MIRA INFORM REPORT

Report Date :

06.09.2012

IDENTIFICATION DETAILS

Name :	INNOVATIVE CLEANING SYSTEM PRIVATE LIMITED
Registered Office :	16/17, Ruby Industrial Estate, Off Link Road, Chincholi Bunder, Malad (West), Mumbai – 400064, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.07.2001
Com. Reg. No.:	11-132829
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U93090MH2001PTC132829
TAN No.: [Tax Deduction & Collection Account No.]	MUMI04151A
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesalers and Suppliers of Home Cleaning Products.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 34000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears a dip in the profitability of the company. However, Networth appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct as per commitments. The company can be considered normal for business dealing as 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 – 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 PARTED BY

Name :	Mr. Selvaraj
Designation :	Manager
Contact No.:	91-9822007079
Date :	04.09.2012

LOCATIONS

Registered Office :	16/17, Ruby Industrial Estate, Off Link Road, Chincholi Bunder, Malad (West), Mumbai – 400064, Maharashtra, India
Tel. No.:	91-22-42666102/ 28753843/ 28743785/ 28735881
Mobile No.:	91-9822007079 (Mr. Selvaraj)
Fax No.:	91-22-28712854
E-Mail :	nathan@icsplglobal.in icpl_accounts@hotmail.com
Website :	www.icsplglobal.in
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :

Belinda Joaquim Cardozo

Designation :

Director

Address :

C/303, Shree Ram Bhavan, CHS Lower, Kharodi, Marve Road, Malad West, Mumbai – 400 095, Maharashtra, India

Date of Birth/Age :

13.09.1962

Date of Appointment :

22.02.2003

DIN No.:

00383251

Name :

Joaquim Inas Cardozo

Designation :

Director

Address :

C/303, Shree Ram Bhavan, CHS Lower, Kharodi, Marve Road, Malad West, Mumbai – 400 095, Maharashtra, India

Date of Birth/Age :

16.11.1962

Date of Appointment :

23.07.2001

DIN No.:

00383521

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	U93090MH2001PTC132829	INNOVATIVE CLEANING SYSTEMS PRIVATE LIMITED	Director	23/07/2001	23/07/2001	-	Active	NO
2	U29299MH2005PTC152897	INNOVATIVE CLEANING MACHINES PRIVATE LIMITED	Director	29/04/2005	29/04/2005	-	Active	NO
3	U74999MH2003PTC141175	SPARKLE FACILITY SERVICES PRIVATE LIMITED	Additional director	04/07/2012	04/07/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Selvaraj
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Mr. Belinda Joaquim Cardozo	40500
Mr. Joaquim Inas Cardozo	209500
Total	250000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Wholesalers and Suppliers of Home Cleaning Products.
Products :	· Wet Vacuum Cleaners · Dry Vacuum Cleaners · Floor Scrubbing Machines · Auto Scrubber Dryer · Vacuum Power Sweeper Walk Behind · Vacuum Power Sweeper Ride On · Heavy Duty Vacuum Cleaner · Dust Collector · Compact Automatic Scrubbers · Sc Standard Floor Scrubbing Machine · Industrial Vacuum Cleaner · Vacuum Dry Machines · Auto Scrubber Dryer Walk Behind · Auto Scrubber Dryer Ride On · SC Major Floor Scrubbing Machine
Terms :
Selling :	Cash/ Credit (30 days/ 60 days)
Purchasing :	Cash/ Credit (30 days/ 60 days)

GENERAL INFORMATION

Customers :

· A.O.C

· Aarti Industrial Limited

· Addison and Company Limited

· Alert Private Services

· Aravind Eye Hospital

· Ashok Leyland Limited

· Associated Capsules Limited

· AZZ Maintenance and Engineering

· Bangalore International Airport

· Bhabha Atomic Research Centre

· Bharat Forge Limited

· Bharat Heavy Electricals (AMC)

· Bharat Petroleum (AMC)

