1. Summary Information

		Country	India
Company Name	RATHNA COOLS PRIVATE LIMITED	Principal Name 1	Mr. Krishnamurthy Vijay
Status	Satisfactory	Principal Name 2	Mr. Krishnan Venkatesh Subramanian
		Registration #	18-051958
Street Address	36/1, Rajabather Street, T Nagar, Chennai – 600017, Tamilnadu
Established Date	14.11.2003	SIC Code	--
Telephone#	91-44-28153018	Business Style 1	Trader
Fax #	Not Available	Business Style 2	--
Homepage	Not Available	Product Name 1	Air Conditioners
# of employees	Not Available	Product Name 2	Stabilisers
Paid up capital	Rs. 5,500,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors 100%	Banking	Indian Overseas Bank
Public Limited Corp.	No	Business Period	10 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (43)
Related Company
Relation	Country	Company Name	CEO
Related Party	--	Rathna Fan House (Private) Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	31,840,000	Current Liabilities	223,184,000
Inventories	240,870,000	Long-term Liabilities	18,872,000
Fixed Assets	2,563,000	Other Liabilities	5,640,000
Deferred Assets	0,000	Total Liabilities	247,696,000
Invest& other Assets	0,000	Retained Earnings	22,077,000
		Net Worth	27,577,000
Total Assets	275,273,000	Total Liab. & Equity	275,273,000
Total Assets (Previous Year)	232,728,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	996,494,000	Net Profit	8,311,000
Sales(Previous yr)	813,503,000	Net Profit(Prev.yr)	7,254,000

MIRA INFORM REPORT

Report Date :

18.04.2013

IDENTIFICATION DETAILS

Name :	RATHNA COOLS PRIVATE LIMITED
Registered Office :	36/1, Rajabather Street, T Nagar, Chennai – 600017, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.11.2003
Com. Reg. No.:	18-051958
Capital Investment / Paid-up Capital :	Rs. 5.500 Millions
CIN No.: [Company Identification No.]	U51505TN2003PTC051958
TAN No.: [Tax Deduction & Collection Account No.]	CHER06626E
PAN No.: [Permanent Account No.]	AACCR6641R
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Air Conditioners and Stabilisers.
No. of Employees :	Not Available

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 110000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The performance capability is high. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for normal 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 :	36/1, Rajabather Street, T Nagar, Chennai – 600017, Tamilnadu, India
Tel. No.:	91-44-28153018/ 28153068/ 28155535/ 28155531
Fax No.:	Not Available
E-Mail :	rathnafanhouse@gmail.com kguruvijay@yahoo.co.in

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Krishnamurthy Vijay
Designation :	Managing director
Address :	New No. 32 Old No. 41, Pinjala Subramaniam Street, T Nagar, Chennai – 600017, Tamilnadu, India
Date of Birth/Age :	24.09.1979
Date of Appointment :	14.11.2003
DIN No.:	00276759
Name :	Mr. Krishnan Venkatesh Subramanian
Designation :	Director
Address :	No. 47/3, Pinjala Subramaniam Street, Durga Apartments, T Nagar, Chennai – 600017, Tamilnadu, India
Date of Birth/Age :	10.01.1952
Date of Appointment :	01.10.2007
DIN No.:	01714296

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
K. Vijay	390000
M. Meenakshi	50000
K. Vandhana	50000
Uvika Vijay	50000
K. Revathy	10000
Total	550000

AS ON 28.09.2012

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

BUSINESS DETAILS

Line of Business :

Trader of Air Conditioners and Stabilisers.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Indian Overseas Bank, T. Nagar Branch, 104, Theagaraya Road, T. Nagar, Chennai - 600017, Tamilnadu, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
From Banks	(Rs. In Millions)
Indian Overseas Bank (Secured against hypothecation of stock)	14.872	10.457
Total	14.872	10.457

Banking Relations :	--
Auditors :
Name :	B.P. Jayarama Lyer and Company Chartered Accountants
Address :	1 Sundaram Street, T Nagar, Chennai – 600017, Tamilnadu, India
Tel. No.:	91-44-24341743/ 42123119/ 24354626
E-Mail :	Auditnsekar@gmail.com
Income-tax PAN of auditor or auditor's firm :	AAAFB0569M
Related Party :	Rathna Fan House (Private) Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
700,000	Equity Shares	Rs. 10/- each	Rs. 7.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
550,000	Equity Shares	Rs. 10/- each	Rs. 5.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.500	5.500	4.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		22.077	18.880	16.407
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		27.577	24.380	20.907
LOAN FUNDS
1] Secured Loans		14.872	10.457	2.043
2] Unsecured Loans		4.000	0.000	7.900
TOTAL BORROWING		18.872	10.457	9.943
DEFERRED TAX LIABILITIES		0.452	0.414	0.345
TOTAL		46.901	35.251	31.195
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.563	2.421	2.165
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	240.870	205.210	150.459
	Sundry Debtors	2.379	0.000	0.000
	Cash & Bank Balances	7.211	10.018	4.866
	Other Current Assets	0.000	0.000	9.553
	Loans & Advances	22.250	15.079	1.818
Total Current Assets		272.710	230.307	166.696
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	223.019	192.972	134.274
	Other Current Liabilities	0.165	0.121	0.000
	Provisions	5.188	4.384	3.392
Total Current Liabilities		228.372	197.477	137.666
Net Current Assets		44.338	32.830	29.030
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		46.901	35.251	31.195

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	996.494	813.503	711.365
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	984.195	802.533	702.117
	PROFIT BEFORE TAX		12.299	10.970	9.248
Less	TAX		3.988	3.716	2.870
	PROFIT AFTER TAX		8.311	7.254	6.378
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		15.350	13.617	12.085
Less	APPROPRIATIONS
		Transfer to General Reserve	0.840	0.740	0.650
		Interim Dividend Paid (30%)	1.650	2.750	0.900
		Provision for Proposed Dividend (50%)	2.750	1.350	3.117
		Tax on Dividend	0.714	0.681	0.153
		Income Tax Short Provision	0.000	0.000	0.025
		FBT Short Provision	0.000	0.000	0.001
	BALANCE CARRIED TO THE B/S		17.707	15.350	13.617
	Earnings Per Share (Rs.)		15.11	13.19	14.17

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.83	0.89	0.90
Return on Total Assets (PBT/Total Assets}	(%)	4.47	4.71	5.48
Return on Investment (ROI) (PBT/Networth)		0.45	0.45	0.44
Debt Equity Ratio (Total Debt/Networth)		0.68	0.43	0.48
Current Ratio (Current Asset/Current Liability)		1.19	1.17	1.21

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	Yes
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	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

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
From Related Parties
K.V. Subramanian	4.000	0.000
Total	4.000	0.000

FIXED ASSETS:

Ø Fax Machine

Ø Furniture and Fixture

Ø Computer

Ø Counting Machine

Ø Lift

Ø Vehicles

Ø Mobile Phones

Ø UPS

Ø Generator

Ø Software

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 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. 53.94
UK Pound	1	Rs. 82.77
Euro	1	Rs. 71.05

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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
-	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.