MIRA INFORM REPORT

Report Date :

27.07.2012

IDENTIFICATION DETAILS

Name :	CIRCULAR AIRCON (INDIA) PRIVATE LIMITED

Registered Office :	404, Amity Co-Operative Housing Society, Mhaoa Oashiwara, Building 18, Andheri (West), Mumbai – 400053, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	24.01.1995

Com. Reg. No.:	11-084919

Capital Investment / Paid-up Capital :	Rs. 1.000 Million

CIN No.: [Company Identification No.]	U29191MH1995PTC084919

TAN No.: [Tax Deduction & Collection Account No.]	MUMC11980D

PAN No.: [Permanent Account No.]	AABCC7468A

Legal Form :	Private Limited Liability Company

Line of Business :	Dealer of Carrier, Air Conditioning Project Industry.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 60000

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is a well 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 for normal 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

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

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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 :	404, Amity Co-Operative Housing Society, Mhaoa Oashiwara, Building 18, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-40902999
Fax No.:	Not Available
E-Mail :	amitmalik@circularaircon.com

Corporate Office :	Gala No.1, Mehta Industrial Estate, Jai Prakash Road, No.2, Goregaon (East), Mumbai, Maharashtra, India
Tel. No.:	91-22-65705015/5016
Fax No.:	91-22-26861514
E-Mail :	hvac@circularaircon.com

Administrative Office:	# 33, Surve Service Premises Co-Operative Society Limited, 1^st Sonawala Cross Road, Goregaon (E), Mumbai-400063, Maharashtra, India
Tel. No.:	91-22-40902888/26865732/33
Fax No.:	91-22-40902805
E-Mail :	hvac@circularaircon.com customercare@circularaircon.com

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Amit Yashpal Malik

Designation :

Director

Address :

404, Building No. 18, Amity Co-Operative Hosing Society, Mhada Oshiwara, Andheri (W), Mumbai-400053, Maharashtra, India

Date of Birth/Age :

04.12.1968

Date of Appointment :

01.08.2003

DIN No.:

00841182

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	Company/ LLP Status	Defaulting status
1	U52603MH2003PTC138634	CMN DISTRIBUTORS PRIVATE LIMITED	Director	10/01/2003	10/01/2003	Active	NO
2	U29191MH1995PTC084919	CIRCULAR AIRCON (INDIA) PRIVATE LIMITED	Director	01/08/2003	01/08/2003	Active	NO
3	U52603MH2005PTC155232	CIRCULAR AIRCON SERVICES PRIVATE LIMITED	Director	09/08/2005	09/08/2005	Active	NO
4	U93000MH2010PTC198865	SHREE PERFECT-TECH SOLUTIONS PRIVATE LIMITED	Additional director	01/06/2010	01/06/2010	Active	NO

Name :

Mrs. Rakhi Amit Malik

Designation :

Director

Address :

404, Building No. 18, Amity Co-Operative Hosing Society, Mhada Oshiwara, Andheri (W), Mumbai-400053, Maharashtra, India

Date of Birth/Age :

13.12.1971

Date of Appointment :

01.08.2003

DIN No.:

00841218

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	Company/ LLP Status	Defaulting status
1	U52603MH2003PTC138634	CMN DISTRIBUTORS PRIVATE LIMITED	Director	10/01/2003	10/01/2003	Active	NO
2	U29191MH1995PTC084919	CIRCULAR AIRCON (INDIA) PRIVATE LIMITED	Director	01/08/2003	01/08/2003	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders		No. of Shares
Mr. Amit Yashpal Malik		64725
Mrs. Rakhi Amit Malik		35275
Total		100000

AS ON 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Dealer of Carrier, Air Conditioning Project Industry.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Maharashtra, Shri Swami Samarth Nagar, Lokhandwala Complex, Andheri (West), Mumbai-400053, Maharashtra, India
Axis Bank
Kotak Mahindra Bank
Citi Bank
Barclays Bank
HSBC Bank Limited
State Bank of India, Tokyo Branch

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Bank of Maharashtra, Cash Credit (Secured by hypothecation of entire stock of goods and book debts)	15.501	10.533
Bank of Maharashtra, Office Premises Loan (Secured by office premises at Goregaon East)	0.743	1.238
Axis Bank Loan, Mahindra Logan Car Loan (Secured by Mahindra Logan Car)	0.232	0.308
Bank of Maharashtra – Loan (Secured by Fixed Deposit)	0.264	0.085
Kotak Mahindra Bank, Omni Car Loan (Secured by Omini Cargo Car)	0.016	0.075
State Bank of India, Tokyo Branch – Buyers Credit (Secured by Bank of Maharashtra LOU)	6.596
Total	23.352	12.239

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Yashpal Malik	0.040	0.040
Rakhi Malik	0.031	0.031
Amit Malik	0.235	0.235
Citi Bank	0.336	0.176
Barclays Bank	0.000	0.977
Standard Chartered Bank	0.000	1.063
Neeru Bhatia	2.000	2.000
Total	2.642	4.522


Banking Relations :	--

Auditors :
Name :	TMG and Associates Chartered Accountants
Address :	A-5, Sai Shakti CHSL, Hari Shanker Joshi Road, Dahisar (East), Mumbai-400068, Maharashtra, India
Tel. No.:	91-22-28280324
E-Mail :	jayeshca@hotmail.com
PAN No :	AAEFT4122A

