MIRA INFORM REPORT

Report Date :

14.04.2012

IDENTIFICATION DETAILS

Name :	IWI CRYOGENIC VAPRORIZATION SYSTEM (INDIA) PRIVATE LIMITED
Registered Office :	A-36, Ghanshyam Nagar Society No -2, GIDC Road, Manjalpur, Baroda – 390011, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.03.1998
Com. Reg. No.:	04-033855
Capital Investment/ Paid-up Capital:	Rs. 1.000 Million
CIN No.: [Company Identification No.]	U29199GJ1998PTC033855
TAN No.: [Tax Deduction & Collection Account No.]	BRDICO146G
PAN No.: [Permanent Account No.]	AAAC14408B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Ambient High Pressure Vaporizers, Ambient Low Pressure Vaporizers
No. of Employees:	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 171000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is well 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.

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 (GENERAL DETAILS)

Name :	Mr. Tarun
Designation :	Director of Sister Concern
Contact No.:	91-9714106119
Date :	22.03.2012

LOCATIONS

Registered Office :	A-36, Ghanshyam Nagar Society No -2, GIDC Road, Manjalpur, Vadodara 390011, Gujarat
Tel. No.:	91-265-2662288/2662236
Mobile No.:	91-9714106119 (Mr. Tarun)
Fax No.:	91-268-2662047
E-Mail :	tarun@crygas-equipment.com iwinayan@satyam.net.in
Website :	http://www.crygas-equipment.com
Location :	Owned
Factory :	Factory in (SEZ) (special economic Zone) Vagodia, GIDC, Vadodara, Gujarat

DIRECTORS

(AS ON 30.09.2011)

Name :

Ms Alka Pandya

Designation :

Whole Time Director

Address :

A-36, Ghanshyam Nagar Society No -2, GIDC Road, Manjalpur, Vadodara 390011, Gujarat, India

Date of Birth/Age :

19.10.1967

Date of Appointment :

15.07.2008

Din Number:

00240431

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	U40200GJ2007PTC049737	CRYOFIN INDIA PRIVATE LIMITED	Director	9/1/2007	9/1/2007	-	Active	NO
2	U29199GJ1998PTC033855	IWI CRYOGENIC VAPORIZATION SYSTEMS (INDIA) PRIVATE LIMITED	Whole-time director	15/07/2008	15/07/2008	-	Active	NO
3	U31900GJ2008PTC054678	CRYONORM - IWI CRYOGENICS PRIVATE LIMITED	Director	4/8/2008	4/8/2008	-	Active	NO
4	U29199GJ2009PTC056906	CRYOGAS EQUIPMENT PRIVATE LIMITED	Director	12/5/2009	12/5/2009	-	Active	NO
5	U24111GJ2011PTC065613	CRYO PURE GASES PRIVATE LIMITED	Director	26/05/2011	26/05/2011	-	Active	NO
6	U24111GJ2011PTC066903	ULTRA PURE GASES KOLKATA PRIVATE LIMITED	Director	26/08/2011	26/08/2011	-	Active	NO

Name :

Mr. Balmukund Pandya

Designation :

Whole Time Director

Address :

A-36, Ghanshyam Nagar Society No -2, GIDC Road, Manjalpur, Vadodara 390011, Gujarat, India

Date of Birth/Age :

15.05.1940

Date of Appointment :

20.03.1998

Din Number:

00240478

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	U29199GJ1998PTC033855	IWI CRYOGENIC VAPORIZATION SYSTEMS (INDIA) PRIVATE LIMITED	Whole-time director	20/03/1998	20/03/1998	-	Active	NO
2	U24111GJ2004PTC044908	ULTRA PURE GASES (INDIA) PRIVATE LIMITED	Director	1/7/2006	1/7/2006	-	Active	NO

Name :

Mr. Nayan Pandya

Designation :

Whole Time Director

Address :

A-36, Ghanshyam Nagar Society No -2, GIDC Road, Manjalpur, Vadodara 390011, Gujarat, India

Date of Birth/Age :

16.01.1966

Date of Appointment :

20.03.1998

Din Number:

