MIRA INFORM REPORT

Report Date :

30.05.2012

IDENTIFICATION DETAILS

Name :	NU-VU CONAIR PRIVATE LIMITED
Registered Office :	Plot No.147 and 148, Devraj Industrial Park, Piplaj-Pirana Road, Piplaj, Ahmedabad-382405, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.09.2007
Com. Reg. No.:	04-051811
Capital Investment / Paid-up Capital :	Rs. 19.915 Millions
CIN No.: [Company Identification No.]	U29299GJ2007PTC051811
TAN No.: [Tax Deduction & Collection Account No.]	AHMN03375B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Plastic Conveying Equipments.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 270000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an 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 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. Manan Parikh
Designation :	Sales Executive
Contact No.:	91-9376783206
Date :	23.05.2012

LOCATIONS

Registered Office / Factory :	Plot No.147 and 148, Devraj Industrial Park, Piplaj-Pirana Road, Piplaj, Ahmedabad-382405, Gujarat, India
Tel. No.:	91-79-25841181 / 32985993 / 29094790
Mobile No.:	91-9376783206 (Mr. Manan Parikh)
Fax No.:	91-79-25841221
E-Mail :	nuvuengineers@yahoo.com nuvu@conairgroup.com info@conqirgroup.com accountindia@conairgroup.com
Website :	http://www.conairnet.com
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Krushnakant Maneklal Shah
Designation :	Director
Address :	A-10, New Jash Park Society, Near Isanpur Bus Stand, Isanpur, Ahmedabad- 382443, Gujarat, India
Date of Birth/Age :	22.06.1963
Date of Appointment :	24.09.2007
DIN No.:	01731210
Name :	Mr. Bhaumik Vinubhai Patel
Designation :	Director
Address :	3, Divine Vision Bunglows, Near Omkar Bungalows, Near Narayan Bunglows, Thaltej-Shilaj Road, Ahmedabad- 380052, Gujarat, India
Date of Birth/Age :	27.03.1981
Date of Appointment :	24.09.2007
DIN No.:	01731284

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29299GJ2007PTC051811	NU-VU CONAIR PRIVATE LIMITED	Director	01-08-11	24-09-07	Active	NO
2	U92411GJ1990GAP014728	BLOSSOM SPORTS AND RECREATION CLUB LIMITED	Director appointed in casual vacancy	18-05-11	18-05-11	Active	NO

Name :	Mr. Christopher Schaefer Keller
Designation :	Director
Address :	Persimmon Road, Sewickley- Pa15143, Pennsylvania
Date of Birth/Age :	08.04.1969
Date of Appointment :	24.09.2007
DIN No.:	01748808
Name :	Mr. Lawrence Patrick Doyle IV
Designation :	Director
Address :	1032, Old Orchard Dr., Glbsonia-PA15044, Pennsylvania
Date of Birth/Age :	04.02.1973
Date of Appointment :	24.09.2007
DIN No.:	01748812

KEY EXECUTIVES

Name :	Mr. Manan Parikh
Designation :	Sales Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Krushnakant Maneklal Shah	204930
Bhaumik Vinubhai Patel	341551
Hina K. Shah	136620
Vinubhai K. Patel	146379
Ajay Shah	87827
Rakhi Shah	58552
Sudhakar P. Kudva	19916
Conair Pacific Private Limited, Singapore	995775
TOTAL	1991550

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Directors or relatives of Directors	41.65
Other top fifty shareholders	8.35
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Plastic Conveying Equipments.
Exports :
Countries :	· Nepal · Srilanka · Dubai · South Africa · Tanzania
Imports :
Products :	Raw Material
Countries :	USA
Terms :
Selling :	Advanced
Purchasing :	Advanced

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Granulator	Nos.	24
Hot Air Dryer	Nos.	257
Chiller	Nos.	198
Blender (Grav.)	Nos.	48
Vol. Feeder	Nos.	47
Hopper Loader	Nos.	510
Dehumidifier	Nos.	66
Centralized Conveying Systems	Nos.	8
Tw+	Nos.	191

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

100 (Approximately)

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
HDFC Bank Term Loan	37.706	0.000
Secured by way of hypothecation of plant and machinery, all current assets including stock and book debts (present and feature) and also equitable mortgage of the immovable property. Payable within 12 months Rs. 10.806 millions, previous year Rs. Nil
Total	37.706	0.000

Banking Relations :	--
Auditors :
Name :	Ramanlal G. Shah and Company Chartered Accountant
Address :	Shreeji House, Behind M. J. Library, Ellisbridge, Ahmedabad-380006, Gujarat, India
Tel. No.:	91-79-26578819 / 26575530
Fax No.:	91-79-26575401
E-Mail :	rgshahca@vsnl.net
Pan No.:	AAEDFR1584J

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1991550	Equity Shares	Rs.10/- each	Rs. 19.915 Millions

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		19.915	19.915	19.915
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		49.925	26.649	6.101
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		69.840	46.564	26.016
LOAN FUNDS
1] Secured Loans		37.706	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		37.706	0.000	0.000
DEFERRED TAX LIABILITIES		0.625	0.003	0.000
TOTAL		108.171	46.567	26.016
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		72.036	2.276	2.182
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.027
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	40.274	29.873	21.212
	Sundry Debtors	20.624	7.926	21.537
	Cash & Bank Balances	21.101	40.647	6.755
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	29.604	13.262	5.481
Total Current Assets		111.603	91.708	54.985
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	43.512	25.422	24.337
	Other Current Liabilities	10.157	11.186	3.921
	Provisions	21.869	10.949	3.130
Total Current Liabilities		75.538	47.557	31.388
Net Current Assets		36.065	44.151	23.597
MISCELLANEOUS EXPENSES		0.070	0.140	0.210
TOTAL		108.171	46.567	26.016

