MIRA INFORM REPORT

Report Date :

28.07.2012

IDENTIFICATION DETAILS

Name :	MATHESON K- AIR INDIA PRIVATE LIMITED (w.e.f. 21.06.2010)
Formerly Known As :	K-AIR GASES INDIA PRIVATE LIMITED
Registered Office :	Gat No. 245,6,7,9 Kharabwadi, Chakan Talegaon Road, Chakan, Pune – 410501, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.11.2009
Com. Reg. No.:	11-134922
Capital Investment / Paid-up Capital :	Rs.0.162 Million
CIN No.: [Company Identification No.]	U40200PN2009PTC134922
TAN No.: [Tax Deduction & Collection Account No.]	PNEK09278D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Gases, Bulk Cryogenic Liquid.
No. of Employees :	100 (Approximately) (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 700000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. Profit and loss account of the company in not available.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

RBI DEFAILTERS’ LIST STATUS

s

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.

INFORMATION PARTED BY

Name :	Mr. Aman Shaikh
Designation :	Senior Manager
Contact No.:	91-9225608606
Date :	27.07.2012

LOCATIONS

Registered Office :	Gat No. 245,6,7,9 Kharabwadi, Chakan Talegaon Road, Chakan, Pune – 410501, Maharashtra, India
Tel. No.:	91-2135-667700
Mobile No.:	91-9225608606 (Mr. Aman Shaikh)
Fax No.:	91-2135-667711
E-Mail :	ashaikh@mathesonkair.com kiran@k-airgas.com aurshaikh@rediffmail.com
Website :	www.mathesonkair.com
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Kiran Indrabhan Karnawat
Designation :	Director
Address :	Flat No 6, Woodside Villa, Anand Park, Aundh, Pune, 411007, Maharashtra, India
Date of Birth/Age :	27.05.1971
Date of Appointment :	05.11.2009
DIN No.:	00789468

Name :	Mr. Deepak Indrabhan Karnawat
Designation :	Director
Address :	3712 Nandanvan Apartment, Burudgaon Road, Ahmednagar, 414001, Maharashtra, India
Date of Birth/Age :	12.09.1965
Date of Appointment :	05.11.2009
PAN No.:	02350146

Name :	Jose Rui Souto Machado
Designation :	Director
Address :	6522 Korematsu CT, San Jose Ca, San Jose, 95120, United States Of America
Date of Birth/Age :	28.09.1952
Date of Appointment :	11.03.2010
DIN No.:	02927597
Name :	Mr. John Crouch Bigham Iv
Designation :	Director
Address :	112 Center Ave, Chatham, Nj, 079282643, United States Of America
Date of Birth/Age :	10.05.1973
Date of Appointment :	11.03.2010
DIN No.:	02927668
Name :	Mr. Philip Steven Kornbluth
Designation :	Director
Address :	5 Benner CT, Bridgewater, NJ, 088072642, United States Of America
Date of Birth/Age :	25.07.1955
Date of Appointment :	11.03.2010
DIN No.:	02927639
Name :	Mr. Alpesh Harshadbhai Shah
Designation :	Alternate director
Address :	221a Bedok Central, 07- 64, Singapore, 460221
Date of Birth/Age :	23.10.1966
Date of Appointment :	11.01.2011
DIN No.:	03432346

KEY EXECUTIVES

Name :	Mr. Aman Shaikh
Designation :	Senior Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Equity Shares	No. of Preference Shares
Karnawat Indrabhan Kiran	4,763	412
Karnawat Indrabhan Deepak	3,175	274
Matheson Tri-Gas Inc., United States of America.	8,262	714
	16,200	1400

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	51.00
Directors or relatives of Directors	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Gases, Bulk Cryogenic Liquid.
Exports :
Products :	Gases Bulk Cryogenic Liquid
Countries :	Gulf Countries
Imports :
Products :	Raw Material
Countries :	USA
Terms :
Selling :	L/C, Cash and Credit (30 Days and 60 Days)
Purchasing :	L/C, Cash and Credit (30 Days and 60 Days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

100 (Approximately) (In Office + In Factory)

Bankers :

State Bank of India, 1548/A, Commercial Brach, Sadashiv Peth, Tilak Road, Pune - 411030, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working Capital Loan	68.309	53.657
Term Loan (From State Bank of India obtained against first charge on equipment acquired out term loan, industrial plot and building located at Aurangabad, Chakan and Pune and hypothecation of the entire fixed assets of the company excluding vehicles)	61.174	51.439
Commercial Vehicle Loans (From HDFC Bank Obtained against first charge on commercial vehicle used for procurement and distribution of gases)	4.921	0.000
Total	134.404	105.096
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors	19.610	17.896
From Others	0.086	1.778
Total	19.696	19.674

Banking Relations :	--
Auditors :
Name :	Kirtane and Pandit Chartered Accountants Chartered Accountants
Address :	Sangati 73/2/2 Bhakti Marg, IFF Law College Road, Pune – 411004, Maharashtra, India
PAN No.:	AACFK3469M

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1995000	Equity Shares	Rs.10/- each	Rs.19.950 Million
5000	Preference Shares	Rs.10/- each	Rs.0.050 Million
	Total		Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16200	Equity Shares	Rs.10/- each	Rs.0.162 Million
1400	Preference Shares	Rs.10/- each	Rs. 0.014 Million
	Total		Rs.0.176 Millions

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
16200	Equity Shares	Rs.10/- each	Rs.0.162 Million

