MIRA INFORM REPORT

Report Date :

14.09.2012

IDENTIFICATION DETAILS

Name :	PERFECT INFRAENGINEERS LIMITED (w.e.f. 11.05.2009)
Formerly Known As :	PERFECT AIRCON ENGINEERING LIMITED
Registered Office :	59/4 Odhav Ashishjanardhan Park, Raghunath Nagar, Thane – 400604, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.05.1996
Com. Reg. No.:	11-099583
Capital Investment / Paid-up Capital :	Rs.20.350 Millions
CIN No.: [Company Identification No.]	U29190MH1996PLC099583
TAN No.: [Tax Deduction & Collection Account No.]	PNEP07697E
PAN No.: [Permanent Account No.]	AABCP0122A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Dealer of Air Conditioner.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 110000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a company having moderate track. Reserves appears to be reduced during 2011. It has achieved an increase in its sales during this year. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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.

LOCATIONS

Registered Office :	59/4 Odhav Ashishjanardhan Park, Raghunath Nagar, Thane – 400604, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	9 Not Available
E-Mail :	mm@perfectinfra.com
Website :	http://www.perfectinfra.com
Corporate Office :	168, Bhanushali Chambers, Sant Tukaram Road, Dana Bunder, Masjid, Mumbai - 400009, Maharashtra, India
Tel. No.:	91-22-23480129/ 23482226/ 7
Branch Office :	Locate at: · Bangalore · Delhi · Hyderabad

DIRECTORS

As on: 28.09.2011

Name :

Mr. Nimesh Natvarlal Mehta

Designation :

Director

Address :

803, 803, Neelkanth Tower, Plot No.206, 8th Floor, Garodia Nagar, Ghatkopar (East), Mumbai – 400085, Maharashtra, India

Date of Birth/Age :

26.10.1965

Date of Appointment :

16.05.1996

DIN No.:

00247264

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	U29190MH1996PLC099583	PERFECT INFRAENGINEERS LIMITED	Director	16/05/1996	16/05/1996	-	Active	NO
2	U29268MH2009PTC193272	ACCURATE AIRCON PRIVATE LIMITED	Director	21/06/2010	21/06/2010	-	Active	NO

Name :

Mrs. Manisha Nimesh Mehta

Designation :

Director

Address :

803, 803, Neelkanth Tower, Plot No.206, 8th Floor, Garodia Nagar, Ghatkopar (East), Mumbai – 400085, Maharashtra, India

Date of Birth/Age :

22.12.1968

Date of Appointment :

16.05.1996

DIN No.:

00247274

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	U29190MH1996PLC099583	PERFECT INFRAENGINEERS LIMITED	Director	16/05/1996	16/05/1996	-	Active	NO
2	U29268MH2009PTC193272	ACCURATE AIRCON PRIVATE LIMITED	Director	21/06/2010	21/06/2010	-	Active	NO

Name :

Mrs. Sharmila Ramchander Singh

Designation :

Director

Address :

16 Udyan Sainath Nagar, L.B.S. Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India

Date of Birth/Age :

08.05.1972

Date of Appointment :

04.04.2005

DIN No.:

02355992

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	U29190MH1996PLC099583	PERFECT INFRAENGINEERS LIMITED	Director	04/04/2005	04/04/2005	-	Active	NO
2	U29268MH2009PTC193272	ACCURATE AIRCON PRIVATE LIMITED	Director	12/06/2009	12/06/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2011

Names of Shareholders	No. of Shares
Nimesh Mehta	1040578
Manisha Mehta	972252
Chapsi D. Gala (HUF)	22
Haresh C. Gala (HUF)	22
Jayesh C. Gala (HUF)	22
Mahesh C Gala (HUF)	22
Purnima J. Gala	22
Priya Rudra	700
P. Radha Ram	700
Namal Nagesh Narasurya	700
Dev Das	3502
Mario D’ Mello	352
Natin Rathod	700
Rahul Gorkhy	352
Jaidev Pathak	352
Mitesh Kamdar	10500
Kamlakant Chotalal Exports Private Limited, India	3502
Sharmila Singh	700
Total	2035000

As on: 30.03.2012

Names of Allottee	No. of Shares
Nimesh Natvarlal Mehta	50000
Manisha Nimesh Mehta	50000
Total	100000

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2011

Category	Percentage
Bodies corporate	0.20
Directors or relatives of directors	98.73
Other top fifty shareholders	1.07
Total	100.00

BUSINESS DETAILS

Line of Business :

Dealer of Air Conditioner.

