MIRA INFORM REPORT

Report Date :

31.12.2011

IDENTIFICATION DETAILS

Name :	CONTEC AIRFLOW ENGINEERS PRIVATE LIMITED
Registered Office :	Flat No.103, Regency A-Wing, Sector No. 3, Plot No.146, Kandivali (West), Mumbai – 400067, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.02.2005
Com. Reg. No.:	11-150911
Capital Investment / Paid-up Capital :	Rs.14.257 Millions
CIN No.: [Company Identification No.]	U29190MH2005PTC150911
TAN No.: [Tax Deduction & Collection Account No.]	MUMC14570D
PAN No.: [Permanent Account No.]	AACCC8510E
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in the business of executing turnkey projects, right from design, conceptualization, procurement, construction, validation and training of personnel, especially for the pharmaceuticals units.
No. of Employees :	Not Available

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

Maximum Credit Limit :	USD 154000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track records. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions. Profit and loss account for the current year is not available.

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 :	Flat No.103, Regency A-Wing, Sector No. 3, Plot No.146, Kandivali (West), Mumbai – 400067, Maharasahtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	nndudani1@gmail.com crk_contecairflouu@yahoo.com mks1_contec@yahoo.co.in info@contecair.com
Website :	www.contecair.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Anil Kumar Chunduru

Designation :

Director

Address :

Flat No.103, Plot No.146, Regency A Wing, Sector C, Kandivali (West), Mumbai – 400067, Maharashtra, India

Date of Birth/Age :

25.06.1985

Date of Appointment :

01.02.2005

DIN No.:

01773824

Name :

Mr. Pawan Kumar Ramakrishna Chunduru

Designation :

Director

Address :

Flat No.103, Plot No.146, Regency A Wing, Sector C, Kandivali (West), Mumbai – 400067, Maharashtra, India

Date of Birth/Age :

04.01.1982

Date of Appointment :

01.02.2005

DIN No.:

01773869

Name :

Mrs. Ramadevi Ramakrishna Chunduru

Designation :

Director

Address :

Flat No.103, Plot No.146, Regency A Wing, Sector C, Kandivali (West), Mumbai – 400067, Maharashtra, India

Date of Birth/Age :

26.06.1958

Date of Appointment :

01.02.2005

Name :

Mr. Ramkrishna Paramahamasa Chunduru

Designation :

Director

Address :

Flat No.103, Plot No.146, Regency A Wing, Sector C, Kandivali (West), Mumbai – 400067, Maharashtra, India

Date of Birth/Age :

21.05.1953

Date of Appointment :

01.02.2005

DIN No.:

01774350

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	U29190MH1996PTC101785	Contec Airflow (India) Private Limited	Director	08-09-96	08-09-96	16-05-09	Active	YES
2	U29190MH2005PTC150911	Contec Airflow Engineers Private Limited	Director	01-02-05	01-02-05	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Anilkumar Chandra	330000
Pawankumara Ramkrishna Chunduru	356000
Ramkrishna Paramahamsa Chunduru	356000
Ramadevi Ramkrishna Chunduru	356000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The company is engaged in the business of executing turnkey projects, right from design, conceptualization, procurement, construction, validation and training of personnel, especially for the pharmaceuticals units.
Products :	Air Handling Units Clean Room Equipments Grilles, Diffusers HEPA Boxes HEPA Filters Microvee Filters Pre-Filters Risers

GENERAL INFORMATION

Customers :

• Ivee Aqua EPS Limited
• Infusion Kenya Limited
• Neo Pharma(L.L.C)
• Kazak Ajanta Pahrama Limited
• Shiv Pharmaceuticals.
• Cris Pharma (India) Limited, Dehradun
• Ministry of Deference, Ghatkopar, Mumbai
• Parekh Labs, Baroda
• Divine Polymers, Gandinagar
• Hagel Capsules Industries Limited, Daman
• Hesa Pharmaceutica, Baddi
• Ajanta Pharma Limited, Aurangabad
• Ashish Lifesciences Private Limited, Boisar

No. of Employees :

Not Available

Bankers :

• State Bank of India, Kandivali Industrial Estate Branch, Near Hindustan Naka, Kandivali (West|), Mumbai – 400067, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
SBI Term Loan	8.821	11.209
Total	8.821	11.209
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors and Relatives	12.909	1.568
Total	12.909	1.568

Banking Relations :	--
Auditors :
Name :	B N Dudani and Company Chartered Accountant
Address :	A/7, Mayfair Building, S.V. Road, Opposite Siddharth Hotel, Bandra (West), Mumbai – 4000050, Maharashtra, India
PAN.:	AADPD5531E

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1425664	Equity Shares	Rs.10/- each	Rs. 14.256 Millions

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		14.257	14.257	14.257
2] Share Application Money		15.330	15.330	15.330
3] Reserves & Surplus		8.976	6.534	4.630
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		38.563	36.121	34.217
LOAN FUNDS
1] Secured Loans		8.821	11.209	10.399
2] Unsecured Loans		12.909	1.568	1.568
TOTAL BORROWING		21.730	12.777	11.967
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		60.293	48.898	46.184
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		18.527	19.607	17.610
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		7.039	6.190	4.209
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.386	37.912	32.278
	Sundry Debtors	59.442	70.462	156.686
	Cash & Bank Balances	0.204	0.272	0.048
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	27.511	7.399	6.372
Total Current Assets		119.543	116.045	195.384
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.551	1.629	168.928
	Other Current Liabilities	61.864	87.651	0.000
	Provisions	6.403	3.669	2.102
Total Current Liabilities		84.818	92.949	171.030
Net Current Assets		34.725	23.096	24.354
MISCELLANEOUS EXPENSES		0.002	0.005	0.011
TOTAL		60.293	48.898	46.184

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		166.070	162.992
		Other Income
		TOTAL (A)		166.070	162.992
Less	EXPENSES
		Office Expenses		152.381	154.232
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)		152.381	154.232
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			13.689	8.760
Less	FINANCIAL EXPENSES (D)		NA	9.177	5.201
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			4.512	3.559
Less/ Add	DEPRECIATION/ AMORTISATION (F)			1.480	1.243
	PROFIT BEFORE TAX (E-F) (G)			3.032	2.316
Less	TAX (H)			0.000	0.925
	PROFIT AFTER TAX (G-H) (I)			3.032	1.931
	Earnings Per Share (Rs.)			2.13	0.92

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	1.83	1.18
Return on Total Assets (PBT/Total Assets}	(%)	NA	2.24	1.09
Return on Investment (ROI) (PBT/Networth)		NA	0.08	0.07
Debt Equity Ratio (Total Liability/Networth)		2.76	2.93	5.35
Current Ratio (Current Asset/Current Liability)		1.41	1.25	1.14

LOCAL AGENCY FURTHER INFORMATION

Fixed Assets

• Plant and Machinery
• Equipment
• Dyes
• Vehicles
• Furniture and Fixture
• Computer Systems
• Fax
• Printer
• Office Equipment
• Air Conditioner
• Factory Land and Building
• Factory Building under Construction
• Tally 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 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] 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.53.26
UK Pound	1	Rs.82.09
Euro	1	Rs.68.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	2
--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.