MIRA INFORM REPORT

Report Date :

31.10.2011

IDENTIFICATION DETAILS

Name :	ADVANTEC COILS PRIVATE LIMITED
Registered Office :	54/C-I, Rama Road, Moti Nagar, New Delhi – 110015
Country :	India
Financials (as on) :	31.12.2009
Date of Incorporation :	24.09.1992
Com. Reg. No.:	55-050416
Capital Investment / Paid-up Capital :	Rs.28.716 Millions
CIN No.: [Company Identification No.]	U74899DL1992PTC050416
TAN No.: [Tax Deduction & Collection Account No.]	DELA05979B
PAN No.: [Permanent Account No.]	AAACA0907F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Air Conditioners.
No. of Employees :	Information declined by management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2020000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. The Profit and Loss Account of the company is not Available.

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)

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

INFORMATION DECLINED BY

Name :	Mr. Umesh
Designation :	Account Manager
Contact No.:	91-11-41225123
Date :	22.10.2011

LOCATIONS

Registered Office/ Corporate Office :	54/C-I, Rama Road, Moti Nagar, New Delhi – 110015, India
Tel. No.:	91-11-41225123
Fax No.:	91-11-41225106
E-Mail :	sales@advanteccoils.com exports@advanteccoils.com sonali@advanteccoils.com
Website :	http://www.advanteccoils.com
Factory :	Village Dhadhi, Tehsil Kanian, Nalagarh, District Solan- 174101, Himachal Pradesh, India

DIRECTORS

As on : 26.03.2010

Name :

Mr. Gurvinder Pal Singh

Designation :

Managing Director

Address :

K-25, Fateh Nagar, Tilak Nagar New Delhi – 110018, India

Date of Birth/Age :

15.02.1963

Date of Appointment :

24.09.1992

DIN :

00283553

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	U74899DL1992PTC050416	ADVANTEC COILS PRIVATE LIMITED	Managing director	14/06/2006	24/09/1992	-	Active	NO
2	U34300DL1999PTC099118	LOKSHEEL INTERNATIONAL PRIVATE LIMITED	Director	12/6/2002	12/6/2002	-	Active	NO
3	U18204DL2007PTC163878	WOW HOME SOLUTIONS PRIVATE LIMITED	Director	24/05/2007	24/05/2007	-	Active	NO
4	U31908DL2007PTC168693	ANUSHKA AIR CONDITIONING PRIVATE LIMITED	Director	26/09/2007	26/09/2007	30/01/2008	Active	NO
5	U27310DL2007PTC171988	AGH ALTECH PRIVATE LIMITED	Director	28/12/2007	28/12/2007	-	Active	NO
6	U55101DL2008PTC183655	TGS HOSPITALITIES PRIVATE LIMITED	Director	24/09/2008	24/09/2008	-	Active	YES
7	U31300DL2011PTC222577	AGH WIRES PRIVATE LIMITED	Director	20/07/2011	20/07/2011	-	Active	NO

Name :

Amarjeet Kaur Sehgal

Designation :

Director

Address :

K-25, Fateh Nagar, Tilak Nagar New Delhi – 110018, India

Date of Birth/Age :

05.07.1964

Date of Appointment :

24.09.1992

DIN :

00330102

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	U74899DL1992PTC050416	ADVANTEC COILS PRIVATE LIMITED	Director	24/09/1992	24/09/1992	Active	NO
2	U34300DL1999PTC099118	LOKSHEEL INTERNATIONAL PRIVATE LIMITED	Director	22/06/2006	22/06/2006	Active	NO
3	U18204DL2007PTC163878	WOW HOME SOLUTIONS PRIVATE LIMITED	Director	24/05/2007	24/05/2007	Active	NO
4	U27310DL2007PTC171988	AGH ALTECH PRIVATE LIMITED	Director	28/12/2007	28/12/2007	Active	NO
5	U31300DL2011PTC222577	AGH WIRES PRIVATE LIMITED	Director	20/07/2011	20/07/2011	Active	NO

Name :

Mr. Abdullah Mohammed Al Zamil

Designation :

Director

Address :

P. O. Box – 14440, Dammam – 31424, Saudi Arabia

Date of Birth/Age :

07.01.1965

Date of Appointment :

21.05.2008

DIN :

02150647

Name :

Mr. Osama Fahad Al Bunyan

Designation :

Director

Address :

P. O. Box – 2700, Al Khobar – 31952, Saudi Arabia

Date of Birth/Age :

05.12.1967

Date of Appointment :

21.05.2008

DIN :

02150620

Name :

Gurdeep Kaur

Designation :

Director

Address :

K-25, Fateh Nagar, Tilak Nagar New Delhi – 110018, India

Date of Birth/Age :

23.03.1987

Date of Appointment :

21.05.2008

DIN :

02208091

Name :

Mr. Dinesh Vijapurkar

Designation :

Director

Address :

Plot No. 630 Road No. 35, Jubilee Hill, Hyderabad – 500033, Andhra Pradesh, India

