MIRA INFORM REPORT

Report Date :

03.10.2011

IDENTIFICATION DETAILS

Name :	JOYAM ENGINEERS AND CONSULTANTS PRIVATE LIMITED
Registered Office :	704-B, Mahalay, Opposite President House, Near Swastik Char Rasta, Ahmedabad-380009, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.10.2007
Com. Reg. No.:	051969
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U93000GJ2007PTC051969
TAN No.: [Tax Deduction & Collection Account No.]	AHMJ03239F
PAN No.: [Permanent Account No.]	AABCJ9204H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Vacuum Pumps, Vacuum Systems and air pollution control equipments.
No. of Employees :	30 Approximately

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 3712
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 reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Ashvin T
Designation :	Admin Department
Contact:	91-79-26569533
Date :	22.09.2011

LOCATIONS

Registered Office :	704-B, Mahalay, Opposite President House, Near Swastik Char Rasta, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-26569533
Mobile No.:	91-9879099100/ 9825433020 (Mr. Amal Mankad)
Fax No.:	91-79-26562777
E-Mail :	joyam@joyamvactech.com
Website :	www.joyamvactech.com
Area :	500sq.fts
Location :	Owned
Factory :	D/33, Diamond Park, Near Naroda W.I.D.C, Estate, Ahmedabad-380009, Gujarat, India
Tel. No.:	91-79-26569533
Fax No.:	91-79-26569777
Area :	200sq.fts
Location :	Owned

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Anil Mojilal Mankad
Designation :	Director
Address :	C-1, Payal Apartments, Swastik Char Rasta, Navrangapura, Ahmedabad-380009, Gujarat, India
Date of Birth/Age :	28.08.1945
Qualification :	Engineer
Date of Appointment :	15.10.2007
DIN No.:	01687681

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	U93000GJ2007PTC051969	Joyam Engineers and Consultants Private Limited	Director	15/10/2007	15/10/2007	-	Active	NO

Name :	Mrs. Jyoti Anilbhai Mankad
Designation :	Director
Address :	C-1, Payal Apartments, Swastik Char Rasta, Navrangapura, Ahmedabad-380009, Gujarat, India
Date of Birth/Age :	22.07.1948
Qualification :	MBBS
Date of Appointment :	15.10.2007
DIN No.:	01687845

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	U93000GJ2007PTC051969	Joyam Engineers and Consultants Private Limited	Director	15/10/2007	15/10/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Jay Dave
Designation :	Marketing Executive
Name :	Mr. Ashvin T
Designation :	Admin Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Anil Mojilal Mankad	5100
Jyoti Anilbhai Mankad	4900
Total	10000

Equity Share Breakup (Percentage of Total Equity)

AS ON 30.09.2010

Category	Percentage of Holding
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Vacuum Pumps, Vacuum Systems and air pollution control equipments.
Products :	· Energy Saver Vacuum Pool System · Mechanical Booster System · Mechanical Vacuum Booster System · Steam Jet Ejetor-High Vacuum System · Oil Seal High Vacuum Pumps · High Capacity Low Vacuum Pump · Single Stage Vacuum Pump · Two Stage Vacuum Pump · Twin Lobe Rotary Blowers · Process Pumps · Air Pollution Control Equipments · Water Ring Vacuum Pumps
Exports :
Products :	Vacuum Pumps Vacuum Systems
Countries :	Bhutan Nepal UK Dubai European Countries
Terms :
Selling :	L/C, Cash, Credit
Purchasing :	Cash, Credit

GENERAL INFORMATION

Customers :

• Wholesalers
• Retailers

· Larsen and Toubro

• Nirma Limited

No. of Employees :

30 Approximately

Bankers :

Bank of Baroda, Navrangpura Branch, Ahmedabad, Gujarat, India

Facilities:

Rs. In Millions

SECURED LOAN	31.03.2010	31.03.2009
HDFC Car Loan (secured against hypothecation of car)	0.377	0.000
Tata Motor Finance Limited (Car Loan) (secured against hypothecation of car)	0.388	0.000
Total	0.765	0.000
UNSECURED LOAN
Loans from Directors
Dr. Joyti A Mankad	0.651	0.051
Total	0.651	0.051

Banking Relations :	--
Auditors :
Name :	Trushit Chokshi and Associates Chartered Accountant
Address :	401, Shivam Complex, Behind Samartheshwar Mahadev, Off C. G. Road, Ellisbridge, Ahmedabad-380006, Gujarat, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs. 10/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs. 10/- each	Rs. 0.100 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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.828	0.412	0.223
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.928	0.512	0.323
LOAN FUNDS
1] Secured Loans		0.765	0.000	0.000
2] Unsecured Loans		0.651	0.051	0.051
TOTAL BORROWING		1.416	0.051	0.051
DEFERRED TAX LIABILITIES		0.078	0.000	0.000
TOTAL		2.422	0.563	0.374
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.378	0.278	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.006	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.943	0.206	0.147
	Sundry Debtors	3.173	1.855	0.766
	Cash & Bank Balances	0.193	0.415	0.284
	Other Current Assets	0.103	0.000	0.008
	Loans & Advances	0.430	0.186	0.035
Total Current Assets		4.842	2.662	1.240
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.831	2.186	0.756
	Current Liabilities	0.675	0.007	0.000
	Provisions	0.300	0.200	0.123
Total Current Liabilities		3.806	2.393	0.879
Net Current Assets		1.036	0.269	0.361
MISCELLANEOUS EXPENSES		0.008	0.010	0.013
TOTAL		2.422	0.563	0.374

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
SALES AND OTHER INCOME	16.931	10.051	1.124
DEPRECIATION	0.197	0.021	0.000
NET PROFIT / (LOSS )	0.416	0.189	0.224

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	5.71	4.77	2.87
Current Ratio (Current Asset/Current Liability)	1.27	1.11	1.41

LOCAL AGENCY FURTHER INFORMATION

FIXED ASSETS:

· Air Conditioner

· Computer

· Furniture and Fixture

· Office Equipment

· Car

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	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	--
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

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 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.48.92
UK Pound	1	Rs.76.52
Euro	1	Rs.66.64

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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

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.