MIRA INFORM REPORT

Report Date :

17.10.2013

IDENTIFICATION DETAILS

Name :	AIR CONTROL INDIA PRIVATE LIMITED
Registered Office :	Adams Court, 1st Floor, Baner Road, Pune – 411045, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.12.2003
Com. Reg. No.:	11-131970
Capital Investment / Paid-up Capital :	Rs. 4.000 Millions
CIN No.: [Company Identification No.]	U29191PN2003PTC131970
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporters of Industrial Machinery including Heating, Cooling and Other Air Conditioning Equipments.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 91000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Management has failed to file the financial data with the government department after 2011. As per available financials, the company is found to be performing well. However, trade relations are reported as fair. Business is active. Payments are reported to be unknown. The company can be considered for business 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 DENIED BY

Name :	Ms. Kalyani
Designation :	Senior Account Manager
Contact No.:	91-20-66200200
Date :	10.10.2013

LOCATIONS

Registered Office :	Adams Court, 1st Floor, Baner Road, Pune – 411045, Maharashtra, India
Tel. No.:	91-20-66200200
Fax No.:	91-20-66200500
E-Mail :	cs_adityakelkar@hotmail.com alphaair@vsnl.com info@aircontrilindia.com
Website :	www.aircontrolindia.com
Factory :	C – 26, MIDC, Jejuri, Pune – 412303, India
Tel. No.:	91-2115-253318
Overseas Office :	· Dubai · Malaysia

DIRECTORS

As on 30.09.2011

Name :

Mr. Ashok Bhalchandra Patil

Designation :

Director

Address :

Vascon Paradis, Phase III, Bunglow No.4, Baner Road, Pune - 411045, India

Date of Birth/Age :

10.05.1955

Date of Appointment :

11.12.2003

DIN No.:

00766354

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29198MH1985PTC037205	DEWPOINT AIR AND SYSTEMS ENGINEERING PRIVATE LIMITED	Managing director	20/08/1985	20/08/1985	-	Active	NO
2	U74999PN1987PTC129572	ALPHA FLOCK (INDIA) PRIVATE LIMITED	Managing director	15/02/1989	15/02/1989	-	Active	NO
3	U29191PN2003PTC131970	AIR CONTROL INDIA PRIVATE LIMITED	Director	11/12/2003	11/12/2003	-	Active	NO
4	U51909PN2007PTC129487	SINO INDIA IMPEX PRIVATE LIMITED	Director	17/01/2007	17/01/2007	-	Strike off	NO

Name :

Mrs. Jayashree Ashok Patil

Designation :

Director

Address :

Vascon Paradis, Phase III, Bunglow No.4, Baner Road, Pune - 411045, India

Date of Birth/Age :

28.11.1956

Date of Appointment :

11.12.2003

DIN No.:

02419826

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29198MH1985PTC037205	DEWPOINT AIR AND SYSTEMS ENGINEERING PRIVATE LIMITED	Director	20/08/1985	20/08/1985	-	Active	NO
2	U29191PN2003PTC131970	AIR CONTROL INDIA PRIVATE LIMITED	Director	11/12/2003	11/12/2003	-	Active	NO
3	U74999PN1987PTC129572	ALPHA FLOCK (INDIA) PRIVATE LIMITED	Director	09/10/2004	09/10/2004	-	Active	NO

Name :

Mr. Nachiket Ashok Patil

Designation :

Director

Address :

Vascon Paradis, Phase III, Bunglow No.5, Baner Road, Pune - 411045, India

Date of Appointment :

09.06.2005

DIN No.:

02417598

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74999PN1987PTC129572	ALPHA FLOCK (INDIA) PRIVATE LIMITED	Director	09/10/2004	09/10/2004	-	Active	NO
2	U29191PN2003PTC131970	AIR CONTROL INDIA PRIVATE LIMITED	Director	09/06/2005	09/06/2005	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2011

Names of Shareholders	No. of Shares
Ashok Bhalchandra Patil	395000
Jayashree Ashok Patil	5000
Total	400000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporters of Industrial Machinery including Heating, Cooling and Other Air Conditioning Equipments.

