MIRA INFORM REPORT

Report Date :

04.10.2011

IDENTIFICATION DETAILS

Name :	ESCUBE AIRCON PRIVATE LIMITED
Registered Office :	Shop No. 1, Farooq, Abdulla Industrial Estate, Chimatpada, Marol Naka, Andheri Kurla Road, Marol, Andheri East, Mumbai-400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.11.2008
Com. Reg. No.:	11-188079
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U45202MH2008PTC188079
TAN No.: [Tax Deduction & Collection Account No.]	MUME07560A
Legal Form :	Private Limited Liability Company
Line of Business :	Supply, Errection and Installation and Commissioning of Air-conditioning Systems.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 5000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track. The company is progressing well. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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

LOCATIONS

Registered Office :	Shop No. 1, Farooq, Abdulla Industrial Estate, Chimatpada, Marol Naka, Andheri Kurla Road, Marol, Andheri East, Mumbai-400059, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	venkatesh@escubeindia.net
Corporate Office:	13/4, 2^nd Floor, Suma Vilas Building, Behind A Wakdewadi, Pune-411003, Maharashtra, India
Tel. No.:	91-20-25514456
Fax No.:	91-20-25514457

DIRECTORS

As on 30.09.2010

Name :

Mr. Venkataesh Sanjeeva Kharvi

Designation :

Managing Director

Address :

304, Ashok Vatika, 2^nd Phase, Sunil Nagar, Dombivali (East), Thane-421201, Maharashtra, India

Date of Birth/Age :

01.07.1969

Date of Appointment :

10.11.2008

Din No.:

01150683

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	U29192MH2005PTC152370	SAVLON AIRCON PRIVATE LIMITED	Director	01-04-05	01-04-05	Active	NO
2	U29192MH2006PTC159762	ESCUBE AIRCONDITIONING PRIVATE LIMITED	Managing director	15-02-06	15-02-06	Active	NO
3	U45202MH2008PTC188079	ESCUBE AIRCON PRIVATE LIMITED	Managing director	10-11-08	10-11-08	Active	NO
4	U74900MH2009PTC194391	ESCUBE AEROTECH PRIVATE LIMITED	Managing director	28-07-09	28-07-09	Active	NO

Name :

Chaitanya Chandrakant Warange

Designation :

Director

Address :

602/C, Sarvodaya Pooja, Radha Nagar, Khadakpada, Kalyan, Thane-421301, Maharashtra, India

Date of Birth/Age :

22.04.1980

Date of Appointment :

10.11.2008

Din No.:

01150684

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	U29192MH2006PTC159762	ESCUBE AIRCONDITIONING PRIVATE LIMITED	Director	15-02-06	15-02-06	Active	NO
2	U45202MH2008PTC188079	ESCUBE AIRCON PRIVATE LIMITED	Director	10-11-08	10-11-08	Active	NO
3	U74900MH2009PTC194391	ESCUBE AEROTECH PRIVATE LIMITED	Director	28-07-09	28-07-09	Active	NO

Name :

Mr. Rahul Pandurang Mahajan

Designation :

Director

Address :

C-2/703, Madhav Shrusti, Khadakpada, Kalyan, Thane-421301, Maharashtra, India

Date of Birth/Age :

01.06.1980

Date of Appointment :

10.11.2008

Din No.:

01150682

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	U29192MH2006PTC159762	ESCUBE AIRCONDITIONING PRIVATE LIMITED	Director	15-02-06	15-02-06	Active	NO
2	U45202MH2008PTC188079	ESCUBE AIRCON PRIVATE LIMITED	Director	10-11-08	10-11-08	Active	NO
3	U74900MH2009PTC194391	ESCUBE AEROTECH PRIVATE LIMITED	Director	28-07-09	28-07-09	Active	NO

Name :

Mr. Kiran Deepak Dalvi

Designation :

Director

Address :

3^rd Floor,, Siddheshwar Prasad CHS Limited, Rambaug Lane 4, Kalyan (West), Thane-421301, Maharashtra

Date of Birth/Age :

11.01.1980

Date of Appointment :

10.11.2008

Din No.:

02389742

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Venkataesh Sanjeeva Kharvi	250
Chaitanya Chandrakant Warange	250
Rahul Pandurang Mahajan	250
Kiran Deepak Dalvi	250
Total	1000

As on 30.09.2010

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

BUSINESS DETAILS

Line of Business :

Supply, Errection and Installation and Commissioning of Air-conditioning Systems.

GENERAL INFORMATION

Bankers :

• The Kalyan Janta Sahakari Bank
• HDFC Bank Limited

Facilities :

Unsecured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
From Directors	0.164	0.018
Total	0.164	0.018

Banking Relations :	--
Auditors :
Name :	M M Khisti and Company Chartered Accountant
Address :	1/11, Sudha Kunj, Tilak Road, Opposite Bramhin Sabha, Dombilvi-421201, Maharashtra, India
Tel. No.:	91-251-2431858
E-Mail :	madhavkhisti@gmail.com

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- 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
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		1.150	0.094
4] (Accumulated Losses)		0.000	0.000
NETWORTH		1.250	0.194
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.164	0.018
TOTAL BORROWING		0.164	0.018
DEFERRED TAX LIABILITIES		0.001	0.002
TOTAL		1.415	0.214
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.060	0.063
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.105	1.697
	Sundry Debtors	9.838	0.514
	Cash & Bank Balances	0.162	0.109
	Other Current Assets	0.872	0.127
	Loans & Advances	0.478	0.043
Total Current Assets		13.455	2.490
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.141	1.565
	Other Current Liabilities	5.457	0.792
	Provisions	0.542	0.027
Total Current Liabilities		12.140	2.384
Net Current Assets		1.315	0.106
MISCELLANEOUS EXPENSES		0.040	0.045
TOTAL		1.415	0.214

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	38.966	0.798
		Other Income	0.188	0.000
		TOTAL (A)	39.154	0.798
Less	EXPENSES
		Purchases	34.791	1.925
		Operating Expenses	0.704	0.021
		Employees and Remunerations and Benefits	0.855	0.016
		Administration Expenses	1.647	0.416
		Miscellaneous Expenses	0.005	0.005
		Increase / Decrease in WIP	(0.408)	(1.696)
		TOTAL (B)	37.594	0.687
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.560	0.111
Less	FINANCIAL EXPENSES (D)		0.006	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.554	0.111
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.028	0.005
	PROFIT BEFORE TAX (E-F) (G)		1.526	0.106
Less	TAX (H)		0.470	0.012
	PROFIT AFTER TAX (G-H) (I)		1.056	0.094
	Earnings Per Share (Rs.)		1056.00	94.00

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	2.70	11.77
Net Profit Margin (PBT/Sales)	(%)	3.92	13.28
Return on Total Assets (PBT/Total Assets}	(%)	11.29	4.15
Return on Investment (ROI) (PBT/Networth)		1.22	0.55
Debt Equity Ratio (Total Liability/Networth)		9.84	12.38
Current Ratio (Current Asset/Current Liability)		1.11	1.04

LOCAL AGENCY FURTHER INFORMATION

OPERATING RESULTS:

During the period the company made net profit of Rs.1.526 millions.

Fixed Assets:

• Camera
• Computer
• Furniture
• Fan

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.49.23
UK Pound	1	Rs.76.07
Euro	1	Rs.65.06

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		32

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.