MIRA INFORM REPORT

Report Date :

18.07.2012

IDENTIFICATION DETAILS

Name :	IC ICE MAKE REFRIGERATION PRIVATE LIMITED
Registered Office :	B-1, Vasupujya Chamber, Near Navdeep Building, Income Tax Cross Road, Ahmedabad-380009, Gujarat
Country :	India
Financials As on :	31.03.2011
Date of Incorporation :	31.03.2009
Com. Reg. No.:	04-056482
Capital Investment / Paid-up Capital :	Rs.10.667 Millions
CIN No.: [Company Identification No.]	U29220GJ2009PTC056482
TAN No.: [Tax Deduction & Collection Account No.]	AHMI01252G
PAN No.: [Permanent Account No.]	AACCI0566L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of industrial and commercial refrigeration equipments
No. of Employees :	200 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 86000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Reserves of the company are insufficient, but company is improving slowly. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing with some caution.

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

Name :	Mr. Nikhil
Designation :	Manager
Contact No.:	91-9727762427
Date :	13.07.2012

LOCATIONS

Registered Office :	B-1, Vasupujya Chamber, Near Navdeep Building, Income Tax Cross Road, Ahmedabad-380009, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9727762427 [Mr. Nikhil]
Fax No.:	Not Available
E-Mail :	Icemake1@gmail.com info@icemakeiindia.com
Website :	http://www.icemakeindia.com
Location :	Owned
Factory:	Survey No.226/227, Dantali Industrial Estate, Gota-Vadsar Road, Dantali, At : Dantali, Taluka Kalol, District : Gandhinagar, Ahmedabad-382721, Gujarat, India
Tel. No.:	91-79-65426394 / 95 / 25851816 / 25858755 / 65426416 / 25862526 / 25861226
Fax No.:	91-79-27540620 / 25851816 / 25858755
Area :	125000 Sq. ft.
Location :	Owned

DIRECTORS

AS ON 15.09.2011

Name :	Mr. Chandrakant Popatbhai Patel
Designation :	Director
Address :	23, Apurva Bunglowl, Near Memnagar, Saheli Party Plot, Bhuyangdev Road, Ahmedabad-380052, Gujarat, India
Date of Birth/Age :	01.06.1968
Date of Appointment :	31.03.2009
DIN No.:	02441116
Name :	Mr. Rajendrabhai Popatbhai Patel
Designation :	Director
Address :	22-a, Sarvoday Swatantra, Ghatlodia, Ahmedabad-380061, Gujarat, India
Date of Birth/Age :	01.06.1970
Date of Appointment :	31.03.2009
DIN No.:	02441138
Name :	Mr. Vipul Ishwarbhai Patel
Designation :	Director
Address :	43, Apurva Bunglow, Near Memnagar Sahali Party Plot, Bhuyangdev Road, Ahmedabad-380052, Gujarat, India
Date of Birth/Age :	01.06.1975
Date of Appointment :	31.03.2009
DIN No.:	02473121

KEY EXECUTIVES

Name :	Mr. Nikhil
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 15.09.2011

Names of Shareholders	No. of Shares
Chandrakant P Patel	314000
Rajendra P Patel	343000
Vipul I Patel	343000
Popatbhai L Patel	32167
Gauriben P Patel	10000
Ishwarbhai L Patel	12000
Kantaben I Patel	10000
Manishaben B Patel	2500
TOTAL	1066667

AS ON 08.03.2012

Names of Shareholders	No. of Shares
Chandrakant P Patel	73333
Rajendra P Patel	100000
Vipul I Patel	27000
TOTAL	200333

AS ON 15.09.2011

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of industrial and commercial refrigeration equipments
Products :	· Cold Rooms · Refrigeration System · Deep Freezer
Exports :
Countries :	· US · Uganda · Nepal
Imports :
Products :	· Raw Materials
Countries :	· China · USA
Terms :
Selling :	Cash, Credit
Purchasing :	Cash, Credit

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Actual Production
Cold Rooms	Nos.	328
Freezer	Nos.	410
Refrigeration System	Nos.	268
Water Cooler	Nos.	152

GENERAL INFORMATION

Customers :

· Dealers

No. of Employees :

200 (Approximately)

Bankers :

· Canara Bank, Sharda Society Branch, Paldi, Ahmedabad - 380009, Gujarat, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
1. Term loan from a scheduled bank against equitable mortgage of Factory shed and hypothecation of Plant and Machineries	27.642	28.933
2. Cash credit from a scheduled bank against hypothecation of raw-materials, finished and semi-finished goods and book debts	31.946	22.139
3. From scheduled bank against HPA of vehicles	0.793	0.427
4. From finance companies	0.000	0.905
Total	60.381	52.404
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Directors	14.943	13.952
Form Others	2.444	3.038
Total	17.387	16.990

Banking Relations :	--
Auditors :
Name :	Patel and Jesalpura Chartered Accountant
Address :	803/804, Samudra Annexe, Near Klassic Gold Hotel, Off C. G. Road, Navrangpura, Ahmedabad - 380006, Gujarat, India
PAN No.:	AAFFP1700R

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000	Equity Shares	Rs.10/- each	Rs. 12.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1066667	Equity Shares	Rs.10/- each	Rs. 10.667 Millions

AS ON 15.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1267000	Equity Shares	Rs.10/- each	Rs. 12.670 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

