MIRA INFORM REPORT

Report Date :

18.07.2012

IDENTIFICATION DETAILS

Name :	IRIS AUTOMATION PRIVATE LIMITED
Registered Office :	Plot No.164 Paiki 6 & 7, Behind Bharat Aluminum, Santej – Vadsar Road, Santej – 382721, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.04.2009
Com. Reg. No.:	04-056695
Capital Investment / Paid-up Capital :	Rs.2.288 Millions
CIN No.: [Company Identification No.]	U29299GJ2009PTC056695
TAN No.: [Tax Deduction & Collection Account No.]	AHMI01324B
PAN No.: [Permanent Account No.]	AACCI0763M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of LT Electrical Control Panel, PLC Based Control Panels etc.
No. of Employees :	22 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 13000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company is progressing steadily. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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. Bhavin Badheka
Designation :	Director
Contact No.:	91-9825455945
Date :	14.07.2012

LOCATIONS

Registered Office/ Factory :	Plot No.164 Paiki 6 & 7, Behind Bharat Aluminum, Santej – Vadsar Road, Santej – 382721, Gujarat, India
Tel. No.:	91-79-65121760
Mobile No.:	91-9825455945 (Mr. Bhavin Badheka)
Fax No.:	Not Available
E-Mail :	Iris.engineering@gmail.com info@iris-automation.com
Website :	http://www.iris-automation.com
Area :	33000
Location :	Owned

DIRECTORS

(AS ON 30.09.2011)

Name :	Mr. Dilipkumar Dahyabhai Badheka
Designation :	Director
Address :	24, Riddhi Bunglows, Opposite Reliance Petrol Pump, Anandngar Road, Vejalpur, Ahmedabad – 380051, Gujarat, India
Date of Birth/Age :	02.10.1944
Date of Appointment :	22.04.2009
DIN No.:	02619516
Name :	Mr. Chittaranjan Dahyabhai Badheka
Designation :	Director
Address :	M-4/20, Pragatinagar, Naranpura, Ahmedabad – 380013, Gujarat, India
Date of Birth/Age :	18.10.1949
Date of Appointment :	22.04.2009
DIN No.:	02619523
Name :	Mr. Bhavin Dilipkumar Badheka
Designation :	Director
Address :	24, Riddhi Bunglows, Opposite Reliance Petrol Pump, Anandngar Road, Vejalpur, Ahmedabad – 380051, Gujarat, India
Date of Birth/Age :	15.10.1972
Date of Appointment :	15.03.2011
DIN No.:	03473361

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Dilipkumar Dahyabhai Badheka	9550
Chittaranjan Dahyabhai Badheka	46250
Bhavin Dilipkumar Badheka	124300
Savitaben Dahyabhai Badheka	19600
Tejal Bhavinbhai Badheka	29100
Total	228800

(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 and Exporter of LT Electrical Control Panel, PLC Based Control Panels etc.
Exports :
Products :	· LT Electrical Control Panel · PLC Based Control Panel
Countries :	· Damman · UAE · Singapore
Imports :
Products :	Finished Goods
Countries :	· Europe · US
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· FCU Frame Proof Control Gear Private Limited

Customers :

End Users

· Atlas Copco India Limited

No. of Employees :

22 (Approximately)

Bankers :

· State Bank of India

SMECCC, 201-205, Shukan-II, Swastik Char Rasta, Commerce College Road, Navrangpura, Ahmedabad - 380009, Gujarat, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
SBI Term Loan (Secured against Hypothecation of all current assets and other assets created out of Bank's finance and Equitable Mortgage of land at Santej and Collaterally Secured against all Unencumbered assets which are directly associated with the business for which the credit facility is extended and assets which pertains to unit and associated with the business).	3.478	0.000
Total	3.478	0.000
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Directors	0.000	0.036
From Shareholders	0.000	0.117
Total	0.000	0.153

Banking Relations :	--
Auditors :
Name :	Janak Soni and Associates Chartered Accountant
Address :	106, 1^st Floor, Haas Complex, Near Nagri Hospital, Near Ellisbridge Police Line, Law Garden, Ahmedabad – 380006, Gujarat, India
PAN No.:	AOHPS9330J
Tel No.:	91-79-26408496
Email :	janaksoni@yahoo.com

