MIRA INFORM REPORT

Report Date :

09.11.2012

IDENTIFICATION DETAILS

Name :	SEA BIRD REFRIGERATION PRIVATE LIMITED
Registered Office :	282, Patpar Ganj Industrial Area, New Delhi – 110092
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.09.1996
Com. Reg. No.:	55-081710
Capital Investment / Paid-up Capital :	Rs. 4.900 Millions
CIN No.: [Company Identification No.]	U29191DL1996PTC081710
TAN No.: [Tax Deduction & Collection Account No.]	DELS23220B / DELS20793D
PAN No.: [Permanent Account No.]	AABCS7235H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Supplier of Refrigeration Technologies, Air compressor Division, Automobile and Casting Division, Cold Room and Chiller division and Seabird Infotech
No. of Employees :	Not Divulged

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 28000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The profitability of the company appears to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ 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 DENIED BY

Name :	Mr. Vijay Kumar Maini
Designation :	Chairman
Contact No.:	91-11-22148267
Date :	07.11.2012

LOCATIONS

Registered Office :	282, Patpar Ganj Industrial Area, New Delhi – 110092, India
Tel. No.:	91-11-22148267/ 22155684/ 42141649 Ext : 241/ 242
Fax No.:	91-11-22141668
E-Mail :	info@amoking.com sachinashokassociates@rediffmail.com
Website :	http://www.amoking.com

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Vijay Kumar Maini

Designation :

Chairman and Managing director

Address :

89, Dayanand Vihar, New Delhi – 110092, India

Date of Birth/Age :

20.12.1948

Date of Appointment :

09.09.1996

DIN No.:

01184788

Name :

Mr. Rahul Maini

Designation :

Director

Address :

89, Dayanand Vihar, New Delhi – 110092, India

Date of Birth/Age :

12.05.1977

Date of Appointment :

16.06.1997

DIN No.:

01802907

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	U29191DL1996PTC081710	SEA BIRD REFRIGERATION PRIVATE LIMITED	Director	16/06/1997	16/06/1997	Active	NO
2	U29191DL2001PTC112441	SEA-BIRD REFRIGERATION KOLKATA PRIVATE LIMITED	Director	18/09/2001	18/09/2001	Active	NO

Name :

Mr. Amit Maini

Designation :

Director

Address :

89, Dayanand Vihar, New Delhi – 110092, India

Date of Birth/Age :

17.09.1979

Date of Appointment :

25.03.2003

DIN No.:

00963970

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	U29191DL2001PTC112441	SEA-BIRD REFRIGERATION KOLKATA PRIVATE LIMITED	Director	18/09/2001	18/09/2001	Active	NO
2	U29191DL1996PTC081710	SEA BIRD REFRIGERATION PRIVATE LIMITED	Director	25/03/2003	25/03/2003	Active	NO

Name :

Mrs. Sonali Maini

Designation :

Director

Address :

89, Dayanand Vihar, New Delhi – 110092, India

Date of Birth/Age :

07.09.1977

Date of Appointment :

02.05.2008

DIN No.:

02033998

KEY EXECUTIVES

Name :	Mr. Rahul Maini
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Vijay Kumar Maini	340000
Rahul Maini	75000
Amit Maini	75000
Total	490000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Supplier of Refrigeration Technologies, Air compressor Division, Automobile and Casting Division, Cold Room and Chiller division and Seabird Infotech

Products :

Ø Cold Room Ø Chillers Ø Blast Freezer Ø Air-Cooled Condensing Units With Semi-Hermetic Ø Water Cooled Condensing Units Ø Rack Units Ø Semihermetic Compressors Ø Evaporators - Indoor Units Ø Liquid Receivers Ø Suction Accumulator Ø Oil Separators Ø Shell and Tube Condensers Ø Heavy Duty Reciprocating Compressors Ø Open Type High Speed Compressors Ø Open Type Slow Speed Compressors Ø Air Compressors Division Ø Automation Ø IT Ø Casting

GENERAL INFORMATION

Customers :

Ø Carrier

Ø Indian Navy

Ø Blue Star

Ø Rinac India Limited

Ø Punjab State Electricity Board

Ø Rourkela Steel Plant

Ø Coca-Cola

Ø Haldiram

Ø ONGC

Ø ABB

Ø Ranbaxy Laboratories Limited

Ø Pepsi

Ø Meat Master

Ø Hero Honda

Ø Voltas Limited

No. of Employees :

Not Divulged

Bankers :

Punjab National Bank, Patparganj, Near Mother Dairy, Delhi – 110091, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
P.N.B. CC Account (Secured by hypothecation of stock)	4.536	5.136
PNB Term loan	0.899	1.913
Car Loan (Mercedes Benz) (Secured by hypothecation of Car)	2.274	0.000
Total	7.709	7.049
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Unsecured loan (including interest thereon)	8.309	5.461
Total	8.309	5.461