GENERAL INFORMATION

Customers :

· Satguru Builders, Mumbai

· Akshar Dham, Delhi

· Vidyut Mettalic Limited, Mumbai

· Rotorks Controls Private Limited, Bangalore

· Prime Focus Limited, Mumbai

· Neela Telefilms Limited, Mumbai

· Angel Broking Limited, Mumbai

· Sunidhi Consultancy, Mumbai

· W. D. Partner Limited, Mumbai

· MERK Pharmaceuticals, Mumbai

· MeCure, Lagos

· Apollo Hospital, Lavasa

· Surana Hospital, Mumbai

· OT- Bhatia Hospital, Mumbai

· Fortune Hotels, Lavasa

· Hotel Residency, Mumbai

· V. Shelters, Bangalore

· Country Club, Lavasa

No. of Employees :

Not Available

Bankers :

· Small Industries Development Bank of India, Showroom No.1 and 2, Samruddhi Venture Park, Upper, Groung Floor, MIDC Road, MIDC Industrial Area, Marol, Andheri (East), Mumbai - 400093, Maharashtra, India

· Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli,, Mumbai - 400018, Maharashtra, India

· Bank of India, Mandvi Branch , Kanmoor House, 281/287 Narsi Natha Street, Mumbai - 400009, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Term Loans from Bank	40.476	3.104
Bank CC and Overdraft		30.182
Total	40.476	33.286

Banking Relations :	--
Auditors :
Name :	Panachand K Shah and Company Chartered Accountants
Address :	203, Shivkrupa Commercial Centre, 4th Floor, Gokhale Road. Naupada, Thane – 400602, Maharashtra, India
PAN No.:	AAHPS1732N

CAPITAL STRUCTURE

After: 28.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2135000	Equity Shares	Rs.10/- each	Rs.21.350 millions

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2035000	Equity Shares	Rs.10/- each	Rs.20.350 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		20.350	10.000	5.837
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		7.610	10.570	6.181
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		27.960	20.570	12.018
LOAN FUNDS
1] Secured Loans		40.476	33.286	19.306
2] Unsecured Loans		0.000	0.000	0.085
TOTAL BORROWING		40.476	33.286	19.391
DEFERRED TAX LIABILITIES		0.641	1.295	1.155
TOTAL		69.077	55.151	32.564
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		33.223	18.224	18.322
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.876	0.520	0.210
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.926	8.598	3.373
	Sundry Debtors	39.424	36.875	22.490
	Cash & Bank Balances	0.631	0.420	0.517
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	13.076	13.077	5.561
Total Current Assets		64.057	58.970	31.941
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.852	7.794	11.034
	Other Current Liabilities	11.728	8.070	4.742
	Provisions	7.499	6.699	2.133
Total Current Liabilities		29.079	22.563	17.909
Net Current Assets		34.978	36.407	14.032
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		66.077	55.151	32.564

