MIRA INFORM REPORT

Report Date :

11.01.2012

IDENTIFICATION DETAILS

Name :	TITAN AERATION COMPANY PRIVATE LIMITED
Registered Office :	SC 1/14, Kohinoor Estate, Behind Kamalnayan Bajaj Udyan, Mumbai-Pune Road, Pune – 411 003 , Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.04.2005
Com. Reg. No.:	11-020503
Capital Investment / Paid-up Capital :	Rs.0.300 million
CIN No.: [Company Identification No.]	U75130PN2005PTC020503
TAN No.: [Tax Deduction & Collection Account No.]	PNET05634G
PAN No.: [Permanent Account No.]	AACCT2261R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter, Importer and Trader of Air diffuser.
No. of Employees :	14 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 100000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an 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.

INFORMATION PARTED BY

Name :	Mr. Abhijit
Designation :	Director
Contact No.:	91-982205716
Date :	10.01.2012

LOCATIONS

Registered Office :	SC 1/14, Kohinoor Estate, Behind Kamalnayan Bajaj Udyan, Mumbai-Pune Road, Pune – 411 003, Maharashtra, India
Tel. No.:	91-20-66205721/ 66205722
Mobile No.:	91-9822424338 (Mr. Anand)
Fax No.:	91-20-66202780/ 25815723
E-Mail :	info@titanaeration.com abhijit.deshmukh@titanaeration.com mahesh.shastri@titanaeration.com gsc@bom3.vsnl.net.in vnt@vsnl.net vin_tapasvi@yahoo.co.in
Website :	www.titanaeration.com
Area :	777 Sq. ft.
Location :	Owned
Warehouse / Factory :	77/4, Vishnu Malti Industrial Estate, NDA Road, Shivane, Pune, Maharashtra, India
Area :	2000 sq. ft.
Location :	Owned

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Abhijit Sudhir Deshmukh

Designation :

Director

Address :

A 25, Radhakrishna Ngari, Anand Nagar, S.No. 14/5/2/1 Vadgaon BK, Sinhagad Road, Pune – 411 051, Maharashtra, India

Date of Birth/Age :

17.05.1971

Qualification :

BE in Production

Date of Appointment :

01.04.2005

DIN No.:

00466848

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U75130PN2005PTC020503	TITAN AERATION COMPANY PRIVATE LIMITED	Director	1/4/2005	1/4/2005	Active	NO
2	U36940PN2007PTC130545	ANINDITA TOY COMPANY PRIVATE LIMITED	Director	7/8/2007	7/8/2007	Active	NO

Name :

Mrs. Shushma Sudhir Deshmukh

Designation :

Director

Address :

Plot No.5, Sector B, rindavan Society, Panchwati, Opposite NCL Pashan Road, Pune – 411008, Maharashtra, India

Date of Birth/Age :

15.07.1939

Qualification :

BA

Date of Appointment :

01.11.2010

DIN No.:

03300854

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U36940PN2007PTC130545	ANINDITA TOY COMPANY PRIVATE LIMITED	Additional director	1/11/2010	1/11/2010	Active	NO
2	U75130PN2005PTC020503	TITAN AERATION COMPANY PRIVATE LIMITED	Additional director	1/11/2010	1/11/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. Anand
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Abhijit Sudhir Deshmukh	24999
Sharvari A. Deshmukh	5000
Sushma Sudhir Deshmukh	1
Total	30000

(AS ON 30.09.2011)

Equity Shares Break – Up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter, Importer and Trader of Air diffuser.
Exports :
Products :	Air diffuser
Countries :	· Sri Lanka · Bangladesh
Imports :
Products :	Capital Equipment
Countries :	· Germany · USA · Australia
Terms :
Selling :	Depends
Purchasing :	Depends

GENERAL INFORMATION

Suppliers :

· OTT System Gmbh and Company, Germany

· Om Sai Industries

Customers :

Corporate

· Hindustan Darr – Oliver Limited

Refineries / Petrochemicals

· Reliance Industries Limited

· Indian Oil Corporation Limited

· Mangalore Refinery and Petrochemicals Limited

· Hindustan Petroleum Corporation Limited

· Oil and Natural Gas Corporation Limited

· Tamilnadu Petro Products Limited

· The Andhra Petrochemicals Limited

Pulp and Paper

· The Andhra Pradesh Paper Mills Limited

· Emami Paper Mills Limited

· Coastal Paper Mills Limited (APPM-unit CP)

