MIRA INFORM REPORT

Report Date :

19.09.2011

IDENTIFICATION DETAILS

Name :	TWIN TECH (INDIA) PRIVATE LIMITED (w.e.f 01.12.2007)
Formerly Known As :	TWIN TECH TRADING (INDIA) PRIVATE LIMITED
Registered Office :	AB-57, Shalimar Garden, New Delhi – 110 088
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.12.2004
Com. Reg. No.:	55-130904
Paid-Up Capital :	Rs. 0.403 Million
CIN No.: [Company Identification No.]	U51909DL2004PTC130904
TAN No.: [Tax Deduction & Collection Account No.]	MRTT00790G
PAN No.: [Permanent Account No.]	AACCT1495K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Specialty Industrial Maintenance Aerosols and Adhesive Tapes
No. of Employees :	50 (approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 13000
Status :	Small Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

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. P.K. Sharma
Designation :	Director
Contact No.:	91-9350236373
Date :	10.09.2011

LOCATIONS

Registered Office :	AB-57, Shalimar Garden, New Delhi – 110 088, India
Tel No. :	91-120-4371050/2840276
Mobile No.:	91-9350236373 (Mr. P.K. Sharma)
Fax No. :	91-120-4371070/2840723
E-Mail :	sale@twinindia.com carishikapoorroc@yahoo.co.in
Website :	www.twinindia.com
Area :	1500 sq ft
Location :	Owned
Corporate/ Sales Office :	H-75-A, Sector – 12, Pratap Vihar, Ghaziabad – 201 009, Uttar Pradesh, India
Tel. No.:	91-120-2840276/ 2841949/ 6545141/ 3262765
Fax No.:	91-120-2840723
Email :	sales@twinindia.com
Factory :	R-52, UPSIDC, Industrial Area, Sikandrabad, Uttar Pradesh, India
Area :	800 sq ft
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :	Mr. Talewar Sharma
Designation :	Director
Address :	B-7159, Rahul Vihar Budh Nagar, Ghaziabad – 201 001, Uttar Pradesh, India
Date of Birth/Age :	28.10.1946
Date of Appointment :	02.12.2004
DIN No.:	00910532

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	U51909DL2004PTC130904	Twin Tech (India) Private Limited	Director	2.12.2004	2.12.2004	-	Active	NO

Name :	Mr. Pramod Kumar Sharma
Designation :	Director
Address :	H-75/ A, Sector-12, Pratap Vihar, Ghaziabad – 201 001, Uttar Pradesh, India
Date of Birth/Age :	02.04.1973
Date of Appointment :	02.12.2004
DIN No.:	00910460

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	U51909DL2004PTC130904	Twin Tech (India) Private Limited	Director	2.12.2004	2.12.2004	-	Active	NO

Name :	Ms. Sushila Ram Sharma
Designation :	Additional Director
Address :	H-75/ A, Sector-12, Pratap Vihar, Ghaziabad – 201001, Uttar Pradesh, India
Date of Birth/Age :	02.03.1973
Date of Appointment :	02.12.2009
DIN No.:	02875773

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	U51909DL2004PTC130904	Twin Tech (India) Private Limited	Additional director	2.12.2009	2.12.2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Pramod Kumar Sharma	9800
Talewar Sharma	5300
C.L. Sharma	300
Satish Kumar Sharma	2650
Ajay Sharma	3150
S.K. Tiwari	4100
Manmohan Gupta	15000
Total	40300

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Specialty Industrial Maintenance Aerosols and Adhesive Tapes
Products :	Aerosol Filling Machines Industrial Aerosols Industrial Epoxy Industrial Lubricants Industrial Tapes
Exports :
Countries :	· Dubai · Iran · Iraq · Pakistan · African Countries
Imports :
Products :	· Raw Materials
Countries :	· USA · Europe · Turkey
Terms :
Selling :	L/C, Cash and Credit 30 days
Purchasing :	L/C, Cash and Credit 30 days

GENERAL INFORMATION

Customers :

