MIRA INFORM REPORT

Report Date :

04.07.2013

IDENTIFICATION DETAILS

Name :	H.P.S. AIR SYSTEMS PRIVATE LIMITED
Registered Office :	2/203, Seva Samiti Nagar, GTB Nagar, Sion (East), Mumbai-400037, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.07.1985
Com. Reg. No.:	11-036915
Capital Investment / Paid-up Capital :	Rs.0.593 Million
CIN No.: [Company Identification No.]	U99999MH1985PTC036915
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Exporter of Air Handling Units.
No. of Employees :	80 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 42000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are decent. Business is active. Payment terms are usually correct and as per commitments. The company can be considered 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.

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 :	Ms. Rajani
Designation :	Accountant
Contact No.:	91-22-24028395
Date :	02.07.2013

LOCATIONS

Registered Office :	2/203, Seva Samiti Nagar, GTB Nagar, Sion (East), Mumbai-400037, Maharashtra, India
Tel. No.:	91-22-27685303
Fax No.:	Not Available
E-Mail :	hpsengg@gmail.com acc.hps@gmail.com
Factory :	A-6, TTC Industrial Area, Pawne Village, Thane-Belapur Road, Turbe, Navi Mumbai-400037, Maharashtra, India
Tel. No.:	91-22-24028395/ 24011989/ 24081201/ 24028394
Fax No.:	91-22-24020183

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Kuljeet Savinder Kaur
Designation :	Director
Address :	117, C/2, Karmakshetra, S.S. Nagar, GTB Nagar, Mumbai-400037, Maharashtra, India
Date of Birth/Age :	06.03.1964
Date of Appointment :	31.03.1999
Din No.:	02215230
Name :	Mr. Kulwant Bahadur Singh
Designation :	Director
Address :	D-2, Flat No. 2, Karmakeshtra, .S. Nagar, GTB Nagar, Mumbai-400037, Maharashtra, India
Date of Appointment :	31.03.2004
Din No.:	02359706

KEY EXECUTIVES

Name :	Ms. Rajani
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Kuljeet Savinder Kaur	2963
Kulwant Bahadur Singh	2963
TOTAL	5926

AS ON 28.09.2012

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

BUSINESS DETAILS

Line of Business :	Manufacturer of Exporter of Air Handling Units.
Exports :
Products :	Air Handling Units
Countries :	· Bangladesh · Angola
Imports :
Products :	Raw Materials
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

80 [Approximately]

Bankers :

Bank of India, Gandhi Market Branch, Plot No.18-19/290-A, Anand Nagar, Flank Road, Opposite S.S. Nagar, Sion-Koliwada, Mumbai-400037, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Loans From LIC against Keyman Policy	1.152	1.152
Short Term Borrowings
Cash Credit Loan From Bank of India [Secured by hypothecation on stock and debtors effective cost of C.C. loan is in the range of 13% p.a.]	2.927	1.665
TOTAL	4.079	2.817

Banking Relations :	--
Auditors :
Name :	B Shah and Company Chartered Accountants
Address :	2/403, Sandeep Building, Goregaon (East), Mumbai-400063, Maharashtra, India
Mobile No.:	91-9223447064
PAN No:	AKQPS8323J

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
9500	Equity Shares	Rs.100/- each	Rs.0.950 Million
500	Unclassified Shares	Rs.100/- each	Rs.0.050 Million
	TOTAL		Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5926	Equity Shares	Rs.100/- each	Rs.0.593 Million

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	0.593	0.593
(b) Reserves & Surplus	10.111	8.140
(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)	10.704	8.733
(3) Non-Current Liabilities
(a) long-term borrowings	1.152	1.152
(b) Deferred tax liabilities (Net)	0.259	0.289
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1.411	1.441
(4) Current Liabilities
(a) Short term borrowings	6.073	2.661
(b) Trade payables	35.327	35.891
(c) Other current liabilities	2.149	2.016
(d) Short-term provisions	1.925	2.317
Total Current Liabilities (4)	45.474	42.885
TOTAL	57.589	53.059
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.736	10.881
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.010	0.010
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3.845	4.846
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	14.591	15.737
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	7.089	8.293
(c) Trade receivables	34.158	27.260
(d) Cash and cash equivalents	1.646	1.409
(e) Short-term loans and advances	0.105	0.360
(f) Other current assets	0.000	0.000
Total Current Assets	42.998	37.322
TOTAL	57.589	53.059