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		0.162	0.162
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		181.478	181.478
4] (Accumulated Losses)		(6.619)	(9.212)
NETWORTH		175.021	172.428
LOAN FUNDS
1] Secured Loans		134.405	105.096
2] Unsecured Loans		19.696	19.674
TOTAL BORROWING		154.101	124.770
DEFERRED TAX LIABILITIES		6.666	7.240
TOTAL		335.788	304.438
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		221.582	204.811
Capital work-in-progress		0.585	0.000
INVESTMENT		6.502	0.002
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.907	27.903
	Sundry Debtors	108.003	86.619
	Cash & Bank Balances	5.156	5.644
	Other Current Assets	0.000	0.000
	Loans & Advances	45.597	49.166
Total Current Assets		175.663	169.332
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	38.873	53.364
	Other Current Liabilities	27.978	16.343
	Provisions	1.693	0.000
Total Current Liabilities		68.544	69.707
Net Current Assets		107.119	99.625
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		335.788	304.438

Particulars	31.03.2012	31.03.2011
Sales Turnover (Approximately)	490.000	400.000

Expected Sales (2012-2013) : Rs. 600.000 Millions

The above information has been parted by Mr. Aman Shaikh.

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010
Debt Equity Ratio (Total Liability/Networth)	1.27	1.13
Current Ratio (Current Asset/Current Liability)	2.56	2.43

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

((Rs. In Millions)

Particulars	31.03.2011	31.03.2010
Sundry Creditors	38.873	53.364

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	No
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 two years	Yes
12]	Profitability for last two years	No
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 (if applicable)	Yes
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 Director, if available	No
32]	Passport No of Director, if available	No
33]	Voter ID No of Director, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U40200PN2009PTC134922
Name of the company	MATHESON K- AIR INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Gat No. 245,6,7,9 Kharabwadi, Chakan Talegaon Road, Chakan, Pune – 410501, Maharashtra, India E-mail Id : kiran@k-airgas.com
This form is for	Creation of charge
Type of charge	Immovable property Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of India, 1548A, Commercial Branch, Sadashiv Peth,Tilak Road, Pune – Maharashtra, India E-mail id : sbi045108@sbi.co.in
Nature of instrument creating charge	1) Agreement of Loan-Cum-Hypothecation 2) Letter of Arrangement 3) Memorandum for recording creation of Mortgage by Deposit of Title Deeds (All the Documents executed for creation of a single charge)
Date of instrument Creating the charge	31.03.2011
Amount secured by the charge	Rs.280.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest WC:0.25% above SBAR with a min. of 12% p.a., SLOC: 1% above Cash Credit Rate i.e.13%,TL: 0.50% above SBAR with a min. of 12.25% p.a. (SBAR=11.75%) or rate prescribed by Bank from time to time. Terms of Repayment As per Agreement with the Bank Margin Raw Material 25%, Finished Goods, Domestic Receivables (120 days) 33.33%,Export Packing Credit 10%, Term Loan 34%, Letter of Credit and Bank Guarantee 25% Extent and Operation of the charge Details of Facilities(Rs. in) – Demand CC Rs.90.000 Millions, EPC/EBD (Rs.30.000 Millions), SLOC Rs.12.500 Millions, Term Loan Rs.136.500 Millions,Letter of Credit Rs.30.000 Millions, Bank Guarantee (Rs.30.000) Millions, Forward Contract Rs.11.000 Millions. Total Rs.280.000 Millions. The charge on hypothecated and mortgaged assets continues till full repayment of Loan. Mortgage of immovable property of K Air Speciality Gases Private Limited as well as Leasehold property to K Air Speciality Gases Private Limited to secure facilities availed by Matheson K-Air India Private Limited. Others As per Agreement with the Bank
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Stock, stores and spares, consumables and book debts. Hypothecation of Cylinders, Dewars, Plant and Machinery, 25 Drums. Hypothecation charge on Equipments acquired out of Bank Finance. Mortgage of immovable property of K-Air Speciality Gases Private Limited: All that piece and parcel of the property bearing Plot No.M-86 adm.2450 Sq. Mtrs. in Walunj Industrial Area, being and lying at Village Ranjangaon, Taluka and Registration Sub-District Gangapur, District and Regn. District Aurangabad alongwith construction thereon and to be constructed thereto. Mortgage of immovable property leased to K-Air Speciality Gases Private Limited - 1) All that piece and parcel of the property adm.2365 Sq. Mtrs. out of Plot No.1 of Gat Nos.245+246+247+249 being and lying at Village Kharabwadi, Taluka Khed, District Pune, Sub-Regn. District Khed within the local limits of Grampanchayat Kharabwadi, Taluka Panchayat Samiti Khed alongwith construction thereon and to be constructed thereto. 2) All that piece and parcel of the property adm.2000 Sq. Mtrs. out of Plot No.1 of Gat Nos.245+246+247+249 being and lying at Village Kharabwadi, Taluka Khed, DistrictPune, Sub-Regn. District Khed within the local limits of Grampanchayat Kharabwadi, Taluka Panchayat Samiti Khed alongwith construction thereon and to be constructed thereto.

FIXED ASSETS:

· Leasehold Property

· Building

· Plant and Machinery

· Cylinders

· Electro Installation and Fittings

· Furniture and Fixtures

· Office Equipments

· Computer

· Motor Vehicles

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

Information Gathered by :	JML
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	4
--CREDIT LINES	1~10	2
--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		27

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.