· OEM’s

· Manufacturer

· Asian Paints

· Carrier

· Coca Cola

· Dabur

· Delphi

· Dixon

· DS Group

· Eicher

· EPin Electronics

· GAIL

· GeeKay

· Good Year

· Gop Sons

· Maruti Suzuki

· Sanden

· Yamaha

No. of Employees :

50 (approximately)

Bankers :

· Punjab National Bank, AKP, Vijay Nagar, Ghaziabad – 201 001, Uttar Pradesh, India

· ICICI Bank Limited

Facilities :

Secured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
Punjab National Bank (Hypothecation of stock and book debts)	2.126	0.758
HDFC Bank – Business Loan	0.000	0.218
Total	2.126	0.976

Banking Relations :	--
Auditors :
Name :	Rishi Kapoor and Company Chartered Accountants
Address :	9 and 10, First Floor, Advocate Chambers, Opposite Telephone Exchange, Raj Nagar District Centre, Ghaziabad – 201 002, Uttar Pradesh, India
Tel. No.:	91-120-4371050
Fax No.:	91-120-4371070
Pan No.:	AEFPK6932G

CAPITAL STRUCTURE

As On 31.03.2010

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
40300	Equity Shares	Rs.10/- each	Rs.0.403 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		0.403	0.403	0.153
2] Share Application Money		2.214	0.389	0.000
3] Reserves & Surplus		0.749	2.709	0.274
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.366	3.501	0.427
LOAN FUNDS
1] Secured Loans		2.126	0.976	1.215
2] Unsecured Loans		0.000	0.000	0.964
TOTAL BORROWING		2.126	0.976	2.179
DEFERRED TAX LIABILITIES		0.000	0.033	0.006
OTHERS – SHARE PREMIUM		2.250	0.000	0.000
TOTAL		7.742	4.510	2.612
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.186	3.949	2.773
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.120	2.675	1.411
	Sundry Debtors	4.809	3.669	3.450
	Cash & Bank Balances	0.265	0.170	0.039
	Other Current Assets	0.607	0.348	0.290
	Loans & Advances	0.000	0.179	0.203
Total Current Assets		9.801	7.041	5.393
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.145	5.677	4.704
	Other Current Liabilities	0.935	0.710	0.757
	Provisions	0.165	0.093	0.098
Total Current Liabilities		6.245	6.480	5.559
Net Current Assets		3.556	0.561	(0.166)
MISCELLANEOUS EXPENSES		0.000	0.000	0.005
TOTAL		7.742	4.510	2.612

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income		20.326	17.455
		Other Income			0.010
		TOTAL	27.117	20.326	17.465
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	26.287	19.767	17.125
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.830	0.559	0.340
Less/ Add	DEPRECIATION/ AMORTISATION		0.407	0.255	0.120
	PROFIT BEFORE TAX		0.423	0.304	0.220
Less	TAX		0.133	0.119	0.101
	PROFIT AFTER TAX		0.290	0.185	0.119
	Earnings Per Share (Rs.)		7.20	4.54	7.76

Particulars	31.03.2011
Sales Turnover (approximately)	30.000

The above information has been parted by Mr. P. K. Sharma (Director)

.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.07	0.90	0.68
Net Profit Margin (PBT/Sales)	(%)	NA	NA	1.26
Return on Total Assets (PBT/Total Assets}	(%)	3.02	2.77	2.69
Return on Investment (ROI) (PBT/Networth)		0.13	0.09	0.52
Debt Equity Ratio (Total Liability/Networth)		2.49	2.13	18.12
Current Ratio (Current Asset/Current Liability)		1.57	1.09	0.97

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Register Office of the company has been shifted from B-33/1, Gali No. 2, Arjun Mohalla, Mauzpur, Delhi – 110053 to the present address with effect from 06.12.2007.

