MIRA INFORM REPORT

Report Date :

29.09.2011

IDENTIFICATION DETAILS

Name :	FAIRAIR ENGINEERS PRIVATE LIMITED
Registered Office :	816, Devika Towers, 6, Nehru Place, New Delhi – 110019
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.12.1988
Com. Reg. No.:	55-34172
Capital Investment / Paid-up Capital :	Rs.2.064 Millions
CIN No.: [Company Identification No.]	U74899DL1988PTC034172
TAN No.: [Tax Deduction & Collection Account No.]	DELF02507B / MUMf03595E
PAN No.: [Permanent Account No.]	AAACF0344H
Legal Form :	Private Limited Liability Company
Line of Business :	Distributor and Supplier of air conditioning.
No. of Employees :	110 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 540000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for good normal business dealings at usual trade terms and conditions. Latest profit and loss 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 – 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. Dipesh Sharma
Designation :	Accountant Manager
Contact No.:	91-9818897333

LOCATIONS

Registered Office / Factory:	816, Devika Towers, 6, Nehru Place, New Delhi – 110019 India
Tel. No.:	Not Available
Mobile No.:	91-9818897330 /9818897300 / 9818897333 (Dipesh Sharma)
Fax No.:	Not Available
E-Mail :	rastogifcs@yahoo.com fairfair@fairfair.in parveenrastogi@rediffmail.com
Branch Office :	306 New India Industrial Estate, Off Mahakali Caves Road, Andheri ( East) , Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-26875207/26874984/26874771
Fax No.:	91-22-26874771 / 26875160
Area:	1500 Sq. ft. (Owned)

DIRECTORS

As on 30.09.2010

Name :	Mr. Anil Kumar Aggarwal
Designation :	Director
Address :	B-1/555 Janakpuri, Delhi 110058, India
Age :	51 Years
Qualification:	B.E
Date of Appointment :	15.07.1992
Din No.:	01870739
Name :	Mr. Ravindra Ramchandra Lad
Designation :	Director
Address :	C-502, Nirman Park, Pump House, Andheri [East], Mumbai 400069, Maharashtra, India
Age :	51 years
Qualification:	B.E
Date of Appointment :	15.07.1992
Din No.:	01870800
Name :	Mr. Ravindra Prabhakar Vaidya
Designation :	Director
Address :	C-102, Sarita Vihar, New Delhi 110065, India
Age :	51 years
Qualification:	B.E
Date of Appointment :	26.09.1994
Din No.:	01870772

KEY EXECUTIVES

Name :	Mr. Dipesh Sharma
Designation :	Accountant Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Ravindra Prabhakar Vaidya	51612
Anil Kumar Aggarwal	51612
Ravindra Prabhakar Vaidya	51612
Suresh Kumar Virmani	17176
Harbans L. Virmani	4332
Manju Virmani	30104
Total	206448

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Distributor and Supplier of air conditioning.

Products :

Product Description	Item Code
Turnkey Contracts in Central Air-Conditioning and Split Units	841500

GENERAL INFORMATION

No. of Employees :

110 [Approximately]

Bankers :

• Canara Bank, Maharani Bagh, New Delhi-110014, India
• HDFC Bank

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
Term Loan
From Bank Against hypothecation of vehicles	0.000	0.208
Total	0.000	0.208

Banking Relations :	--
Auditors :
Name :	K C Khanna and Company Chartered Accountants
Address :	H-96 Connaught Place, New Delhi – 110001, India

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
206448	Equity Shares	Rs.10/- each	Rs.2.064 Millions

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		2.064	0.516	0.450
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		134.495	104.224	72.959
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		136.559	104.740	73.409
LOAN FUNDS
1] Secured Loans		0.000	0.208	0.933
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.208	0.933
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		136.559	104.948	74.342
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.924	18.748	18.078
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		3.104	1.991	1.591
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.931	9.049	3.860
	Sundry Debtors	123.243	106.753	124.503
	Cash & Bank Balances	73.089	65.162	34.117
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	58.416	60.575	42.769
Total Current Assets		257.679	241.539	205.249
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	45.844	41.517	61.354
	Other Current Liabilities	31.410	51.595	41.163
	Provisions	68.894	64.218	48.059
Total Current Liabilities		146.148	157.330	150.576
Net Current Assets		111.531	84.209	54.673
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		136.559	104.948	74.342

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL	425.067	472.999
Less	EXPENSES
		Office Expenses
		Administrative Expenses	366.952	416.247
		Advertising Expenses
		TOTAL	366.952	416.247
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		58.115	56.752
Less/ Add	DEPRECIATION/ AMORTISATION		2.742	1.968
	PROFIT BEFORE TAX		55.373	54.784
Less	TAX		19.596	19.597
	PROFIT AFTER TAX		35.777	35.187
	Earnings Per Share (Rs.)		790.64	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	8.42	7.44
Return on Total Assets (PBT/Total Assets}	(%)	NA	21.27	24.53
Return on Investment (ROI) (PBT/Networth)		NA	0.53	0.75
Debt Equity Ratio (Total Liability/Networth)		1.07	1.50	2.06
Current Ratio (Current Asset/Current Liability)		1.76	1.54	1.36

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U74899DL1988PTC034172
Name of the company	FAIRAIR ENGINEERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	816, Devika Towers, 6, Nehru Place, New Delhi – 110019 India
Type of charge	Others
Particular of charge holder	Canara Bank, Maharani Bagh, New Delhi-110014, India
Email	tcjoshi1979@gmail.com
Nature of description of the instrument creating or modifying the charge	Can mobile Agreement
Date of instrument Creating the charge	31.07.2008
Amount secured by the charge	Rs.0.600 Million
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @1.25% below the ongoing BPLR with a minimum of 12%p.a. Terms of Repayment The loan repay the entire loan monthly (EMI) installment , each of Rs 53310/- for 12 months Margin 24% Extent and Operation of the charge 100% Others Car Loan Rs 0.600 Million
Short particulars of the property charged	Hypothecation of Car Purchases Ford Fiesta 1 .6 S Car Proposed to be purchased as per proforma invoince of M/s NCR Vehicles Private Limited

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.48.91
UK Pound	1	Rs.76.53
Euro	1	Rs.66.43

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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		52

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.