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.10/- each	Rs.3.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
228800	Equity Shares	Rs.10/- each	Rs.2.288 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.288	2.288
2] Share Application Money		0.150	0.000
3] Reserves & Surplus		0.924	0.276
4] (Accumulated Losses)		0.000	0.000
NETWORTH		3.362	2.564
LOAN FUNDS
1] Secured Loans		3.478	0.000
2] Unsecured Loans		0.000	0.153
TOTAL BORROWING		3.478	0.153
DEFERRED TAX LIABILITIES		0.031	0.092
TOTAL		6.871	2.809
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.970	7.556
Capital work-in-progress		0.000	0.000
INVESTMENT		0.015	0.015
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.285	0.223
	Sundry Debtors	7.177	1.274
	Cash & Bank Balances	0.761	0.847
	Other Current Assets	0.000	0.000
	Loans & Advances	1.665	0.255
Total Current Assets		10.888	2.599
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	10.504	7.038
	Other Current Liabilities	0.153	0.207
	Provisions	0.356	0.130
Total Current Liabilities		11.013	7.375
Net Current Assets		(0.125)	(4.776)
MISCELLANEOUS EXPENSES		0.011	0.014
TOTAL		6.871	2.809

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2011	31.03.2010
TURNOVER	20.116	7.933
PROFIT BEFORE TAX	1.063	0.399

Particulars	31.03.2012
Sales Turnover (Approximately)	52.000

Expected Sales (2012-13): Rs.75.000 Millions

The above information has been parted by Mr. Bhavin

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	5.95	3.93
Return on Investment (ROI) (PBT/Networth)		0.32	0.16
Debt Equity Ratio (Total Liability/Networth)		4.31	2.94
Current Ratio (Current Asset/Current Liability)		0.99	0.35

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	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s 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 two years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	Yes
Capital in the business	Yes
Details of sister concerns	No
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	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

NOTE:

The Registered Office of the company has been shifted from, Plot No.176/6 and 7, Behind Bharat Alluminuam, Santej – Vadsar Road, Santej – 382721, Gujarat, India, to the present address w.e.f.24.04.2009.

REVIEW OF OPERATIONS

The company has achieved turnover of Rs.20.116 Millions and has earned Net profit of Rs.1.063 Millions before tax provisions. The Board of directors find lucrative chances for the better development in the forthcoming year.

TRADE REFERENCE:

· Atlas Copco India Limited

· FCU Frame Proof Control Gear Private Limited

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U29299GJ2009PTC056695
Name of the company	IRIS AUTOMATION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.164 Paiki 6 and 7, Behind Bharat Alluminium, Santej - Vadsar Road, Santej – 382721, Gujarat, India iris.engineering@gmail.com
Type of charge	Immovable property
Particular of charge holder	· State Bank of India SMECCC , 201-205, Shukan-II, Swastik Char Rasta, Commerce College Road, Navrangpura, Ahmedabad - 380009, Gujarat, India agmsmeccc.zoahm@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum relating to deposited of title deeds for creation of charge dtd. 19.07.2010
Date of instrument Creating the charge	19/07/2010
Amount secured by the charge	Rs.7.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest Demand cash credit: 9% fixed for 1st year and then after as per bank's instruction term loan: 10.50% fixed for 1st year and then after as per bank's instruction Terms of Repayment Repayable on demand Margin Stocks: 25% Receivables: 50% Cover Period: 90 Days Extent and Operation of the charge Till repayment of entire credit facilities.
Short particulars of the property charged	Deposit of Title deeds of the property of the Company situated at block No. 164 Part Adm. 1626 Sq. Mts. in Mouje Santej, Tal. Kalol, Regsitration District and sub district Ahmedabad Gandhinagar.

FIXED ASSETS:

· Land

· Air Conditioner

· Building

· Cellular Phones

· Computer Systems

· Electrical Installations

· Fan

· Furniture and Fittings

· Machineries

· Motor Car

· Office Equipments

· Refrigerator

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

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		26

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.