· Bharat Petroleum Corporation Limited

· Bosch Limited

· Cadila Healthcare Limited

· Castrol India Limited

· Central Institute of Road Transport

· Central Labour Institute

· Controller of Stores of Offices

· Crompton Greaves Limited

No. of Employees :

50 (Approximately)

Bankers :

Corporation Bank, Malad Orlem Branch, Gomes Mansion, Lourdes Colony, Orlem, Marve Road, Malad (West) – 400 064, Maharashtra, India

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Cash Credit account with Standard Chartered Bank (Secured against industrial galas in the name of Director)	12.233	5.792
Tata Motors Finance Limited (Secured against Motor Car Tata)	0.345	0.385
HDF Bank Limited (Secured against Motor Car New Zen Estilo)	0.242	0.000
Standard Chartered Bank Term Loan (Secured against Industrial Gala being in name of director)	10.425	10.866
Corporation Bank Term Loan (Secured by first mortgage of office premises at Bangalore)	2.070	2.432
Total	25.315	19.475
Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Loan From Director	0.400	0.400
Total	0.400	0.400

Banking Relations :	--
Auditors :
Name :	Contractor Nayak and Kishnadwala Chartered Accountants
Address :	1B, 1^st Floor, Pushpam, K.D. Road, Vile Parle (West), Mumbai, Maharashtra, India
PAN No.:	AACFC8587E

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 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		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.206	5.482	3.730
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.706	7.982	6.230
LOAN FUNDS
1] Secured Loans		25.315	19.475	8.673
2] Unsecured Loans		0.400	0.400	10.546
TOTAL BORROWING		25.715	19.875	19.219
DEFERRED TAX LIABILITIES		0.122	0.000	0.013
TOTAL		34.543	27.857	25.462
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.055	6.106	5.960
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.044	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.680	14.558	15.968
	Sundry Debtors	13.707	7.742	5.710
	Cash & Bank Balances	2.270	2.273	2.516
	Other Current Assets	7.026	5.685	0.000
	Loans & Advances	0.000	0.000	3.502
Total Current Assets		42.683	30.258	27.696
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.958	4.614	4.978
	Other Current Liabilities	4.105	2.662	3.082
	Provisions	1.133	1.275	0.137
Total Current Liabilities		14.195	8.551	8.197
Net Current Assets		28.488	21.706	19.499
MISCELLANEOUS EXPENSES		0.000	0.001	0.003
TOTAL		34.543	27.857	25.462

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	45.760	34.374	24.107
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	44.517	31.834	22.497
	PROFIT BEFORE TAX		1.243	2.540	1.610
Less	TAX		0.520	0.722	0.508
	PROFIT AFTER TAX		0.723	1.818	1.102
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.482	3.730	2.628
Add/ Less	Excess provision for taxation of earlier year written back		0.000	(0.066)	0.000
	BALANCE CARRIED TO THE B/S		6.205	5.482	3.730
	Earnings Per Share (Rs.)		2.89	7.27	N.A

Particulars	31.03.2012
Sales Turnover	60.000

Expected Sales (2012-2013): Rs.75.000 millions

The above information has been parted by Mr. Selvaraj

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.58	5.29	4.57
Return on Total Assets (PBT/Total Assets}	(%)	2.55	6.98	4.78
Return on Investment (ROI) (PBT/Networth)		0.14	0.32	0.26
Debt Equity Ratio (Total Liability/Networth)		4.58	3.56	4.40
Current Ratio (Current Asset/Current Liability)		3.01	3.54	3.38

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	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	Yes
19]	Payments terms	Yes
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

Note:

The Registered office of the company has been shifted from C/303, Shri Ram Bhuvan CO. OP. Housing Society, Lower Kharodi, Marve Road, Malad (West), Mumbai – 400095, Maharashtra, India to the present address w.e.f. 23.03.2009

FIXED ASSETS:

· Office Premises

· Plant and Machinery

· Office Equipment

· Furniture and Fixture

· Computer and Printer

· Motor Car

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.55.90
UK Pound	1	Rs.88.63
Euro	1	Rs.70.03

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	MRI

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	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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

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.