MIRA INFORM REPORT

Report Date :

11.10.2011

IDENTIFICATION DETAILS

Name :	VINTEX FIRE PROTECTION PRIVATE LIMITED
Registered Office :	Unit No. 1, Ashok Industrial Estate, L.B.S. Marg, Near Nirmal Life Style, Mulund (West), Mumbai-400080, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.12.2006
Com. Reg. No.:	11-166154
Capital Investment / Paid-up Capital :	Rs. 0.200 Million
CIN No.: [Company Identification No.]	U29199MH2006PTC166154
TAN No.: [Tax Deduction & Collection Account No.]	MUMV14438E
PAN No.: [Permanent Account No.]	AACCV3823B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Fire Extinguisher Products.
No. of Employees :	Approximately 28

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 14000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. 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

INFORMATION PARTED BY

Name :	Mr. Joseph Padinjattinkara
Designation :	Director
Contact No.:	91-9224424511
Date :	29.09.2011

LOCATIONS

Registered Office :	Unit No. 1, Ashok Industrial Estate, L.B.S. Marg, Near Nirmal Life Style, Mulund (West), Mumbai-400080, Maharashtra, India
Tel. No.:	91-22-67708685/ 67706362/ 67708687
Mobile No.:	91-9224424511 (Mr. Joseph)
Fax No.:	91-22-25906236/ 25906263/ 25906362
E-Mail :	vintexfire@gmail.com acsmakarand@gmail.com
Website :	http://www.vintexfire.com
Area :	1020 sq.ft.
Location :	Owned
Factory :	Unit No. 2, TTC Industrial Area, Rabale, Navi Mumbai, Maharashtra, India
Area :	6000 sq.ft.
Location :	Owned

DIRECTORS

(AS ON 29.09.2010)

Name :

Mr. Joseph Padinjattinkara

Designation :

Director

Address :

A-30, Sadguru Apartments, Sector-7, Shree Nagar, Thane-400604, Maharashtra, India

Date of Birth/Age :

07.03.1965

Date of Appointment :

12.12.2006

DIN No.:

00591340

Other Directorship:

.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	U29199MH2006PTC166154	Vintex Fire Protection Private Limited	Director	12/12/2006	12/12/2006	-	Active	NO
2	U99999MH1983PTC030652	Vijoy Power Transmissions Private Limited	Additional director	26/04/2010	26/04/2010	-	Active	NO

Name :

Mr. Madhukar Bhimrao Gogawale

Designation :

Director

Address :

103/1, Khairunisa Apartments, Kisan Nagar No. 1, Thane-400604, Maharashtra, India

Date of Birth/Age :

05.02.1974

Date of Appointment :

12.12.2006

DIN No.:

00591383

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	U29199MH2006PTC166154	Vintex Fire Protection Private Limited	Director	12/12/2006	12/12/2006	-	Active	NO
2	U99999MH1983PTC030652	Vijoy Power Transmissions Private Limited	Additional director	30/04/2010	30/04/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2010)

Names of Shareholders	No. of Shares
Madhukar Bhimrao Gogawale	4000
Joseph Padinjattinkara	5500
Rejeesh Mathew	5500
Archana Madhukr Gogawale	5000
Total	20000

Equity Share Breakup (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, Exporter and Importer of Fire Extinguisher Products.
Products :	· Fire Extinguisher · Dry Powder Fire Extinguisher · Foam Fire Extinguisher · Sprinkle System · Fire Alarm-Detection · Signage
Exports :
Products :	Fire Extinguisher Products
Countries :	· Gulf Countries · Middle East
Imports :
Products :	Raw Material and Finished Goods
Countries :	· China · Germany · Singapore
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Retailers and End Users

No. of Employees :

Approximately 28

Bankers :

The Catholic Syrian Bank Limited, Anu Apartments, Govardhan Nagar, L.B.S. Marg, Mulund (West), Mumbai-400080, Maharashtra, India

Facilities :

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Banks	0.000	0.000
From Others	2.938	2.666
Total	2.938	2.666

Banking Relations :	--
Auditors :
Name :	Sumtichandra Savla and Company Chartered Accountant
Address :	403, Rajor Chambers, 99 Surat Sding Street, Masjid (East), Mumbai-400009, Maharashtra, India
Tel. No.:	91-22-23482358
PAN No.:	AAEPS2851H

