MIRA INFORM REPORT

Report Date :

15.06.2012

IDENTIFICATION DETAILS

Name :	INTIME FIRE APPLIANCES PRIVATE LIMITED
Registered Office :	21/A, Ghanshaym Industrial Estate, Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.03.2004
Com. Reg. No.:	11-145262
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U29193MH2004PTC145262
TAN No.: [Tax Deduction & Collection Account No.]	MUMI07735A
PAN No.: [Permanent Account No.]	AABCI12217B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, of dry chemical Syste’s, Fire appliance, Fire Extinguishers, Fire Cylinders etc.
No. of Employees :	50 (Approximately)

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 70800
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for 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. Amit Raj Mehrotra
Designation :	Director
Contact No.:	91-9820218093
Date :	26.05.2012

LOCATIONS

Registered Office :	21/A, Ghanshaym Industrial Estate, Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-27634433
Mobile No.:	91-9820218093 (Mr. Amit Raj Mehrotra)
Fax No.:	91-22-27634433
E-Mail :	amit@intimafire.com mbtandon@gmail.com srmulye@vsnl.com
Website :	http://www.intimafire.com
Area :	20000 sq. ft.
Location :	Owned
Factory :	D-24/6, TTC Industrial Area, MIDC, Turbhe, Navi Mumbai – 400705, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :

Mrs. Anju Manmohan Mehrotra

Designation :

Director

Address :

Flat No. 405, Building No. 19, Indradarshan, Oshiwara, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

23.09.1953

Date of Appointment :

10.11.2008

DIN No.:

00280028

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999MH1990PLC058950	INTIME SHIPPING LIMITED	Director	13/11/1990	13/11/1990	-	Active	NO
2	U74120MH1994PLC081869	MASTER PLAN FINANCE LIMITED	Director	1/11/1994	1/11/1994	-	Active	NO
3	U51900MH2004PTC071766	INTIME COMMERCIAL COMPANY PVT LTD	Director	30/09/2004	30/09/2004	-	Active	NO
4	U29193MH2004PTC145262	INTIME FIRE APPLIANCES PRIVATE LIMITED	Director	10/11/2008	10/11/2008	-	Active	NO

Name :

Mr. Mukesh Dhirubhai Shah

Designation :

Director

Address :

Flat No. 26, Auroville, St. Andrew’s Road, Santacruz, West, Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

16.12.1962

Date of Appointment :

23.03.2004

DIN No.:

00280127

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U29193MH2004PTC145262	INTIME FIRE APPLIANCES PRIVATE LIMITED	Director	23/03/2004	23/03/2004	16/04/2012	Active	NO
2	U29130MH2008PTC188661	ABC VALVES PRIVATE LIMITED	Director	4/12/2008	4/12/2008	20/12/2010	Active	NO

Name :

Mr. Amit Raj Mehrotra

Designation :

Director

Address :

405/406, Indra Darshan, Building No. 19, Oshiwara, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

27.01.1977

Date of Appointment :

24.11.2008

DIN No.:

02470083

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U29193MH2004PTC145262	INTIME FIRE APPLIANCES PRIVATE LIMITED	Director	24/11/2008	24/11/2008	-	Active	NO
2	U74120MH1994PLC081869	MASTER PLAN FINANCE LIMITED	Director	24/11/2008	24/11/2008	-	Active	NO
3	U51900MH2004PTC071766	INTIME COMMERCIAL COMPANY PVT LTD	Director	24/11/2008	24/11/2008	-	Active	NO
4	U99999MH1990PLC058950	INTIME SHIPPING LIMITED	Director	24/11/2008	24/11/2008	-	Active	NO
5	U29130MH2008PTC188661	ABC VALVES PRIVATE LIMITED	Director	18/01/2009	18/01/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Anju Manmohan Mahrotra	5000
Mukesh Dhirubhai Shah	5000
Total	10000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, of dry chemical Syste,s, Fire appliance, Fire Extinguishers Fire cylinders etc.
Exports :
Products :	Dry chemical Syste,s, Fire appliance, Fire Extinguishers Fire cylinders etc.
Countries :	· Middle East · Korea · Italy
Imports :
Products :	Raw Material
Countries :	· China · Europe · America
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Rama Cylinders Private Limited

Customers :

Wholesalers and Retailers

· Singhania Systems Technologies Private Limited

No. of Employees :

50 (Approximately)

Bankers :

