MIRA INFORM REPORT

Report Date :

08.01.2013

IDENTIFICATION DETAILS

Name :	AKVALO INSTRUMENTS PRIVATE LIMITED [w.e.f 12.02.2009]
Formerly Known As :	LAPTOP INSTRUMENTS PRIVATE LIMITED
Registered Office :	B/130 and 131, Electronic State, Sector-25, G.I.D.C., Gandhinagar-382044, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.08.2001
Com. Reg. No.:	04-39849
Capital Investment/ Paid-up Capital:	Rs.2.450 millions
CIN No.: [Company Identification No.]	U29196GJ2001PTC039849
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pressure and Temperature Measuring Instruments and Testing Equipments.
No. of Employees:	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 10000
Status :	Small Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a small company in its field. Its scale of activities are limited. The company has wipeout it accumulated loss. However, trade relations are reported to be fair. Business is active. Payments are slow. 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 PARTED BY

Name :	Mr. Johnson
Designation :	Administration Department
Contact No.:	91-9998746228
Date :	05.01.2013

LOCATIONS

Registered Office/ Factory :	B/130 and 131, Electronic State, Sector-25, G.I.D.C., Gandhinagar-382044, Gujarat, India
Tel. No.:	91-79-23287234
Mobile No.:	91-9998746228 (Mr. Lohidhakshan Vijayan Chulliparambil)
Fax No.:	91-79-23287233
E-Mail :	lipl@akvalo.com cvlohi@yahoo.com cvlohi@gmail.com
Website :	www.akvalo.com
Area :	3000 sq. ft.
Location :	Owned

DIRECTORS

AS ON 29.09.2012

Name :	Lohidhakshan Vijayan Chulliparambil
Designation :	Managing Director
Address :	02.03.1954
Date of Birth/Age :	Plot No.152/ 1, New Green City, Sector-26, Gandhinagar-382026, Gujarat, India
Date of Appointment :	03.08.2001
Din No.:	00733400
Name :	Vasumathy Lohidhakshan Chulliparambil
Designation :	Director
Address :	Plot No.152/ 1, New Green City, Sector-26, Gandhinagar-382026, Gujarat, India
Date of Birth/Age :	10.10.1960
Date of Appointment :	03.08.2001
Din No.:	00733352

KEY EXECUTIVES

Name :	Mr. Johnson
Designation :	Administration Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Lohidhakshan Vijayan Chulliparambil	128650
Vasumathy Lohidhakshan Chulliparambil	5000
Akshita Sujith	100
Geethakumari G	111250
TOTAL	245000

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Pressure and Temperature Measuring Instruments and Testing Equipments.
Products :	Bourdon Pressure Gauges Diaphragm Sealed Gauges Capsule Pressure Gauges Differential Pressure Gauges Special Pressure Gauges Temperature Gauges Testing Equipments Comparison Testers Dead Weight Testers Test Gauges Mud Gauges Triclover Gauges Fire Fighting Gauges   Homogenizer Gauges Thermo Pressure Gauges Accessories: Gauge Savers (AGS), Pulsation Dampeners (APD), Needle Valves (ANV), Gauge Cocks (AGC), Syphons (ASY), Manifolds (AMF) and Thermowells
Exports :
Products :	Testing Equipment
Countries :	· Middle East · African Countries
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Installed Capacity	Actual Production
NOG	120000	119015

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

50 (Approximately)

Bankers :

Dena Bank, Sector-22, Gandhinagar-382022, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Term Loan
From Bank
Dena Bank – Term Loan [Loan from Dena Bank secured by hypothecation of all movable and immovable assets and equitable mortgage of factory land and building of the company present and future and personal guarantee of the directors. The loan as at 31^st March, 2012 is repayable in 18 equal monthly installments of Rs.0.014 Million each The interest rate is 14% per annum]	0.085	0.201
HDFC Bank Limited	0.000	0.304
HDFC Bank Limited	0.000	0.064
HDFC Bank Limited	0.619	0.000
From Bank Dena Bank	2.284	2.372
TOTAL	2.988	2.941
Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
From Others
Bajaj Finance Limited	0.258	0.000
Kotak Mahindra Bank	0.302	0.000
Kotak Mahindra Bank Limited	0.000	0.133
Reliance Capital Limited	0.000	0.361
N.S.I.C	0.747	0.919
Loans and advances from related parties	0.049	1.035
TOTAL	1.356	2.448

