MIRA INFORM REPORT

Report Date :

05.10.2011

IDENTIFICATION DETAILS

Name :	AIRTECH SYSTEMS (INDIA) PRIVATE LIMITED
Registered Office :	A-503, Vishal Hall, Sir M.V.Road, Amdheri- East, Mumbai – 400069, Maharasahtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	23.03.2004
Com. Reg. No.:	11-145259
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U29190MH2004PTC145259
TAN No.: [Tax Deduction & Collection Account No.]	MUMA20797A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of HVAC and Air Handling Systems, Modular Clean room systems etc.
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 2400
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. However, 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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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. Sunil Aggarwal
Designation :	Director
Contact No.:	91-9322218023
Date :	30.03.2011

LOCATIONS

Registered Office :	A-503, Vishal Hall, Sir M.V.Road, Amdheri- East, Mumbai – 400069, Maharasahtra, India
Tel. No.:	91-22-85222270/66935356/32542160
Mobile No.:	91-9322218023 (Mr.Sunil Agarwal) 91-9833968384 (Mr.Sunil Agarwal) 91-9368350883 (Mr.Sunil Agarwal)
Fax No.:	91-22-28522271
E-Mail :	airtech@mtnl.net.in ajay@ladhasinghal.com
Area :	800 Sq.ft
Location :	Owned
Corporate Office :	B-108, 110, Hind Saurashtra Estate, Marolnaka, Andheri – East, Mumbai – 400059, Maharasahtra, India
Tel. No.:	91-22-28522270
Fax No.:	91-22-28522271
Location :	Owned
Factory 1 :	Khasra No.323, (MI), Central Hope Town, Selaqui, Uttrakhand, India
Area :	12000 Sq.ft
Location :	Owned
Factory 2 :	Gala No.7 and 8, Shraddha Building, Sagar Plaza Industrial Complex, Sativali Road, Vasai – East, District - Thane
Area :	4000 Sq.ft
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :	Mrs. Aruna Vijay Aggarwal
Designation :	Director
Address :	A-503, Vishal Hall, Sir M.V.Road, Andheri – East, Mumbai – 400069, Maharasahtra, India
Date of Birth/Age :	17.09.1965
Date of Appointment :	23.03.2004
DIN No.:	01096904
Name :	Mr. Anil Satpal Aggarwal
Designation :	Director
Address :	A-503, Vishal Hall, Sir M.V.Road, Andheri – East, Mumbai – 400069, Maharasahtra, India
Date of Birth/Age :	01.08.1963
Date of Appointment :	23.03.2004
DIN No.:	01265131
Name :	Mr. Sunil Satpal Aggarwal
Designation :	Director
Address :	A-503, Vishal Hall, Sir M.V.Road, Andheri – East, Mumbai – 400069, Maharasahtra, India
Date of Birth/Age :	27.07.1969
Date of Appointment :	23.03.2004
DIN No.:	01265153

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Aggarwal Satpal Sunil	3200
Aggarwal Satpal Anil	3300
Aggarwal Vijay Aruna	3300
Aggarwal Satpal Vijay	100
Aggarwal Satpal Asharani	100
TOTAL	10000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of HVAC and Air Handling Systems, Modular Clean room systems etc.
Exports :	They do indirect Exports
Imports :	They do indirect Imports
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Air Handling Units	Nos	--	--	27

GENERAL INFORMATION

Suppliers :

• Hindustan Motors

Customers :

Pharma Industry

• Vital Laboratory Private Limited

No. of Employees :

30 (Approximately)

Bankers :

HDFC Bank, Andheri – East Branch

Facilities :

Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Directors	2.338	1.838
From others	0.280	0.280
Total	2.618	2.118

Banking Relations :	--
Auditors :
Name :	Ladha Singhal and Associates Chartered Accountant
Address :	209, Apollo Complex, R.K Singh Marg, off Parsi Panchayat Road, Andheri – East, Mumbai – 400059, Maharasahtra, India
PAN.:	AABFL6978P
Sister Concern:	Deepali Enterprise, Andheri – East
Line of Business:	Trader of Textiles Chemicals

