MIRA INFORM REPORT

Report No. :	322459
Report Date :	19 .05.2015

IDENTIFICATION DETAILS

Name :	SHERISHA TECHNOGIES PRIVATE LIMITED
Registered Office :	No. 1/171, Old Mahabalipuram Road, Thiruporur, Kancheepuram - 603110 Tamil Nadu
Tel. No.:	91-44-43405950
Country :	India
Financials (as on) :	31.04.2014
Date of Incorporation :	01.10.2002
Com. Reg. No.:	18.049676
Capital Investment / Paid-up Capital :	Rs. 2.997 Million
CIN No.: [Company Identification No.]	U45202TN2002PTC049676
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHES26213F
PAN No.: [Permanent Account No.]	AAHCS6471P
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Air conditioner, Spare Parts, Stainless steel Item.
No. of Employees :	15 (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 Correct
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. Trade relations are 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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ 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 (GENRAL DETAILS)

Name :	Ms. Lalita
Designation :	DGM - accounts Commercial
Contact No.:	91-44-43405950
Date :	13.05.2015

LOCATIONS

Registered Office :	No. 1/171, Old Mahabalipuram Road, Thiruporur, Kancheepuram - 603110 Tamil Nadu, India
Tel. No.:	91-44-43405950 (Ms. Lalita)
Fax No.:	Not Available
E-Mail :	lalitha@refex.co.in
Website :	http://www.sherisha.co.in
Group Company :	406, Dalamal Chambers, Marine Lines, Mumbai - 400020, Maharashtra, India
Tel. No.:	91-22-22001190

DIRECTORS

As on 30.09.2014

Name :

Mr. Anil Jain

Designation :

Director

Address :

Old No. 52 New No. 151, habibullah Road, T. Nagar, Chennai - 600017, Tamilnadu, India

Date of Birth/Age :

13.09.1976

Date of Appointment :

15.02.2006

DIN No.:

00181960

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	L45200TN2002PLC049601	REFEX INDUSTRIES LIMITED	Managing director	01/07/2014	13/09/2002	-	Active	NO
2	U74899DL2005PTC143669	REFEX REFRIGERANTS HARIDWAR PRIVATE LIMITED	Director	14/12/2005	14/12/2005	-	Strike off	NO
3	U45202TN2002PTC049676	SHERISHA TECHNOLOGIES PRIVATE LIMITED	Director	15/02/2006	15/02/2006	-	Active	NO
4	U74300TN2008PTC066510	ALLEGRO CREATIVE CONVERGENCE PRIVATE LIMITED	Director	18/02/2008	18/02/2008	-	Strike off	NO
5	U40102TN2008PTC067197	QUIDEL SOLAR POWER PRIVATE LIMITED	Director	03/04/2008	03/04/2008	02/12/2014	Active	NO
6	U40100TN2008PLC067360	REFEX ENERGY LIMITED	Managing director	15/02/2011	16/04/2008	-	Active	NO
7	U40100DL2009PTC226628	REFEX ENERGY (RAJASTHAN) PRIVATE LIMITED	Director	12/11/2009	12/11/2009	10/09/2010	Active	NO
8	U40109TN2010PTC076296	GHI ENERGY PRIVATE LIMITED	Director	27/09/2012	24/06/2010	-	Active	NO
9	U40106TN2010PTC078354	REFEX SOLAR POWER PRIVATE LIMITED	Director	08/12/2010	08/12/2010	-	Active	NO
10	U40101TN2010PTC078402	REFEX HYDRO POWER PRIVATE LIMITED	Director	10/12/2010	10/12/2010	-	Active	NO
11	U40109TN2010PTC078431	REFEX WIND POWER PRIVATE LIMITED	Director	14/12/2010	14/12/2010	-	Active	NO
12	U40108TN2013PTC089313	DN ENERGY PRIVATE LIMITED	Director	09/01/2013	09/01/2013	-	Active	NO
13	U40300TN2013PTC089364	CLEAR SOLAR ENERGY PRIVATE LIMITED	Director	11/01/2013	11/01/2013	-	Active	NO
14	U40108TN2013PTC090147	MAXIM SOLAR POWER GENERATOR PRIVATE LIMITED	Director	19/03/2013	19/03/2013	-	Active	NO
15	U40200MH2013PTC244938	EQC Engineering Private Limited	Director	28/06/2013	28/06/2013	-	Active	NO
16	U45200MH2013PTC244934	ARIL Infrastructure Private Limited	Director	28/06/2013	28/06/2013	03/12/2013	Active	NO
17	U40300TN2014PLC098629	VITUZA SOLAR ENERGY LIMITED	Director	29/12/2014	29/12/2014	-	Active	NO
18	U40106TN2015PTC098805	SHERISHA SOLAR PRIVATE LIMITED	Director	12/01/2015	12/01/2015	-	Active	NO