Banking Relations :	--
Auditors :
Name :	Rangani and Patel Chartered Accountants
Address :	22, Swastik Chambers, Navjivan Press Lane, Off Ashram Road, Ahmedabad, Gujarat, India
Tel. No.:	91-79-27543583/ 27542491
PAN No:	AATPR4319L

CAPITAL STRUCTURE

AS ON 31.03.2012

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
245000	Equity Shares	Rs.10/- each	Rs.2.450 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		2.450	2.450	2.450
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.124	0.000	0.000
4] (Accumulated Losses)		0.000	(0.126)	(0.196)
NETWORTH		2.574	2.324	2.254
LOAN FUNDS
1] Secured Loans		2.988	2.941	2.887
2] Unsecured Loans		1.356	2.448	3.625
TOTAL BORROWING		4.344	5.389	6.512
DEFERRED TAX LIABILITIES		0.181	0.215	0.000
TOTAL		7.099	7.928	8.766
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.418	4.152	4.788
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.076
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	7.065	6.582	6.928
	Sundry Debtors	2.332	1.620	1.976
	Cash & Bank Balances	0.212	0.128	0.040
	Other Current Assets	0.017	0.000	0.000
	Loans & Advances	0.514	0.712	0.701
Total Current Assets		10.140	9.042	9.645
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.646	4.357	4.178
	Other Current Liabilities	2.442	0.461	1.502
	Provisions	0.371	0.448	0.066
Total Current Liabilities		7.459	5.266	5.746
Net Current Assets		2.681	3.776	3.899
MISCELLANEOUS EXPENSES		0.000	0.000	0.003
TOTAL		7.099	7.928	8.766

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	14.620	15.234	13.674
Less	EXPENSES
		TOTAL	12.626	13.483	11.675
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1.994	1.751	1.999
Less	FINANCIAL EXPENSES / DEPRECIATION & AMORTISATION		1.695	1.654	1.671
	PROFIT / (LOSS) BEFORE TAX		0.299	0.097	0.328
Less	TAX		0.048	0.027	0.089
	PROFIT / (LOSS) AFTER TAX		0.251	0.070	0.239
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(0.196)	(0.434)
	BALANCE CARRIED TO THE B/S		NA	(0.126)	(0.195)
	Earnings / (Loss) Per Share (Rs.)		1.02	0.29	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.72	0.45	1.75
Return on Total Assets (PBT/Total Assets}	(%)	2.05	0.74	2.13
Return on Investment (ROI) (PBT/Networth)		0.12	0.04	0.15
Debt Equity Ratio (Total Liability/Networth)		4.59	4.58	5.44
Current Ratio (Current Asset/Current Liability)		1.35	1.72	1.68

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	Yes
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS:

During The Year 2011-2012, The Company has total income of 14.620 millions as compared to Rs. 15.234 million for the previous year 2010-11. The total expenditure was Rs. 12.626 millions to Rs. 13.482 millions in the previous year 2010-11. Company has made a net profit of Rs. 0.251 millions for the year ended 31.03.2012 as compared to the previous year of Rs. 0.070 millions in year 2010-11. The director exports improved results in the year to come.

FIXED ASSETS:

· Fire Extinguishers

· Land

· Building

· COMPUTER

· Electrical Installtion

· Fax Machine

· Instruments

· Plant and Machinery

· Weighing Scale

· Air Conditioner

· Office Equipments

· Television

· 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 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.54.97
UK Pound	1	Rs.88.10
Euro	1	Rs.71.67

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.