· State Bank of Hyderabad, Andheri Branch, Mumbai, Maharashtra, India

· HDFC Bank Limited

· Axis Bank

Facilities :

Cash and Credit - TL – Rs.20.000 Millions

SECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
HDFC Bank Car Loan (Scorpio)	0.731	0.000
HDFC Bank Car Loan (Tata 407)	0.000	0.208
Axis Bank Car Loan (Maruti SX4)	0.000	0.279
Total	0.731	0.487
UNSECURED LOAN	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors and Shareholders	17.820	15.570
From Incorporate and Others	0.000	0.000
Total	17.820	15.570

Banking Relations :	--
Auditors :
Name :	K.B.MISTRY and ASSOCIATES Chartered Accountant
Address :	A/102, Chris And Crown Tower, Bhayandar Phatak Road, Opposite Azad Nagar, Bhayandar (E), Thane – 401105, Maharashtra, India
PAN.:	AAFPM0673A
Associates Concern :	· Intime Fire Appliances · S.R. Enterprises

CAPITAL STRUCTURE

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
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		0.000	0.000	0.000
3] Reserves & Surplus		17.608	10.988	5.654
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		17.708	11.088	5.754
LOAN FUNDS
1] Secured Loans		0.732	0.487	0.882
2] Unsecured Loans		17.820	15.570	12.210
TOTAL BORROWING		18.552	16.057	13.092
DEFERRED TAX LIABILITIES		1.263	0.922	0.754
TOTAL		37.523	28.067	19.600
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11.308	8.631	7.326
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.102	11.447	2.462
	Sundry Debtors	23.877	19.308	13.769
	Cash & Bank Balances	2.509	4.847	2.015
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	4.135	5.227	2.190
Total Current Assets		50.623	40.829	20.436
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.743	15.459	6.118
	Other Current Liabilities	3.699	2.268	0.347
	Provisions	2.976	3.679	1.718
Total Current Liabilities		24.418	21.406	8.183
Net Current Assets		26.205	19.423	12.253
MISCELLANEOUS EXPENSES		0.010	0.013	0.021
TOTAL		37.523	28.067	19.600

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	91.607	86.396	64.211
		Other Income	9.983	9.341	6.441
		TOTAL (A)	101.590	95.737	70.652
Less	EXPENSES
		Office Expenses
		Administrative Expenses	16.674	85.454	62.891
		Advertising Expenses
		TOTAL (B)	88.674	85.454	62.891
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.916	10.283	7.761
Less	FINANCIAL EXPENSES (D)		2.059	1.632	1.544
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.857	8.651	6.217
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.921	0.735	0.504
	PROFIT BEFORE TAX (E-F) (G)		9.936	7.916	5.713
Less	TAX (I)		3.200	2.465	1.881
	PROFIT AFTER TAX (G-I) (J)		6.736	5.451	3.832
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9.388	4.654	1.481
Less	APPROPRIATIONS
		Transfer to General Reserve	0.600	0.600	0.600
		Dividend	0.100	0.100	0.050
		Tax on Dividend	0.016	0.017	0.008
	BALANCE CARRIED TO THE B/S		15.408	9.388	4.654
	Earnings Per Share (Rs.)		673.6	545	383.2

(Rs. millions)

Particulars	31.03.2012
Sales Turnover (Approximately)	80.000
	(change In management)

Expected Sales (2012-203): Rs.70.000 millions

The above information has been parted by Mr. Amit Raj Mehrotra.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.63	5.69	5.42
Net Profit Margin (PBT/Sales)	(%)	10.84	9.16	8.90
Return on Total Assets (PBT/Total Assets}	(%)	16.04	16.00	20.588
Return on Investment (ROI) (PBT/Networth)		0.56	0.71	0.99
Debt Equity Ratio (Total Liability/Networth)		2.43	3.38	3.70
Current Ratio (Current Asset/Current Liability)		2.07	1.91	2.50

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) 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	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%	Yes
14) Estimation for coming financial year	Yes
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
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

TRADE REFERENCES:

· Singhania Systems Technologies Private Limited

· Rama Cylinders Private Limited

FIXED ASSETS:

· Land and Building

· Computer

· Motor Car (Indica)

· Maruti (SX4)

· Plant and Machinery

· Furniture and Fixtures

· Air Conditioner

· Water cooler

· Gas cylinders Valves

· Deep Freezer

· Printer

· Tata (407)

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.55.79
UK Pound	1	Rs.86.37
Euro	1	Rs.70.07

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--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
-	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.