MIRA INFORM REPORT

Report Date :

06.12.2011

IDENTIFICATION DETAILS

Name :	ROYAL TRADELINKS PRIVATE LIMITED
Registered Office :	No. 346, Street No. 4, Gobind Puri, New Delhi – 110 019
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.03.1997
Com. Reg. No.:	55-86254
Capital Investment / Paid-up Capital :	Rs.0.785 million
CIN No.: [Company Identification No.]	U51909DL1997PTC086254
TAN No.: [Tax Deduction & Collection Account No.]	DELR09942C
PAN No.: [Permanent Account No.]	AAACR4724M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of pulsFOG Brand Fogging Machines.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 37000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	No. 346, Street No. 4, Gobind Puri, New Delhi – 110 019, India
Tel. No.:	91-11-26422103 / 26422104 / 26472104
Fax No.:	91-11-26422104
E-Mail :	royal@foggingmachines.com pankaj@foggingmachines.com info@foggingmachines.com techsupport@foggingmachines.com
Website :	http://www.foggingmachines.com
Factory :	797, Phase V, Udyog Vihar, Gurgaon, Haryana, India
Tel. No.:	91-124-2347811

DIRECTORS

As on 30.09.2011

Name :

Mr. Jagdish Chand Arora

Designation :

Director

Address :

E-788, Chitranjan Park, Kalkaji, New Delhi – 110 019, India

Date of Birth/Age :

01.08.1940

Date of Appointment :

31.03.1997

DIN No.:

00890462

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51909DL1997PTC086254	Royal Tradelinks Private Limited	Director	31-03-97	31-03-97	-	Active	NO
2	U51103HR2008PTC037905	Royal Pulsfog Private Limited	Director	08-05-08	08-05-08	31-03-09	Active	NO

Name :

Mr. Vijay Laxmi Arora

Designation :

Director

Address :

E-788, Chitranjan Park, Kalkaji, New Delhi – 110 019, India

Date of Birth/Age :

22.10.1949

Date of Appointment :

30.09.2009

DIN No.:

02609434

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U51909DL1997PTC086254	Royal Tradelinks Private Limited	Director	30-09-09	31-03-09	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Jagdish Chand Arora	18100
Anil Arora	30100
Vijay Laxmi Arora	100
Monika Arora	100
Pankaj Arora	30100
Total	78500

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Importer of pulsFOG Brand Fogging Machines.
Product Description :	Industrial Machines

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Punjab National Bank

Kalkaji, New Delhi – 110 019, India

· ICICI Bank

· HDFC Bank

· AXIS Bank Limited

· Canara Bank

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Punjab National Bank Car Loan	0.985	0.036
ICICI Bank – Car Loan	0.000	0.132
HDFC Car Loan (All Loans secured against Hypothecation of Cars)	0.013	0.161
Punjab National Bank-OD A/c – 015600870000142 (Secured against hypothecation of Book Debts of the Company)	3.152	0.000
Punjab National Bank – OD A/c-015600930093452) (against mortgage of House propetyr held by Mrs. V L Arora, wife of Director)	2.914	4.536
Total	7.064	4.865

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Directors and relatives of Directors	0.000	0.100
Total	0.000	0.100

Banking Relations :	--
Auditors :
Name :	Vinay Sethi and Associates Chartered Accountants
Address :	L-47, Lower Ground Floor, Lajpat Nagar – 2, New Delhi – 110 024, India
PAN No.:	AARPS1504J
Group Companies where common control :	Royal Pulsfog Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
78500	Equity Shares (Fully paid up of this, 30000 Equity Shares have been issued for consideration other than cash)	Rs.10/- each	Rs.0.785 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.785	0.785	0.785
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.529	6.467	5.205
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		9.314	7.252	5.990
LOAN FUNDS
1] Secured Loans		7.064	4.865	5.099
2] Unsecured Loans		0.000	0.100	0.826
TOTAL BORROWING		7.064	4.965	5.925
DEFERRED TAX LIABILITIES		0.569	0.491	0.429
TOTAL		16.947	12.708	12.344
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.208	9.266	8.321
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.845	4.071	7.553
	Sundry Debtors	2.059	2.930	3.649
	Cash & Bank Balances	2.357	0.495	0.715
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	15.035	2.010	2.767
Total Current Assets		22.296	9.506	14.684
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.299	4.118	7.463
	Other Current Liabilities	1.931	0.031	0.376
	Provisions	3.327	1.915	2.822
Total Current Liabilities		15.557	6.064	10.661
Net Current Assets		6.739	3.442	4.023
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		16.947	12.708	12.344

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Turnover	56.756	29.689	48.485
		Other Income	0.365	0.743	0.120
		TOTAL	57.121	30.432	48.605
Less	EXPENSES
		Office Expenses	54.107	28.636	45.893
		Administrative Expenses
		Advertising Expenses
		TOTAL	54.107	28.636	45.893
	PROFIT BEFORE TAX		3.014	1.796	2.712
Less	TAX		0.952	0.534	1.081
	PROFIT AFTER TAX		2.062	1.262	1.631
	EARNINGS IN FOREIGN CURRENCY		1.500	2.752	0.647
	Earnings Per Share (Rs.)		26.27	16.08	20.77

