATE LIMITED
Registered Office :	311 Lotus House 33 A, Vithaldas Thackersey Marg, New Marine Lines, Mumbai – 400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.09.1997
Com. Reg. No.:	11-110591
Capital Investment / Paid-up Capital :	Rs.378.391 Million
CIN No.: [Company Identification No.]	U40100MH1997PTC110591
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACK6349K
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the Manufacturing of Solar Water Heating Systems and Solar Photovoltaic (PV) Systems.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 1631000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Reserves of the company seems to be low during 2014. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some cautions.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Cash Credit = BB-
Rating Explanation	Have Moderate risk of default
Date	January 2014

Rating Agency Name	ICRA
Rating	Bank Guarantee = A4
Rating Explanation	Have minimal degree of safety and carry very high credit risk.
Date	January 2014

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 DENIED BY

Name :	Mr. Srinivas Rao
Designation :	Deputy General Manager (Finance)
Contact No.:	91-80-28363330
Date :	01.04.2015

LOCATIONS

Registered Office :	311 Lotus House 33 A, Vithaldas Thackersey Marg, New Marine Lines, Mumbai – 400020, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	kotakexim@kotakgroup.com
Website :	http://kotakurja.com
Head Office and Factory :	# 378, 10th Cross, 4th Phase, Peenya Industrial Area, Bengaluru – 560058, Karnataka
Tel. No.:	91-80-28363330 (6 Lines)
Fax No.:	91-80-28362347
Representative Offices :	Located At Jammu Kolkatta Hyderabad
Branch Offices :	Located At Pune  Patna  Jamnagar  New Delhi  Lucknow
Overseas Associates :	Located At Shanghai Singapore Hong Kong Dubai Uganda Australia

DIRECTORS

As on 30.09.2014

Name :

Mr. Tirumanilayur C Kasivishwanathan

Designation :

Director

Address :

44/20/2, 5th Cross, Lotus Apts., 9th Main Road, R.M.V. Extension, Bangalore - 560080, Karnataka, India

Date of Birth/Age :

02.06.1942

Date of Appointment :

14.09.1997

DIN No.:

00150949

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	U45401KA1988PTC009547	SARGURU CERAMICS PRIVATE LIMITED	Director	31/10/1988	31/10/1988	-	Active	NO
2	U40100MH1997PTC110591	KOTAKURJA PRIVATE LIMITED	Director	14/09/1997	14/09/1997	-	Active	NO
3	U29120KA1984PTC006141	PROCESS PUMPS ( INDIA ) PRIVATE LIMITED	Director	15/02/1999	15/02/1999	29/10/2012	Active	NO
4	U40108KA2009PTC051516	KOTAK POWER PRIVATE LIMITED	Director	17/11/2009	17/11/2009	-	Active	NO
5	U40102KA2012PTC062167	EMERGING SUN POWER PROJECTS PRIVATE LIMITED	Director	20/01/2012	20/01/2012	-	Active	NO

Name :

Mr. Sunil Kotak

Designation :

Director

Address :

Seksaria House, 28 Babulnath Road, Mumbai - 400007, Maharashtra, India

Date of Birth/Age :

27.10.1974

Date of Appointment :

30.09.2009

PAN No.:

AABPK7434K

DIN No.:

00151079

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	U74140MH2002PTC137989	KOTAK CONSULTING PRIVATE LIMITED	Director	26/11/2002	26/11/2002	-	Active	NO
2	U40100MH1997PTC110591	KOTAKURJA PRIVATE LIMITED	Director	30/09/2009	01/04/2009	-	Active	NO
3	U40102KA2012PTC062167	EMERGING SUN POWER PROJECTS PRIVATE LIMITED	Director	20/01/2012	20/01/2012	-	Active	NO

Name :

Mr. Kamalnayan Kotak

Designation :

Director

Address :

Seksaria House, 28, Babulnath Road, Mumbai - 400007, Maharashtra, India

Date of Birth/Age :

05.04.1949

Date of Appointment :

10.09.1997

PAN No.:

AABPK7437L

DIN No.:

