MIRA INFORM REPORT

Report Date :

16.10.2013

IDENTIFICATION DETAILS

Name :	VCS INDIA PRIVATE LIMITED (w.e.f. 08.10.2013)
Formerly Known As :	YES VCS INDIA PRIVATE LIMITED VISHWAKARMA COOLING SYSTEM
Registered Office :	Vcs India House, 96/7, B/h. Shiv Estate, Opposite Ravirandal Society, Jashodanagar Cross Road, N.H. No. 8, Ahmedabad – 380026, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.01.2007
Com. Reg. No.:	04-49869
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U29299GJ2007PTC049869
IEC No.:	0806018071
PAN No.: [Permanent Account No.]	AACCV4053F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Softy Ice-Cream Machines and Spare Parts.
No. of Employees :	60 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 4000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability of the company appears to be low. However, trade relation reported to be fair. Business is active. Payments terms are reported to be slow. 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

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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. Farook Katri
Designation :	General Manager
Contact No.:	91-9375523410
Date :	15.10.2013

LOCATIONS

Registered Office :	Vcs India House, 96/7, B/h. Shiv Estate, Opposite Ravirandal Society, Jashodanagar Cross Road, N.H. No. 8, Ahmedabad – 380026, Gujarat, India
Tel No.:	91-79-25892957/ 25878077/ 25893038
Mobile No.:	91-9375523410 (Mr. Farook Katri) 91-9825023410 (Mr. Hasmukh Gajjar )
Fax No.:	91-79-25892957/ 25893038
E-Mail :	info@vcsgajjar.com info@vcsindia.com iivora@hotmail.com laddhag_6@yahoo.co.in mehulthakkar_2007@yahoo.co.in dncca_7@yahoo.com
Website :	http://www.vcsgajjar.com
Area :	15000 Sq. ft
Location :	Owned

DIRECTORS

As on: 29.09.2012

Name :	Mr. Hashmukh Gajjar
Designation :	Director
Address :	B-10, Shrinathji Flats, Nirmal Bunglows, Opp. Baroda Express Way, Khokhra, Amraiwadi, Ahmedabad – 380 008, Gujarat, India
Date of Birth/Age :	24.05.1986
Date of Appointment:	25.01.2007
DIN No. :	01178095
Name :	Ms. Hetalben Hasmukhbhai Gajjar
Designation :	Additional Director
Address :	95 - Yogiraj Bunglows, Nr. Girivar Bunglows, Nr M.B. Patel Far, Jashodanagar, Ghodasar, Ahmedabad – 380050, Gujarat, India
Date of Birth/Age :	24.11.1975
Date of Appointment:	31.01.2012
DIN No. :	05200526

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Hashmukh Gajjar	30000
Hetalben Hasmukhbhai Gajjar	20000
Total	50000

As on: 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Softy Ice-Cream Machines and Spare Parts.
Products :	· Softy Ice Cream Machine · Ripple Softy Ice Cream Machine · Ripple Softy With Twin Flavour Ice Cream Machine · Ripple Softy With Thick Shake Machine · Plane Softy With Thick Shake Machine · Thick Shake Machine · Continuous Ice Cream Freezer In Small Capacity ( 80 Ltr./Hr) · Accesory Equipment · Mix Processing Machine · Fast Food Parlour Equipment
Exports :
Products :	Softy Ice Cream Machine and Spare parts
Countries :	· South Africa · Germany · UAE · UK · Turkey · Russia · USA
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :

Compressor Point  

Customers :

End Users

· Janta Sweet Home Private Limited

No. of Employees :

60 [Approximately]

Bankers :

· Karur Vysya Bank, Ahmedabad, Gujarat, India

· ICICI Bank, Maninagar Branch, India

· HDFC Bank, Maninagar Branch, India

· State Bank of India, SMECCC Branch, Opposite Gandhidham Railway Station, Ellisbridge, Ahmedabad – 380009, Gujarat, India

Facilities :

Secured Loan	31.03.2012 [Rs. in Millions]	31.03.2011 [Rs. in Millions]
Long Term Borrowing
From Bank	1.713	1.432
Total	1.713	1.432

Banking Relations :	--
Auditors :
Name :	Dipak Chokshi and Associate Chartered Accountants
Address :	403, Panorama Complex, Near Navjivan Press, Income Tax, Ashranr Road, Ahmedabad - 380014, Gujarat, India
Tel. No.:	91-79-27546104
Mobile No.:	91-9909915144
E-Mail :	cadipakchokshi@gmail.com
PAN No. :	AAMPC4721A