00240615

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	U29199GJ1998PTC033855	IWI CRYOGENIC VAPORIZATION SYSTEMS (INDIA) PRIVATE LIMITED	Whole-time director	20/03/1998	20/03/1998	-	Active	NO
2	U24111GJ2004PTC044908	ULTRA PURE GASES (INDIA) PRIVATE LIMITED	Whole-time director	15/10/2004	15/10/2004	-	Active	NO
3	U40200GJ2007PTC049737	CRYOFIN INDIA PRIVATE LIMITED	Director	9/1/2007	9/1/2007	-	Active	NO
4	U31900GJ2008PTC054678	CRYONORM - IWI CRYOGENICS PRIVATE LIMITED	Director	4/8/2008	4/8/2008	-	Active	NO
5	U29199GJ2009PTC056906	CRYOGAS EQUIPMENT PRIVATE LIMITED	Director	12/5/2009	12/5/2009	-	Active	NO
6	L31909KA1974PLC020010	ADOR FONTECH LIMITED	Director	19/07/2011	29/04/2011	-	Active	NO
7	U24111GJ2011PTC065613	CRYO PURE GASES PRIVATE LIMITED	Director	26/05/2011	26/05/2011	-	Active	NO
8	U24111GJ2011PTC066903	ULTRA PURE GASES KOLKATA PRIVATE LIMITED	Director	26/08/2011	26/08/2011	-	Active	NO
9	U15500GJ2012PTC068746	LIFELINE MINERAL WATER PRIVATE LIMITED	Director	24/01/2012	24/01/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Nayan B. Pandya	81,000
Balmukund G. Pandya	10,000
Alka Pandya	6,000
Pravin B. Pandya	3,000
Total	100,000

(AS ON 30.09.2011)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Ambient High Pressure Vaporizers, Ambient Low Pressure Vaporizers
Exports :
Products :	· Ambient High Pressure Vaporizers · Ambient Low Pressure Vaporizers
Countries :	· Africa · Gulf · South Asia · Bangladesh · Bhutan
Imports :
Products :	Raw Material
Countries :	· Germany · Bhutan
Terms :
Selling :	Cash/Credit
Purchasing :	Cash/Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

100 (Approximately)

Bankers :

State Bank of India, S.M.E Branch, 1^st Floor, Prime Complex, Opp. Shreyas School, Manjalpur, Vadodara – 390011, Gujarat, India

Facilities :

UNSECURED LOAN	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Loan from Financial Institution	3.323	0.000
Total	3.323	0.000

Banking Relations :	--
Auditors :
Name :	Vijay Bhatt and Company Chartered Accountant
Address :	32, 2^nd Floor, Raja Bahadur Mansion, Mumbai Samachar Marg, Fort, Mumbai – 400023, India
Pan Number :	AAEPB6466B
Associates/Subsidiaries :	· Ultra Fuel Gases Private Limited · LNG Express Private Limited · Cry Pure Gas Private Limited, Indore · Cryogas Equipment Private Limited

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital:

No. of Shares	Type	Value	Amount
100,000	Equity Share	Rs.10/- each	Rs.1.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Share	Rs.10/- each	Rs.1.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		41.698	38.326	35.760
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		42.698	39.326	36.760
LOAN FUNDS
1] Secured Loans		31.057	29.754	28.770
2] Unsecured Loans		3.323	0.000	0.000
TOTAL BORROWING		34.380	29.754	28.770
DEFERRED TAX LIABILITIES		6.963	6.883	6.687
TOTAL		84.041	75.963	72.217
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		38.980	36.424	38.678
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.001	0.001	0.001
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.872	15.563	10.143
	Sundry Debtors	40.356	29.227	29.067
	Cash & Bank Balances	5.845	15.373	13.609
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	14.610	9.318	13.964
Total Current Assets		78.683	69.481	66.783
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	25.282	28.884	18.632
	Other Current Liabilities	8.341	1.059	14.613
	Provisions	0.000	0.000	0.000
Total Current Liabilities		33.623	29.943	33.245
Net Current Assets		45.060	39.538	33.538
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		84.041	75.963	72.217

