MIRA INFORM REPORT

Report Date :

18.08.2012

IDENTIFICATION DETAILS

Name :	CHIRAG ICE FACTORY PRIVATE LIMITED
Registered Office :	D – 29/ 12, TTC M.I.D.C Industrial Area, Sanpada, Vashi, Navi Mumbai – 400 705, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.06.1990
Com. Reg. No.:	11-56949
Capital Investment/ Paid-up Capital:	Rs.2.000 Millions
CIN No.: [Company Identification No.]	U99999MH1990PTC056949
TAN No.: [Tax Deduction & Collection Account No.]	MUMC13791B
PAN No.: [Permanent Account No.]	AAACC6626K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Ice Making Plants, Conducting Charges, Commissioning and Service Charges
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 98000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in the sales turnover of the company during 2011. However, trade relations are reported as decent. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	D – 29/ 12, TTC M.I.D.C Industrial Area, Sanpada, Vashi, Navi Mumbai – 400 705, Maharashtra, India
Tel. No.:	91-22-22841703/37631378/65131986
Fax No.:	91-22-27614801
E-Mail :	rustom@icelings.com svdhm@yahoo.com
Web Site:	www.icelings.net
Factory:	Plot No. R -389, MIDC, Rabale, Navi Mumbai – 700701, Maharashtra, India
Mobile No.:	91-9833403847 (Mr. Sharad Ingle)
	Located At · Uran · Turbhe

DIRECTORS

As on 30.09.2011

Name :

Mrs. Perlene Rustom Irani

Designation :

Director

Address :

T-15, Cusrow Baug, S.B. Singh Road, Colaba, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

18.12.1965

Date of Appointment :

08.09.2003

Din No.:

00003139

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29191MH1995PTC089638	PARTYTIME ICE PRIVATE LIMITED	Director	13/02/1996	13/02/1996	-	Active	NO
2	U63023MH1996PTC104258	IRANI ICE ASSOCIATES PRIVATE LIMITED	Director	02/12/1996	02/12/1996	04/10/2006	Active	NO
3	U99999MH1990PTC056949	CHIRAG ICE FACTORY PRIVATE LIMITED	Director	08/09/2003	08/09/2003	-	Active	NO
4	U70100MH2005PTC150660	MEHERBAI PROPERTIES PRIVATE LIMITED	Director	14/01/2005	14/01/2005	-	Active	NO
5	U45200MH2006PTC161096	MEHERABAD DEVELOPERS PRIVATE LIMITED	Director	12/04/2006	12/04/2006	-	Active	NO
6	U29191MH2004PTC149431	SPENTA REFRIGERATION PRIVATE LIMITED	Additional director	20/06/2012	20/06/2012	-	Active	NO

Name :

Mr. Rustom Boman Irani

Designation :

Director

Address :

T-15, Cusrow Baug, S.B. Singh Road, Colaba, Mumbai – 400 005, Maharashtra, India

Date of Birth/Age :

29.05.1966

Date of Appointment :

01.09.2005

Din No.:

00003159

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29191MH1995PTC089638	PARTYTIME ICE PRIVATE LIMITED	Director	23/09/1995	23/09/1995	-	Active	NO
2	U63023MH1996PTC104258	IRANI ICE ASSOCIATES PRIVATE LIMITED	Director	02/12/1996	02/12/1996	-	Active	NO
3	U63020MH1996PTC104342	REFRIGERATED DISTRIBUTORS PRIVATE LIMITED	Director	27/03/2003	27/03/2003	-	Active	NO
4	U29191MH2004PTC149431	SPENTA REFRIGERATION PRIVATE LIMITED	Director	05/11/2004	05/11/2004	-	Active	NO
5	U99999MH1990PTC056949	CHIRAG ICE FACTORY PRIVATE LIMITED	Director	01/09/2005	01/09/2005	-	Active	NO
6	U45200MH2006PTC161096	MEHERABAD DEVELOPERS PRIVATE LIMITED	Director	12/04/2006	12/04/2006	-	Active	NO
7	U91200KL1970NPL002301	SEA FOOD EXPORTERS ASSOCIATION OF INDIA	Director	30/09/2009	30/09/2009	-	Active	NO

Name :

Mr. Anant Gopal Mhatre

Designation :

Director

Address :

D-1, Satguru Apartment, Gokul Nagar, Thane (West), Thane – 400 607, Maharashtra, India

Date of Birth/Age :

01.06.1942

Date of Appointment :