CAPITAL STRUCTURE

As on: 31.03.2012

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
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.500	0.100
(b) Reserves & Surplus	0.423	0.238
(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)	0.923	0.338
(3) Non-Current Liabilities
(a) long-term borrowings	7.315	5.975
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	7.315	5.975
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	3.981	3.110
(c) Other current liabilities	1.597	1.021
(d) Short-term provisions	0.104	0.083
Total Current Liabilities (4)	5.682	4.214
TOTAL	13.920	10.527
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.707	5.727
(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	0.000	0.000
(c) Deferred tax assets (net)	0.075	0.059
(d) Long-term Loan and Advances	1.448	0.719
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	7.230	6.505
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	4.128	2.546
(c) Trade receivables	2.110	1.264
(d) Cash and cash equivalents	0.359	0.124
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	0.093	0.088
Total Current Assets	6.690	4.022
TOTAL	13.920	10.527

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		0.000
3] Reserves & Surplus		0.142
4] (Accumulated Losses)		0.000
NETWORTH		0.242
LOAN FUNDS
1] Secured Loans		0.101
2] Unsecured Loans		3.968
TOTAL BORROWING		4.069
DEFERRED TAX LIABILITIES		0.000
TOTAL		4.311
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.870
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.039
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.942
	Sundry Debtors	1.124
	Cash & Bank Balances	0.672
	Other Current Assets	0.000
	Loans & Advances	0.344
Total Current Assets		4.082
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.101
	Other Current Liabilities	3.414
	Provisions	0.182
Total Current Liabilities		4.697
Net Current Assets		(0.615)
MISCELLANEOUS EXPENSES		0.017
TOTAL		4.311

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		17.874	14.756
		Other Income		0.626	0.623
		TOTAL (A)	22.272	18.500	15.379
Less	EXPENSES
		Raw Material Consumption		13.234	10.499
		Manufacturing Expenses		0.394	0.471
		Payment to and provision from employees		1.288	1.103
		Administrative and General Expenses		1.483	1.191
		Selling and Distribution Expenses		1.757	1.906
		Prior Period Adjustment		0.033	0.079
		Increase/ Decrease in stock		(0.603)	(0.750)
		TOTAL (B)	21.259	17.586	14.499
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial Expenses)	0.914	0.880
Less	FINANCIAL EXPENSES (D)			0.153	0.281
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1.013	0.761	0.599
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.741	0.603	0.518
	PROFIT BEFORE TAX (E-F) (G)		0.273	0.158	0.081
Less	TAX (H)		0.088	0.062	0.056
	PROFIT AFTER TAX (G-H) (I)		0.185	0.096	0.025
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.238	0.142	0.117
	BALANCE CARRIED TO THE B/S		0.423	0.238	0.142
	Earnings Per Share (Rs.)		3.70	9.60	2.50

Particulars	31.03.2013
Sales Turnover (Approximately)	30.000

Expected Sales (2013 – 2014): Rs. 35.000 Millions

The above information has been parted by Mr. Farook Katri

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.83	0.52	0.16
Net Profit Margin (PBT/Sales)	(%)	NA	0.85	0.53
Return on Total Assets (PBT/Total Assets}	(%)	1.97	1.51	0.90
Return on Investment (ROI) (PBT/Networth)		0.29	0.47	0.33
Debt Equity Ratio (Total Debt /Networth)		7.92	17.68	16.81
Current Ratio (Current Asset/Current Liability)		1.18	0.95	0.87

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 four 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	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

NOTE:

The registered address of the company has been shifted from B/10, Shrinathji Flats, Nirmal Bunglows, opposit Baroda Express Way, Khokhra, Amraiwadi, Ahmedabad – 380008, Gujarat, India to the present address w.e.f 27.03.2012

UNSECURED LOAN:

Particulars	31.03.2012 [Rs. in Millions]	31.03.2011 [Rs. in Millions]
Long Term Borrowing
From Related Parties
Loan From Directors	2.792	2.920
Loan from Directors Relatives	2.810	1.063
From Others	0.000	0.560
Total	5.602	4.543

INDEX CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10086377	06/11/2007	1,500,000.00	STATE BANK OF INDIA	SMECCC BRANCH, OPP. GANDHIGRAM RAILWAY STATION, ELLISBRIDGE, AHMEDABAD, Gujarat - 380009, INDIA	A28440980

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.61.69
UK Pound	1	Rs.98.59
Euro	1	Rs.83.67

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	ANK

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	2
--CREDIT LINES	1~10	3
--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		26

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.