Banking Relations :	--
Auditors :
Name :	Raveen Vineet and Company Chartered Accountants
Address :	A-75, Sector-40, Noida – 201301, Uttar Pradesh, India
Mobile No.:	91-9810789589
E-Mail :	rvc_ca@rediffmail.com
Income-tax PAN of auditor or auditor's firm :	ACQPM0427P
Membership :	Ø A.S.H.R.A.E American Society of Heating, Refrigerating and Air-Conditioning Ø ASQ American Society for Quality Ø ASME American Society for Mechanical Engineers Ø NIRATA The Northern India Refrigeration and Air-conditioning trades Association Ø IIE Institute of Industrial Engineers. Ø AIACRA All India Air Conditioning and Refrigeration Association Ø AFS American Foundry Society Ø ISHRAE Indian Society of Heating Refrigerating and Air Conditioning Engineers

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
490,000	Equity Shares	Rs.10/- each	Rs. 4.900 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		4.900	4.900	4.900
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.131	1.778	1.252
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		7.031	6.678	6.152
LOAN FUNDS
1] Secured Loans		7.709	7.049	3.452
2] Unsecured Loans		8.309	5.461	7.239
TOTAL BORROWING		16.018	12.510	10.691
DEFERRED TAX LIABILITIES		0.121	0.223	0.234
TOTAL		23.170	19.411	17.077
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.486	13.489	11.905
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	10.952	5.485	6.269
	Sundry Debtors	3.897	5.578	3.650
	Cash & Bank Balances	1.018	0.637	0.137
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1.030	1.485	0.465
Total Current Assets		16.897	13.185	10.521
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.901	1.803	3.964
	Other Current Liabilities	3.253	5.357	1.405
	Provisions	0.101	0.159	0.050
Total Current Liabilities		9.255	7.319	5.419
Net Current Assets		7.642	5.866	5.102
MISCELLANEOUS EXPENSES		0.042	0.056	0.070
TOTAL		23.170	19.411	17.077

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	38.444	31.709	20.567
		Other Income	1.085	1.336	1.458
		TOTAL (A)	39.529	33.045	22.025
Less	EXPENSES
		Cost of material	27.809	24.861	15.565
		Direct Expenses	4.026	2.203	1.614
		Administrative Expenses	2.394	1.873	1.391
		Selling and Distribution Expenses	0.978	0.863	0.236
		TOTAL (B)	35.207	29.800	18.806
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.322	3.245	3.219
Less	FINANCIAL EXPENSES (D)		1.204	0.860	0.819
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.118	2.385	2.400
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.537	1.615	1.687
	PROFIT BEFORE TAX (E-F) (G)		0.581	0.770	0.713
Less	TAX (H)		0.228	0.244	0.096
	PROFIT AFTER TAX (G-H) (I)		0.353	0.526	0.617
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.734	1.208	0.591
	BALANCE CARRIED TO THE B/S		2.087	1.734	1.208
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1.546	0.475	0.455
	Earnings Per Share (Rs.)		0.72	1.07	1.26

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.89	1.59	2.80
Net Profit Margin (PBT/Sales)	(%)	1.51	2.43	3.47
Return on Total Assets (PBT/Total Assets}	(%)	1.79	2.89	3.18
Return on Investment (ROI) (PBT/Networth)		0.08	0.12	0.12
Debt Equity Ratio (Total Liability/Networth)		3.59	2.97	2.62
Current Ratio (Current Asset/Current Liability)		1.83	1.80	1.94

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	No
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	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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29191DL1996PTC081710
Name of the company	SEA BIRD REFRIGERATION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	282, Patparganj Industrial Area, New Delhi – 110092, India Email: sachinashokassociates@rediffmail.com
This form is for	Creation of charge
Type of charge	Immovable Property Movable Property
Particular of charge holder	Punjab National Bank, Patparganj, Near Mother Dairy, Delhi – 110091, India Email: bo1518@pnb.co.in
Nature of description of the instrument creating or modifying the charge	Hypothecation for Car Loan Sanction Letter
Date of instrument Creating the charge	30.07.2012
Amount secured by the charge	Rs. 0.580 Million
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 12% Terms of Repayment In 60 months w.e.f. August, 2012 EMI Rs. 13000/- per month Margin 15% Extent and Operation of the charge Car Loan Rs. 0.580 Million Others As per Sanction Letter dated 30.07.2012
Short particulars of the property charged	Personal Guarantee of directors

FIXED ASSETS:

Ø Land

Ø Building

Ø Plant and Machinery

Ø Office Equipment

Ø Computers

Ø Computer Software

Ø Air Conditioner

Ø Furniture and Fixture

Ø Fan

Ø 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 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. 54.44
UK Pound	1	Rs. 87.00
Euro	1	Rs. 69.48

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	NO
--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.