MIRA INFORM REPORT

Report Date :

10.05.2013

IDENTIFICATION DETAILS

Name :	CONTEC AIRFLOW (INDIA) PRIVATE LIMITED
Registered Office :	No.- 138, Mittal Industrial Estate, Building No – 6, Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.08.1996
Com. Reg. No.:	11-101785
Capital Investment / Paid-up Capital :	Rs. 0.500 Million
CIN No.: [Company Identification No.]	U29190MH1996PTC101785
Legal Form :	Private Limited Liability Company
Line of Business :	Designer, Manufacturers and Contractors of turnkey Air Conditioning, Refrigerator, Ventilation, Cold Storage and Bio-clean Room Application
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears drastic fall in its sales and profitability during 2012. The liquidity position is weak. However, trade relations are reported to be fair. Business is active. Payments are slow. The company can be considered for business dealings on a safe and secured trade terms and condition.

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

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. Mukesh K. Sehgal
Designation :	Director
Contact No.:	91-9320255124
Date :	09.05.2013

LOCATIONS

Registered Office :	No.- 138, Mittal Industrial Estate, Building No – 6, Kurla Road, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-2228598231/28598239/28528044/28598043/32402771/32489844/28682078
Mobile No.:	91-9320255124 ( Mr. Mukesh K. Sehgal)
Fax No.:	91-22-28598229/2228682096
E-Mail :	Mks1_contec@yahoo.co.in into@contecair.com bndudanil@gmail.com contecairflow.tradeindia.com
Website :	www.contecair.com
Area :	Owned
Factory :	Vasai, Maharashtra, India

DIRECTORS

As on 29.09.2012

Name :	Mr. Krishna Ram Chanduru
Designation :	Director
Address :	103, Regency-A, Sector No-3, Plot No. 146, Kandivali (West), Mumbai – 400 067, Maharashtra, India
Date of Birth/Age :	21.05.1953
Date of Appointment :	09.08.1996
Name :	Mr. Mukesh Gulshanrt Sehgal
Designation :	Director
Address :	1-24, Juhu Glodmist, Gulmohar Road, Juhu, Santacruz (west),Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	19.11.1964
Date of Appointment :	09.08.1996
DIN No.:	00664852
Name :	Mrs. Anupama Mukesh Sehgal
Designation :	Director
Address :	1-24, Juhu Glodmist, Gulmohar Road, Juhu, Santacruz (west),Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	26.08.1967
Date of Appointment :	16.05.2009
DIN No.:	02633517

MAJOR SHAREHOLDERS

As on 31.03.2012

Names of Shareholders	No. of Shares	Percentage of Holding
Mr. Mukesh Gulshanrt Sehgal	37490	74.98
Mrs. Anupama Mukesh Sehgal	12500	25.00
Mr. Krishna Ram Chanduru	10	0.02
Total	50000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 31.03.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Contractor and Designer of turnkey Air Conditioning, Refrigerator, Ventilation, Cold Storage and Bio Chemical Application
Products :	Air Handing units Blower Drain pan Cooling Coil Accessories (Base frame, Motor Slide Rail, Panel Framework, Spring, Nylon Corner, Hinges and Handles) Air Conditioning units Air Handling Units Laminar Air Flow Stations Air cooled Scroll Chillers Diffusers, Grillers/Registers Grillers (Single and double Deflection) Perforated Sheets Window Air Conditioner Spit Air Conditioner Package Air Conditioner Cassete Air Conditioner Dampers Volume Control Dampers Fire Dampers Gear Dampers Microvee Filters HEPA Boxes HEPA Filters Pre Filters Microvee Filters Clean Room Equipments Vertical Laminar Downflow Units Horizontal Laminar Downflow Units Vertical Reserve Slow Units
Exports :
Products :	Finished Goods
Countries :	South Africa
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :	End users
No. of Employees :	30 (Approximately)
Bankers :	State Bank of India, Marol Branch, Mumbai – 400 059, Maharashtra, Mumbai Andhra Bank, Mumbai, Maharashtra, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	B N Dudani and Company Chartered Accountant
Address :	A/7, Mayfair Building, S.V.Road. Opp. Soddharath nHotel, Bandra (West), Mumbai – 400 050, Maharashtra, India
PAN No.:	AADPD5531E

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity shares	Rs.10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity shares	Rs.10/- each	Rs. 0.500 Million

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		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		0.500	0.500	0.500
LOAN FUNDS
1] Secured Loans
2] Unsecured loan
TOTAL BORROWING		0.115	0.200	1.653
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		0.615	0.700	2.153
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.428	0.523	0.638
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.001	0.001	0.001
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.499
	Sundry Debtors	0.000	0.000	3.915
	Cash & Bank Balances	0.045	0.055	0.255
	Other Current Assets	16.079	16.637	0.104
	Loans & Advances	0.793	0.137	0.013
Total Current Assets		16.917	16.829	4.786
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.499	16.442
	Other Current Liabilities	0.182	0.180
	Provisions	0.050	0.031
Total Current Liabilities		16.731	16.653	17.301
Net Current Assets		0.186	0.176	(12.515)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
PROFIT AND LOSS ACCOUNT		0.000	0.000	14.029
TOTAL		0.615	0.700	2.153

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
TURNOVER	0.204	4.231	12.560
	( Due to market slowdown)
EXPENSES	NA	NA	12.339
DEPRECIATION/ AMORTISATION	0.095	0.115	0.000
PROFIT BEFORE TAX	0.068	0.537	0.221
TAX	NA	0.149	0.184
PROFIT AFTER TAX	NA	0.388	0.037
Earnings Per Share (Rs.)	0.48	4.78	0.74

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	0.04	3.19	4.07
Return on Investment (ROI) (PBT/Networth)		0.14	1.07	0.44
Debt Equity Ratio (Total Debt /Networth)		4.34	2.50	0.30
Current Ratio (Current Asset/Current Liability)		1.01	1.01	0.28

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%	Yes
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)	No
21]	Market information	-----------------
22]	Litigations that the firm / promoter involved in	------------------
23]	Banking Details	Yes
24]	Banking facility details	No
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

FIXED ASSETS :

• Furniture and Fixture
• Motor Filter
• Office equipment
• Mobile Enhancement
• Mobile Phone

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. 54.241
UK Pound	1	Rs. 84.296
Euro	1	Rs. 71.362

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		18

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.