MIRA INFORM REPORT

Report No. :	301311
Report Date :	19.01.2014

IDENTIFICATION DETAILS

Name :	POWERTRAC SOLAR PROJECTS LIMITED
Registered Office :	Survey No - 451, Behind Ardeec Engineering, Ambavadi, Wadhwan, GIDC, Surendranagar – 363035, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	12.07.2013
Com. Reg. No.:	04-076021
Capital Investment / Paid-up Capital :	Rs. 5.000 Millions
CIN No.: [Company Identification No.]	U40106GJ2013PLC076021
TAN No.: [Tax Deduction & Collection Account No.]	AHMP09996A
PAN No.: [Permanent Account No.]	AAHCP2875N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Solar Products, Lighting Arrester and FRP Products.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 26000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track record. The company has incurred loss in its first year of business operations. However, trade relations are improving. Business is active. Payment terms are slow. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

NOT AVAILABLE

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. Deepak
Designation :	Chief Executive Officer
Contact No.:	91-9909954618
Date :	14.01.2015

LOCATIONS

Registered Office :	Survey No - 451, Behind Ardeec Engineering, Ambavadi, Wadhwan, GIDC, Surendranagar – 363035, Gujarat, India
Tel. No. :	91-2752-294329
Mobile No. :	91-9909954618 (Mr. Deepak)
Fax No. :	Not Available
E-Mail :	cajindagishah@gmail.com deepak@powertracgroup.in kapuriavishal@gmail.com info@powertracgroup.in naresh.ca@hotmail.com
Website :	www.powertracgroup.in www.powertracenergy.com www.powertracearthing.com
Area :	1000 Sq. Ft.
Location :	Owned
Corporate Office :	F-612, Titanium Business Park, Titanium City Centre, Corporate Road, Prahlad Nagar, Ahmedabad - 380015, Gujarat, India.
Factory :	Survey No.451, B/h. Mother Dairy, G.I.D.C., Wadhwan, District Surendranagar -363035, Gujarat, India
Tel. No.:	91-2752-294329
Branch Office :	Plot No.163, A1/A3, B/H Saiyad Papermill, 2^nd Phase, GIDC, Vapi, District Valsad – 396195, Gujarat, India

DIRECTORS

As on 30.09.2014

Name :

Mr. Rajiv Gunvantlal Shah

Designation :

Additional Director

Address :

19, Prem Kunj, Behind Aurora Cinema, Matunga, Mumbai - 400019, Maharashtra, India

Date of Appointment :

12.05.2014

DIN No. :

02080936

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	U51398MH2004PTC148751	MONEY HONEY FINANCIAL SERVICES PRIVATE LIMITED	Additional director	12-03-2008	12-03-2008	Active	NO
2	U67190MH2008PTC186540	MONEY HONEY CONSULTANTS PRIVATE LIMITED	Director	26-02-2009	26-02-2009	Active	NO
3	U85100MH2013PTC249295	CELLCYS LABS PRIVATE LIMITED	Director	17-12-2013	17-12-2013	Active	NO
4	U24233MH2014PTC253426	EUGON LIFE SCIENCES PRIVATE LIMITED	Director	20-02-2014	20-02-2014	Active	NO
5	U40106GJ2013PLC076021	POWERTRAC SOLAR PROJECTS LIMITED	Additional director	12-05-2014	12-05-2014	Active	NO
6	U99999MH1997PTC110616	SAMARTH PHARMA PRIVATE LIMITED	Additional director	05-09-2014	05-09-2014	Active	NO
7	U65990MH1997PTC105511	SAMARTH LIFE SCIENCES PRIVATE LIMITED	Additional director	05-09-2014	05-09-2014	Active	NO

Name :

Mr. Pranav Gunvantlal Shah

Designation :

Director

Address :

19, Premkunj, Behind Aurora Cinema, Matunga, Mumbai - 400019, Maharashtra, India

Date of Appointment :

12.05.2014

DIN No. :

02080942

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	U51398MH2004PTC148751	MONEY HONEY FINANCIAL SERVICES PRIVATE LIMITED	Additional director	12-03-2008	12-03-2008	Active	NO
2	U67190MH2008PTC186540	MONEY HONEY CONSULTANTS PRIVATE LIMITED	Director	26-02-2009	26-02-2009	Active	NO
3	U85100MH2013PTC249295	CELLCYS LABS PRIVATE LIMITED	Director	17-12-2013	17-12-2013	Active	NO
4	U24233MH2014PTC253426	EUGON LIFE SCIENCES PRIVATE LIMITED	Director	20-02-2014	20-02-2014	Active	NO
5	U40106GJ2013PLC076021	POWERTRAC SOLAR PROJECTS LIMITED	Director	12-05-2014	12-05-2014	Active	NO

Name :

Bharatsinh Bhikhobha Rana

Designation :

Director

Address :

Darbarvas, Patelvas, Bavajivas, Rajputvas, Taluka Lakhtar, Sadad, District Surendranagar - 382775, Gujarat, India

Date of Birth/Age :

05.02.1983

Date of Appointment :

12.07.2013

DIN No. :

06550480

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	U40106GJ2013PLC076021	POWERTRAC SOLAR PROJECTS LIMITED	Director	12-07-2013	12-07-2013	Active	NO
2	U28910GJ2014PLC078530	POWERTRAC INNOVATIVE PRODUCTS LIMITED	Director	30-01-2014	30-01-2014	Active	NO

Name :