01.09.2005

Din No.:

00067299

Name :

Mr. Tanaji Sivram Thorat

Designation :

Director

Address :

Rohini Niwas BNO.15, RNO.468, 1^st Floor, Vikhroli (East), Mumbai – 400 083, Maharashtra, India

Date of Birth/Age :

01.01.1959

Date of Appointment :

01.09.2005

Din No.:

00069260

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Perlene Rustom Irani	11000
Michael Patrick Pinto	9000
Total	20000

As on 30.09.2011

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	45.00
Directors or relatives of directors	55.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Ice Making Plants, Conducting Charges, Commissioning and Service Charges

PRODUCTION STATUS As on 31.03.2010

Particulars	Unit	Licensed Capacity*	Installed Capacity^
Ice	TPD	100	NA

* As informed by the management, the manufacturing licenses does not contain details of licensed capacity.

^As certified by the management and accepted by the auditors

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Bank of India, Ahmedabad Large Corporate Banking Branch, Second Floor, BOI Building Bandra, Ahmedabad – 380 001, Gujarat, India

· Punjab National Bank

· HDFC Bank Limited

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2011	31.03.2010
Term Loans
Bank of India (secured by way of hypothecation of windmill and Land apparent thereto	18.176	25.777
Working Capital Loans
Overdraft Balance with Punjab National Bank	3.480	7.085
Punjab National Bank – Term loan (Secured by hypothecation of Raw materials, stock in Trade and Equitable mortgage of immovable properties of the company	5.795	0.000
Post shipment with Punjab National Bank (Secured by hypothecation of Raw materials, stock in Trade and Equitable mortgage of immovable properties of the company)	0.000	1.627
Vehicle Loans
Vehicle loan from HDFC Bank Limited (Secured against Hypothecation of vehicle) (Repayable within one year Rs.0.227 Millions: Previous year Nil)	0.459	0.000
Vehicle loan from HDFC Bank Limited (Secured against Hypothecation of vehicle) (Repayable within one year Rs.0.399 Millions Previous year Nil)	0.751	0.000
Vehicle loan from Cholmandalam DBS Finance limited	0.000	0.065
Vehicle loan from Cholmandalam DBS Finance limited (Secured against Hypothecation of vehicle) (Repayable within one year Rs.0.399 Millions Previous year Nil)	0.000	0.096
Total	28.661	34.650

UNSECURED LOAN	31.03.2011	31.03.2010
Share Holder	1.048	1.048
Perlene Rustom Irani (Director)	5.000	0.000
Total	6.048	1.048

Banking Relations :	--
Auditors :
Name :	Vinayaka and Company Chartered Accountants
Address :	306, Churchgate Chambers, 5, New Marine Lines, Mumbai – 400 020, Maharashtra, India
Tel. No/Fax No.:	91-22-66355818/66100734/22615322
E-Mail :	bvrr04@gmail.com
Pan No.:	AABPB5892N
Enterprises over which key management personnel and their relatives exercise significant influence or control (As on 31.03.2010)	Party Time Ice Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs.2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs.2.000 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		2.000	2.000	1.252
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		22.565	19.189	13.636
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		24.565	21.189	14.888
LOAN FUNDS
1] Secured Loans		28.661	34.650	21.567
2] Unsecured Loans		6.048	1.048	7.822
TOTAL BORROWING		34.709	35.699	29.389
DEFERRED TAX LIABILITIES		7.093	7.510	4.295
TOTAL		66.367	64.397	48.572
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		62.115	54.024	61.161
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	22.717	9.554	17.884
	Sundry Debtors	7.165	4.444	3.632
	Cash & Bank Balances	0.260	0.320	1.477
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.666	13.187	13.754
Total Current Assets		37.808	27.505	36.747
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	32.004	15.331	47.703
	Other Current Liabilities	0.830	1.289	0.123
	Provisions	0.722	0.512	1.509
Total Current Liabilities		33.556	17.132	49.336
Net Current Assets		4.252	10.373	(12.589)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		66.367	64.397	48.572