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.61	4.15	3.36
Net Profit Margin (PBT/Sales)	(%)	5.31	6.05	5.59
Return on Total Assets (PBT/Total Assets}	(%)	9.27	9.57	11.79
Return on Investment (ROI) (PBT/Networth)		0.32	0.25	0.45
Debt Equity Ratio (Total Liability/Networth)		2.43	1.52	2.77
Current Ratio (Current Asset/Current Liability)		1.43	1.57	1.38

LOCAL AGENCY FURTHER INFORMATION

ACCOUNTS

During the year, the Company has made a turnover of Rs.56.756 millions (Previous Year Rs.29.689 millions) and Profits before taxes are at Rs.3.014 millions (Previous Year Rs.1.796 millions). The Company has registered a significant increase in the sales due to heavy rains and resultant increased rainy season deceases and also by way of maintaining good reputation with customers. The Board of Directors, however, having regard to resource requirements to augment working capital requirements and funds required to be ploughed back in increased credit to customers, expresses its inability to declare any dividend (Previous Year: NIL).

FORM 8

Corporate identity number of the company	U51909DL1997PTC086254
Name of the company	ROYAL TRADELINKS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No. 346, Street No. 4, Gobind Puri, New Delhi – 110 019, India
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	Punjab National Bank Kalkaji, New Delhi – 110 019, India E-Mail : bo0156@pnb.co.in
Nature of instrument creating charge	Agreement of hypothecation of assets Term Loan agreement Extract of resolution
Date of instrument Creating the charge	01.08.2011
Amount secured by the charge	Rs.19.950 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest BR + 4.50 % plus term premium .50% presently 15.00% subject to revision from time to time as per bank / RBII guidelines. Terms of Repayment Loan to be repaid in 60 monthly instalments w.e.f. 01.02.2012. Interest during the moratorium period to be paid as and when debited in the account. Margin 25% Extent and Operation of the charge To purchase Industrial Plot and building constructed thereon bearing No. T -16 at Okhla Industrial Area and to purchase Machineries, Furniture and Fixture.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	· Poperty situated at T 16 measuring 390 Sq. Yards in Okhla Industrial Area Phase II · Extension of Equitable Mortgage on IP already mortgaged with the bank in OD IP Limit and Cash credit Limit Book Debts · Entire Machineries and Furniture and Fixture to be purchased.

FIXED ASSETS

· Land Cost – Factory

· Land Cost – Office

· Land at Moradabad

· Ahed at Okhla

· Factory Building

· Office Building

· Furniture and Fixtures

· Chimni

· Machinery

· Fax Machine

· Generator

· Gyser

· Electric Motor

· Electric Fittings

· Fire Fighting Equipments

· Invertor

· Refrigerator

· EPBX+Telephones

· Air Conditioner

· Television

· Typewriter

· Cell-Phone

· Video CD Player

· Aqua Guard

· Microwave

· Vaccum Cleaner

· Motorcycle

· Scooters

· Cycle

· Vehicles

· Computer

· Dies

· R-O System

WEB DETAILS

Profile

Subject are exclusive manufacturer  and importer of pulsFOG Brand Fogging Machines manufactured under collaboration agreement  with our German Principal,  M/s. pulsFOG Dr. Stahl and Sohn GmbH, Germany the renowned manufacturer of pest control equipment in the world for  India, Nepal, Bhutan and Srilanka.

The pulsFOG Fogging Machines are manufactured on advanced German Technology with its engine having no moving parts (low maintenance, light weight) and is very much successful in eradicating the menace of Mosquitoes, Insects, Rats, etc. which are spreading dreaded diseases like Malaria, Filaria, Plague, J.E., Kala azar, Dengue, etc.

pulsFOG Thermal Foggers are equipped with Pulse Jet Engine which are extremely light in weight with substantially higher output than conventional fuel engine.  The Pulse Jet Engine does not have any moving parts hence the maintenance is very low and the patented direct fuel system and automatic ignition allows the users to start the unit by a single finger press.  Due to the reason pulsFOG has been approved by WHO and appreciated by N.M.E.P. Govt. of India.

They have a wide range of these Thermal Foggers, namely portable, mini vehicle mountable, vehicle mountable and electric ULV as well blower type Thermal Foggers. The portable models are very light in weight and a single man can carry on his shoulders for fogging in narrow lanes, garbage places, jhuggi cluster/water logging areas, etc. The vehicle mountable machines are most powerful machines those can cover a huge area in a very short period.

In India more than 5000 pulsFOG machines are being used by various organizations to prevent or cure the epidemic situation from above referred diseases. To name few it is WHO, UNICEF, RED CROSS SOCIETY, President House, NVBDCP (formerly N.M.E.P.), Steel Authority of India Limited, NICD, Municipal corporation Delhi, Indian Army, DPH and PM TN, DHS Gujarat, Haryana, U.P., M.P., Karnataka, Andhra, Kerala, Maharashtra, Orissa, Assam, Punjab, Rajasthan and various Municipal Councils/Corporation throughout the country. Which are giving them satisfactory services.

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 records 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 records 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.51.39
UK Pound	1	Rs.80.20
Euro	1	Rs.68.92

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.