MIRA INFORM REPORT

Report Date :

02.06.2012

IDENTIFICATION DETAILS

Name :	UNITED COOLING SYSTEMS PRIVATE LIMITED
Registered Office :	C-5, Private Industrial Estate, SIDCO Post, Coimbatore – 641021, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.12.1994
Com. Reg. No.:	18-5611
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U36993TZ1994PTC005611
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Cooling Towers and Heat Exchangers.
No. of Employees :	58 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 15000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small 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 (30.06.2011)	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. V. Krishnavelu
Designation :	Director
Contact No.:	91-9443301342
Date :	05.05.2012

LOCATIONS

Registered Office :	C-5, Private Industrial Estate, SIDCO Post, Coimbatore – 641021, Tamilnadu, India
Tel. No.:	91-422-2670982/ 2673175/ 6548552/ 2676082/ 2671175
Mobile No.:	91-9443301342 (Mr. V. Krishnavelu)
Fax No.:	91-422-2670982/ 2673175/ 2676082
E-Mail :	unicool@dataone.in info@unitedcoolingtower.com jaifca@rediffmail.com coolingtowers@gmail.com unicool@eth.net
Website :	www.unitedcoolingtower.com
Location :	Owned
Factory :	7 – AVG Layout, SIDCO Post, P. B. No.- 4412, Coimbatore – 641021, Tamilnadu, India

DIRECTORS

(AS ON 05.08.2011)

Name :	Mr. Vairavan Krishnavelu
Designation :	Managing Director
Address :	Old No. B10, New No. 29B, K V K Nagar, SIDCO Post, Sundarapuram, Coimbatore – 641021, Tamilnadu, India
Date of Birth/Age :	19.07.1961
Date of Appointment :	16.12.1994
DIN No.:	02193264
Name :	Ms. Nagalingam Anusuyadevi
Designation :	Director
Address :	Old No. B10, New No. 29B, K V K Nagar, SIDCO Post, Sundarapuram, Coimbatore – 641021, Tamilnadu, India
Date of Birth/Age :	09.06.1968
Date of Appointment :	16.12.1994
DIN No.:	02193290

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 05.08.2011)

Names of Shareholders	No. of Shares
V Krishnavelu	7000
N Anusuya Devi	3000
Total	10000

(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 of Cooling Towers and Heat Exchangers.

Products :

Products Description	Item Code No.
Cooling Towers	0000841989

v Heat Exchangers

v Oil Coolers

v Finned Coolers

v Domestic Water Softeners

Exports :

Products :

Cooling Tower and Heat Exchangers

Countries :

· US

· Europe

· Gulf Country

Imports :

Products :

Raw Materials

Countries :

· China

· Italy

· US

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

· Oil Coolers

Customers :

Wholesalers and Retailers

· Indian Railway

No. of Employees :

58 (Approximately)

Bankers :

· Indian Bank

Raja Street, Coimbatore – 641001, Tamilnadu, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Cash Credit – Indian Bank (On hypothecation of stocks and receivables)	5.416
Medium Term Loan – Indian Bank	0.311
Vehicle Loan – Indian Bank	0.127	6.975
Sundaram Finance – Car Loan	0.306
Total	6.160	6.975
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Unsecured Loans	0.271	0.425
Total	0.271	0.425

Banking Relations :	--
Auditors :
Name :	R Kannan and Associates Chartered Accountants
Address :	33, Devanga High School Road, Coimbatore - 641002, Tamilnadu, India
Tel. No.:	91-22-2474786
PAN No.:	AADFR5925N

CAPITAL STRUCTURE

(AS ON 05.08.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 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		2.060	2.060	0.160
3] Reserves & Surplus		1.601	0.785	0.277
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.761	2.945	0.537
LOAN FUNDS
1] Secured Loans		6.160	6.975	8.041
2] Unsecured Loans		0.271	0.425	0.158
TOTAL BORROWING		6.431	7.400	8.199
DEFERRED TAX LIABILITIES		0.000	0.034	0.014
TOTAL		10.192	10.379	8.750
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.456	1.391	0.683
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.073	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.615	8.532	7.825
	Sundry Debtors	6.525	2.035	2.074
	Cash & Bank Balances	0.041	0.013	0.148
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	3.480	4.508	3.250
Total Current Assets		16.661	15.088	13.297
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	6.245	5.827	2.968
	Other Current Liabilities	0.988		2.061
	Provisions	0.765	0.273	0.201
Total Current Liabilities		7.998	6.100	5.230
Net Current Assets		8.663	8.988	8.067
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		10.192	10.379	8.750

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL	33.185	NA	20.877
Less	EXPENSES
		TOTAL	31.641	NA	20.226
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.544	NA	0.651
Less/ Add	DEPRECIATION/ AMORTISATION		0.438	NA	0.204
	PROFIT BEFORE TAX		1.106	NA	0.447
Less	TAX		0.290	NA	0.218
	PROFIT AFTER TAX		0.816	NA	0.229
	EARNINGS IN FOREIGN CURRENCY		0.611	NIL	NIL
	Earnings Per Share (Rs.)		81.60	--	--

Particulars	31.03.2012
Sales Turnover (Approximately)	42.800

Expected Sales (2012-13): Rs.55.000 Millions

The above information has been parted by Mr. V. Krishnavelu.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.46	NA	1.10
Return on Total Assets (PBT/Total Assets}	(%)	6.10	NA	3.20
Return on Investment (ROI) (PBT/Networth)		0.29	NA	0.83
Debt Equity Ratio (Total Liability/Networth)		3.84	4.58	25.01
Current Ratio (Current Asset/Current Liability)		2.08	2.47	2.54

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	No
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 two 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 situation of the registered office of the company was changed from 5B/ 1, Madukkarai Road, Sundarapuram, Coimbatore-641024, Tamilnadu to the present address w.e.f. 11.05.2009.

TRADE REFERENCE:

· Indian Railways

· Oil Coolers

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U36993TZ1994PTC005611
Name of the company	UNITED COOLING SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C5, Private Industrial Estate, SIDCO Post, Coimbatore – 641021, Tamilnadu, India jaifca@rediffmail.com
Type of charge	Book Debts Movable Property
Particular of charge holder	Indian Bank, Raja Street, Coimbatore-641001, Tamilnadu, India E-Mail: cocbesme@indianbank.co.in
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation of Movables dated 28/03/2011- for Adhoc OCC of Rs.5.000 Millions
Date of instrument Creating the charge	28.03.2011
Amount secured by the charge	Rs.5.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest: The rate of interest for Adhoc OCC of Rs.5.000 Millions is BR + 4.25% +0.50%, subject to the minimum of 14.25% per annum. Terms of Repayment: On demand Margin: Margin 25% Extent and Operation of the charge: Hypothecation of all the movables of the Company (Present and future)
Short particulars of the property charged	Movables of the Company (present and future) including goods, produce, merchandise, stock stored or to be stored from time to time in premises at C5, Private Industrial Estate, SIDCO, Coimbatore – 641 021.

FIXED ASSETS

v Plant and Machinery

v Fax Machine

v Furniture and Fixture

v Computer

v Camera

v Attendance System

v Honda City – Car

v Motor Cycle – Pulsar

v Air Conditioner

v Fire Machine

v Generator

v Treatment Plant

v Vending Machine

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.55.58
UK Pound	1	Rs.87.14
Euro	1	Rs.69.73

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	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		31

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.