MIRA INFORM REPORT

Report Date :

02.07.2013

IDENTIFICATION DETAILS

Name :	RHINE ENGINEERING PRIVATE LIMITED CRYOQUIP INDIA UNIT OF RHINE ENGINEERING PRIVATE LIMITED
Registered Office :	Plot No. 454, GIDC, National Highway No. 8, Por Ramangamdi, Vadodara – 391243, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.10.2003
Com. Reg. No.:	04-042998
Capital Investment / Paid-up Capital :	Rs.89.455 Millions
CIN No.: [Company Identification No.]	U31200GJ2003PTC042998
TAN No.: [Tax Deduction & Collection Account No.]	BRDR00889A
PAN No.: [Permanent Account No.]	AACCR5624C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Turnkey Equipment and Systems.
No. of Employees :	70 (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 370000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track. There appears continuous losses recorded by the company. The reserves of the company seems to be deteriorating. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 (GENERAL DETAILS)

Name :	Mr. Perwez Syed
Designation :	General Manager
Contact No.:	91-9879112874
Date :	01.07.2013

LOCATIONS

Registered Office / Factory :	Plot No. 454, GIDC, National Highway No. 8, Por Ramangamdi, Vadodara – 391243, Gujarat, India
Tel. No.:	91-265-2830114 / 2830113 / 0115 / 0116/ 0117
Mobile No.:	91-9879112874 (Mr. Perwez Syed)
Fax No.:	91-265-2830112
E-Mail :	shashi@rhineengg.com sperwez@rhineengg.com sales.in@cryoquip.com contact@rhineengg.com
Website :	http://www.cryoquip.com http://www.rhineengg.com
Area :	17 Acres
Location :	Owned

DIRECTORS

As on 27.08.2012

Name :

Mr. Hallinan James William

Designation :

Director

Address :

25720, Jefferson Avenue, Munieta CA 92562, USA

Date of Birth/Age :

09.02.1943

Qualification :

Graduate

Date of Appointment :

09.02.2004

DIN No.:

00765586 

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	U31200GJ2003PTC042998	RHINE ENGINEERING PRIVATE LIMITED	Director	09/02/2004	09/02/2004	-	Active	NO
2	U29290GJ1998PTC051061	CRYOQUIP VAPORIZERS INDIA PRIVATE LIMITED	Director	09/02/2004	09/02/2004	-	Active	NO
3	U29199GJ1998PTC033891	CRYOGENIC DESIGN SERVICES PRIVATE LIMITED	Director	22/07/2005	22/07/2005	-	Active	NO

Name :

Mr. Shahi Shekhar Parmeswar Hosagrahar

Designation :

Managing Director

Address :

Plot No. 37, Shree, Saranam- II, No. 404, Behind HDFC Bank, Alkapur, India

Date of Birth/Age :

05.04.1958

Qualification :

MBA + B E

Date of Appointment :

01.01.2007

DIN No.:

01657464 

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	U31200GJ2003PTC042998	RHINE ENGINEERING PRIVATE LIMITED	Managing director	01/01/2012	01/01/2007	-	Active	NO
2	U29290GJ1998PTC051061	CRYOQUIP VAPORIZERS INDIA PRIVATE LIMITED	Director	03/05/2013	20/03/2007	-	Active	NO
3	U29199GJ1998PTC033891	CRYOGENIC DESIGN SERVICES PRIVATE LIMITED	Director	09/08/2011	10/11/2008	-	Active	NO

Name :

Mr. Christopher Alan Chlebek

Designation :

Director

Address :

40844 CEBO Dr. Temecula CA 92591, California

Date of Birth/Age :

05.01.1965

Qualification:

Graduate

Date of Appointment :

26.08.2010

DIN No.:

02886721

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	U29290GJ1998PTC051061	CRYOQUIP VAPORIZERS INDIA PRIVATE LIMITED	Director	26/08/2010	01/12/2009	-	Active	NO
2	U31200GJ2003PTC042998	RHINE ENGINEERING PRIVATE LIMITED	Director	26/08/2010	01/12/2009	-	Active	NO
3	U29199GJ1998PTC033891	CRYOGENIC DESIGN SERVICES PRIVATE LIMITED	Director	26/08/2010	01/12/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Perwez Syed
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.08.2012

Names of Shareholders	No. of Shares
Arun Kumar	500000
Cryogenic Industries AG, Switzerland	7805997
Michael B. Steffora	1
Cryogenic Vaporizers India Private Limited, India	639458
Total	8945456

Equity Share Break up (Percentage of Total Equity)

As on 27.08.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	87.26
Bodies corporate	7.15
Other top fifty shareholders	5.59
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Turnkey Equipment and Systems.

Products :

Description of product or services	ITC number of product
Machinery for Liquefying Air or Gas	84196000
Heat Exchanger Units	84195010
Pressure Vessels	84198910

• Pressure Vessels
• Heat Exchangers
• Evaporators
• Cryogenic Vaporizers and Pumps
• CO2 Production and Recovery Plants
• Packaged Air Separation Plants
• Liquid Nitrogen / Oxygen Plants
• Miscellaneous Tanks
• Forced Draft Vaporizers
• High Pressure Vaporizers
• Hybrid Vaporizers
• Natural Draft Vaporizers
• VSU Series Vaporizers
• VWU Series Vaporizers
• Direct Fired (VFTU Series) Vaporizers
• Steam Sparged (VSI Series)
• SEB Series Vaporizers
• VEB and VEC Series Vaporizers
• Natural Gas LNG Systems
• SF6 Gas Recycling Carts
• Gas Handling Special Projects
• Gas Recycling Cart Accessories
• Gas Recycling Carts.

