MIRA INFORM REPORT

Report Date :

24.09.2012

IDENTIFICATION DETAILS

Name :	ZEECO INDIA PRIVATE LIMITED
Registered Office :	801 Swastik Chambers 43, Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	20.09.2004
Com. Reg. No.:	11-148694
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U74210MH2004PTC148694
TAN No.: [Tax Deduction & Collection Account No.]	MUMZ01216F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers of Flares and Incinerators.
No. of Employees :	Not Available

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 65000
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. Payment are reported o 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 – 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 :	801 Swastik Chambers 43, Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India
Tel. No.:	91-22-25292378
Fax No.:	91-22-25278066
E-Mail :	sanjeev_chipalkatti@zeeco.com zeeco_india@zeeco.com
Website :	http://www.zeeco.com
Overseas Office :	Located at: USA Houston Connecticut Canada Europe Italy Middle East China Korea Japan Australia Germany

DIRECTORS

As on: 24.09.2011

Name :

Mr. Sanjeev Vasant Chipalkatti

Designation :

Director

Address :

Flat No. 43, Mysore Colony, Near RCF Factory Gate, Anik Mahul Road, Chembur, Mumbai – 400074, Maharashtra, India

Date of Birth/Age :

25.09.1953

Date of Appointment :

19.10.2004

DIN No.:

00433274

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	U92140MH1996PTC096815	CONFERENCES AND EXHIBITIONS PRIVATE LIMITED	Director	01/02/1996	01/02/1996	-	Active	NO
2	U74210MH2004PTC148694	ZEECO INDIA PRIVATE LIMITED	Director	19/10/2004	19/10/2004	-	Active	NO

Name :

Darton Jones Zink

Designation :

Director

Address :

2121 S. Yorktown, 704 Tulsa, Oklahoma – 074114, USA

Date of Birth/Age :

12.03.1971

Date of Appointment :

20.09.2004

DIN No.:

02745442

Name :

Nigel Palfreeman

Designation :

Director

Address :

4, Gwash Close, Ryhall Stamford, PE94NZ, United Kingdom

Date of Birth/Age :

15.06.1962

Date of Appointment :

19.10.2004

DIN No.:

02759049

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 24.09.2011

Names of Shareholders	No. of Shares
ZEECO Inc., USA	9900
ZEECO Europe Limited, United Kingdom	100
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on: 24.09.2011

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Flares and Incinerators.

GENERAL INFORMATION

Suppliers :	Advance Valves Private Limited A Samsuddin CIRIA India Limited Babu Tours and Travels Perron Engineering Construction Limited Perron Engineering Construction Limited (KA) Errand Enterprises Rockwool Insulation The Anup Engineering Limited ABC Consultants Private Limited Advance Pest Control Air Travel Ashopalav B 2 C Consultant Bajaj Allianze
Customers :	Industries Limited HPCL - Vishakhapatnam Indian Oil Corporation Limited KazStryService Infrastructure India Private Limited Larsen and Turbo Limited
No. of Employees :	Not Available
Bankers :	State Bank of India Standard Chartered Bank

Banking Relations :	--
Auditors :
Name :	B. K. Patwardhan and Company Chartered Accountants
Address :	Gokul Apartment, Second Floor Opposite Jeevan Jyoti Society, B Cabin, Shivaji Nagar, Thane – 400602, Maharashtra, India
Tel. No.:	91-22-25401045
Fax No.:	91-22-25349768
E-Mail :	bkpco@hotmail.com
PAN No.:	AAAFB4070H

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	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		16.232	17.459	17.178
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16.332	17.559	17.278
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		16.332	17.559	17.278
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.534	2.800	3.183
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		30.235	5.304	0.227
DEFERREX TAX ASSETS		0.624	0.361	0.559
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	16.588	0.000
	Sundry Debtors	4.552	0.971	13.561
	Cash & Bank Balances	12.114	35.575	23.999
	Other Current Assets	0.976	1.116	0.782
	Loans & Advances	33.242	14.595	10.320
Total Current Assets		50.884	68.845	48.662
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	12.901	7.223	10.279
	Other Current Liabilities	29.876	41.121	14.223
	Provisions	25.168	11.407	10.851
Total Current Liabilities		67.945	59.751	35.353
Net Current Assets		(17.061)	9.094	13.309
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		16.332	17.559	17.278

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	177.997	31.461	85.918
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	165.726	30.425	69.150
	PROFIT/ (LOSS) BEFORE TAX		12.271	1.036	16.768
Less	TAX		13.498	0.754	NA
	PROFIT/ (LOSS) AFTER TAX		(1.227)	0.282	NA
	Earnings/ (Loss) Per Share (Rs.)		(122.700)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(0.69)	0.90	NA
Return on Total Assets (PBT/Total Assets}	(%)	22.97	1.45	32.34
Return on Investment (ROI) (PBT/Networth)		0.75	0.06	0.97
Debt Equity Ratio (Total Liability/Networth)		4.16	3.40	2.05
Current Ratio (Current Asset/Current Liability)		0.75	1.15	1.38

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	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	No
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	No
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

FIXED ASSETS:

• Computer Systems
• Motor Vehicle
• Furniture and Fixture
• Printer and Scanner
• Fax Machine
• Air Conditioner
• Telephone Instruments
• Interior
• Mobile Handset
• Refrigerator
• Television
• White Magnetic Board
• Digital Camera
• Tea Coffee Vending Machine
• Mineral Bottle Water Dispenser

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.53.91
UK Pound	1	Rs.87.60
Euro	1	Rs.70.01

INFORMATION DETAILS

Report Prepared by :

VRN

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	NO
--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.