00151664

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	U51900MH1959PTC011548	ASIAN MACHINERY AND EQUIPMENT PRIVATE LIMITED	Director	22/12/1979	22/12/1979	28/03/2011	Active	NO
2	U40100MH1997PTC110591	KOTAKURJA PRIVATE LIMITED	Director	10/09/1997	10/09/1997	-	Active	NO
3	U51900MH2000PTC124523	KOTAK EXIM PRIVATE LIMITED	Director	25/02/2000	25/02/2000	-	Active	NO
4	U28100MH1973PLC016533	E M I TRANSMISSION LIMITED	Director	30/09/2014	20/04/2006	-	Active	NO
5	U40108KA2009PTC051516	KOTAK POWER PRIVATE LIMITED	Director	17/11/2009	17/11/2009	-	Active	NO

Name :

Mr. Sandeep Murthy

Designation :

Director

Address :

The Imperial 4105 41st Floor, Notrth Block B B Nakashe Marg, Mumbai - 400034, Maharashtra, India

Date of Birth/Age :

22.11.1976

Date of Appointment :

30.09.2009

DIN No.:

00591165

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	L74899DL1995PLC068021	INFO EDGE (INDIA) LIMITED	Nominee director	27/07/2007	14/07/2006	30/04/2010	Active	NO
2	U72200MH2006PTC205023	PAYMATE INDIA PRIVATE LIMITED	Nominee director	16/11/2006	16/11/2006	-	Active	NO
3	U74899DL1995PTC065551	C.E. INFO SYSTEMS PRIVATE LIMITED	Director	31/08/2007	31/03/2007	10/06/2014	Active	NO
4	U74999MH2007FTC233913	Sherpalo India Advisors Private Limited	Director	01/05/2007	01/05/2007	-	Active	NO
5	U52399MH2007PLC171178	FUTURE E-COMMERCE INFRASTRUCTURE LIMITED	Director	22/11/2008	24/10/2007	-	Active	NO
6	U72900MH2006PTC260279	ZOOMIN ONLINE (INDIA) PRIVATE LIMITED	Director	30/09/2008	15/11/2007	-	Active	NO
7	U63040MH2005PTC153232	CLEARTRIP PRIVATE LIMITED	Director	20/09/2008	26/02/2008	-	Active	NO
8	U72200KA2006PTC040763	InMobi Technologies Private Limited	Director	01/07/2008	01/07/2008	03/10/2013	Active	NO
9	U40100MH1997PTC110591	KOTAKURJA PRIVATE LIMITED	Director	30/09/2009	01/10/2008	-	Active	NO
10	U63030DL2008PTC180429	REVERSE LOGISTICS COMPANY PRIVATE LIMITED	Director	30/09/2010	17/05/2010	-	Active	NO
11	U80301HR2012PTC046937	Indiavidual Learning Private Limited	Director	31/12/2013	03/01/2013	21/03/2014	Active	NO
12	U91110MH2001NPL130853	MAGIC BUS INDIA FOUNDATION	Director	18/09/2013	10/06/2013	-	Active	NO
13	U67100MH2013PTC249707	LIGHTBOX INDIA ADVISORS PRIVATE LIMITED	Director	31/10/2013	31/10/2013	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders (Equity Shares)	No. of Shares
Kamal S. Kotak	255095
Sunil Kotak	92252
Kasi Vishwanathan	37480
Pankaj S. Kotak	259068
Kulin S. Kotak	281721
Anjana K. Kotak	19176
Hiran K. Kotak	1000
Swati P. Kotak	32689
Dhara K. Kotak	10045
Applied Venture, Singapore	20812
Lightbox Ventures I, Mauritius	67966
Total	1077304

Names of Shareholders (Preference Shares of Rs.639 Each)	No. of Shares
Applied Venture, Singapore	81552
Lightbox Ventures I, Mauritius	217606
Total	299158

Names of Shareholders (Preference Shares of Rs.1757 Each)	No. of Shares
Applied Venture, Singapore	12120
Lightbox Ventures I, Mauritius	88310
Total	100430

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	8.24
Directors or relatives of Directors	91.76
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the Manufacturing of Solar Water Heating Systems and Solar Photovoltaic (PV) Systems.

