MIRA INFORM REPORT

Report Date :

04.07.2012

IDENTIFICATION DETAILS

Name :	INNOVATIVE AUTOMATION PRIVATE LIMITED
Registered Office :	S. No. 77/4 Vishnu – Malati, Industrial Estate, Shed No. 2, Shivane, Pune – 411023, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.03.2005
Com. Reg. No.:	11-022157
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U31909PN2005PTC022157
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of butterfly dampers, pre piped gas trains, motorized dampers, boiler controls, ignition panel etc.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 19000
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. 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 (30.09.2011)	Current Rating (31.12.2011)
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

Name :	Mr. Prashant Narvankar
Designation :	Production Manager
Contact No.:	91-9870029568
Date :	29.06.2012

LOCATIONS

Registered Office/ Factory :	S. No. 77/4 Vishnu – Malati, Industrial Estate, Shed No. 2, Shivane, Pune – 411023, Maharashtra, India
Tel. No.:	91-20-25294342/ 41/ 43
Mobile No.:	91-9870029568 (Mr. Prashant)
Fax No.:	91-20-25293528
E-Mail :	msncs@vsnl.net innov1@vsnl.com sales@iaplindia.com info@iaplindia.com
Website :	http://www.iaplindia.com
Area :	300 Sq. ft.
Location :	Rented

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Vishwas Yashwant Joglekar
Designation :	Director
Address :	6, Bhayachintamani Society, Bhusari Colony, Near Jukassoinn, Paud Road, Pune – 411038, Maharashtra, India
Date of Birth/Age :	31.07.1968
Date of Appointment :	29.03.2005
DIN No.:	00096293
Name :	Mr. Rajeev Vidyadhar Barve
Designation :	Director
Address :	7/ 236, Yoganand CHS. Vazira naka, Borivali (West), Mumbai – 400092, Maharashtra, India
Date of Birth/Age :	27.09.1968
Date of Appointment :	29.03.2005
DIN No.:	00096372

KEY EXECUTIVES

Name :	Mr. Prashant Narvankar
Designation :	Production Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Mr. Vishwas Yashwant Joglekar	5000
Mr. Rajeev Vidyadhar Barve	5000
Totals	10000

AS ON 30.09.2011

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

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of butterfly dampers, pre piped gas trains, motorized dampers, boiler controls, ignition panel etc.
Products :	· Butterfly dampers · Pre piped gas trains · Motorized dampers · Boiler controls · Ignition panel etc.
Exports :
Products :	· Butterfly dampers · Pre piped gas trains · Motorized dampers · Boiler controls · Ignition panel etc.
Countries :	· Ukraine · Iran · Tanzania · Malaysia · Nigeria
Imports :
Products :	Raw Material
Countries :	Italy
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Madas SRL, Italy

Customers :

Wholesalers, Retailers and End Users

· Wesman Thermal Engineering Private Limited

No. of Employees :

20 (Approximately)

Bankers :

• ICICI Bank Limited, ICICI Bank Towers, Bandra – Kurla Complex, Bandra, Mumbai – 400051, Maharashtra, India
• Bank of Maharashtra, Pune, Maharashtra, India
• HDFC Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loan from HDFC/ ICICI Bank – For vehicle (Secured by hypothecation of vehicle)	0.311	0.434
Loan Bank of Maharashtra – For Equipment (Secured against Equipments)	0.000	0.036
Loan HDFC Bank-Business Loan (Secured by Personal Guarantee of Directors)	4.056	0.631
Bank of Maharashtra – Vehicle Loan (Secured against Ford Fiesta and Tata 207)	0.444	0.673
Bank of Maharashtra CC A/c 132 (Secured by Book Debts, Stock and Personal Guarantee of Directors)	4.201	2.014
Total	9.012	3.788
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Loans from Directors	0.300	0.750
Loans from Relatives of Directors	0.500	0.250
Total	0.800	1.000

Banking Relations :	--
Auditors :
Name :	Yeravedkar Ranade and Associates Chartered Accountants
Address :	96/16, Rajendranagar, Navi Peth, Pune – 411030, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFY2901N

