1. Summary Information

		Country	India
Company Name	NEWAGE FIRE PROTECTION ENGINEERS PRIVATE LIMITED	Principal Name 1	Mr. Mitul Bharat Shah
Status	Moderate	Principal Name 2	Mr. Milind Ashok Shah
		Registration #	11-187858
Street Address	101-102, Champaklal Udyog Bhavan, Sion (East), Mumbai – 400022, Maharashtra
Established Date	31.10.2008	SIC Code	--
Telephone#	91-22-24077421	Business Style 1	Trader
Fax #	91-22-24074229	Business Style 2	Exporter
Homepage	www.newagefireprotection.com	Product Name 1	Fire Fighting Equipments and Systems
# of employees	100 (Approximately)	Product Name 2	--
Paid up capital	Rs.5,350,000/-	Product Name 3	--
Shareholders	Directors or relatives of Directors - 95.33% Other top fifty shareholders - 4.67%	Banking	Bank of Baroda
Public Limited Corp.	NO	Business Period	5 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	B (29)
Related Company
Relation	Country	Company Name	CEO
Associates	India	Newage Fire Protection Industries Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	127,329,000	Current Liabilities	44,925,000
Inventories	10,745,000	Long-term Liabilities	56,604,000
Fixed Assets	1,707,000	Other Liabilities	9,201,000
Deferred Assets	0,000	Total Liabilities	110,730,000
Invest& other Assets	0,000	Retained Earnings	23,701,000
		Net Worth	29,051,000
Total Assets	139,781,000	Total Liab. & Equity	139,781,000
Total Assets (Previous Year)	77,423,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	NA	Net Profit	13,236,000
Sales(Previous yr)	193,492,000	Net Profit(Prev.yr)	5,560,000

MIRA INFORM REPORT

Report Date :

21.10.2013

IDENTIFICATION DETAILS

Name :	NEWAGE FIRE PROTECTION ENGINEERS PRIVATE LIMITED
Registered Office :	101-102, Champaklal Udyog Bhavan, Sion (East), Mumbai – 400022, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.10.2008
Com. Reg. No.:	11-187858
Capital Investment / Paid-up Capital :	Rs.5.350 Millions
CIN No.: [Company Identification No.]	U74900MH2008PTC187858
TAN No.: [Tax Deduction & Collection Account No.]	MUMN166608E
PAN No.: [Permanent Account No.]	AACCN9026C
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Exporter and Importer of Fire Fighting Equipments and Systems.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 116000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There are huge external borrowings recorded by the company during 2012. The ratings is taken into consideration vulnerability of the company’s profitability to stiff competitive pressures and fluctuations in the cost of raw materials. However, trade relations are reported as fair. Business is active. Payment are reported to be slow but correct. 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term rating BB
Rating Explanation	Have moderate risk of default
Date	March, 2013

Rating Agency Name	ICRA
Rating	Short term rating A4
Rating Explanation	Have minimial degree of safety and carry very high credit risk.
Date	March, 2013

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 (GENERAL DETAILS)

Name :	Mr. Manish
Designation :	Accountant
Contact No.:	91-22-24077421
Date :	10.10.2013

LOCATIONS

Registered Office :	101-102, Champaklal Udyog Bhavan, Sion (East), Mumbai – 400022, Maharashtra, India
Tel. No.:	91-22-24077421
Fax No.:	91-22-24074229
E-Mail :	manish@newagefireprotection.com
Website:	www.newagefireprotection.com
Head Office :	7, Champaklal Industrial Estate, Sion (East), Mumbai – 400022, Maharashtra, India
Tel. No.:	91-22-24077421 / 43511500
Fax No.:	91-22-24074229 / 24071320
E-Mail :	Info@newagefireprotection.com

