MIRA INFORM REPORT

Report Date :

27.07.2013

IDENTIFICATION DETAILS

Name :	JALAN CRYOGENICS PRIVATE LIMITED
Registered Office :	Chandigarh Road, Rajpura, District Patiala -140401, Punjab
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.01.1996
Com. Reg. No.:	16-017526
Capital Investment / Paid-up Capital :	Rs. 8.871 Millions
CIN No.: [Company Identification No.]	U24111PB1996PTC017526
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Carbondioxide Gases, Oxygen etc.
No. of Employees :	40 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 140000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There appears a dip in the net profitability of the company during 2012. However, trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered normal 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.

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. Rishabh Jalan
Designation :	Director
Contact No.:	91-1762-232740
Date :	26.07.2013

LOCATIONS

Registered Office / Head Office :	Chandigarh Road, Rajpura, District Patiala -140401, Punjab, India
Tel. No.:	91-1762-232740
Fax No.:	91-1762-232427
E-Mail :	jalan_cryogencies@gmail.com psgurleensoni@gmail.com sindh.ca@gmail.com
Factory :	Located At · Bhanur, Punjab, India

DIRECTORS

As on 30.09.2010

Name :	Mr. Shiv Kumar Jalan
Designation :	Director
Address :	H. No 23, Gurunanak Colony, Rajpura, Punjab, India
Date of Birth/Age :	24.08.1946
Date of Appointment :	08.01.1996
DIN No.:	01155109
Name :	Mr. Rahul Jalan
Designation :	Director
Address :	H. No 23, Gurunanak Colony, Rajpura, Punjab, India
Date of Appointment :	08.01.1996
DIN No.:	01178178
Name :	Mr. Rishabh Jalan
Designation :	Director
Address :	H. No 23, Gurunanak Colony, Rajpura, Punjab, India
Date of Birth/Age :	10.08.1975
Date of Appointment :	08.01.1996
DIN No.:	01178277
Name :	Mrs. Shalani Jalan
Designation :	Director
Address :	H. No 23, Gurunanak Colony, Rajpura, Punjab, India
Date of Birth/Age :	22.10.1971
Date of Appointment :	08.01.1996
DIN No.:	01293203

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Shiv Kumar Jalan S/O Rangoo Lal	13210
Rishab Jalan S/O Shiv Kumar Jalan	10
Shalinl JALAN W/O RAJIV JALAN	2430
Rahul Jalan S/O Shiv Kumar Jalan	360
Smt. Radha Rani Jalan W/O Shiv Kumar Jalan	8960
Shaweta Jalan W/O Rahul Jalan	1190
Yomika Jalan W/O Rishab Jalan	860
Shiv Kumar and Sons	500
Mastr Sahaj Jalan S/O Rajiv Jalan	100
Roopam Sales Private Limited, India	3470
Keshav Traders Private Limited, India	3000
Baba Balaknath Agencies Private Limited, India	750
Tridev Disrtibutors Private Limited, India	2200
Zircon Exim Private Limited, India	7990
Galex Scrap Dealers Private Limited, India	1590
Amit Kohli S/O Naresh Kohli	2000
Glorious Soft Solution Private Limited, India	600
Sai Soft Solution Private Limited, India	800
Zoom Build Tech Private Limited, India	600
Remark Exports Private Limited, India	1000
Stranger Hotels Private Limited, India	600
Total	52220

As on 30.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	44.24
Directors or relatives of Directors	55.76
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Carbondioxide Gases, Oxygen etc.

Products :

Product Description	Item Code (ITC Code)
Manufacturing and transportation of Industrial Gases	2411

Exports :

Products :

Carbondioxide Gases, Oxygen etc.