Date of Birth/Age :

25.05.1965

Date of Appointment :

21.05.2008

DIN :

02128630

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	U74899DL1992PTC050416	ADVANTEC COILS PRIVATE LIMITED	Alternate director	21/05/2008	21/05/2008	Active	NO
2	U18101AP2010PTC070862	NCE FASHIONS PRIVATE LIMITED	Director	14/10/2010	14/10/2010	Active	NO

Name :

Mr. Awad Sharif Nugod Elamin

Designation :

Director

Address :

P. O. Box – 14440, Dammam – 31424, Saudi Arabia

Date of Birth/Age :

01.01.1951

Date of Appointment :

21.05.2008

DIN :

02287435

KEY EXECUTIVE

Name :	Ms. Sonali Adlakha
Designation :	Secretary
Address :	63-Amrit Nagar Near, South Ext-I, New Delhi – 110049, India
Date of Birth/Age :	25.07.1982
Date of Appointment :	21.11.2007
Name :	Mr. Umesh
Designation :	Account Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.03.2010

Names of Shareholders	No. of Shares
Gurvinder Pal Singh	2010450
Amarjeet Kaur Sehgal	100
G P Singh and Sons (HUF)	100
Zamil Industrial Investment Company	860900
TOTAL	2871550

As On 26.03.2010

Equity Share Break up Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	29.98
Directors or relatives of Directors	70.01
Bodies corporate	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Air Conditioners.

GENERAL INFORMATION

No. of Employees :

Information declined by management

Bankers :

• State Bank of India, Overseas Branch, Jawahar Vyapar Bhawan -1, Tolstoy Marg, New Delhi – 110001, India
• Bank of India

Facilities :

Secured Loans	31.12.2009 (Rs. In Millions) (18 Months)	30.06.2008 (Rs. In Millions) (12 Months)
Loan From Banks Term Loan Rupees term loan	57.692	104.643
Working capital loan Rupees working Capital loan	111.347	90.000
Cash credit facilities from banks	269.572	241.241
Foreign currency working capital loan (including Buyer’s Credit Rs. 165.038 millions previous period RS. 133.093 millions)	165.038	176.290
Vehicle Loans	0.377	1.556
TOTAL	604.026	613.730
Notes: Rupee Term Loan State Bank of India are secured against the hypothecation of Plant and Machinery on pari-passu basis of such machine financed by such term loans. Rupee term loan is further secured by equitable mortgage of land and building at Nalagarh unit of the Company. Rupee Working Capital Loan, cash credit facilities from banks and Foreign Currency Working Capital Loan are secured against the hypothecation of stock and book debt and other current assets on pari-passu basis. Working Capital Loan from Bank of India are further secured by charge on fixed assets of Bahadurgarh units. Working capital loan from State Bank of India is further secured by a second charge on the fixed assets of Nalagarh unit. Vehicle loans are secured against the asset acquired under the facility. All the above loans are also secured by personal guarantee and specified personal property of the promoter directors.
Unsecured Loans	31.12.2009 (Rs. In Millions) (18 Months)	30.06.2008 (Rs. In Millions) (12 Months)
Loans from Directors	33.077	90.189
Loans from Banks and financial companies	0.000	41.339
Loans from others	0.093	2.293
TOTAL	33.170	133.821

Banking Relations :	--
Auditors :
Name :	S. K. Surana and Associates Chartered Accountants
Address :	4831/24, Ansari Road, Daryagunj, New Delhi – 110002, India
Tel. No.:	91-11-23288018 / 45652626
E-Mail :	info@suranaca.com suranasso@vsnl.net
Associates/Subsidiaries :	NIL

CAPITAL STRUCTURE

As on 31.12.2009

Authorised Capital :

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2,871,550	Equity Shares	Rs.10/- each	Rs.28.716 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2009 (18 Months)	30.06.2008 (12 Months)	30.06.2007
SHAREHOLDERS FUNDS
1] Share Capital		28.716	28.716	23.407
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		476.593	660.835	226.606
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		505.309	689.551	250.013
LOAN FUNDS
1] Secured Loans		604.026	613.730	301.881
2] Unsecured Loans		33.170	133.821	112.995
TOTAL BORROWING		637.196	747.551	414.876
DEFERRED TAX LIABILITIES		0.000	36.973	32.611
TOTAL		1142.505	1474.075	697.500
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		508.283	525.912	378.765
Capital work-in-progress		79.184	82.082	51.397
INVESTMENT		0.200	0.000	0.000
DEFERREX TAX ASSETS		16.701	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	249.231	519.569	347.783
	Sundry Debtors	201.425	565.286	121.620
	Cash & Bank Balances	76.115	43.051	34.005
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	527.949	55.245	56.329
Total Current Assets		1054.720	1183.151	559.737
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	122.223	254.306	222.439
	Other Current Liabilities	385.411	48.026	49.841
	Provisions	8.949	14.738	20.119
Total Current Liabilities		516.583	317.070	292.399
Net Current Assets		538.137	866.081	267.338
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1142.505	1474.075	697.500