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	176.753	147.614	208.834
		Other Income	11.088	8.985	15.843
		TOTAL (A)	187.841	156.599	224.677
Less	EXPENSES
		Administrative Expenses	11.038	7.593	6.916
		Other Expenses	24.178	22.676	23.275
		Cost of Goods sold	137.493	116.040	180.687
		Increase/Decrease Stock	(1.930)	(4.565)	(2.961)
		TOTAL (B)	170.779	141.744	207.917
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.062	14.855	16.760
Less	FINANCIAL EXPENSES (D)		4.193	3.206	2.904
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.869	11.649	13.856
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.818	7.453	5.483
	PROFIT BEFORE TAX (E-F) (G)		5.051	4.196	8.373
Less	TAX (H)		1.680	1.376	2.829
	PROFIT AFTER TAX (G-H) (I)		3.371	2.820	5.544
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		20.513	18.947	23.475
Less	APPROPRIATIONS
		Expenses of earlier years	NA	0.078	0.072
		Transfer to General Reserve	NA	1.000	10.000
		Taxation of earlier years	NA	0.176	NA
	BALANCE CARRIED TO THE B/S		23.884	20.513	18.947
	Earnings Per Share (Rs.)		33.71	28.20	55.45

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.80	1.80	2.47
Net Profit Margin (PBT/Sales)	(%)	2.86	2.85	4.01
Return on Total Assets (PBT/Total Assets}	(%)	4.29	3.96	7.96
Return on Investment (ROI) (PBT/Networth)		0.12	0.11	0.23
Debt Equity Ratio (Total Liability/Networth)		0.79	0.76	0.90
Current Ratio (Current Asset/Current Liability)		2.34	2.32	2.01

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	Yes
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Bankers Charges Report as per Registry

Corporate identity number of the company	U29199GJ1998PTC033855
Name of the company	IWI CRYOGENIC VAPORIZATION SYSTEMS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-36, Ghanshyam Nagar Society No -2, GIDC Road, Manjalpur, Baroda – 390011, Gujarat iwinayan@satyam.net.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10027324
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	State Bank of India S.M.E. Branch, 1st Floor, Prime Complex, Opp. Shreyas School, Manjalpur, Vadodara – 390011, INDIA anoop.agrawal@sbi.co.in
Nature of instrument creating charge	Supplemental Agreement of Loan-Cum Hypothecation dated 12/07/2011
Date of instrument Creating the charge	12/07/2011
Amount secured by the charge	Rs.42.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	RATE OF INTEREST Cash Credit- 6.50% above BR presently 9.50% p.a presently effective rate 16.00% p.a. TERMS OF REPAYMENT Repayable on demand MARGIN Raw Materials: Imported - 25%. Raw Materials: Indigenous - 25%. Semi Finished Goods - 25%. Finished Goods - 25%. Domestic Receivables - 50%. Letter of Credit - 25%. Bank Guarantee - 25% EXTENT AND OPERATION OF THE CHARGE The charge shall extend for the repayment to the Bank of all monies including the principal sums, interest, cost, charges, expenses, and other monies payable from time to time and that all rights, remedies, terms, conditions to be observed by the Company shall extend to total facility of Rs.71.5 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First charge by way of hypothecation on all present and future Stocks, Goods, Raw Materials, Semi Finished Goods, Finished Goods at Plot No. 338, 345 GIDC, Wadhodia, Vadodara or at any other place. Movable Plant and Machinery and other Movable Assets situated at Plot No. 338, 345 GIDC, Wadhodia, Vadodara or at any other place. Book Debts, Receivables, out standing Moneys.
Date of instrument modifying the charge	05.04.2010
Particulars of the present modification	The charge is modified securing the aggregate credit facilities of Rs. 42.5 Millions in favour of the Bank.

FIXED ASSETS

· Plant and Machinery

· Gas Cylinder and Tank

· Cylinder

· Transport Tank

· Tank (S.Cryo)

· Office Equipment

· Computer

· Furniture and Fixture

· Motor Car

· Scooter

· ISO Tank

· Transport Chasis

· Cycle

· Cryogenic Tank 02

· Plant Machinery MEX

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. 51.55
UK Pound	1	Rs. 81.95
Euro	1	Rs. 67.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.