MIRA INFORM REPORT

Report Date :

25.11.2011

IDENTIFICATION DETAILS

Name :	WOLLAQUE VENTILATION AND CONDITIONING PRIVATE LIMITED
Registered Office :	Flat No. 204, Corporate Tower, 85-A, Zamrudpur, New Delhi-110048,
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	04.09.1995
Com. Reg. No.:	55-72136
Capital Investment / Paid-up Capital :	Rs.1.000 Million
CIN No.: [Company Identification No.]	U74899DL1995PTC072136
TAN No.: [Tax Deduction & Collection Account No.]	DELW00605D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture, Exporter and Supplier of Air Pollution, Industrial Ventilation Equipments AND Other Related Systems.
No. of Employees :	42 (Approximately)

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 32000
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 dealing 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

INFORMATION DECLINED BY

Name :	Mr. Ravinder Mattoo
Designation :	Director
Date :	18.11.2011

LOCATIONS

Registered Office :	Flat No. 204, Corporate Tower, 85-A, Zamrudpur, New Delhi-110048, India
Tel. No.:	91-11-26271149
Fax No.:	Not Available
E-Mail :	shahbhupinder@rediffmail.com
Website :	http://www.wollaque.com
Factory :	A-45, Secot-83, Phase II, Gautam Budh Nagar, Noida-201301, Uttar Pradesh, India
Tel. No.:	91-120-2460644 / 45 / 46 / /47
Fax No.:	91-120-2460642

DIRECTORS

As On : 30.09.2010

Name :

Mr. Ravinder Mattoo

Designation :

Director

Address :

18-A, Nilgiri Apartments, Part-I, C-72, Sec-34, Noida – 201 303, Uttar Pradesh, India

Date of Birth/Age :

02.11.1962

Date of Appointment :

04.09.1995

DIN No:

00353148

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	U74899DL1995PTC072136	WOLLAQUE VENTILATION AND CONDITIONING PVT LTD	Director	04-09-95	04-09-95	-	Active	NO
2	U74999DL2003PTC123343	SPACE VENTILATION SYSTEMS PRIVATE LIMITED	Director	04-12-03	04-12-03	27-01-10	Active	NO

Name :

Mrs. Anita Mattoo

Designation :

Director

Address :

18-A, Nilgiri Apartments, Part-I, C-72, Sec-34, Noida – 201 303, Uttar Pradesh, India

Date of Birth/Age :

04.01.1964

Date of Appointment :

31.08.2005

DIN No:

00860667

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Ravinder Mattoo	95000
Anita Mattoo	5000
Total	100000

AS ON 30.09.2010

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

BUSINESS DETAILS

Line of Business :

Manufacture, Exporter and Supplier of Air Pollution, Industrial Ventilation Equipments AND Other Related Systems.

Products :

· Humidification Systems · Air Washer Systems · Dust Extraction Systems · Fume Extraction Systems · Bag Filters · Cyclones · Scrubbers · Energy Saving Cellulose Cooling Plants · Air Conditioning Systems · Motor Ventilation Systems · Automatic Air Filters · Chilling Systems · Heating Systems · Dehumidification Systems · Pneumatic Conveying Systems · Rotary Air Locks · Screw Conveyors · Belt Conveyors · Silos · Blenders     · Vibro Screens Hoppers

GENERAL INFORMATION

No of Employees :

42 (Approximately)

Bankers :

· The Jammu and Kashmir Bank Limited, P-2, JOP Plaza, Sector – 18, Noida-201301, Uttar Pradesh, India

· HDFC Bank

Facilities :

SECURED LOAN	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From HDFC Bank
Term Loan Against Hypothecation of Vehicle	0.390	0.000
Total	0.390	0.000

Banking Relations :	-
Auditors :
Name :	Bhupinder Shah and Company Chartered Accountant
Address :	C-12, Raj Nagar, C H B S, Pitampura, Delhi – 110 034, Delhi, India