Countries :

Pakistan

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

GENERAL INFORMATION

Suppliers :

· Aoson Enginnering Corporation

· Air Power Services

· Gayatri Sarvjeet Scrap

· Global Insulation

· Goyal Carbonics Private Limited

· Haryana Air Products

· Industrial Compressors and Cryo Pumps Private Limited

· Iotaflow Systems Private Limited

· Karamjit Singh Ka Dhabha

· M/S Air Liquid, and North India Private Limited Old

· Max Cryo Engineering Private Limited

· N.K Steel, Chandigarh

· Nanda Sales Corporation, Ludhiana

· Punjab Bricks Udyog. Mohall

· R.G. Business.Auxiliary Services

· Sainl Electr1cals

· Sandho Residency (Banur) -

· Sapna Steel Industries, Mgg

· Shr1 Sa1 Industrial Spares, Delhi

· System and Components Private Limited

· Cheque Issued But Not Presented

Customers :

· A.K. Mulimetal Private Limited

· A.R. Casting Private Limited

· Acme Febrfcatjon Private Limited

· Alliance Integrated Mataliks Limited

· Amt International

· Arjun Electrods

· Beri Udyog Private Limited

· Bhushan Power and Steel Limited(P) Pe andTube Dl)

· Bhushan Power and Steel Limited (Unit-I)

· Chandigarh D1sitlers and Bottlers Private Limited

· Chandigarh Gases.Zirkpur

· Cheema Boiler Limited.

· Cheema Boilers Limited (Unit-II)

· Claas India Private Limited

· Federal Moghul Goetze India Limited

· Godrej and Boyce Mfg. Company Limited

· Hanscoiron and Steel Private Limited

· Himachal Gases

· Hisar Gas Agency

· International Enginees

· Isgec Engineering Limited

No. of Employees :

40 (Approximately)

Bankers :

Oriental Bank of Commerce, S.S.I. Branch, Focal Point, Rajpura - 140401, Punjab, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
a) Term loans - . From banks (secured)
-OBC A/C N0.897 (Secured Against New carbon Dioxide gas Plant at Banur, Land and other assets of the Company Payment Term: Original term of repayments is five years.)	17.351	0.000
-OBC A/C N0.477	2.348	3.687
-OBC A/C N0.7B1 (Secured Against Land and other assets of the Company Original term . of repayments is five years)	1.762	3.100
From other parties (Secured)
-L and T Finance Limited. a/c 646	1.322	0.000
-L and T Finance Limited a/c 233758	0.411	1.391
-L and T Finance Limited (Secured Against Vehicle of the Company Original term of repayments is three years)	1.561	2.523
Short Term Borrowing
-OBC CC-00380 (Secured Against hypothecation. of Stocks, Book Debt, Land and other . assets of the Company)	2.955	3.531
Total	27.710	14.232

Banking Relations :	---
Financial Institutions :	L and T Finance Limited, L and T House, Ballard Estate, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	BVR and Company Chartered Accountants
Address :	Near Central Bank of India, Rajpura – 147001, Punjab, India
Tel. No.:	91-1795-224576 / 500376
PAN No.:	AAIFB1216B
Company in which KMP / Relatives of KMP cap exercise	· Jalan Gases and Allied Industries Private Limited · Jalan Sales Corporation · Himalya Gases · Shivalik Gases · Orbit Gases · Shiv Kumar and Sons HUF · Chandigarh Gases, Zirakpur · Chandigarh Gases, CHD

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
88710	Equity Shares	Rs.100/- each	Rs.8.871 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	8.871	5.222
(b) Reserves & Surplus	24.004	8.108
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	2.715	21.270
Total Shareholders’ Funds (1) + (2)	35.590	34.600
(3) Non-Current Liabilities
(a) long-term borrowings	31.357	15.022
(b) Deferred tax liabilities (Net)	0.329	0.000
(c) Other long term liabilities	0.800	0.800
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	32.486	15.822
(4) Current Liabilities
(a) Short term borrowings	2.955	3.531
(b) Trade payables	5.441	1.553
(c) Other current liabilities	18.788	5.121
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	27.184	10.205
TOTAL	95.262	60.627
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	70.361	43.742
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	2.760	1.005
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.254	0.323
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.237	0.448
(e) Other Non-current assets	0.000	0.048
Total Non-Current Assets	74.612	45.566
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1.242	1.621
(c) Trade receivables	16.884	11.687
(d) Cash and cash equivalents	0.266	0.205
(e) Short-term loans and advances	2.236	1.548
(f) Other current assets	0.022	0.000
Total Current Assets	20.650	15.061
TOTAL	95.262	60.627