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		101.311	190.177
		Other Income		8.513	2.420
		TOTAL (A)	75.008	109.824	192.597
Less	EXPENSES
		Cost of Goods Consumed		74.273	142.262
		Employee cost		6.247	6.300
		Administrative expenses		3.822	4.447
		Selling and Distribution expenses		6.960	17.939
		TOTAL (B)	64.286	91.302	170.948
			Including Financial expense
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			18.522	21.649
Less	FINANCIAL EXPENSES (D)			4.107	2.911
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.722	14.415	18.738
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.042	7.426	2.052
	PROFIT BEFORE TAX (E-F) (G)		3.680	6.989	16.686
Less	TAX (H)		0.304	4.458	5.248
	PROFIT AFTER TAX (G-H) (I)		3.376	2.531	11.438
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12.667	10.136	2.663
Less	APPROPRIATIONS
		Transfer to General Reserve	-	-	2.500
		Dividend	-	-	1.252
		Tax on Dividend	-	-	0.213
	BALANCE CARRIED TO THE B/S		16.043	12.667	10.136
	EARNINGS IN FOREIGN CURRENCY		NA	69.584	154.984
	IMPORTS
		Raw Materials	NA	11.980	16.998
	Earnings Per Share (Rs.)		168.8	126.57	913.58

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.51	2.30	5.94
Net Profit Margin (PBT/Sales)	(%)	NA	6.90	8.77
Return on Total Assets (PBT/Total Assets}	(%)	3.68	8.57	17.04
Return on Investment (ROI) (PBT/Networth)		0.15	0.33	0.17
Debt Equity Ratio (Total Liability/Networth)		2.77	2.49	5.29
Current Ratio (Current Asset/Current Liability)		1.13	1.61	0.74

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution 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	No
Designation of contact person	No
Turnover of firm for last two 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	No
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
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	No

OPERATING RESULTS:

The performance of the company is considered satisfactory considering the advance the adverse market conditions. The operation of the mill have stabilized, through not very satisfactory and have contributed a revenue of Rs.5.798 Millions before deprecation. The profit before deprecation at Rs.10.700 Millions as against Rs.14.400 Millions in the previous year though there is about 30% drop in the income from operation.

FORM 8

Corporate identity number of the company	U99999MH1990PTC056949
Name of the company	CHIRAG ICE FACTORY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	D – 29/ 12, TTC M.I.D.C Industrial Area, Sanpada, Vashi, Navi Mumbai – 400 705, Maharashtra, India Email: sdvhm@yahoo.com
This form is for	Creation of charge
Type of charge	Immovable property Any interest in immovable property
Particular of charge holder	Bank of India, Ahmedabad Large Corporate Banking Branch, Second Floor, BOI Building Bandra, Ahmedabad – 380 001, Gujarat, India Email: cb.ahmedabad@bankofindia.co.in
Nature of instrument creating charge	no Instrument executed but Equitable Mortgage Created on Immovable Prop of The Company for Which oral Assent Is Recorded on 28.05.2010 at BOI Dhule to Secure Term Loan of Rs.30.000 Millions
Date of instrument Creating the charge	28.05.2010
Amount secured by the charge	Rs.30.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Term loan - at BPLR presently 12% p. A. On monthly rest basis or such other rate as may be presecribed by bank from time to time Term of Payment: Term loan repayable in 20 equal quarterly installments of Rs.1.500 Millions each commencing from June 2009. interest / charges to be serviced as and when debited to the account Margin Term Loan - 25% Extent and operation of the charge First and exclusive equitable mortgage charge on specific immovable properties being land and buildings, sheds, structures, construction thereon and fixed plant and machinery of the company as per Col 15 of this form to secure the fund based term loan of Rs.30.000 Millions along with interest, additional Interest penal Interest liquidated damages, costs, charges, commission and all other amt due to the bank from time to time of what so ever nature. Others: Term Loan – Rs.30.000 Millions
Short particulars of the property charged (Including location of the property)	All that piece and parcels of FH land situated at Gut No / S. No 56/2 ADM H 0.81 R (2 Acre) At Vil Petale Ta Sikri Dist Dhule Together With Buildings, Structures, Sheds, Cabins, Fixed Plant and Mach Etc

Contingent Liabilities (As certified by management)

Rs. in Millions

Particular	31.03.2011	31.03.2010
Guarantees given by banks on behalf of the company to sales Tax Authorities/Excise Department	-	0.138
Total		0.138

FIXED ASSETS:

· Land for Windmill

· Freehold Land at Uran

· Factory Land at Turbne

· Factory Building

· Computer

· Plat and Machinery

· Electrical Fittings

· Furniture and Fixtures

· Office Equipments

· Vehicle

· Wind Turbine Generator

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.55.70
UK Pound	1	Rs.87.55
Euro	1	Rs.68.85

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.