MIRA INFORM REPORT

Report Date :

11.07.2013

IDENTIFICATION DETAILS

Name :	IC ICE MAKE REFRIGERATION PRIVATE LIMITED
Registered Office :	B-1, Vasupujya Chamber, Near Navdeep Building, Income Tax Cross Road, Ahmedabad-380009, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.03.2009
Com. Reg. No.:	04-056482
Capital Investment / Paid-up Capital :	Rs.12.670 Millions
CIN No.: [Company Identification No.]	U29220GJ2009PTC056482
TAN No.: [Tax Deduction & Collection Account No.]	AHMI01252G
PAN No.: [Permanent Account No.]	AACCI0566L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Industrial and Commercial Refrigeration Equipments.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 150000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual trade terms and conditions. Note: Mr. Chandrakant Patel has confirmed that the subject was established as a proprietorship concern during 1989 by the name ICE Make Refrigeration and during 2009 it got converted in to Private Limited Company.

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

Name :	Mr. Nikhil
Designation :	Manager
Contact No.:	91-9727762427
Date :	10.07.2013

LOCATIONS

Registered Office :	B-1, Vasupujya Chamber, Near Navdeep Building, Income Tax Cross Road, Ahmedabad-380009, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9727762427 [Mr. Nikhil]
Fax No.:	Not Available
E-Mail :	Icemake1@gmail.com info@icemakeiindia.com
Website :	http://www.icemakeindia.com
Location :	Owned
Factory:	Survey No.226/227, Dantali Industrial Estate, Gota-Vadsar Road, Dantali, At : Dantali, Taluka Kalol, District : Gandhinagar, Ahmedabad-382721, Gujarat, India
Tel. No.:	91-79-65426394 / 95 / 25851816 / 25858755 / 65426416 / 25862526 / 25861226
Fax No.:	91-79-27540620 / 25851816 / 25858755
Area :	125000 Sq. ft.
Location :	Owned

DIRECTORS

As on: 24.09.2012

Name :	Mr. Chandrakant Popatbhai Patel
Designation :	Director
Address :	23, Apurva Bunglowl, Near Memnagar, Saheli Party Plot, Bhuyangdev Road, Ahmedabad-380052, Gujarat, India
Date of Birth/Age :	01.06.1968
Date of Appointment :	31.03.2009
DIN No.:	02441116
Name :	Mr. Rajendrabhai Popatbhai Patel
Designation :	Director
Address :	22-a, Sarvoday Swatantra, Ghatlodia, Ahmedabad-380061, Gujarat, India
Date of Birth/Age :	01.06.1970
Date of Appointment :	31.03.2009
DIN No.:	02441138
Name :	Mr. Vipul Ishwarbhai Patel
Designation :	Director
Address :	43, Apurva Bunglow, Near Memnagar Sahali Party Plot, Bhuyangdev Road, Ahmedabad-380052, Gujarat, India
Date of Birth/Age :	01.06.1975
Date of Appointment :	31.03.2009
DIN No.:	02473121

KEY EXECUTIVES

Name :	Mr. Nikhil
Designation :	Manager

MAJOR SHAREHOLDERS

As on: 24.09.2012

Names of Shareholders	No. of Shares
Chandrakant P Patel	387333
Rajendra P Patel	443000
Vipul I Patel	370000
Popatbhai L Patel	32167
Gauriben P Patel	10000
Ishwarbhai L Patel	12000
Kantaben I Patel	10000
Manishaben B Patel	2500
Total	1267000

Equity Share Break up (Percentage of Total Equity)

As on: 24.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Industrial and Commercial Refrigeration Equipments.
Exports :
Products :	Industrial and Commercial Refrigeration Equipments.
Countries :	Nepal US Ugnda
Imports :
Products :	Raw Material
Countries :	China USA
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Others

No. of Employees :

200 (Approximately)

Bankers :