· Supreme Paper Mills Limited

· Akula Boards Limited

· Balakriskna Ind. Limited

Pharmaceutical / Bulk Drug / Bio-Tech

· Ranbaxy Laboratories Limited

· Wockhardt Limited

· Biocon India Limited

· Lupin Laboratories Limited

· Matrix Laboratories Limited

· Emcure Pharmaceuticals Limited

· Sandoz India Limited

· Cipla Limited

· Nicholas Piramal India Limited

· Zydus Atlana Health Care Private Limited

· Unichem Laboratories Limited

No. of Employees :

14 (Approximately)

Bankers :

· Syndicate Bank,

Parmar Chambers, Connought Road, Sadhu Wasawani Chowk, Camp, Pune – 411001, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Syndicate Bank ODD No.730 (Secured against Book Debts and Stock in Hand)	0.158	0.000
Syndicate Bank Overdraft Account No.414 (Loan Secured against Stock and Debtors)	1.153	0.000
Total	1.311	0.000

Banking Relations :	--
Auditors :
Name :	Triveni Tapasvi and Associates Chartered Accountants
Address :	Flat No.4, Apt. No.301, Swojas House Apt, 1159 Sadashiv Peth, Pune – 411030, Maharashtra, India
Tel. No.:	91-20-24487858
E-Mail :	vin_tapasvi@yahoo.co.in
PAN No.:	AACFT4750G
Associates/Subsidiaries :	· Anandita Toys Company Private Limited Address: Pune, Maharashtra, India Activity: Manufacturer of toys.

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.10/- each	Rs.0.300 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000	Equity Shares	Rs.10/- each	Rs.0.300 million

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		0.300	0.300	0.300
2] Share Application Money		0.000	0.050	0.050
3] Reserves & Surplus		24.855	22.339	19.840
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		25.155	22.689	20.190
LOAN FUNDS
1] Secured Loans		1.311	0.000	5.910
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1.311	0.000	5.910
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		26.466	22.689	26.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.603	2.954	3.117
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.988	1.988	4.411
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8.693	5.074	8.388
	Sundry Debtors	9.039	11.381	5.945
	Cash & Bank Balances	6.049	10.213	6.065
	Other Current Assets	1.917	1.813	1.765
	Loans & Advances	5.352	3.032	0.377
Total Current Assets		31.050	31.513	22.540
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	4.299	10.612	1.880
	Other Current Liabilities	3.721	2.068	1.097
	Provisions	1.162	1.095	1.001
Total Current Liabilities		9.182	13.775	3.978
Net Current Assets		21.868	17.737	18.562
MISCELLANEOUS EXPENSES		0.007	0.009	0.010
TOTAL		26.466	22.689	26.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	57.131	57.963	36.806
		Other Income		1.554	0.688
		TOTAL (A)	57.131	59.517	37.494
Less	EXPENSES
		Cost of Consumption		42.813	24.100
		Direct Expenses		4.077	1.584
		Administrative and Other Expenses		8.007	7.995
		TOTAL (B)	53.000	54.897	33.679
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial Expenses)	4.620	3.815
Less	FINANCIAL EXPENSES (D)			0.552	0.275
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.131	4.068	3.540
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.474	0.502	0.520
	PROFIT BEFORE TAX (E-F) (G)		3.657	3.566	3.020
Less	TAX (H)		1.141	1.067	1.021
	PROFIT AFTER TAX (G-H) (I)		2.516	2.499	1.999
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		22.339	19.840	17.841
	BALANCE CARRIED TO THE B/S		24.855	22.339	19.840
	Earnings Per Share (Rs.)		83.87	83.30	66.63

Expected Sales (2011-12): Rs.58.000 Millions

The above information has been parted by Mr. Abhijit

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.40	4.20	5.33
Net Profit Margin (PBT/Sales)	(%)	NA	6.15	8.21
Return on Total Assets (PBT/Total Assets}	(%)	11.55	10.35	11.77
Return on Investment (ROI) (PBT/Networth)		0.15	0.16	0.15
Debt Equity Ratio (Total Liability/Networth)		0.42	0.61	0.49
Current Ratio (Current Asset/Current Liability)		3.38	2.29	5.67