CAPITAL STRUCTURE

As On : 31.03.2010

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
100000	Equity Shares	Rs. 10/- each	Rs.1.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000	1.000
2] Share Application Money		0.000	0000	0000
3] Reserves & Surplus		7.194	4.887	3.557
4] (Accumulated Losses)		0.000	0000	0000
NETWORTH		8.194	5.887	4.557
LOAN FUNDS
1] Secured Loans		0.390	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.390	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.006
TOTAL		8.584	5.887	4.563
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.098	6.089	5.341
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.018	0.003	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.979	1.914	1.109
	Sundry Debtors	15.090	16.402	12.526
	Cash & Bank Balances	18.331	16.814	16.106
	Loans & Advances	7.135	2.068	1.731
Total Current Assets		42.535	37.198	31.472
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	34.557	32.507	25.205
	Other Current Liabilities	4.581	3.830	6.244
	Provisions	0.930	1.066	0.801
Total Current Liabilities		40.068	37.403	32.250
Net Current Assets		2.468	(0.205)	(0.778)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8.584	5.887	4.563

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	45.361	56.847	44.561
		Other Income
		TOTAL	45.361	56.847	44.561
Less	EXPENSES
		Selling and Distribution Expenses
		Office Expenses	41.678	53.924	42.368
		Administrative Expenses
		Advertising Expenses
		TOTAL	41.678	53.924	42.368
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.683	2.923	2.193
Less/ Add	DEPRECIATION/ AMORTISATION		0.740	0.720	0.583
	PROFIT BEFORE TAX		2.943	2.203	1.610
	PROVISION FOR GRATUITY		(0.278)	0.094	0.033
Less	TAX		(0.946)	0.779	0.613
	PROFIT AFTER TAX		2.307	1.330	0.964
	Earnings Per Share (Rs.)		23.07	13.30	9.640

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.08	2.33	21.63
Net Profit Margin (PBT/Sales)	(%)	6.49	3.88	3.61
Return on Total Assets (PBT/Total Assets}	(%)	6.05	5.09	2.53
Return on Investment (ROI) (PBT/Networth)		0.36	0.37	0.35
Debt Equity Ratio (Total Liability/Networth)		4.94	6.35	7.07
Current Ratio (Current Asset/Current Liability)		1.06	0.99	0.98

LOCAL AGENCY FURTHER INFORMATION

Note:-

The Registered Office of the company has been shifted from M-38, Chittaranjan Park, Basement, New Delhi – 110 019, Delhi, India to the present address w. e. f. 01.09.2008

FORM 8

Corporate identity number of the company	U74899DL1995PTC072136
Name of the company	WOLLAQUE VENTILATION AND CONDITIONING PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Flat No. 204, Corporate Tower, 85-A, Zamrudpur, New Delhi – 110 048, Delhi, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	The Jammu and Kashmir Bank Limited P-2, JOP Plaza, Sector – 18, Noida – 201 301, Uttar Pradesh, India
Nature of instrument creating charge	Deed of Hypothecation
Date of instrument Creating the charge	25.03.2010
Amount secured by the charge	Rs.15.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Bank Guarantee Only. Terms of repayment Till Final Adjustment Margin 15% Extent and operation of the charge Till Bank Guarantee Liquidated in Full.
Short particulars of the property charged (Including location of the property)	All the Assets of the company.
Charge identification number of the charge to be modified	10067816
Date of instrument modifying the charge	15.09.2007
Particulars of the present modification	Limit Increased to Rs. 15.000 millions

FIXED ASSTES

• Plant and Machinery
• Electrical Equipments
• Office Equipments
• Computers
• Furniture and Fixtures
• Vehicles : Cars
• Vehicles : Others
• Land
• Building

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.52.25
UK Pound	1	Rs.81.23
Euro	1	Rs.69.83

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	NO
--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.