GENERAL INFORMATION

Suppliers :

· Combined Digilog System Private Limited

· Cosmos Agencies

· Reight System India Private Limited

· Girikand Travells Private Limited

· Gajara Glass Fibre Private Limited

· H.J.International

· Interport Global Logistics Private Limited - Mumbai

· Kalpana Steel Works

· Manish Ghia and Associates

· Marin Electricals

· Mars Consultancy and Placements

· Magnet Engineers

· Mytham Ship Maintenance

· Milind Enterprises

· Mistry Traders

· Mitcon Consultancy Services

· N. Fabricators

· Nirav Insulation

· Nirav Projects

· Noble Corporation - Pune

· Nibha Industries - Gujrat

Customers :

· Modest infrastructure Private Limited

· Halani International Limited

· Maharashtra State Electricity Distribution Company

· Sairaj System and Services

· One Stop Shop India Private Limited

No. of Employees :

Information denied by management

Bankers :

· Bank of Baroda, Gen-Next Branch, Admas Court, Opposite Hotel Mahabaleshwar, Baner Road, Pune – 411045, Maharashtra, India

· HDFC Bank

Facilities :

SECURED LOANS	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Bank of Baroda Loan (Against FDR (F.D. amount Rs. 1.507 Millions)	1.322	0.000
HDFC Loan Audi (Against security of car in 36 installments)	2.778	0.000
HDFC Loan BMW (Against security of car in 36 installments)	1.101	1.804
Pune People’s Co-operative Bank Loan (Against FD (FD Rs. 4.000 Millions)	3.604	0.000
Total	8.805	1.804

Banking Relations :	--
Auditors :
Name :	Anil S. Deshpande and Company Chartered Accountants
Address :	Flat no. 2, A Wing, Raghunath Apartment, C.T.S. No. 177 and 1778, Kothrud Goanthan, Pune – 411038, Maharashtra, India
Tel. No.:	91-20-25399274/25399275
PAN No.:	ABDPD7291A

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
400000	Equity Shares	Rs. 10/- each	Rs. 4.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		4.000	4.000	4.115
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		18.639	6.794	1.033
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		22.639	10.794	5.148
LOAN FUNDS
1] Secured Loans		8.805	1.804	0.128
2] Unsecured Loans		29.691	27.167	0.000
TOTAL BORROWING		38.496	28.971	0.128
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		61.135	39.765	5.276
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		27.567	27.229	113.429
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		31.502	5.812	5.812
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5.181	6.231	16.750
	Sundry Debtors	17.147	11.103	9.359
	Cash & Bank Balances	9.126	14.228	3.479
	Other Current Assets	0.891	0.744	0.903
	Loans & Advances	13.187	12.464	21.402
Total Current Assets		45.532	44.770	51.893
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.331	6.441	66.499
	Other Current Liabilities	33.536	29.385	93.210
	Provisions	5.599	2.220	6.149
Total Current Liabilities		43.466	38.046	165.858
Net Current Assets		2.066	6.724	(113.965)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		61.135	39.765	5.276

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	NA	NA	166.609
Less	EXPENSES		NA	NA	135.785
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	NA	30.824
Less/ Add	DEPRECIATION/ AMORTISATION		NA	NA	33.408
	PROFIT/(LOSS) BEFORE TAX		NA	NA	(2.584)
Less	TAX		NA	NA	0.000
	PROFIT/(LOSS) AFTER TAX		NA	NA	(2.584)
	PREVIOUS YEAR’S EXPENSES		NA	NA	1.529
	PROFIT FOR THE YEAR		14.391	6.155	(4.113)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	5.146
	BALANCE CARRIED TO THE B/S		NA	NA	1.033
	Earnings Per Share (Rs.)		35.98	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	NA	(1.55)
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	(1.56)
Return on Investment (ROI) (PBT/Networth)		NA	NA	(0.50)
Debt Equity Ratio (Total Debt /Networth)		0.70	2.68	0.02
Current Ratio (Current Asset/Current Liability)		1.05	1.17	0.31

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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last One year	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	No
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	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	No
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 LOANS:

Particulars	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
A.B. Patil – Current A/c	6.261	3.078
A.B. Patil Loan A/c	10.387	10.386
Dew Point Air and System Current A/c	12.516	13.176
Mrs. J.A. Patil	0.527	0.527
Total	29.691	27.167

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10142372	05/03/2012 *	35,000,000.00	BANK OF BARODA	GEN-NEXT BRANCH, ADAMS COURT, OPP. HOTEL MAHABAL ESHWAR, BANER ROAD, PUNE, Maharashtra - 411045, INDIA	B35134477

* Date of modification charge

FINANCIAL RESULT:

During this year company has earned profit of Rs. 14.391 Millions during this year. The board is expecting more profit in coming years.

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 :	SVA
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	3
--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	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		28

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.