Canara Bank, Sharda Society Branch, Paldi, Ahmedabad - 380009, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Term Loan From Scheduled bank (The above loan carries interest @ 11.50 p.a. The loan is repayable in 59 monthly instalments of Rs.51.600 Millions along with interest from June 09)	11.778	16.321
Term Loan From Scheduled bank (The above loan carries interest @ 13.00 p.a. The loan is repayable in 84 monthly instalments of Rs.12.700 Millions alongwith interest from Sept 11) (The above loan is secured against Hypothecations of Machineries and other current assets, Mortgage of factory land and building, Collateral Securities from director and personal gaurantees of directors)	8.534	5.128
From Bank against HPA of Motor Cars (The above loan carries interest @ 11.68% p.a. The loan is repayable in 36 monthly instalments of Rs. 19458 including interest from the date: of loan i.e. 15-11 -2011) (The above loan is secured against HPA of motor cars)	0.275	0.049
From Bank against HPA of Motor Cars (The above loan carries interest @ 11.50% p.a. The loan is repayable in 48 monthly instalments of Rs.0.023 Millions)	0.254	0.744
Loans and advances from related parties	16.730	17.387
SHORT TERM BORROWINGS
Cash Credit facilities from a scheduled bank (Secured against hypothecation of present and future inventories and book-debts of the Company and personal properties and guarantee of directors. The Same is re- payable on demand and carries interest® 14.75% p.a.)	25.027	31.946
Total	62.598	71.575

Banking Relations :
Auditors :
Name :	Patel and Jesalpura Chartered Accountant
Address :	803/804, Samudra Annexe, Near Klassic Gold Hotel, Off C. G. Road, Navrangpura, Ahmedabad - 380006, Gujarat, India
PAN No.:	AAFFP1700R

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1,500,000	Equity Shares	Rs.10/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,267,000	Equity Shares	Rs.10/- each	Rs.12.670 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	12.670	10.667
(b) Reserves & Surplus	25.250	6.861
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	4.200
Total Shareholders’ Funds (1) + (2)	37.920	21.728
(3) Non-Current Liabilities
(a) long-term borrowings	37.572	39.630
(b) Deferred tax liabilities (Net)	0.505	0.544
(c) Other long term liabilities	0.172	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	38.249	40.174
(4) Current Liabilities
(a) Short term borrowings	25.027	31.946
(b) Trade payables	45.828	28.340
(c) Other current liabilities	25.446	18.279
(d) Short-term provisions	0.265	0.000
Total Current Liabilities (4)	96.566	78.565
TOTAL	172.735	140.467
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	58.190	61.062
(ii) Intangible Assets	0.144	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	3.610	0.676
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	61.944	61.738
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	59.122	37.696
(c) Trade receivables	40.238	32.374
(d) Cash and cash equivalents	4.338	6.722
(e) Short-term loans and advances	6.970	1.805
(f) Other current assets	0.123	0.132
Total Current Assets	110.791	78.729
TOTAL	172.735	140.467

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.000
2] Share Application Money		0.100
3] Reserves & Surplus		0.853
4] (Accumulated Losses)		0.000
NETWORTH		10.953
LOAN FUNDS
1] Secured Loans		52.404
2] Unsecured Loans		16.990
TOTAL BORROWING		69.394
DEFERRED TAX LIABILITIES		0.294
TOTAL		80.641
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		47.859
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.874
	Sundry Debtors	24.819
	Cash & Bank Balances	6.132
	Other Current Assets	0.000
	Loans & Advances	4.075
Total Current Assets		46.900
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	14.044
	Other Current Liabilities	0.000
	Provisions	0.250
Total Current Liabilities		14.294
Net Current Assets		32.606
MISCELLANEOUS EXPENSES		0.176
TOTAL		80.641