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Sundry Creditors	4.299	10.612	1.880
Total	4.299	10.612	1.880

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	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	-------
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	No
Reasons for variation <> 20%	-------
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	Yes
Export/ Imports Details (If applicable)	Yes
Market Information	-------
Litigations that the firm/ Promoters Involved in	-------
Banking details	Yes
Banking Facility Details	No
Conduct of the Banking Account	-------
Buyer visit details	-------
Financials, if provided	No
Incorporation details is applicable	-------
Last Accounts filed at ROC	-------
Major Shareholders, if available	-------

Form 8

Corporate identity number of the company	U75130PN2005PTC020503
Name of the company	TITAN AERATION COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	SC 1/14, Kohinoor Estate, Behind Kamalnayan Bajaj Udyan, Mumbai-Pune Road, Pune – 411003, Maharashtra, India
This form is for	Creation of charge
Type of charge	· Immovable property · Book Debts · Movable property (not being pledge)
Particular of charge holder	Syndicate Bank Parmar Chambers, Connought Road, Sadhu Wasawani Chowk, Camp, Pune – 411001, Maharashtra, India nvgopal@vsnl.com
Nature of instrument creating charge	· Composite Hypothecation Agreement · Mortgage by deposit if title goods · Charge and Hypothecation of book dents Agreement All Constitute single charge
Date of instrument Creating the charge	17.09.2007
Amount secured by the charge	Rs.7.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	· Rate of interest 14% p.a. being 1% over above bank’s PLR · Terms of repayment Repayable on demand. Valifity upto 31.08.2008. · Margin For SOD 30% and for bank Guarantee 25% · Extent and operation of the charge First charge on stock and book debts of the company and also on immovable property of Shop No. SC 1/13 and SC 1/14. Second Floor, Kohinoor Estate, Mumbai – Pune Road, Wakdewadi, Pune – 411 003 · Others Limits : Sod Rs.5.500 millions (Sub Limits DATBD against L/C Rs.3.500 millions Bank Guarantee Rs.2.000 millions Total Limits Rs.7.500 millions
Particulars of the property charged	· Stock and Book Debts situated At SC 1/14, Kohinoor Estate, Behind Kamalnayan Bajaj Udyan, Mumbai-Pune Road, Pune - 411 003, Maharashtra, India · Equitable Mortgage by deposit of title deeds all that piece and parcel of Shop No. SC 1/13 and SC1/14, Second Floor, Kohinoor Estate, Mumbai – Pune Road, Wakdewadi, Pune – 411 003

Trade References:

· Reliance Industries Limited

· Andhra Pradesh Paper Mills Limited

· Hindustan Darr – Oliver Limited

· OTT System Gmbh and Company, Germany

· Om Sai Industries

Fixed Assets

· Cutting Machine Shop Saw

· EPABX System

· Laptop Compaq Presario

· Mobile Phones

· Office Table

· Paper Shreder

· Office Premises

· Furniture

· Printer

· Air Conditioner

· Two Wheeler

· Car

· Computer and Printers

· Telephones

· Tools and Spares

· Water Filter

· Business Card Scanner

· UPS and Batteries

· Cycle

NEWS:

TITAN AERATION successfully completes 10 years of operations in INDIA.

TITAN AERATION introduces High Efficiency silicone membranes in INDIA.

More than 1000 installations working satisfactorily all over India and abroad.

Largest Installation in India for conversion / revamp of surface aerators with Diffused Careers Careers Aeration Process with saving of : Rs.10.000 Millions /year – APPM

First in India to supply Diffusers for MBR (Membrane Bio Reactor)

Largest installation in India with Diffused Aeration Process for Refineries - Reliance Industries Limited, Jamnagar”

Largest installation in India with Diffused Aeration Process for Paper Industry - The Andhra Pradesh Paper Mills Limited”.

Largest installation in India with Diffused Aeration Process for Common Effluent Treatment Plants (CETP) - “CETP - Phalsana”

Largest installation in India with Diffused Aeration Process for Sewage Treatment Plants (STP) - “STP Ahmedabad Municipal Corporation”

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.52.73
UK Pound	1	Rs.81.34
Euro	1	Rs.67.01

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.