MIRA INFORM REPORT

Report Date :

15.10.2011

IDENTIFICATION DETAILS

Name :	UNIVAC ENVIRONMENT SYSTEMS PRIVATE LIMITED
Registered Office :	101-A, Nav Asawari, 182, J B Nager, Andheri (East), Mumbai – 400 059, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.02.1999
Com. Reg. No.:	11-118456
Capital Investment / Paid-up Capital :	Rs. 0.100 million
CIN No.: [Company Identification No.]	U74999MH1999PTC118456
TAN No.: [Tax Deduction & Collection Account No.]	MUMU02652G
Legal Form :	Private Limited Liability Company
Line of Business :	Dealers for all types of Air Conditioners.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 3000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a relatively small company having moderate track. Financial position of the company is improving. 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 – 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 PARTED BY

Name :	Mr. Vikaram Murthy
Designation :	Director
Contact No.:	91-9821089945
Date :	15.10.2011

LOCATIONS

Registered Office :	101-A, Nav Asawari, 182, J B Nager, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-26789743 / 23088616 / 23003579 / 9453
Mobile No.:	91-9821089945 (Mr. Vikaram Murthy)
Fax No.:	91-22-23084810
E-Mail :	shan@bom4.vsnl.net.in uespl@gmail.com univacenvironment@gmail.com
Corporate Office :	Arch No. 11, Below Mahalaxmi Bridge, Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-23088616 / 23003579
Fax No.:	91-22-23084810
Area :	2800 Sq. ft.
Location :	Owned
Branch Office / Godown :	W-125/(A), TTC, MIDC, Karve, Navi Mumbai – 400 705, Maharashtra, India

DIRECTORS

AS ON 30.09.2009

Name :	Mr. Shamsunder Srinivasan Bindingnavile
Designation :	Director
Address :	501/D, Mannor Building, Sector – 14, Sanpada (East), Navi Mumbai – 400 705, Maharashtra, India
Date of Birth/Age :	24.12.1954
Qualification :	Diploma in Mechanical Engineering
Date of Appointment :	01.04.199
Election Commission Identity Card No.	MT/06/33/135581
DIN No.:	01902303

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	U74999MH1950PTC008118	National Airco Private Limited	Director	08-11-82	08-11-82	Active	YES
2	U74999MH1999PTC118456	Univac Environment Systems Private Limited	Director	01-04-99	01-04-99	Active	YES

Name :	Mr. Vikram Murthy
Designation :	Director
Address :	101-A, Nava Sawari, 182 J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra, India
Date of Birth/Age :	16.06.1953
Qualification :	B. Tech
Date of Appointment :	22.09.1999
DIN No.:	02007641

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2009

Names of Shareholders	No. of Shares
Ananthkrishna Bindingnavile	3350
Vikram Murthy	3350
Shamsunder Bindingnavile	3350
Total	10050

AS ON

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Dealers for all types of Air Conditioners.
Products :	· Air Conditioning Machines Windows · Wall Types Self Contained
Agencies Held :	Carrier
Terms :
Selling :	Cash, Credit (30 days)
Purchasing :	Cash, Credit (30 days)

GENERAL INFORMATION

Customers :

· End Users

· OEM’s

· Corporates

No. of Employees :

30 (Approximately)

Bankers :

· Karur Vysya Bank Limited, Prabhadevi Branch, 954, Appa Saheb Marathe Marg, Mumbai – 400 025, Maharashtra, India

· HDFC Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2009
HDFC (Secured against hypothecation of Motor Car)	0.099
Karur Vysya Bank Limited (Secured against hypothecation of Motor Car)	0.375
Karur Vysya Bank Limited (Secured against hypothecation of Motor Car)	0.231
Karur Vysya Bank Limited (Secured against hypothecation of Motor Car)	0.156
Total	0.861
Unsecured Loan	Rs. In Millions 31.03.2009
Cash Credit Account with Karur Vysya Bank Limited (Hypothecated against Book Debts)	0.156
Total	0.156

Banking Relations :	--
Auditors :
Name :	Borkar and Shenoy Chartered Accountant
Address :	B-14, Valmiki apartments, Next to Bombay College of Pharmacy, Sundernagar, Kalina, Mumbai-400098, Maharashtra, India
Tel. No.:	91-22-26671102
Fax No.:	91-22-26671024
PAN No :	AIUPK1397A
Associates/Subsidiaries :	National Air Company Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2009