CAPITAL STRUCTURE

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

100000	Equity Shares	Rs. 10/- each	Rs. 1.000 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		1.000	1.000	1.000
2] Share Application Money		3.500	3.500	0.000
3] Reserves & Surplus		11.672	9.905	8.232
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16.172	14.405	9.232
LOAN FUNDS
1] Secured Loans		23.352	12.239	15.420
2] Unsecured Loans		2.642	4.522	7.744
TOTAL BORROWING		25.994	16.761	23.164
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		42.166	31.166	32.396

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		3.842	3.992	4.587
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.098	0.077	0.033

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	28.034	19.803	31.283
	Sundry Debtors	25.898	18.476	15.669
	Cash & Bank Balances	4.574	0.989	4.247
	Other Current Assets	0.589	1.283	3.783
	Loans & Advances	2.642	3.624	5.525
Total Current Assets		61.737	44.175	60.507
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.047	13.159	15.369
	Other Current Liabilities	0.000	0.000	14.129
	Provisions	4.464	3.919	3.233
Total Current Liabilities		23.511	17.078	32.731
Net Current Assets		38.226	27.097	27.776

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		42.166	31.166	32.396

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	133.627	123.627	67.563
		Other Income	0.051	0.464	2.027
		TOTAL	133.678	124.091	69.590

Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		Financial Expenses
		TOTAL	129.160	119.345	65.011

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		4.518	4.746	4.579

Less/ Add	DEPRECIATION/ AMORTISATION		1.993	2.263	2.214

	PROFIT BEFORE TAX		2.525	2.483	2.365

Less	TAX		0.758	0.810	0.886

	PROFIT AFTER TAX		1.767	1.742	1.479

Less	Adjustment for earlier years		0.000	0.069	0.004

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9.905	8.232	6.757

	BALANCE CARRIED TO THE B/S		11.672	9.905	8.232

	Earnings Per Share (Rs.)		17.67	17.42	14.79

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.32	1.35	2.12

Net Profit Margin (PBT/Sales)	(%)	1.89	2.01	3.50

Return on Total Assets (PBT/Total Assets}	(%)	3.85	5.15	3.63

Return on Investment (ROI) (PBT/Networth)		0.16	0.17	0.26

Debt Equity Ratio (Total Liability/Networth)		3.06	2.35	6.05

Current Ratio (Current Asset/Current Liability)		2.63	2.59	1.85

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions 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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No

FINANCIAL RESULTS:

During the year the turnover of the company increased from 123.627 Millions in the previous year to 133.627 Millions during the current year and profit after increased from 1.742 Millions in the previous year to 1.767 Millions during the current year.

FORM 8

Corporate identity number of the company	U29191MH1995PTC084919
Name of the company	CIRCULAR AIRCON (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	404, Amity Co-operative Housing Society, Mhaoa Oashiwara, Building 18, Andheri (West), Mumbai – 400053, Maharashtra, India
This form is for	Modification of charge
Charge identification number of the modified	90213791
Type of charge	Immovable Property Any Interest in Immovable Property
Particular of charge holder	Bank of Maharashtra, Shri Swami Samarth Nagar, Lokhandwala Complex, Andheri (West), Mumbai-400053, Maharashtra, India
Email	bom1112@mahabank.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum of record of additional equitable mortgage
Date of instrument Creating the charge	27.03.2012
Amount secured by the charge	Rs. 47.018 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC - As per RBPF for the CRR[A] applicable ROI is Base Rate + 4.25% p.a. i.e. 14.85% p.a. with monthly rest @ present Base Rate 10.60%. The ROI is subject to change in Base Rate and other guidelines. Terms of Repayment Repayment as per Terms of Sanction letter. Margin Cash Credit - 25% on paid stocks and debtors upto 90 days. Bank Guarantee & letter of Credit - 25% in the form of TDR under lien Extent and Operation of the charge Security to cover principal amount together with interest, costs, charges and expenses etc. Others Equitable Mortgage of immovable property described in Col. 15 to secure aggregate limits of Rs. 31.018 Millions sanctioned/disbursed by Bank of Maharashtra to the Company and Rs. 16.000 Millions sanctioned/disbursed by Bank of Maharashtra to M/s. CMN Distributors Pvt. Ltd., overall charge enhanced to Rs. 47.018 Millions. Details as per Third Schedule in Memorandum of Record of Equitable Mortgage.
Short particulars of the property charged	Equitable Mortgage of immovable property being, Gala No. 33 admeasuring 590 sq fts., carpet situated at Surve Service Premises Co-op. Society, Goregaon (E), Mumbai - 63, bearing CTS 376A and 87B, Village pahadi Goregaon, Taluka Boriwali , Dist. Mumbai.
Date of latest modification prior to the present modification	20.03.2012
Particulars of the present modification	Charge enhanced to Rs. 47.018 Millions. Aggregate limits of Rs. 31.018 Millions sanctioned/disbursed by Bank of Maharashtra to the Borrower and Rs. 16.000 Millions sanctioned/disbursed by Bank of Maharashtra to M/s. CMN Distributors Private Limited, Details as per Third Schedule per Memorandum of Record of Equitable Mortgage.

FIXED ASSETS

Equipments
Furniture and Fixtures
Computer
Car
Delivery Van
Mobile
Office

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. 55.41
UK Pound	1	Rs. 86.93
Euro	1	Rs. 68.10

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

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.

MIRA INFORM REPORT

28.034

19.803

31.283

25.898

18.476

15.669

4.574

0.989

4.247

0.589

1.283

3.783

2.642

3.624

5.525

61.737

44.175

19.047

13.159

15.369

0.000

0.000

14.129

4.464

3.919

3.233

23.511

17.078

38.226

27.097

27.776

1.35

2.12

2.01

3.50

5.15

3.63

0.17

0.26

2.35

6.05

2.59

1.85

Unit