Name :

Mr. Tarachand Jain

Designation :

Director

Address :

Old No. 52 New No. 151, habibullah Road, T. Nagar, Chennai - 600017, Tamilnadu, India

Date of Birth/Age :

15.07.1947

Date of Appointment :

15.02.2006

DIN No.:

00174643

KEY EXECUTIVES

Name :	Ms. Lalita
Designation :	DGM - accounts Commercial

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Anil Jain	152867	51.00
Tarachand Jain	146873	49.00
Total	299740	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading of Air conditioner, Spare Parts, Stainless steel Item.
Products :	Air conditioner Spare Parts Stainless steel Item
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :
Countries :	China
Terms :
Selling :	Cash, Cheque
Purchasing :	Cash, Cheque

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
Maximum Limit Dealt :	Not Divulged
Experience :	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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

15 (Approximately)

Bankers :

Bank Name	ICICI Bank
Branch	Tamil Nadu, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :

Name :

S.M. Manish Bhurat

Chartered Accountants

Address :

97/C, Melpadi Muthu Naicken Street, Nungamakkam, Chennai - 600034, Tamil Nadu, India

PAN N Income-tax PAN of auditor or auditor's firm :

ANAPB3769Q

Memberships :

Not Available

Collaborators :

Not Available

Associates/Subsidiaries :

Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
300,000	Equity Shares	Rs.10/- each	Rs. 3.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
299,740	Equity Shares	Rs.10/- each	Rs. 2.997 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEE

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.997	2.997	2.997
(b) Reserves & Surplus	42.344	41.964	41.285
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	45.341	44.961	44.282
(3) Non-Current Liabilities
(a) long-term borrowings	1.100	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.288	0.300	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	1.388	0.300	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	21.176	0.995	1.068
(c) Other current liabilities	8.866	8.652	11.504
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	30.042	9.647	12.572
TOTAL	76.771	54.908	56.854
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.340	0.567	0.000
(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	8.486	6.586	6.587
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	53.730	36.058	25.742
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	62.556	43.211	32.329
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.529	0.000	20.977
(d) Cash and cash equivalents	0.121	0.897	3.548
(e) Short-term loans and advances	13.565	10.800	0.000
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	14.215	11.697	24.525
TOTAL	76.771	54.908	56.854

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL INCOME	22.051	38.544	19.209
Less	EXPENSES
		TOTAL	21.436	37.565	N.A
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		0.615	0.979	N.A
	PROFIT BEFORE TAX		0.615	0.979	19.209
Less	TAX		0.235	0.300	10.849
	PROFIT AFTER TAX		0.380	0.679	(8.360)
	EARNING PER SHARE		0.01	0.01	(0.19)

Particulars	31.03.2015
Sales Turnover	105.000

The above information has been parted by Ms. Lalita.

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	N.A	N.A	N.A
Cash generated from operations	N.A	N.A	N.A

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	1.72	1.76	(43.52)
Operating Profit Margin (PBIDT/Sales)	(%)	2.79	2.54	N.A
Return on Total Assets (PBT/Total Assets}	(%)	0.90	2.03	38.21
Return on Investment (ROI) (PBT/Networth)		0.01	0.02	0.43
Debt Equity Ratio (Total Debt /Networth)		0.02	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.47	1.21	1.95

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2.997	2.997	2.997
Reserves & Surplus	41.285	41.964	42.344
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	44.282	44.961	45.341
long-term borrowings	0.000	0.000	1.100
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	1.100
Debt/Equity ratio	0.000	0.000	0.024

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	19.209	38.544	22.051
		100.656	(42.790)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	19.209	38.544	22.051
Profit	(8.360)	0.679	0.380
	(43.52)%	1.76%	1.72%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	Yes
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Loans from Shareholders	1.100	0.000
Total	1.100	0.000

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.63.55
UK Pound	1	Rs.99.86
Euro	1	Rs.72.67

INFORMATION DETAILS

Information Gathered by :	MAN
Analysis Done by :	RSH
Report Prepared by :	RKI

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
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.