CAPITAL STRUCTURE

As on 29.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Share	Rs. 10/- each	Rs. 3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Share	Rs. 10/- each	Rs. 0.200 Million

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Share	Rs. 10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Share	Rs. 10/- each	Rs. 0.200 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		0.200	0.200	0.200
2] Share Application Money		1.600	0.000	0.000
3] Reserves & Surplus		1.585	0.601	0.175
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.385	0.801	0.375
LOAN FUNDS
1] Secured Loans		0.234	0.000	0.000
2] Unsecured Loans		2.938	2.666	1.001
TOTAL BORROWING		3.172	2.666	1.001
DEFERRED TAX LIABILITIES		0.018	0.018	0.000
TOTAL		6.575	3.485	1.376
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.981	0.816	0.756
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.180	0.175	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.810	2.033	1.683
	Sundry Debtors	15.985	10.568	6.925
	Cash & Bank Balances	0.230	0.100	0.004
	Other Current Assets	0.000	0.628	0.040
	Loans & Advances	3.750	1.248	0.690
Total Current Assets		20.775	14.577	9.342
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.102	11.969	8.596
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.259	0.114	0.126
Total Current Liabilities		15.361	12.083	8.722
Net Current Assets		5.414	2.494	0.620
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6.575	3.485	1.376

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2010	31.03.2009	31.03.2008
	PROFIT BEFORE TAX	1.205	0.558	0.313
Less	TAX	0.221	NA	NA
	PROFIT AFTER TAX	0.984	NA	NA
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	0.602	NA	NA
	BALANCE CARRIED TO THE B/S	1.586	NA	NA
	Earnings Per Share (Rs.)	49.2	--	--

Particulars	31.03.2011	31.03.2010	31.03.2009
Sales Turnover (Approximately)	60.000	42.500	15.000

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

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	5.54	3.63	3.10
Return on Investment (ROI) (PBT/Networth)		0.36	0.70	0.83
Debt Equity Ratio (Total Liability/Networth)		5.48	18.41	25.93
Current Ratio (Current Asset/Current Liability)		1.35	1.21	1.07

LOCAL AGENCY FURTHER INFORMATION

Trade References:

· IIT

· Mumbai Airport

Check List by Info Agents	Available in Report (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 for last year	Yes
Profitability for last three years	No
Reasons for Variation <> 20%`	No
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concern	No
Major Suppliers	No
Major Customers	No
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	--
Financials, fi provided	No
Incorporation details, if applicable	--
Last accounts filed at ROC	--
Major Shareholders , if available	--

Financial Results:

This is the 4^th Period of operation of the company and during the period, wherein the company was able to establish itself in the market and the company made a net profit before tax Rs. 1.205 Millions

Bankers Charges Report as per Registry

Corporate identity number of the company	U29199MH2006PTC166154
Name of the company	VINTEX FIRE PROTECTION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Unit No. 1, Ashok Industrial Estate, L.B.S. Marg, Near Nirmal Life Style, Mulund (West), Mumbai-400080, Maharashtra, India
This form is for	Creation of Charge
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	The Catholic Syrian Bank Limited, Anu Apartments, Govardhan Nagar, L.B.S. Marg, Mulund (West), Mumbai-400080, Maharashtra, India Email: mulund@csb.co.in
Nature of instrument creating charge	Agreement of Hypothecation entered on 12.06.2010 between the Vintex Fire Protection Private Limited, the borrower with the Catholic Syrian Bank Limited, the lender
Date of instrument Creating the charge	12.06.2010
Amount secured by the charge	Rs. 9.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 14.75% per annum Terms of Repayment On Demand Margin On Stock (Fully Paid) : 25% Margin On Book debts (Not older than 120 Days): 50% margin Extent and Operation of the charge The charge operates on whole of the movable properties including all produce, goods, machinery, motor vehicles, book debts and other movable assets and operates to the whole of the balance due to the bank from the borrower.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All movable properties including Stock, book debts and other movable assets acquired or to be acquired or brought in or stored in the borrowers premises or godown at mulund or wherever else.

Fixed Assets:

· Computer

· Office Equipments

· Plant and Machinery

· Furniture and Fixture

· Vehicle (Mahindra Jeep)

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.49.07
UK Pound	1	Rs.76.65
Euro	1	Rs.66.17

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	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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.