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.593
2] Share Application Money		0.000
3] Reserves & Surplus		6.611
4] (Accumulated Losses)		0.000
NETWORTH		7.204
LOAN FUNDS
1] Secured Loans		2.372
2] Unsecured Loans		2.162
TOTAL BORROWING		4.534
DEFERRED TAX LIABILITIES		0.340
TOTAL		12.078
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6.710
Capital work-in-progress		0.000
INVESTMENT		0.010
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.534
	Sundry Debtors	15.128
	Cash & Bank Balances	1.578
	Other Current Assets	0.000
	Loans & Advances	4.780
Total Current Assets		24.020
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	17.095
	Other Current Liabilities	0.000
	Provisions	1.567
Total Current Liabilities		18.662
Net Current Assets		5.358
MISCELLANEOUS EXPENSES		0.000
TOTAL		12.078

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	87.530	71.762	53.977
Less	EXPENSES
		TOTAL	84.248	69.382	52.041
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		3.282	2.380	1.936
Less/ Add	DEPRECIATION/ AMORTISATION		0.165	0.153	0.257
	PROFIT / (LOSS) BEFORE TAX		3.117	2.227	1.679
Less	TAX		1.146	0.698	0.563
	PROFIT / (LOSS) AFTER TAX		1.971	1.529	1.116
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8.140	6.611	5.495
	BALANCE CARRIED TO THE B/S		10.111	8.140	6.611
	Earnings / (Loss) Per Share (Rs.)			257.99	186.38

Particulars	31.03.2013
Sales Turnover [Approximately]	98.900

Expected Sales (2013-14) : Rs.150.000 Millions.

The above information has been parted by Ms. Rajani.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.25	2.13	2.07
Return on Total Assets (PBT/Total Assets}	(%)	5.41	4.20	5.46
Return on Investment (ROI) (PBT/Networth)		0.29	0.25	0.23
Debt Equity Ratio (Total Debt/Networth)		0.67	0.44	0.63
Current Ratio (Current Asset/Current Liability)		0.95	0.87	1.29

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2012 [Rs. in millions]	31.03.2011 [Rs. in millions]	31.03.2010 [Rs. in millions]
Sundry Creditors	35.327	35.891	17.095

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	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	Yes
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

NOTE:

The registered office of the company has been shifted from 207 Liberty Complex, Sector 17, Vashi, New Bombay, New Mumbai, Maharashtra, India to the present address w.e.f.25.05.2013.

REVIEW OF OPERATION:

During the year, company’s total income is Rs.87.530 Millions higher than the total income of the previous year of Rs.71.762 Millions. The company’s net profit after provision for tax stood at Rs.1.971 Millions as against net profit of Rs.1.529 Millions in the previous year. The company could not achieve the projected sales due to working capital shortage. Their directors are hopeful to improve the activities and business of the company.

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings
Loans and Advances From Others
From Directors and Other Related Parties	3.146	0.996
TOTAL	3.146	0.996

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U99999MH1985PTC036915
Name of the company	H.P.S. AIR SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	2/203, Seva Samiti Nagar, GTB Nagar, Sion (East), Mumbai-400037, Maharashtra, India
Type of charge	Movable Property [not being pledge]
Particular of charge holder	Bank of India, Gandhi Market Branch, Plot No.18-19/290-A, Anand Nagar, Flank Road, Opposite S.S. Nagar, Sion-Koliwada, Mumbai-400037, Maharashtra, India Email: gandhimarket.mumbaisouth@bankofindia.co.in
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation dated 29.05.2013 in respect of Vehicles
Date of instrument Creating the charge	29.05.2013
Amount secured by the charge	Rs.0.579 Million
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 0.45 percent over Bank Rate presently at 10.70 percent per annum at monthly rest Terms of Repayment Sixty Equated Monthly Installments of Rs. 12503.00 per month Margin As per Agreement of Hypothecation dated 29.05.13 in respect of Vehicles Extent and Operation of the charge As per Agreement of Hypothecation dated 29.05.13 in respect of Vehicles Others As per Agreement of Hypothecation dated 29.05.13 in respect of Vehicles
Short particulars of the property charged	Four Wheeler Model Comfort Line MT of Volkswagen

FIXED ASSETS:

· Factory Land

· Factory Building

· Plant and Machinery

· Electrical Installation

· Moulds Die

· Computers

· Fax Machine

· Motor Car

· Mobile Phones

· Furniture and Fixtures

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 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.60.10
UK Pound	1	Rs.91.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.