MIRA INFORM REPORT

Report Date :

28.08.2014

IDENTIFICATION DETAILS

Name :	TORR MARKETING (INDIA) PRIVATE LIMITED
Registered Office :	Mahesh Prasad, Saraswati Baug, Jogeshwari East, Mumbai-400060, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.01.1992
Com. Reg. No.:	11-064981
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U51900MH1992PTC064981
PAN No.: [Permanent Account No.]	AAACT7757L
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of all types of Vacuum Pumps, Vacuum Ejectors and Systems.
No. of Employees :	22 (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 600
Status :	Small company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is small a company in its field. Its scales of activities are limited. The management has failed to file its financial record with government department for the year 2013. As per available financial record of 2012, the rating is constrained on account of company’s small scale of business operation and low reserves of the company. However, trade relations are reported to be fair. Business is active. Payment are terms are slow but correct. The company can be considered for small 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn

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 31-03-2014.

INFORMATION PARTED BY (General Details)

Name :	Mr. Manoj Phene
Designation :	Director
Contact No.:	91-9820085992
Date :	25.08.2014

LOCATIONS

Registered Office :	Mahesh Prasad, Saraswati Baug, Jogeshwari East, Mumbai-400060, Maharashtra, India.
Tel. No.:	91-22-28380421/28380422
Mobile No.:	91-9820085992
Fax No.:	91-22-28392575
E-Mail :	torr.mark@yahoo.co.in

DIRECTORS

As on: 30.07.2012

Name :	Mr. Manoj Phene
Designation :	Director
Address :	Mangesh Prasad, saraswati Baug, Jogeshwari (E), Mumbai – 400060, Maharashtra, India
Date of Birth/Age :	21.02.1959
Date of Appointment :	22.01.1992
DIN No.:	02857047
Name :	Mr. Tushar Durganand Phene
Designation :	Director
Address :	Mangesh Prasad, saraswati Baug, Jogeshwari (E), Mumbai – 400060, Maharashtra, India
Date of Birth/Age :	24.03.1957
Date of Appointment :	10.09.1995
DIN No.:	02857053

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.07.2012

Names of Shareholders	No. of Shares	Percentage
Manoj Durganand Phene	930	93.00
Tara Durganand Phene	20	2.00
Tushar Durganand Phene	10	1.00
Smruti Durganand Phene	10	1.00
Trupti Durganands Phene	10	1.00
Tanaya Tushar Phene	10	1.00
D.G. Phene (HUF)	10	1.00
Total	1000	100

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of all types of Vacuum Pumps, Vacuum Ejectors and Systems.
Products :	· Liquid Ring Vacuum Pumps Double Stage · Roots Blowers · Rotary Vane Vacuum Pumps Belts Drive · Rotary Vacuum Pumps Direct Drive · Liquid Ring Vacuum Pumps Single Stage · Liquid Ring Vacuum Pumps Double Stage · Diaphragm Vacuum Pumps
Exports :
Products :	Finish Good
Countries :	· South Africa · Vietnam
Imports :
Products :	Machinery
Countries :	China
Terms :
Selling :	Cash, Cheque and Credit
Purchasing :	Cash, Cheque and Credit

GENERAL INFORMATION

No. of Employees :

22 (Approximately)

Bankers :

State Bank OF India, Jogeswari (W), Mumbai-400060, Maharashtra, India

Facilities :

---- (Rs In Million)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
Loan from Bank	1.400	1.377
TOTAL	1.400	1.377

Banking Relations :
Auditors :
Name :	Rohit Chandan Company Chartered Accountants
Address :	A-6, Ultra CHS, Dilip Gupte Road, Mahim, Mumbai – 400016, Maharashtra, India
PAN No.:	AAGPC7065C

CAPITAL STRUCTURE

As on: 30.07.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011	31.03.2010
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100	0.100
(b) Reserves & Surplus	0.048	0.055	0.061
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	0.148	0.155	0.161
(3) Non-Current Liabilities
(a) long-term borrowings	3.894	3.476	2.634
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	3.894	3.476	2.634
(4) Current Liabilities
(a) Short term borrowings
(b) Trade payables	1.156	0.272	0.000
(c) Other current liabilities	0.276	0.211	0.221
(d) Short-term provisions	0.065	0.065	0.065
Total Current Liabilities (4)	1.497	0.548	0.286
TOTAL	5.539	4.179	3.081
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.040	0.046	0.054
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets		0.000	0.000
Total Non-Current Assets	0.040	0.046	0.054
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.741	0.686	0.698
(c) Trade receivables	1.673	0.371	0.179
(d) Cash and cash equivalents	2.957	2.948	2.088
(e) Short-term loans and advances	0.128	0.128	0.062
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	5.499	4.133	3.027
TOTAL	5.539	4.179	3.081

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	2.938	1.304	5.471
		Other Income	0.292	0.163	0.578
		TOTAL (A)	3.230	1.467	6.049
Less	EXPENSES
		Cost of Materials Consumed	2.066	0.494	3.671
		Purchases of Stock-in-Trade	0.000	0.000	0.000
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(0.055)	0.011	0.000
		Employees benefits expense	0.384	0.315	0.557
		Other expenses	0.665	0.435	1.532
		TOTAL (B)	3.060	1.255	5.760
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		0.170	0.212	0.289
Less	FINANCIAL EXPENSES (D)		0.171	0.209	0.065
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.001)	0.003	0.224
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.006	0.008	0.009
	PROFIT BEFORE TAX (E-F) (G)		(0.007)	(0.005)	0.215
Less	TAX (H)		0.000	0.000	0.065
	PROFIT AFTER TAX (G-H) (I)		(0.007)	(0.006)	0.150
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.055	0.061	(0.089)
	BALANCE CARRIED TO THE B/S		0.048	0.055	0.061
	Earnings Per Share (Rs.)		(0.01)	(0.01)	150

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(0.22)	(0.41)	2.48
Net Profit Margin (PBT/Sales)	(%)	(0.24)	(0.38)	3.93
Return on Total Assets (PBT/Total Assets}	(%)	(0.13)	(0.12)	6.98
Return on Investment (ROI) (PBT/Networth)		(0.05)	(0.03)	1.34
Debt Equity Ratio (Total Debt/Networth)		26.31	22.43	16.36
Current Ratio (Current Asset/Current Liability)		3.67	7.54	10.58

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	0.061	0.055	0.048
Net worth	0.161	0.155	0.148
long-term borrowings	2.634	3.476	3.894
Short term borrowings	0.000	0.000	0.000
Total borrowings	2.634	3.476	3.894
Debt/Equity ratio	16.360	22.426	26.311

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	5.471	1.304	2.938
		(76.165)	125.307

NET PROFIT MARGIN

Net Profit Margin	31.03.2010	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	5.471	1.304	2.938
Profit	0.150	(0.006)	(0.007)
	2.74%	(0.46%)	(0.24%)

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	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)	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 Million)

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Borrowing
Loan and Advances from related Parties	2.494	2.099
TOTAL	2.494	2.099

FIXED ASSETS:-

· Machine and Tools

· Typewriter

· Computer

· Furniture

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.60.46
UK Pound	1	Rs.100.14
Euro	1	Rs.79.65

INFORMATION DETAILS

Information Gathered by :	HLT
Analysis Done by :	KRN
Report Prepared by :	MTN

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	3
--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	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.