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	271.814	180.563	108.112
		Other Income	0.024	0.117	0.809
		TOTAL (A)	271.838	180.680	108.921
Less	EXPENSES
		Cost of material Consumed	198.711	147.278	100.913
		Changes in inventories of finished foods Work in progress and stock in trade	(5.501)	(14.518)
		Other Manufacturing Expenses	18.413	10.602
		Employee Benefit Expenses	16.438	8.975
		Other Administrative and Selling	19.931	12.538
		TOTAL (B)	247.992	164.875	100.913
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		23.846	15.805	8.008
Less	FINANCIAL EXPENSES (D)		9.008	6.919	3.774
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		14.838	8.886	4.234
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.860	6.491	2.837
	PROFIT BEFORE TAX (E-F) (G)		7.978	2.395	1.397
Less	TAX (H)		2.610	0.721	0.544
	PROFIT AFTER TAX (G-H) (I)		5.368	1.674	0.853
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2.527	0.853	0.000
	BALANCE CARRIED TO THE B/S		7.895	2.527	0.853
	EARNINGS IN FOREIGN CURRENCY		8.036	0.000	NA
	Earnings Per Share (Rs.)		4.97	1.62	1.13

Particulars	31.03.2013
Sales Turnover (Approximately)	500.000

The above information has been parted by Mr. Niknil.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.97	0.93	0.78
Net Profit Margin (PBT/Sales)	(%)	2.94	1.33	1.29
Return on Total Assets (PBT/Total Assets}	(%)	4.62	1.71	1.47
Return on Investment (ROI) (PBT/Networth)		0.21	0.11	0.13
Debt Equity Ratio (Total Debt /Networth)		1.65	3.29	6.34
Current Ratio (Current Asset/Current Liability)		1.15	1.00	3.28

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]	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

BANKERS CHARGES REPORT AS PER REGISTRY:

Corporate identity number of the company	U29220GJ2009PTC056482
Name of the company	IC ICE MAKE REFRIGERATION PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	B-1, Vasupujya Chamber, Near Navdeep Building, Income-Tax Cross Road, Ahmedabad – 380009, Gujarat, India icemake1@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10166374
Type of charge	Book debts Movable property (not being pledge) Others (Stock)
Particular of charge holder	Canara Bank, Sharda Society Branch, Paldi, Ahmedabad - 380009, Gujarat, India cb0176@canarabank.com
Nature of instrument creating charge	Supplemental Hypothecation Agreement dated 15th March, 2012 modifying hypothecation charge of the bank over the entire current assets and movable fixed assets of the Company at present and in future.
Date of instrument Creating the charge	15.03.2012
Amount secured by the charge	Rs.87.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate (10.75%)+4.00%=14.75%(floating)or at Such other Rates as the Bank may specify from time to time. Terms of Repayment On Demand. Renewable from time to time. Margin Stock- 25% , Book Debts- 50%, Goods-25% . Extent and Operation of the charge Canara Bank is having exclusive hypothecation charge over the entire current assets, plant & machineries and other movable fixed assets of the Company vide Supplemental Common Hypothecation Agreement dated 15th March, 2012.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Entire Stock, Book Debts, Plant & Machineries, Electrification and all other Movable Fixed Assets of the Company described in the Supplemental Common Hypothecation Agreement dtd.15/03/2012--situated at the Registered Office/Factory Premises and such other place as may be specified.
Date of instrument modifying the charge	23.09.2010
Particulars of the present modification	By the Supplemental Common Hypothecation Agreement dtd.15th March, 2012, the Existing Limit of Rs.67.000 Millions is extended to Rs.87.000 Millions.

FIXED ASSETS:

• Free hold Land
• Factory Building
• Furniture
• Computer
• Office Equipments
• Electrical Installations
• Vehicles
• Ozone Layer Conservation Project
• Machineries

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.60.13
UK Pound	1	Rs.89.52
Euro	1	Rs.76.89

INFORMATION DETAILS

Information Gathered by :	NYA
Report Prepared by :	RAJ

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	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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

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.