DIRECTORS

As on: 29.09.2012

Name :	Mr. Mitul Bharat Shah
Designation :	Whole-time director
Address :	471/A, Bhanukunj, Adenwala Road, Matunga, Mumbai – 400019, Maharashtra, India
Date of Birth/Age :	13.11.1979
Date of Appointment :	31.10.2008
DIN No.:	01344606
Name :	Mr. Milind Ashok Shah
Designation :	Whole-time director
Address :	3^rd Floor, Ganga Niwas, 521-C, Adenwala Road, Matunga, Mumbai – 400019, Maharashtra, India
Date of Birth/Age :	02.09.1978
Date of Appointment :	31.10.2008
DIN No.:	01565881
Name :	Mr. Bharat Jayantilal Shah
Designation :	Director
Address :	471/A, Bhanukunj, Adenwala Road, Matunga, Mumbai – 400019, Maharashtra, India
Date of Birth/Age :	27.10.1949
Date of Appointment :	20.09.2010
DIN No.:	00398691
Name :	Mr. Nikhil Ashok Shah
Designation :	Director
Address :	521/C, Ganga Niwas, 3^rd Floor, Adenwalla Road, Matunga, Mumbai – 400019, Maharashtra, India
Date of Birth/Age :	08.11.1980
Date of Appointment :	20.09.2010
DIN No.:	01803161

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Mitul Bharat Shah	165000
Milind Ashok Shah	162500
Ashok Jayantilal Shah	2500
Leena B. Shah	45000
Bharat J. Shah HUF	45000
Daksha A. Shah	45000
Ashok J Shah HUF	45000
Prraneta Industries Limited, India	10000
Shri Ganesh Spinners Limited, India	7500
Emporis Projects Limited, India	7500
Total	535000

As on: 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	95.33
Other top fifty shareholders	4.67
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Exporter and Importer of Fire Fighting Equipments and Systems.
Exports :
Products :	Fire Fighting Equipments and Systems
Countries :	USA Middle East
Imports :
Products :	Fire Fighting Equipments and Systems
Countries :	China Taiwan Korea
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

100 (Approximately)

Bankers :

Bank of Baroda, Sion West Branch, 36, Sion House, Sion Kurla Road, Sion West, Mumbai – 400022, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 [Rs. in Millions]
Short Term Borrowing
Loans repayable on demand
From Bank	36.397
Total	36.397

Secured Loan	31.03.2011 (Rs. In Millions)
Bank of Baroda – Sion CC Account (Secured against hypothecation of Stock and Book Debts)	19.101
Total	19.101

NOTE :

Security for Secured Loans

Working capital facilities with Bank of Baroda (Fund Based) aggregating to Rs. 60.000 Millions (previous year Nil), Import LC with Bank of Baroda (fund based) aggregating to Rs. 27.500 Millions and Bank Guarantee Rs. 30.000 Millions are secured by way of composite hypothecation agreement for stocks, book debts.

Banking Relations :	--
Auditors :
Name :	K. P. Shah and Company Chartered Accountants
Address :	11-B, 1^st Floor, Khatau Building, A D Mody marg, Fort, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-22664559 / 60
Fax No.:	91-21-22665195
PAN No.:	AAJPS3098P
Associates :	Tivoli Invest and Trading Company Private Limited Newage Fire Protection Industries Private Limited Universal Fire Equipments Corporation Blindex Rubber Private Limited New Age Industries Newage Hose Mfg Company Fitech Equipments India Private Limited Mighty Investment and Trading Company Private Limited Implicit Investment and Trading Company Private Limited

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
600000	Equity Shares	Rs.10/- each	Rs.6.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
535000	Equity Shares	Rs.10/- each	Rs.5.350 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.350
(b) Reserves & Surplus	23.701
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	29.051
(3) Non-Current Liabilities
(a) long-term borrowings	20.207
(b) Deferred tax liabilities (Net)	0.026
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	20.233
(4) Current Liabilities
(a) Short term borrowings	36.397
(b) Trade payables	37.296
(c) Other current liabilities	7.629
(d) Short-term provisions	9.175
Total Current Liabilities (4)	90.497
TOTAL	139.781
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.707
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	2.065
(e) Other Non-current assets	3.899
Total Non-Current Assets	7.671
(2) Current assets
(a) Current investments	0.000
(b) Inventories	10.745
(c) Trade receivables	91.610
(d) Cash and cash equivalents	19.980
(e) Short-term loans and advances	9.300
(f) Other current assets	0.475
Total Current Assets	132.110
TOTAL	139.781

