MIRA INFORM REPORT

Report Date :

28.09.2011

IDENTIFICATION DETAILS

Name :	GIACOMINI INDIA PRIVATE LIMITED
Registered Office :	G-3 Neel Madhav, V L Cross Road, Near Hira Mongi Navneet Hospital, Mulund (Wset), Mumbai 400080, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.06.2009
Com. Reg. No.:	193286
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U51109MH2009PTC193286
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Processor, Trader, of Pipe and Pipe Fittings and All Types of Valves, Cocks Hardware and General Supplies and Also to Deal in Hardware Milling Stores.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	New Company
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a relatively new company and yet to establish itself gradually. Payments are not known. The company can be considered for business dealings on a safe and secured 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

LOCATIONS

Registered Office :	G-3 Neel Madhav, V L Cross Road, Near Hira Mongi Navneet Hospital, Mulund (Wset), Mumbai 400080, Maharashtra, India
Tel. No.:	91-22-21676767 / 25934994
Fax No.:	91-22-21676707
E-Mail :	Chetan_sheth@rediffmail.com info@giacomini.in
Website :	www.giacomini.in
Branches :	Located At: · Surat · Delhi · Kolkata · Pune · Banglore · Nagpur

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Nilesh P Mehta
Designation :	Director
Date of Birth/Age :	21.11.1968
Date of Appointment :	12.06.2009
DIN No.:	00239887

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	U29120MH2005PTC155324	Modern Sales Agency (India) Private Limited	Director	12/08/2005	12/08/2005	-	Active	NO
2	U51109MH2009PTC193286	Giacomini India Private Limited	Director	12/06/2009	12/06/2009	-	Active	NO
3	U52100MH2010PTC207403	Giacoklima Systems Private Limited	Director	02/09/2010	02/09/2010	-	Active	NO

Name :	Mr. Samir P Mehta
Designation :	Director
Date of Birth/Age :	20.05.1972
Date of Appointment :	12.06.2009
DIN No.:	00239941

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	U29120MH2005PTC155324	Modern Sales Agency (India) Private Limited	Director	12/08/2005	12/08/2005	-	Active	NO
2	U51109MH2009PTC193286	Giacomini India Private Limited	Director	12/06/2009	12/06/2009	-	Active	NO
3	U52100MH2010PTC207403	Giacoklima Systems Private Limited	Director	02/09/2010	02/09/2010	-	Active	NO

Name :	Mr. Rupesh P Mehta
Designation :	Director
Date of Birth/Age :	22.08.1974
Date of Appointment :	12.06.2009
DIN No.:	00239965

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	U29120MH2005PTC155324	Modern Sales Agency (India) Private Limited	Director	13/08/2005	13/08/2005	-	Active	NO
2	U51109MH2009PTC193286	Giacomini India Private Limited	Director	12/06/2009	12/06/2009	-	Active	NO
3	U52100MH2010PTC207403	Giacoklima Systems Private Limited	Director	02/09/2010	02/09/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Mr. Samir P Mehta	3330
Mr. Rupesh P Mehta	3330
Mr. Nilesh P Mehta	3330
Mr. Sagar B Ruparelia	10
TOTAL	10000

AS ON 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		99.90
Other top fifty shareholders		0.10
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Processor, Trader, of Pipe and Pipe Fittings and All Types of Valves, Cocks Hardware and General Supplies and Also to Deal in Hardware Milling Stores.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Rs. In Millions

UNSECURED LOAN	31.03.2010
Loans from Directors / Managers	1.609

Banking Relations :	--
Auditors :
Name :	C C Sheth and Associates Chartered Accountant
Address :	B-5, RAmeshwar Apartment, Murar Road, Mulund (West), Mumbai 400080, Maharashtra, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 10 each	Rs.1.000 million

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
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(0.014)
NETWORTH		0.086
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		1.609
TOTAL BORROWING		1.609
DEFERRED TAX LIABILITIES		0.000
TOTAL		1.695
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	1.423
	Cash & Bank Balances	0.163
	Other Current Assets	0.000
	Loans & Advances	0.183
Total Current Assets		1.769
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.116
	Other Current Liabilities	0.004
	Provisions	0.000
Total Current Liabilities		0.120
Net Current Assets		1.649
MISCELLANEOUS EXPENSES		0.046
TOTAL		1.695

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	SALES
		Sales	1.581
		Other Income	0.000
		TOTAL (A)	1.581
Less	EXPENSES
		Office Expenses	0.011
		Administrative Expenses	1.538
		TOTAL (B)	1.549
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.032
Less	FINANCIAL EXPENSES (D)		0.047
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.015)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA
	PROFIT BEFORE TAX (E-F) (G)		(0.015)
Less	TAX (H)		0.000
	PROFIT AFTER TAX (G-H) (I)		(0.015)
	Earnings Per Share (Rs.)		--

KEY RATIOS

PARTICULARS		31.03.2010
PAT / Total Income	(%)	(0.94)
Net Profit Margin (PBT/Sales)	(%)	(0.94)
Return on Total Assets (PBT/Total Assets}	(%)	(0.84)
Return on Investment (ROI) (PBT/Networth)		(0.17)
Debt Equity Ratio (Total Liability/Networth)		20.10
Current Ratio (Current Asset/Current Liability)		14.74

LOCAL AGENCY FURTHER INFORMATION

Not Available

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.49.18
UK Pound	1	Rs.76.65
Euro	1	Rs.66.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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		11

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.