KEY RATIOS

PARTICULARS	31.12.2009 (18 Months)	30.06.2008 (12 Months)	30.06.2007
Debt Equity Ratio (Total Liability/Networth)	2.28	1.54	2.82
Current Ratio (Current Asset/Current Liability)	2.04	3.73	1.91

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

Name of the company	ADVANTEC COILS PRIVATE LIMITED
Presented By	BANK OF INDIA, MAYAPURI INDUSTRIAL AREA, NEW DELHI.
1) Date and description of instrument creating the change	No Instrument. Oral Assent for Extension of equitable mortgage dated 07.01.2006
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 50.000 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Equitable mortgage of immovable properties of. the company situated at B1, MIE, Bahadurgarh, Aryana
4) Gist of the terms and conditions and extent and operation of the charge.	The above is to secure all amount payable under Adhoc Letter of Credit Facility of Rs. 30.000 millions granted to/enjoyed by Azuro Pooltech Industries together with all interests, costs, charges, expenses, commission etc.
5) Name and Address and description of the person entitled to the charge.	Bank of India, Mayapuri Industrial Area, New Delhi, India
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

Form : 8

Corporate identity number of the company	U74899DL1992PTC050416
Name of the company	ADVANTEC COILS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	54/C-I, Rama Road, Moti Nagar, New Delhi - 110015, India
This form is for	Modification of Charge
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	State Bank of India, Overseas Branch, Jawahar Vyapar Bhawan -1, Tolstoy Marg, New Delhi – 110001, India
Nature of instrument creating charge	Letter regarding the grant of individual limits within the overall limit
Date of instrument Creating the charge	25.09.2009
Amount secured by the charge	Rs. 623.700 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : Cash Credit/WCTL – 0.25% above SBAR, EPC/FBP/FBN – 2.75% below SBAR, Term Loan I/Term Loan II –At SBAR. Commission on Bank Guarantee/Letter of Credit – As applicable Under Bank Rules. Terms of repayment : Working capital – payable on demand. Term Loan – II – Repayable as per existing repayment Schedule. Working capital term loan of RS. 152.900 millions will be repaid in 14 monthly installments commencing from November, 2009 and Last installment due on December, 2010. Margin : Raw materials / Stock-in process/ Finished Goods/ Spares – 25%, Book debts / Receivables (cover period 90 days) – 40%, Letter of Credit / Bank Guarantee – 10%. Extent and operation of the charge : The pari-passu charge operates till the repayment of all the together with interest and all other charges in respect of credit fatalities availed / to be availed by the company from the bank. Others : i) The above is to secure the credit facilities provided by the bank as under : cash credit – RS. 250.000 millions, WCTL*-(Rs. 20.000 millions), letter of credit – 300.000 millions, bank guarantee (within LC limit) – (RS. 50.000 millions), term loan I – Rs. 32.700 millions, term loan II- RS. 41.000 millions, Totaling Rs. 623.700 millions. *within cash credit limits. ii) Other terms and conditions as per sanction Letter No.SBI/OBND/RM-II/2009/10/331 dated 25.09.2009
Short Particulars of the property charged	Security Charged For Securing Working Capital / WCTL Facilities : i) First pari-passu charged over entire current assets of the company including receivables. ii) Extension of the charge on entire fixed assets of the company on pari-pasu basis excluding fixed assets at Nalagarh iii) Second charge over entire fixed assets of the company including EM of factory land and Building situated at Village Khera Nihla and Village Dhadi Kanian, Tehsil Nalagarh, District Solan, H.P. Security Charged for Securing Term Loan : i) 1^st charge over entire fixed assets of the company. Including EM of factory land and Building Situated at Village Khera Nihla and Village Dhadi Kanian, Tahsil Nalagarh, Solan. ii) Extension of charge on entire fixed assets of the company on pari-passu basis excluding fixed assets at Nalagarh. iii) Second charge on entire current assets of the company including receivables.
Particulars of the present modification	i) The credit facilities reduced from Rs. 649.100 millions to Rs. 623.700 millions. The enhanced credit facilities are secured by : WC/WCTL- 1^st P/P Charge on C/A of the company including and Extension of charge on F/A, of the company on P/P basis excluding F/A, at Nalagarh and 2^nd Charge on F/A of the company including EM of the factory L and B at Nalagarh. ii) TL-1^st charge on F/A of the company including factory L and B Nalagarh and Extension of the charge on F/A, of the company on P/P basis excluding Nalagarh and 2^nd charge on C/A of the company.

Fixed Assets :

• Freehold Land
• Factory Building
• Other Building
• Electric Installations
• Plant and Machinery
• Office Equipments
• Dies and Moulds
• Computer
• Vehicles
• Furniture and Fixtures

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.48.82
UK Pound	1	Rs.78.57
Euro	1	Rs.69.29

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.