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :	Wholesalers Retailers End Users
No. of Employees :	70 (Approximately)
Bankers :	ABN Amro Bank, Vadodara, Gujarat, India RBS Bank, Vadodara Branch, Gujarat, India Bank of America Bank of Baroda
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Suresh Surana and Associates Chartered Accountants
Address :	310, Ahura Centre, 82, Mahakali Caves Road, Andheri (East), Mumbai-400093, Maharashtra, India
Tel. No.:	91-22-66515570
Fax No.:	91-22-22875771
PAN N Income-tax PAN of auditor or auditor's firm :	AAQFS7647M
Holding company:	Cryogenic Industries AG, Switzerland
Fellow Subsidiary company:	Cryogenic Industries Limited, Hong Kong The Wittemann Company LLC, United States
Associate:	Cryoquip Inc, United States ACD LLC, United States Cryoquip Pty Limited, Australia ACD Cryo GMBH, Germany Cryoquip Limited, United Kingdom

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8945456	Equity Shares	Rs. 10/- each	Rs.89.455 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	89.455	89.455
(b) Reserves & Surplus	2.570	12.612
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	92.025	102.067
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	2.403	1.189
Total Non-current Liabilities (3)	2.403	1.189
(4) Current Liabilities
(a) Short term borrowings	111.010	79.435
(b) Trade payables	36.065	51.044
(c) Other current liabilities	49.809	75.927
(d) Short-term provisions	0.744	1.851
Total Current Liabilities (4)	197.628	208.257
TOTAL	292.056	311.513
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	96.209	98.706
(ii) Intangible Assets	4.180	4.612
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	16.738	16.525
(d) Long-term Loan and Advances	13.515	13.997
(e) Other Non-current assets	4.087	1.580
Total Non-Current Assets	134.729	135.420
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	88.087	95.945
(c) Trade receivables	42.377	33.304
(d) Cash and cash equivalents	15.762	29.846
(e) Short-term loans and advances	11.101	16.998
(f) Other current assets	0.000	0.000
Total Current Assets	157.327	176.093
TOTAL	292.056	311.513

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		89.455
2] Share Application Money		0.000
3] Reserves & Surplus		73.909
4] (Accumulated Losses)		(45.619)
NETWORTH		117.745
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		100.445
TOTAL BORROWING		100.445
DEFERRED TAX LIABILITIES		0.000
TOTAL		218.190
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		109.327
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		12.369
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	32.245
	Sundry Debtors	40.996
	Cash & Bank Balances	56.746
	Other Current Assets	0.000
	Loans & Advances	18.778
Total Current Assets		148.765
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.322
	Other Current Liabilities	24.323
	Provisions	8.626
Total Current Liabilities		52.271
Net Current Assets		96.494
MISCELLANEOUS EXPENSES		0.000
TOTAL		218.190

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	286.755	170.673	237.808
		Other Income
		TOTAL	286.755	170.673	237.808
Less	EXPENSES
		Office Expenses
		Administrative Expenses	297.010	190.506	207.202
		Advertising Expenses
		TOTAL	297.010	190.506	207.202
	PROFIT / (LOSS) BEFORE TAX		(10.255)	(19.833)	30.606
Less	TAX		0.000	0.000	0.367
	PROFIT / (LOSS) AFTER TAX		(10.255)	(19.833)	30.239
Add / (Less)	Deferred Tax		0.213	4.156	3.726
	BALANCE CARRIED TO THE B/S		(10.042)	(15.677)	33.965
	EARNINGS IN FOREIGN CURRENCY		22.165	29.088	4.881
	TOTAL IMPORTS		NA	30.656	16.147
	Earnings /(LOSS) Per Share (Rs.)		(1.15)	(1.75)	3.80

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(3.58)	(11.62)	12.72
Return on Total Assets (PBT/Total Assets}	(%)	(3.72)	(6.72)	20.57
Return on Investment (ROI) (PBT/Networth)		(0.11)	(0.19)	0.26
Debt Equity Ratio (Total Debt /Networth)		1.21	0.78	0.85
Current Ratio (Current Asset/Current Liability)		0.80	0.85	2.85

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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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]	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

REVIEW OF OPERATIONS

The volume of sales of the Company increased to Rs. 286.755 Millions as compared to the previous year's volume of Rs. 170.673 Millions. Net Loss before tax in the current year is Rs. 10.255 Millions as compared to net loss before tax of Rs.19.833 Millions in the previous year. The company has not accepted any public deposits.

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Short-term borrowings
Working capital loans from banks	20.000	0.000
Loans repayable on demand from Others	0.000	79.435
Loans and advances from related parties	91.010	0.000
Total	111.010	79.435

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Office building
• Factory building
• Plant and equipment
• Factory equipments
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Office equipment
• Computer equipments
• Other equipments

Intangible assets

• Computer software
• Know-how

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.59.15
UK Pound	1	Rs.90.05
Euro	1	Rs.77.07

INFORMATION DETAILS

Information Gathered by :	NYN
Report Prepared by :	KVT

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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.