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10050	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		0.794	0.683	0.000
4] (Accumulated Losses)		0.000	0.000	(0.133)
NETWORTH		0.894	0.783	(0.033)
LOAN FUNDS
1] Secured Loans		0.408	0.861	1.188
2] Unsecured Loans			0.156	0.073
TOTAL BORROWING		0.408	1.017	1.261
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1.302	1.800	1.228
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.462	1.711	2.148
Capital work-in-progress		(0.259)	0.000	0.000
INVESTMENT		0.099	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.198	0.163
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	1.696	1.747
	Sundry Debtors	0.000	14.085	9.368
	Cash & Bank Balances	0.000	0.003	0.182
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.000	1.369	1.406
Total Current Assets		0.000	17.153	12.703
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	13.509	10.778
	Other Current Liabilities	0.000	3.253	2.643
	Provisions	0.000	0.500	0.365
Total Current Liabilities		0.000	17.262	13.786
Net Current Assets		0.000	(0.109)	(1.083)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1.302	1.800	1.228

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	16.761	15.882
		Other Income	0.000	0.000
		TOTAL (A)	16.761	15.882
Less	EXPENSES
		Cost of Goods Sold	9.812	10.138
		Direct Expenses	0.718	0.445
		Administrative Expenses	3.741	4.197
		Variation in Stock	1.043	0.051
		TOTAL (B)	15.314	14.831
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.447	1.051
Less	FINANCIAL EXPENSES (D)		0.121	0.156
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.326	0.895
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.266	0.493
	PROFIT BEFORE TAX (E-F) (G)		1.060	0.402
Less	TAX (I)		0.327	0.206
	PROFIT AFTER TAX (G-I) (J)		0.733	0.196
	Earnings Per Share (Rs.)		--	0.08

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.37	1.23	NA
Net Profit Margin (PBT/Sales)	(%)	6.32	2.53	NA
Return on Total Assets (PBT/Total Assets}	(%)	72.50	2.11	NA
Return on Investment (ROI) (PBT/Networth)		1.19	0.51	NA
Debt Equity Ratio (Total Liability/Networth)		0.46	23.34	(455.97)
Current Ratio (Current Asset/Current Liability)		0.00	0.99	0.92

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions 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	No
13. Reasons for variation <> 20%	No
14. Estimation for coming financial year	No
15. Capital in the business	Yes
16. Details of sister concerns	Yes
17. Major suppliers	No
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	No
21. Market information	------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	No
25. Conduct of the banking account	-----
26. Buyer visit details	-----
27. Financials, if provided	Yes
28. Incorporation details, if applicable	------
29. Last accounts filed at ROC	------
30. Major Shareholders, if available	------

FORM 8

Corporate identity number of the company	U74999MH1999PTC118456
Name of the company	UNIVAC ENVIRONMENT SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	101-A Nav Asawari182 J B Nagar, Andheri East, Mumbai – 400059, Maharashtra, India
This form is for	Creation of charge
Type of charge	Hypothecation
Particular of charge holder	Karur Vysya Bank Limited, Prabhadevi Branch, 954,Appa Sahab Marathe Marg, Mumbai-400025, Maharashtra, India
Nature of instrument creating charge	Agreement of Hypothecation of Book Debts
Date of instrument Creating the charge	24.04.2006
Amount secured by the charge	Rs. 0.500 million
Brief of the principal terms an conditions and extent and operation of the charge	Roi-13 % (Subject To Change), As Per Sanction Letter Of The Bank
Description of the property charged indicating whether it is a charged on	Book Debts
Short particulars of the property charged (Including location of the property)	First Charge Hypothecation of Book Debts, Outstandings, Moneys Receivables ,Claims and Bills Which are Now Due and Owing or Which May At Any Time Hereafter During The Continuance of The Security(Present And Future)
Whether any of the property or interest therein under reference is not registered in the name of the company. If yes, in whose name it is registers	Yes

TRADE REFERENCE:

· Bank of India

FIXED ASSETS

· Air Conditioner

· Computers

· Office Equipments

· Project – Panasonic

· Television

· Weight Machine

· Water Pump

· Motor Car

· Drilling Machine

· Furniture and Fixtures

· Mobile Handset

· Water Purifier

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. 49.06
UK Pound	1	Rs. 77.41
Euro	1	Rs. 67.72

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--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		30

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.