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	151.733	134.261	85.496
		Other Income	2.157	0.441	1.062
		TOTAL (A)	153.890	134.702	86.558
Less	EXPENSES
		Purchases made for re-sale	88.079	82.052	49.481
		(Increase) or decrease in finished goods, work-in-progress	(2.328)	(5.225)	0.000
		Salaries, wages and bonus	3.236	3.326	1.213
		Managerial remuneration	2.525	1.680	1.025
		Payment of auditors	0.120	0.158	0.070
		Insurance expenses	0.941	1.819	0.111
		Other expenditure	41.452	35.000	24.171
		TOTAL (B)	134.025	118.810	76.071
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.865	15.892	10.487
Less	FINANCIAL EXPENSES (D)		6.422	4.261	2.105
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.443	11.631	8.382
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.881	2.587	2.419
	PROFIT BEFORE TAX (E-F) (G)		10.562	9.044	5.963
Less	TAX (H)		0.654	0.140	1.872
	PROFIT AFTER TAX (G-H) (I)		9.908	8.904	4.091
	Earnings Per Share (Rs.)		4.87	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.44	6.61	4.73
Net Profit Margin (PBT/Sales)	(%)	6.96	6.74	6.97
Return on Total Assets (PBT/Total Assets}	(%)	10.86	11.72	11.86
Return on Investment (ROI) (PBT/Networth)		0.38	0.44	0.50
Debt Equity Ratio (Total Liability/Networth)		2.49	2.72	3.09
Current Ratio (Current Asset/Current Liability)		2.20	2.61	1.78

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	No
10]	Designation of contact person	No
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 (CIN) or foreign company registration number of the company	U29190MH1996PLC099583
Name of the company	PERFECT INFRAENGINEERS LIMITED
Address of the registered office or of the principal place of business in India of the company	59/4 Odhav Ashishjanardhan Park, Raghunath Nagar, Thane – 400604, Maharashtra, India E-mail: mm@perfectinfra.com
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	Small Industries Development Bank of India, Showroom No.1 and 2, Samruddhi Venture Park, Upper, Groung Floor, MIDC Road, MIDC Industrial Area, Marol, Andheri (East), Mumbai - 400093, Maharashtra, India E-mail: venugopal@sidbi.in
Nature of instrument creating charge	Deed of hypothecation dated 09.05.2012 in favour of SIDBI.
Date of instrument Creating the charge	09.05.2012
Amount secured by the charge	Rs.9.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 16% p.a., with monthly rests, on the principal amount of the Sub- Debt outstanding from time to time. Terms of Repayment The company shall repay the Sub- Debt assistance in 48 months after moratorium period of 36 months from the date of first disbursement as under: 1st to 47th Installment of Rs. 0.188 Million each and 48th Installment of Rs. 0.164 Million as indicated in LoI. The date of repayment of installments shall be 10th of each month. Margin As stated in the Agreement. Extent and Operation of the charge All movables including current assets, Plant and Machinery, Machinery spares, tools and accessories, office equipment, computers, fixtures, intangible assets, book debts, receivables, inventory etc. of the Company, both present and future, shall be charged to SIDBI which would be sub servient to all the existing and prospective charges created/ to be created on such assets.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All Movables including current assets, Plant and Machinery, Machinery spares, tools and accessories, office equipment, computers, fixtures, intangible assets, book debts, receivables, inventory etc.

FIXED ASSETS:

· Goodwill

· Office Premises

· Instrument

· Cellular Phone

· Refrigerator

· Television

· Weighing Machine

· Fax Machine

· Equipment at Site

· Motor Car

· Tempo

· Motor Bike

· Computer

· Air Conditioners

· Air Conditioners Plant

AS PER WEBSITE DETAILS:

PROMOTER’S PROFILE

Mr. Nimesh Mehta

The promoter of “Subject” is an energetic person with an experience of around 20 years. He is a B.E. - Mechanical from Mumbai University and has completed his Masters in Marketing Management from Jamnalal Bajaj Institute. He is also a qualified Cost Accountant.

He started his career with Batliboi and Company and then shifted to Shriram Refrigeration in their Compressor Division.

Mrs. Manisha Mehta

Mrs. Manisha Mehta is a cool headed person with in-depth knowledge of the subject possesses 17 years of industry experience. She is a Bachelor of Commerce and a qualified Chartered Accountant.

She has undergone an industrial training and has worked as a Finance Executive with Voltas Limited.

Mrs. Sharmila Singh

Mrs. Sharmila Singh is heading HRD , billing department, collection department. She enjoys excellent relationship with all rental clients, routine old clients.

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.55.44
UK Pound	1	Rs.89.31
Euro	1	Rs.71.62

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	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		32

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.