MIRA INFORM REPORT

Report Date :

29.10.2014

IDENTIFICATION DETAILS

Name :	TEMASME VESELEX INDIA PRIVATE LIMITED
Registered Office :	81, Aravali Apartments, Alaknanda, New Delhi – 110019, Delhi
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.01.2011
Com. Reg. No.:	55 - 213054
Capital Investment / Paid-up Capital :	Rs. 1.527 Millions
CIN No.: [Company Identification No.]	U29253DL2011PTC213054
IEC No.:	0510012183
PAN No.: [Permanent Account No.]	AZUPS3980L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter, and Supplier of Heat Recovery System, Oil Cooler Exporter, After Cooler Manufacturer, Pressure Vessels, Finned Tube Bundles and other products.
No. of Employees :	65 [Approximately]

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 20000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has taken huge external borrowing, which acts as threatening to the liquidity position of the company. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

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

Name :	Mr. Raghavendra
Designation :	Accountant
Contact No.:	91-9350840377
Date :	21.10.2014

LOCATIONS

Registered Office :	81, Aravali Apartments, Alaknanda, New Delhi-110019, India
Tel. No.:	Not Available
Mobile No.:	91-9350840377 [Mr. Raghavendra]
Fax No.:	Not Available
E-Mail :	mail@temasme.com
Website :	http://www.temasme.com
Factory :	D-38, Sector 11, Noida-201301, Uttar Pradesh, India
Tel. No.:	91-120-4226727/4226728/4226729
Fax No.:	91-120-4226730
Area :	1300 sq. ft.
Location :	Owned

DIRECTORS

As on 30.09.2013

Name :

Mr. Amar Dalip Singhani

Designation :

Director

Address :

120, Aravali Apartments, Alaknanda, New Delhi - 110019, Delhi, India

Date of Birth/Age :

09.11.1793

Date of Appointment :

25.01.2011

DIN No.:

03231400

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	U29253DL2011PTC213054	TEMASME VESELEX INDIA PRIVATE LIMITED	Director	25/01/2011	25/01/2011	-	Active	NO
2	U70109DL2012PTC243202	TEMASME CASTLES INDIA PRIVATE LIMITED	Director	05/10/2012	05/10/2012	-	Active	NO

Name :

Mrs. Amita Amar Singhani

Designation :

Director

Address :

120, Aravali Apartments, Alaknanda, New Delhi - 110019, Delhi, India

Date of Birth/Age :

08.06.1973

Date of Appointment :

25.01.2011

DIN No.:

03231418

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	U29253DL2011PTC213054	TEMASME VESELEX INDIA PRIVATE LIMITED	Director	25/01/2011	25/01/2011	-	Active	NO
2	U70109DL2012PTC243202	TEMASME CASTLES INDIA PRIVATE LIMITED	Director	05/10/2012	05/10/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Raghavendra
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Amar Singhani	151700
Amita Singhani	1000
TOTAL	152700

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Equity Shares Break Up	Percentage of Holding
Directors or relatives of directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter, and Supplier of Heat Recovery System, Oil Cooler Exporter, After Cooler Manufacturer, Pressure Vessels, Finned Tube Bundles and other products
Products :	· Heat Exchangers · Inter Cooler · After Cooler · Oil Cooler · Fin Tube Cooler · Air Receiver · Pressure Vessel · Chillers · Condenser · Process Condenser
Exports :
Products :	Shell and Tube Heat Exchangers
Countries :	Thailand
Imports :
Products :	Shell and Tube Heat Exchangers
Countries :	USA
Terms :
Selling :	Cash and Credit (90 days)
Purchasing :	Cash and Credit (90 days)

GENERAL INFORMATION

Customers :

Wholesalers, Retailers and End Users

No. of Employees :

65 (Approximately)

Bankers :

· AXIS Bank

· HDFC Bank Overdraft

· Bajaj Finance Limited

· DCB Bank Limited

· Dhawan Housing Finance Limited

· ICICI Bank

· HDFC Bank

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
a) AXIS Bank Car Loan	0.000	0.235
b) HDFC Bank Overdraft	2.621	0.000
c) Bajaj Finance Limited	3.987	4.085
d) DCB Bank Limited	6.414	8.921
e) Dhawan Housing Finance Limited	10.634	10.882
f) ICICI Bank	3.009	3.094
g) HDFC Car Loan	0.789	1.117
Total	27.454	28.334