Products :

Product Description	Item Code No. (ITC Code)
Solar Thermal	76151930

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

Information denied by management

Bankers :

• Punjab National Bank, No.15, I Cross , I Stage, Peenya Industrial Estate, Bangalore - 560058, Karnataka, India
• The Shamrao Vithal Co-Operative Bank Limited, Peenya Branch, GF, KSSIDC Multi Storeyed Building, 5th Cross, 1st Stage, Peenya Industrial Estate, Bangalore - 560058, Karnataka, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Million	31.03.2012 Rs. In Million
LONG TERM BORROWINGS
Term loans from banks	0.000	0.004
Term loans from others	0.184	1.014
SHORT TERM BORROWINGS
Rupee term loans from banks	1.406	1.756
Other loans and advances	307.674	293.880
Total	309.264	296.654

Auditors :
Name :	V. C. Shah and Company Chartered Accountants
Address :	22 Rajgir Chambers III, Floor 12-14, Shahid Bhagat Singh Road, Opposite Old Custom House Mumbai - 400023, Maharashtra, India
PAN No.:	AADFV8088N
Memberships :	--
Collaborators :	--
Subsidiary Company (As on 31.03.2013)	Kotak Power Private Limited CIN No.: U40108KA2009PTC051516

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1129982	Equity Shares	Rs.10/- each	Rs.11.300 Million
300000	Preference Shares 1	Rs.639/- each	Rs.191.700 Million
100740	Preference Shares 2	Rs.1757/- each	Rs.177.000 Million
	Total		Rs.380.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1077313	Equity Shares	Rs.10/- each	Rs.10.773 Million
299158	Preference Shares 1	Rs.639/- each	Rs.191.162 Million
100430	Preference Shares 2	Rs.1757/- each	Rs.176.456 Million
	Total		Rs.378.391 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	378.391	378.391	201.712
(b) Reserves & Surplus	192.285	169.096	128.007
(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)	570.676	547.487	329.719
(3) Non-Current Liabilities
(a) long-term borrowings	49.891	48.924	279.957
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	49.891	48.924	279.957
(4) Current Liabilities
(a) Short term borrowings	309.080	295.636	73.403
(b) Trade payables	126.475	76.006	153.728
(c) Other current liabilities	28.659	26.046	32.167
(d) Short-term provisions	33.069	19.846	57.325
Total Current Liabilities (4)	497.283	417.534	316.623
TOTAL	1,117.850	1,013.945	926.299
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	100.278	92.238	99.261
(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	4.100	0.100	0.100
(c) Deferred tax assets (net)	3.820	3.490	2.171
(d) Long-term Loan and Advances	19.332	20.064	38.198
(e) Other Non-current assets	6.661	4.600	2.706
Total Non-Current Assets	134.191	120.492	142.436
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	201.587	163.215	88.546
(c) Trade receivables	726.430	661.197	656.555
(d) Cash and cash equivalents	24.667	33.510	32.418
(e) Short-term loans and advances	30.975	35.531	6.344
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	983.659	893.453	783.863
TOTAL	1,117.850	1,013.945	926.299

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		1,074.924	830.283
		Other Income		7.563	6.988
		TOTAL		1,082.487	837.271	840.232
Less	EXPENSES			976.905	749.232	NA
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			105.582	88.039	NA
Less	FINANCIAL AND DEPRECIATION/ AMORTISATION EXPENSES			68.923	76.657	NA
	PROFIT/(LOSS) BEFORE TAX			36.659	11.382	45.548
Less	TAX			13.469	9.274	11.927
	PROFIT/(LOSS) AFTER TAX			23.190	2.108	33.621
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	48.214	70.930	NA
	TOTAL EARNINGS			48.214	70.930	NA
	IMPORTS
			CIF Value of Imports	85.948	115.213	NA
	TOTAL IMPORTS			85.948	115.213	NA
	Earnings / (Loss) Per Share (Rs.)			15.70	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	2.16	0.25	4.00
Operating Profit Margin (PBDIT/Sales)	(%)	9.82	10.60	NA
Return on Total Assets (PBT/Total Assets}	(%)	3.30	1.13	4.93
Return on Investment (ROI) (PBT/Networth)		0.06	0.02	0.14
Debt Equity Ratio (Total Debt /Networth)		0.63	0.63	1.07
Current Ratio (Current Asset/Current Liability)		1.98	2.14	2.48

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	201.712	378.391	378.391
Reserves & Surplus	128.007	169.096	192.285
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	329.719	547.487	570.676
Long Term borrowings	279.957	48.924	49.891
Short Term borrowings	73.403	295.636	309.080
Total borrowings	353.360	344.560	358.971
Debt/Equity ratio	1.072	0.629	0.629