Form 8:

Corporate identity number of the company

U51909DL2004PTC130904

Name of the company

TWIN TECH TRADING (INDIA) PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

AB – 57, Shalimar Garden, New Delhi – 110088, India

This form is for

Modification of charge

Type of charge

Movable Property

Immovable Property

Particular of charge holder

Name :	Punjab National Bank
Address :	AKP, Vijay Nagar, Ghaziabad – 201 001, Uttar Pradesh, India
Email :	nguptaassociate@gmail.com

Nature of instrument creating charge

Hypothecation Of Stocks And Equitable Mortgage Of Plot

Date of instrument Creating the charge

30.04.2010

Amount secured by the charge

Rs. 5.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest - CRR 12.5% (BPLR= 11% + 1.5%)

Margin - 25%

Extent and Operation of the charge - Hypothecation Of Stock Of Aerosoles, Pneumatics Tapes And Equitable Mortgage Of Factory Land.

Description of the property charged indicating whether it is a charged on

Particulars of the property charged

Hypothecation Of Stock Of Aerosoles, Pneumatics Tapes Etc.

And Equitable Mortgage Of Factory Plot And Building Thereon At R-52, UPSIDC Industrial Area, Sikandrabad, Distt. Bulandshahar, U.P.

Particulars of the present modification

The Working Capital (CC) Limits Has Been Enhanced From 2.500 millions To 5.000 millions.

WEBSITE DETAILS:

PROFILE:

Subject is a name in manufacturing and supplying of aerosols and sprays in a multitude of industrial application. Biodegradable, user and environment friendly, all their sprays are custom designed for easy use. They promote their aerosols for different applications under the registered brand name of Sprayzet. They also do contract aerosol packaging for a variety of companies and industries, with extensive private label aerosol filling/ packaging capabilities. They have earned a good reputation in the industry through their committed and outstanding customer management system and have created a benchmark as a manufacturer of various industrial aerosols.

Subject is the manufacturer, exporter and supplier of specialty industrial maintenance aerosols like On-line contact cleaner, Carbon remover, Electronic cleaner, Insulating spray varnish, Bus-bar coatings, Penetrating oil, Moisture displacer, Rust preservatives, Rust-remover, Dry lubricants, Anti-seize compound, Silicon-free mould release agent, mould & die protector, mould cleaner, Galvanizing coating, Stainless steel coating etc.

Subject is being managed by a team of qualified engineers and driven by technology; they have created sprays which are ideal for all industrial applications. They are not only high on performance but fully serve the purpose they are meant for. Constructed with sophisticated manufacturing techniques, the high pressure sprays are built to last. They stand ahead, in terms of quality and innovation of the existing product range.

Subject also manufacture various Aerosol machines like Aerosol propellant Filling Machine, Aerosol Semi-Automatic Crimping Machine, Aerosol Crimping Machine (Bottle), Aerosol Valve's Deep Tube Cutting Machine, Aerosol Gas Filling Machines, Liquid Filling Machines, LPG Filtrations Columns, LPG Bottle Stand, Aerosol Crimping Machine (Hand Operated) etc. The company has been supplying these machines in India and abroad, with a sound record of trouble free operations.

The machines supplied are of a very high quality and are low on maintenance. It requires minimum degree of operating skills to work on these machines, which helps the customers to cut down the costs of employing skilled labour. While maintaining a high level of quality in its products, the company also ensures a timely delivery of the machines to all its clients, which has helped the company to earn the goodwill of its customers. They warmly invite you to browse through all the pages that they have prepared specially for you. They hope that you will find among them information that is of profitable interest to you.

They also do contract aerosol packaging for a number of companies and industries, with extensive private label aerosol filling / packaging capabilities. They have earned a good reputation in the industry through their committed and outstanding customer management system and have created a benchmark as a manufacturer of various industrial aerosols.

INFRASTRUCTURE

They owe their success to the sound infrastructural set up. Comprising of a fully integrated manufacturing set up and contemporary technology, they have a state-of-the-art production line room to manufacture products. Their highly mechanized manufacturing unit is operated under checked in labs before they are dispatched for final packaging. Their technocrats also ensure the pressure of the sprays and that they are leak proof, safe and easy to use. The highly committed workforce is the pillars of their strength.

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.47.47
UK Pound	1	Rs.74.96
Euro	1	Rs.65.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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		26

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.