Particulars		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.667	10.000
2] Share Application Money		4.200	0.100
3] Reserves & Surplus		6.861	0.853
4] (Accumulated Losses)		0.000	0.000
NETWORTH		21.728	10.953
LOAN FUNDS
1] Secured Loans		60.381	52.404
2] Unsecured Loans		17.387	16.990
TOTAL BORROWING		77.768	69.394
DEFERRED TAX LIABILITIES		0.544	0.294
TOTAL		100.040	80.641
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		61.063	47.859
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	37.696	11.874
	Sundry Debtors	32.374	24.819
	Cash & Bank Balances	6.722	6.132
	Other Current Assets	0.000	0.000
	Loans & Advances	3.201	4.075
Total Current Assets		79.993	46.900
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	40.428	14.044
	Other Current Liabilities	0.000	0.000
	Provisions	0.720	0.250
Total Current Liabilities		41.148	14.294
Net Current Assets		38.845	32.606
MISCELLANEOUS EXPENSES		0.132	0.176
TOTAL		100.040	80.641

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	175.593	108.112
		Other Income	5.087	0.809
		TOTAL (A)	180.680	108.921
Less	EXPENSES
		Raw Material Consumed	147.278	84.709
		Manufacturing Expenses	10.602	5.042
		Payment to Employees	6.887	4.013
		Administrative and other Expenses	14.995	8.770
		Preliminary Expenses Written off	0.044	0.044
		Increase / Decrease in stock	(14.518)	(1.665)
		TOTAL (B)	165.288	100.913
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		15.392	8.008
Less	FINANCIAL EXPENSES (D)		6.506	3.774
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.886	4.234
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.491	2.837
	PROFIT BEFORE TAX (E-F) (G)		2.395	1.397
Less	TAX (H)		0.721	0.544
	PROFIT AFTER TAX (G-H) (I)		1.674	0.853
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.853	0.000
	BALANCE CARRIED TO THE B/S		2.527	0.853
	Earnings Per Share (Rs.)		1.62	1.13

Particulars	31.03.2012
Sales Turnover (Approximately)	330.000
	[due to more orders

Expected Sales (2012-2013) : Rs. 500.000 Millions

The above information has been parted by Mr. Nikhil.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	0.93	0.78
Net Profit Margin (PBT/Sales)	(%)	1.36	1.29
Return on Total Assets (PBT/Total Assets}	(%)	2.34	1.47
Return on Investment (ROI) (PBT/Networth)		0.11	0.13
Debt Equity Ratio (Total Liability/Networth)		5.50	7.64
Current Ratio (Current Asset/Current Liability)		1.94	3.28

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	No
18. Major customers	No
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

Registered office address of the company has been shifted from 11/13 and 11/14, Subhash Industrial Estate, Near AMC Pumping Station, Ramol Road, Amraiwadi, Ahmedabad-380026, Gujarat, India to the present address w.e.f. 25.11.2010

FORM 8

Corporate identity number of the company	U29220GJ2009PTC056482
Name of the company	IC ICE MAKE REFRIGERATION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B-1, Vasupujya Chamber, Near Navdeep Building, Income Tax Cross Road, Ahmedabad-380009, Gujarat, India
This form is for	Modification of charge
Charge identification number of the charge to be modified	10166473
Type of charge	· Immovable property · Any interest in immovable property
Particular of charge holder	Canara Bank, Sharda Society Branch, Paldi, Ahmedabad-380009, Gujarat, India
Nature of instrument creating charge	Letter Evidencing Deposit of Title Deeds (Mortgage Deed) dated 29th February,2012 modifying Mortgage charge of the Bank over the Immovable Property in the form of Factory Land and Building of the Company situated at Village : Dantali, Ta. Kalol, District : Gandhinagar and Bunglow Numbers 23(23B) an 43 in Apurva Bunglows at Ghatlodia and Bunglow Number- 22/A in Sarvoday Nagar at Sola more particularly described in the mortgage deed attached herewith.
Date of instrument Creating the charge	29.02.2012
Amount secured by the charge	Rs. 87.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Base Rate(10.75%)+4.00%=14.75%(floating)or at Such other Rates as the Bank may specify from time to time. Terms of repayment On Demand. Renewable from time to time. Margin Stock- 25% , Book Debts- 50%, Goods-25% . Extent and operation of the charge Canara Bank is having exclusive mortgage charge over the immovable property in the form of Factory Land and Building of the company situated at Village : Dantali, Taluka Kalol, District : Gandhinagar and Bunglow Numbers 23(23B) an 43 in Apurva Bunglows at Ghatlodia and Bunglow Number- 22/A in Sarvoday Nagar
Short particulars of the property charged (Including location of the property)	All the part and parcel of the land along with construction thereon bearing survey no. 226 and 227 totaling to 9506 Sq. Mtr situated at Gota Vadsar Road, Mouje Dantali, Taluka Kalol, District :Gandhinagar. Bunglow Numbers 23(23B) an 43 in Apurva Bunglows at Ghatlodia and Bunglow Number- 22/A in Sarvoday Nagar
Whether any of the property or interest therein under reference is not registered in the name of the company.	Yes
If yes, in whose name it is registers	1. Chandrakant P Patel 2. Rajendra P Patel 3. Vipul I Patel and Kapila V Patel.
Date of instrument modifying the charge	23.09.2010
Particulars of the present modification	By this Letter of Evidence dtd.29th March, 2012, the Existing Limit of Rs.67.000 Millions is extended to Rs.87.000 Millions.

FIXED ASSETS

· Free hold Land

· Factory Building

· Furniture

· Computer

· Office Equipments

· Electrical Installations

· Vehicles

· Ozone Layer Conservation Project

· Machineries

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. 55.14
UK Pound	1	Rs. 86.29
Euro	1	Rs. 67.72

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		30

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.