Artiba Bharatsinh Rana

Designation :

Director

Address :

Darbarvas, Patelvas, Bavajivas, Rajputvas, Taluka Lakhtar, Sadad, District Surendranagar - 382775, Gujarat, India

Date of Birth/Age :

17.12.1983

Date of Appointment :

12.07.2013

DIN No. :

06550483

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	U40106GJ2013PLC076021	POWERTRAC SOLAR PROJECTS LIMITED	Director	12-07-2013	12-07-2013	Active	NO
2	U28910GJ2014PLC078530	POWERTRAC INNOVATIVE PRODUCTS LIMITED	Director	30-01-2014	30-01-2014	Active	NO

Name :

Mr. Kishorsinh Bhikhubha Zala

Designation :

Managing Director

Address :

Hari Praka Society, Saraswati Society, Surendranagar - 363001, Gujarat, India

Date of Birth/Age :

15.02.1976

Date of Appointment :

12.07.2013

DIN No. :

06600963

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	U40106GJ2013PLC076021	POWERTRAC SOLAR PROJECTS LIMITED	Managing director	12-07-2013	12-07-2013	Active	NO
2	U28910GJ2014PLC078530	POWERTRAC INNOVATIVE PRODUCTS LIMITED	Director	30-01-2014	30-01-2014	Active	NO

KEY EXECUTIVES

Name :	Mr. Deepak
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Kishorsinh Bhikhubha Zala	175000	17.15
Bharatsinh Bhikhoba Rana	175000	17.15
Artiba Bharatsinh Rana	25000	2.45
Deepak Ashok Landhe	5000	0.49
Janakba Bhikhubha Rana	15000	1.47
Narendrasinh Ramsinh Jadeja	5000	0.49
Nilam Kishorsinh Zala	100000	9.80
Samarth Lifesciences Private Limited, India	520400	51.00
Total	1020400	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	51.00
Directors or relatives of Directors	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Solar Products, Lighting Arrester and FRP Products.
Products :	· Chemical Earthing Electrodes · Copper Earthing Electrodes · Copper Bonded Electrodes · Earth Electrodes · Earthing Pit Covers · ESE Lightning Arrestors · Jam Fill Compounds · Advanced Lightning Protection Rods, etc. · Turbo Ventilator · Air Ventilator · Roof Ventilators · Turbine Roof Ventilator · Industrial Ventilator.
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :
Selling :	Cash, L/C and Credit (30 Days)
Purchasing :	Cash, L/C and Credit (30 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Customers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

No. of Employees :

30 (Approximately)

Bankers :

· HDFC Bank Limited, Vapi Branch, Gujarat, India

· Kotak Mahindra Bank, Vapi Branch, Gujarat, India

Banking Relations :	--
Auditors :
Name :	NDVR and Company Chartered Accountants
Address :	3-H, Vardan Exclusive, Nr. Vimal House, Stadium Road, Navrangpura, Ahmedabad – 380009, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAHFN8599G
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,021,000	Equity Shares	Rs.10/- each	Rs. 10.210 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,020,400	Equity Shares	Rs.10/- each	Rs. 10.204 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1,021,000	Equity Shares	Rs.10/- each	Rs. 10.210 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500,000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.000
(b) Reserves & Surplus	(0.040)
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	4.000
Total Shareholders’ Funds (1) + (2)	8.960
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) Long-term provisions	0.000
Total Non-current Liabilities (3)	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	0.611
(c) Other current liabilities	0.000
(d) Short-term provisions	0.075
Total Current Liabilities (4)	0.686
TOTAL	9.646
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.593
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.036
(d) Long-term Loan and Advances	0.020
(e) Other Non-current assets
Total Non-Current Assets	2.649
(2) Current assets
(a) Current investments	0.000
(b) Inventories	0.264
(c) Trade receivables	1.846
(d) Cash and cash equivalents	4.723
(e) Short-term loans and advances	0.164
(f) Other current assets	0.000
Total Current Assets	6.997
TOTAL	9.646

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014
	SALES
		Income	2.015
		Other Income	0.000
		TOTAL (A)	2.015
Less	EXPENSES
		Purchases of Stock-in-Trade	1.112
		Changes in inventories of Stock-in-Trade	(0.264)
		Employees benefits expense	0.523
		Other expenses	0.654
		TOTAL (B)	2.025
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.010)
Less	FINANCIAL EXPENSES (D)		0.007
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.017)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.004
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(0.021)
Less	TAX (H)		0.019
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(0.040)
	Earnings / (Loss) Per Share (Rs.)		(0.12)

Expected Sales (2014-2015): Rs. 5.000 Millions

The above information has been parted by Mr. Deepak (Chief Executive Officer).

KEY RATIOS

PARTICULARS		31.03.2014
Net Profit Margin (PAT/Sales)	(%)	(1.99)
Operating Profit Margin (PBDIT/Sales)	(%)	(0.50)
Return on Total Assets (PBT/Total Assets}	(%)	(0.22)
Return on Investment (ROI) (PBT/Networth)		0.00
Debt Equity Ratio (Total Debt/Networth)		0.00
Current Ratio (Current Asset/Current Liability)		10.20

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	Yes
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 one year	Yes
12]	Profitability for last one year	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
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)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

PERFORMANCE REVIEW

During the Period 12/07/2013 to 31/03/2014 the company has incurred a loss of Rs. 0.040 Million.

FIXED ASSETS

· Land

· 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.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.01

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--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	NO
--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		26

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.