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.350	0.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		10.469	0.159
4] (Accumulated Losses)		0.000	0.000
NETWORTH		15.819	0.259
LOAN FUNDS
1] Secured Loans		19.101	0.000
2] Unsecured Loans		7.106	0.106
TOTAL BORROWING		26.207	0.106
DEFERRED TAX LIABILITIES		0.024	0.000
TOTAL		42.050	0.365
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.364	0.000
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9.938	0.306
	Sundry Debtors	56.401	0.943
	Cash & Bank Balances	6.137	0.428
	Other Current Assets	0.000	0.000
	Loans & Advances	3.423	1.362
Total Current Assets		75.899	3.039
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	26.064	2.661
	Other Current Liabilities	6.469	0.000
	Provisions	2.840	0.090
Total Current Liabilities		35.373	2.751
Net Current Assets		40.526	0.288
MISCELLANEOUS EXPENSES		0.160	0.077
TOTAL		42.050	0.365

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	193.492	4.429
		Other Income	NA	0.000	0.004
		TOTAL (A)	NA	193.492	4.433
Less	EXPENSES
		Cost of goods sold		185.158	3.725
		Administrative Expenses			0.292
		Preliminary Expenses Written off			0.019
		Auditor Remuneration			0.017
		Sales tax paid			0.114
		TOTAL (B)	NA	185.158 (Including Financial Expenses and Depreciation)	4.167
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				0.266
Less	FINANCIAL EXPENSES (D)				0.017
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				0.249
Less/ Add	DEPRECIATION/ AMORTISATION (F)				0.000
	PROFIT BEFORE TAX (E-F) (G)		19.661	8.334	0.249
Less	TAX (H)		6.425	2.774	0.090
	PROFIT AFTER TAX (G-H) (I)		13.236	5.560	0.159
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.719	0.159	0.000
	BALANCE CARRIED TO THE B/S		18.955	5.719	0.159
	EARNINGS IN FOREIGN CURRENCY		15.348	28.714	0.000
	IMPORTS
		CIF Value of Import	130.651	27.965	NA
	TOTAL IMPORTS		130.651	27.965	NA
	Earnings Per Share (Rs.)		25.00	10.39	15.90

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	2.87	3.59
Net Profit Margin (PBT/Sales)	(%)	NA	NA	5.62
Return on Total Assets (PBT/Total Assets}	(%)	14.06	10.79	8.19
Return on Investment (ROI) (PBT/Networth)		0.68	0.53	0.96
Debt Equity Ratio (Total Debt /Networth)		1.95	3.89	11.03
Current Ratio (Current Asset/Current Liability)		1.46	2.15	1.10

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 two 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	Yes
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	Yes

NOTE:

The registered office address of the company has been shifted from “7, Champaklal Udyog Bhavan, Sion (East), Mumbai – 400022, Maharashtra, India” to the present address w.e.f. 01.06.2010

UNSECURED LOAN:

Unsecured Loan	31.03.2012 [Rs. in Millions]
Long Term Borrowing
Loans and Advances from related parties	20.207
Total	20.207

Particulars	31.03.2011 (Rs. In Millions)
From Companies under the same management	7.106
From Director	0.000
Total	7.106

INDEX CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10284903	16/03/2011	117,500,000.00	Bank of Baroda	Sion West Branch, 36, Sion House, Sion Kurla Road, Sion West, Mumbai, Maharashtra - 400022, INDIA	B11901741

FIXED ASSETS:

• Computers
• Plant and Machinery
• Printer
• Motor Car Punto

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 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.61.28
UK Pound	1	Rs.99.03
Euro	1	Rs.83.80

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	ANK

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	4
--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		29

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.