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.222
2] Share Application Money		11.220
3] Reserves & Surplus		6.182
4] (Accumulated Losses)		0.000
NETWORTH		22.624
LOAN FUNDS
1] Secured Loans		13.379
2] Unsecured Loans		5.952
TOTAL BORROWING		19.331
DEFERRED TAX LIABILITIES		0.000
TOTAL		41.955
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		36.786
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.351
	Sundry Debtors	7.374
	Cash & Bank Balances	1.221
	Other Current Assets	0.000
	Loans & Advances	2.521
Total Current Assets		11.467
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.123
	Other Current Liabilities	1.249
	Provisions	0.000
Total Current Liabilities		6.372
Net Current Assets		5.095
MISCELLANEOUS EXPENSES		0.074
TOTAL		41.955

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	77.034	NA	41.118
		Other Income	NA		12.797
		TOTAL	NA	NA	53.915
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	51.729
		Advertising Expenses
		TOTAL	NA	NA	51.729
	PROFIT BEFORE TAX		NA	NA	2.186
Less	TAX		NA	NA	0.679
	PROFIT AFTER TAX		1.394	1.926	1.507
	Earnings Per Share (Rs.)		21.65	36.88	28.87

Particulars	31.03.2013
Sales Turnover (Approximately)	80.000

Expected Sales (2013-14) : Rs.90.000 Millions

The above information has been parted by Mr. Rishabh Jalan

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	2.80
Net Profit Margin (PBT/Sales)	(%)	NA	NA	5.32
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	4.53
Return on Investment (ROI) (PBT/Networth)		NA	NA	0.10
Debt Equity Ratio (Total Debt /Networth)		0.96	0.54	0.85
Current Ratio (Current Asset/Current Liability)		0.76	1.48	1.80

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	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	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
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

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
Loans and advances from related parties	6.602	4.321
Total	6.602	4.321

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured Rs. In Millions	Charge Holder	Address	Service Request Number (SRN)
1	10266987	29/12/2010	3.500	Oriental Bank of Commerce	SSI Branch, Focal Point, Rajpura - 140401 , Punjab, India	B06588453
2	10129024	16/09/2008	4.600	L AND T FINANCE LIMITED	L and T House, Ballard Estate, Mumbai - 400001, Maharashtra, India	A49899602
3	10121579	28/07/2008	0.543	ORIENTAL BANK OF COMMERECE	SSI Branch, Focal Point, Rajpura - 140401 , Punjab, India	A45773025
4	10100067	28/11/2007	20.000	ORIENTAL BANK OF COMMERECE	SSI Branch, Focal Point, Rajpura - 140401 , Punjab, India	A34147702
5	10092499	28/07/2009 *	1.500	ORIENTAL BANK OF COMMERCE	SSI Branch, Focal Point, Rajpura - 140401 , Punjab, India	A69997278
6	10038233	03/02/2007	2.700	Oriental Bank of Commerce	SSI Branch, Focal Point, Rajpura - 140401 , Punjab, India	A10875797
7	80025564	27/11/2007 *	4.000	ORIENTAL BANK OF COMMERECE	SSI Branch, Focal Point, Rajpura - 140401 , Punjab, India	A34146142

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Machinery

· Generator

· Electrical Installation

· Storage tank Cryogenic

· Cylinder

· Furniture and Fixtures

· Vehicle

· Cell phone

· Computers

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.58.94
UK Pound	1	Rs.90.68
Euro	1	Rs.78.22

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.