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs. 10/- each	Rs. 0.500 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		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4.775	3.341	1.944
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4.875	3.441	2.044
LOAN FUNDS
1] Secured Loans		9.012	3.788	4.962
2] Unsecured Loans		0.800	1.000	0.850
TOTAL BORROWING		9.812	4.788	5.812
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		14.687	8.229	7.856
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.414	2.286	2.845
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.103	0.084	0.026
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.059	4.456	5.552
	Sundry Debtors	10.354	8.195	2.691
	Cash & Bank Balances	0.547	0.349	0.499
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.278	1.093	0.911
Total Current Assets		18.238	14.093	9.653
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.971	5.941	2.417
	Other Current Liabilities	1.422	1.444	2.161
	Provisions	0.675	0.850	0.092
Total Current Liabilities		6.068	8.235	4.670
Net Current Assets		12.170	5.859	4.983
MISCELLANEOUS EXPENSES		0.000	0.000	0.002
TOTAL		14.687	8.229	7.856

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	51.223	41.527	32.055
		Other Income	N.A.	0.469	N.A.
		TOTAL	N.A.	41.996	N.A.
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	N.A.	39.897	N.A.
	PROFIT BEFORE TAX		N.A.	2.099	N.A.
Less	TAX		N.A.	0.760	N.A.
	PROFIT AFTER TAX		1.435	1.339	0.023
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.915	0.076	N.A.
	APPROPRIATIONS
		Transfer to General Reserve	0.500	0.500	0.025
		Dividend	Nil	Nil	Nil
		Tax on Dividend
	BALANCE CARRIED TO THE B/S		1.850	0.915	0.019
	Earnings Per Share (Rs.)		143.50	133.93	2.30

Particulars	31.03.2012
Sales Turnover (Approximately)	75.000

Expected Sales (2012-2013) : Rs. 90.000 Millions

The above information has been parted by Mr. Prashant (Production Manager)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	N.A.	3.19	N.A.
Net Profit Margin (PBT/Sales)	(%)	N.A.	5.05	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	N.A.	12.82	N.A.
Return on Investment (ROI) (PBT/Networth)		N.A.	0.61	N.A.
Debt Equity Ratio (Total Liability/Networth)		3.26	3.78	5.13
Current Ratio (Current Asset/Current Liability)		3.01	1.71	2.07

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	Yes
8. No. of Employees	Yes
9. Name of person contacted	Yes
10. Designation of contact person	Yes
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	Yes
13. Reasons for variation <> 20%	--
14. Estimation for coming financial year	Yes
15. Capital in the business	Yes
16. Details of sister concerns	No
17. Major suppliers	Yes
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	--
22. Litigations that the firm / promoter involved	--
23. Banking Details	Yes
24. Banking facility details	Yes
25. Conduct of the banking account	--
26. Buyer visit details	--
27. Financials, if provided	Yes
28. Incorporation details, if applicable	Yes
29. Last accounts filed at ROC	Yes
30. Major Shareholders, if available	Yes

Note: The registered address of the company has been shifted from S. No. 77/4 Vishnu – Malati, Industrial Estate, Shed No. 2, Pune – 411052, Maharashtra, India to the present w.e.f. 16.07.2011

OPERATIONAL REVIEW:

The company carried on the activities of manufacturing Gas filters, Gas pressure Regulators, Gas solenoid valves, etc and providing after sales services during the year.

During the year correction in registered address in respect of pin code of the company was done. Board took note of it.

During the year the sales and profit increased as compared to previous year.

Board expects good results in current year.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U31909PN2005PTC022157
Name of the company	INNOVATIVE AUTOMATION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	S. No. 77/4 Vishnu – Malati, Industrial Estate, Shed No. 2, Shivane, Pune – 411023, Maharashtra, India
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	ICICI Bank Limited, ICICI Bank Towers, Bandra – Kurla Complex, bandra, Mumbai – 400051, Maharashtra, India Email ID: anuradha.supekar@icicibank.com
Nature of description of the instrument creating or modifying the charge	Hypothecation ( unattested deed) agreement of vehicles
Date of instrument Creating the charge	29.07.2011
Amount secured by the charge	Rs. 0.287 Million
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Per Agreement Terms of Repayment As Per Agreement Margin As Per Agreement Extent and Operation of the charge As Per Agreement
Short particulars of the property charged	Alto LXI (Registration Number MH12HF2619)

TRADE REFERENCES:

· Wesman Thermal Engineering Private Limited

· Madas SRL, Italy

FIXED ASSETS:

· Air Conditioner

· Computer Software

· Furniture

· Vehicle

· Motor Cycle

· Plant and Machinery

· Employee Card Reader

· EPBAX System

· Door Controller

· FAX Machine

· Mobile Phones

· Fans for Office

· Turbine Ventilator

· Water Heater

· Modem

· Pager

· Printer

· Scanner

· Telephone Instrument

· Tools and Equipments

· UPS

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. 54.81
UK Pound	1	Rs. 86.04
Euro	1	Rs. 69.06

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

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	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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		41

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

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.