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	283.869	209.866	108.886
		Other Income	NA	NA	0.273
		TOTAL	NA	NA	109.159
Less	EXPENSES
		Consumption of Material	NA	NA	77.460
		Payment to and Provision for Employees			5.871
		Manufacturing, Administrative and Selling Expenses			17.298
		Increase / (Decrease) in stock			(0.609)
		TOTAL	NA	NA	100.020
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		35.320	31.613	9.139
Less/ Add	DEPRECIATION/ AMORTISATION		0.329	0.429	0.133
	PROFIT BEFORE TAX		34.991	31.184	9.006
Less	TAX		11.715	10.636	2.759
	PROFIT AFTER TAX		23.276	20.548	6.247
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		26.649	6.101	(0.146)
	BALANCE CARRIED TO THE B/S		49.925	26.649	6.101
	IMPORTS
		Raw Materials	63.972	38.173	23.373
	TOTAL IMPORTS		63.972	38.173	23.373
	Earnings Per Share (Rs.)		11.69	3.14	--

Particulars	31.03.2012
Sales Turnover (Approximately)	240.000

Expected Sales (2012-2013) : Rs. 300.000 Millions

The above information has been parted by Mr. Manan Parikh.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	5.72
Net Profit Margin (PBT/Sales)	(%)	12.33	14.86	8.27
Return on Total Assets (PBT/Total Assets}	(%)	19.05	33.18	15.75
Return on Investment (ROI) (PBT/Networth)		0.50	0.67	0.35
Debt Equity Ratio (Total Liability/Networth)		1.63	1.02	1.21
Current Ratio (Current Asset/Current Liability)		1.48	1.93	1.75

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. Constructions 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 three years	Yes
12. Profitability for last three years	Yes
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	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
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

NOTE

Registered office has been shifted from Plot No.7610, Phase IV, GIDC Industrial Estate, Opposite Windsor Machines Limited, Vatva, Ahmedabad-382445, Gujarat, India to the present address w.e.f. 01.04.2011.

FACTORY AND OFFICE BUILDING

During the year, Company took funding from HDFC Bank Limited to the tune of Rs. 40.000 Millions for purchase of land and construction of factory and office building. In annual report for the financial year 2009-10 it was stated that company has paid advance of Rs. 0.500 Million for the purpose of purchase of Land for factory and office building at village Piplaj/Lambha near Ahmedabad. During the year the company purchased Plots No. 147 and 148 at Devraj Industrial Park, Piplaj-Pirana Road, Piplaj, Ahmedabad-382405 for construction of factory and office building. The new premises was put to use from 11^th March, 2011 and the Registered Office of the company was shifted to the new location with effect from 01^st April, 2011. The total cost of new premises is Rs. 68.686 millions, which was met by internal accruals and funding from HDFC Bank Limited.

FINANCE

The Company got sanction of Cash Credit Limit of Rs. 7.500 Million from HDFC Bank Limited. However, the company has not started utilization the same. The Term Loan of Rs. 40.000 Millions from HDFC Bank Limited was utilized for the new of0fice and factory premises.

FORM 8

Corporate identity number of the company	U29299GJ2007PTC051811
Name of the company	NU-VU CONAIR PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.147 and 148, Devraj Industrial Park, Piplaj-Pirana Road, Piplaj, Ahmedabad-382405, Gujarat, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
Nature of instrument creating charge	Memorandum Recording Past Transactions of Creation of Mortgage by Deposit of Title Deeds.
Date of instrument Creating the charge	27.07.2010
Amount secured by the charge	Rs. 47.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest at the rate as may be communicated by the Bank from time to time. Terms of repayment Working Capital facility shall payable On Demand and Term Loan facility shall repayable in suitable installments. Margin As may be stipulated by the Bank from time to time. Extent and operation of the charge The Company created an equitable mortgage by way of deposit of title deeds in respect of its immovable properties as stated under item No.15 as security for the due repayment of Rs.47.500 Millions by the Company, including principal amount of the Facility, interest, liquidated damages, costs, charges and expenses etc.
Short particulars of the property charged (Including location of the property)	Immovable properties situated at Plot No.147, admeasuring 4708 Square Yards, Survey No.114 and 118, Village Piplaj, Taluka, City, District Ahmedabad Registration Sub District Ahmedabad-5 (Narol). Immovable properties situated at Plot No.148, admeasuring 4702 Square Yards, Survey No.114 and 118, Village Piplaj, Taluka, City, District Ahmedabad Registration Sub District Ahmedabad-5 (Narol).
Charge identification number of the charge to be modified	10230958
Particulars of the present modification	The present modification is for furnishing additional security of immovable property of the Company situated at Plot No.147 & 148, Village Piplaj, City, Ahmedabad, in addition to securities already furnished by the company at the time of creation of the charge and, there is, therefore no change in amount of charge which stands secured at Rs.47.500 Millions in favour of the Bank.

FIXED ASSETS

• Plant and machinery
• Computer Equipment
• Office Equipment
• Furniture

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 :	SBA
Report Prepared by :	DPT

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.