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.10/- each	Rs. 1.500 Millions

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		0.521	0.362	0.515
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.621	0.462	0.615
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		2.618	2.118	2.118
TOTAL BORROWING		2.618	2.118	2.118
DEFERRED TAX LIABILITIES		0.047	0.044	0.045
TOTAL		3.286	2.624	2.778
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.631	0.512	0.529
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	1.175	1.194	1.026
	Sundry Debtors	1.509	1.659	1.269
	Cash & Bank Balances	0.692	0.215	0.181
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.104	0.081	0.219
Total Current Assets		3.480	3.149	2.695
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.568	0.993	0.324
	Other Current Liabilities	0.250	0.018	0.105
	Provisions	0.028	0.052	0.048
Total Current Liabilities		0.846	1.063	0.477
Net Current Assets		2.634	2.086	2.218
MISCELLANEOUS EXPENSES		0.021	0.026	0.031
TOTAL		3.286	2.624	2.778

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	6.520	3.597	2.969
		Other Income	0.008	0.004	0.003
		TOTAL	6.528	3.601	2.972
Less	EXPENSES
		Cost of goods Produced	4.976	2.596	2.103
		Employee Cost	0.741	0.638	0.931
		Administrative and General Expenses	0.564	0.444	0.157
		Preliminary Expenses	0.005	0.005	0.005
		TOTAL	6.286	3.683	3.196
Less	PROFIT /LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		0.242	(0.082)	(0.224)
Less/ Add	DEPRECIATION/ AMORTISATION		0.076	0.068	0.072
	PROFIT/LOSS BEFORE TAX		0.166	(0.150)	(0.296)
Less	TAX		0.007	0.003	0.002
	PROFIT/LOSS AFTER TAX		0.159	(0.153)	(0.244)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.362	0.515	0.759
	BALANCE CARRIED TO THE B/S		0.521	0.362	0.515
	Earnings Per Share (Rs.)		15.9	(15.3)	(24.44)

Particulars	31.03.2011
Sales Turnover	120.000

The above information has been parted by Mr. Sunil Aggarwal (Director)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.44	(4.25)	(8.21)
Net Profit Margin (PBT/Sales)	(%)	2.55	(4.17)	(9.97)
Return on Total Assets (PBT/Total Assets}	(%)	4.04	(4.10)	(9.18)
Return on Investment (ROI) (PBT/Networth)		0.27	0.32	0.48
Debt Equity Ratio (Total Liability/Networth)		4.29	6.89	4.22
Current Ratio (Current Asset/Current Liability)		4.11	2.96	5.65

LOCAL AGENCY FURTHER INFORMATION

Check list by Info Agents	Available in Reports ( Yes/No)
Year Of Establishment	Yes
Locality of the Firm	Yes
Constitutions of the Firm	Yes
Premises Details	Yes
Type Of Business	Yes
Line of Business	Yes
Promoter’s Background	--
No. of Employees	Yes
Name of person contacted	Yes
Designation of contact person	Yes
Turnover of Firm fort last three years	Yes
Profitability for last three years	No
Reasons For Variation<>20%	No
Estimation for coming financial year	Yes
Capital in Business	Yes
Details of Sister Concern	Yes
Major Suppliers	Yes
Major Customers	Yes
Payment Terms	Yes
Export / Import Details (if Applicable)	Yes
Market Information	--
Litigations that the firm / Promoter involved in	--
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	--
Buyer visit details	--
Financial, if provided	No
Incorporation details, if applicable	--
Last Account filed at ROC	--
Major shareholder , if available	--

TRADE REFERENCE:

Vital Laboratory Private Limited

Hindustan Motors

FIXED ASSETS:

• Plant and Machinery
• Computer
• Electric Fittings
• Furniture and Fixture
• Office Equipment

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.49.42
UK Pound	1	Rs.76.72
Euro	1	Rs.65.85

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	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		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
-	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.