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	840.232	830.283	1,074.924
		(1.184)	29.465

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	840.232	830.283	1,074.924
Profit	33.621	2.108	23.190
	4.00%	0.25%	2.16%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	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	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	Yes
31]	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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Million	31.03.2012 Rs. In Million
LONG TERM BORROWINGS
Loans and advances from related parties	49.707	47.906
Total	49.707	47.906

OPERATIONAL RESULTS (AS ON 31.03.2013)

The Company has achieved a turnover of Rs.1074.924 Million (previous year Rs.830.283 Million) and Profit before Tax amounting to Rs.36.659 Million (previous year) Rs.11.382 Million. This is higher than the last financial Year (2011-12).

BUSINESS OVERVIEW OF KOTAK URJA (AS ON 31.03.2013):

The key growth drivers for Kotak Urja are Solar Roof Tops, EPC, Retail and Thermal. Keeping this is mind the company is aligning its infrastructure and resources to implement and drive focus in these growth areas.

Until recently, in India, the demand for Solar products and solutions was predominantly driven by the Government, by way of various tenders and central and state programs. Over the last 3 years, with the increase in Global supply the input costs have come down. This has really stimulated the demand for Solar solutions. Solar on an installed cost basis has now surpassed Diesel Parity and is much cheaper. This is a game changer and opened up opportunities on the private side of the markets, with many Industrial Houses, Corporate, Hotels, Education Institutions and Universities, Real Estate Developers and even on the retail side with individual households now are opting for Solar Solutions rather than DG or UPS. The various subsidies, tax sops (via Accelerated Depreciation) and laws/mandates that are being passed by various State Governments (like RPOs) are also rapidly increasing the demand. They have also aligned ourselves to make the most of this opportunity. The future holds a lot of promise. The increasing conventional fuel and energy costs and also the widening gap between supply and demand are making a paving the path for Solar as a mainstream energy source.

Having said this, internally also what it means to us is a change in business mix. With the dependency on Government orders they are subjected to extended cash flow cycles. They have seen our business mix shift over the last 2 years, with the Government business gradually coming down and private business picking up.

On the retail side, they sell products/solutions like the Domestic Solar Water Heating Systems, Solar Lanterns, Home Lighting Systems, Street Lighting Systems. They have a super distributor and dealer model that they use. They test started this model in the state of Karnataka and today they have about 7 super distributors and 80+ dealers. They are planning on replicating this model in Maharashtra next.

On the private roof tops projects, they are focusing on various Hotels, Education Institutions and Universities, Industries like Poultry, Engineering, Textiles and Corporate Houses and IT companies.

On the Govt. Projects, they are only participating in orders that are centrally funded (though may be at a State Level). This is so because the money is already budgeted, allocated and available before the order is received. As a strategy, we are not participating in any State Financed Projects. Here the projects range from Solar Power Packs, Solar Power Plants, Rural Home Lighting Systems, Rural Street Lighting Systems, Solar Pumping Systems for irrigation to Solar Water Heating Systems for various Govt. Buildings, Schools and Hospitals.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10430522	19/04/2013	7,500,000.00	The Shamrao Vithal Co-Operative Bank Limited	Peenya Branch, Gf, Kssidc Multi Storeyed Bldg, 5th Cross, 1st Stage, Peenya Industrial Estate, Bangalore, Karnataka - 560058, India	B76880392
2	10208945	10/01/2011 *	585,700,000.00	State Bank Of India	Peenya Industrial Estate Branch, 2nd Cross, Peenya Industrial Estate, Bangalore, Karnataka - 560058, India	B04431169
3	90157556	01/07/2004 *	14,000,000.00	State Bank Of India	Peenya Industrial Estate Branch, B-91, Bangalore,  Karnataka - 560058, India	-
4	90159016	03/07/2004 *	14,000,000.00	State Bank Of India	Peenya Industrial Estate Branch, B-94, Bangalore,  Karnataka - 560058, India	-
5	90156764	11/09/1998 *	5,000,000.00	Bank Of Madura Limited	No. 100/1; N. R. Road, Bangalore, Karnataka - 560002, India	-

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	RKH
Analysis Done by :	RAS
Report Prepared by :	VNT

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
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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		27

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.