Banking Relations :	---
Financial Institution :	Dewan Housing Finance Corporate Limited, Waeden House 2^nd floor, Sir P. M. Road, Mumbai – 400001, Maharashtra, India
Auditors :
Name :	SCG and Associates Chartered Accountant
Address :	1212, T – 2, Twelth Floor, Pearls Omaxe, Neta Ji Subhash Place, Pitam Pura, New Delhi – 110088, Delhi, India.
PAN No.:	AAPFS7146A

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
152700	Equity Shares	Rs.10/- each	Rs. 1.527 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.527	1.527	1.527
(b) Reserves & Surplus	5.786	2.817	0.188
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.030
Total Shareholders’ Funds (1) + (2)	7.313	4.344	1.745
(3) Non-Current Liabilities
(a) long-term borrowings	27.454	28.334	5.125
(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)	27.454	28.334	5.125
(4) Current Liabilities
(a) Short term borrowings	4.125	1.800	0.019
(b) Trade payables	35.344	50.821	50.898
(c) Other current liabilities	9.400	7.288	5.020
(d) Short-term provisions	1.422	1.183	0.032
Total Current Liabilities (4)	50.291	61.092	55.969
TOTAL	85.058	93.770	62.839
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.576	4.704	3.947
(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	23.195	25.845	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	0.000
Total Non-Current Assets	28.771	30.549	3.947
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	23.064	27.236	11.017
(c) Trade receivables	26.890	24.938	37.001
(d) Cash and cash equivalents	0.841	2.164	2.707
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	5.492	8.883	8.167
Total Current Assets	56.287	63.221	58.892
TOTAL	85.058	93.770	62.839

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
TURNOVER	84.790	106.599	12.453
EXPENSES	80.589	102.912	12.118
NET PROFIT	4.360	3.820	0.335

Particulars	31.03.2014
Sales Turnover (Approximately)	100.000

Expected Sales (2014-15) Rs. 100.000 Million

The above information has been parted by Mr. Raghavendra.

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt /Networth)	4.32	6.94	2.95
Current Ratio (Current Asset/Current Liability)	1.12	1.03	1.05

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.527	1.527	1.527
Reserves & Surplus	0.188	2.817	5.786
Net worth	1.715	4.344	7.313
long-term borrowings	5.125	28.334	27.454
Short term borrowings	0.019	1.800	4.125
Total borrowings	5.144	30.134	31.579
Debt/Equity ratio	2.999	6.937	4.318

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Turnover	12.453	106.599	84.790
		756.011	(20.459)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	12.453	106.599	84.790
Profit	0.335	3.820	4.360
	2.69%	3.58%	5.14%

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	No
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
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

UNSECURED LOAN

(Rs. In Millions)

PARTICULAR	As on 31.03.2013	As on 31.03.2012
Short Term Borrowing
a) Mr. Batra	1.575	0.000
b) Purva Singhani	0.450	1.800
c) Due to Director	2.100	0.000
Total	4.125	1.800

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10340806	31/01/2012	10,920,000.00	DEWAN HOUSING FINANCE CORPORATION LIMITED	WARDEN HOUSE 2ND FLOORSIR P M ROAD, FORT, MUMBAI,  MAHARASHTRA - 400001, INDIA	B34425462
2	10340991	31/01/2012	10,920,000.00	DEWAN HOUSING FINANCE CORPORATION LIMITED	WARDEN HOUSE 2ND FLOORSIR P M ROAD, FORT, MUMBAI,  MAHARASHTRA - 400001, INDIA	B34422600

FIXED ASSETS

· Air Conditioner

· Air Compressor

· Bicycle

· Books and Periodicals

· Camera

· Car – Skoda

· Computer

· D. G. Set

· Electric Machine (Micro Wave)

· EOT Crane

· Equipment and Instruments

· Fire Extinguisher

· Frieze Machine

· Furniture and Fixture

· Grinder Machine

· Machine (Attendance)

· Machinery

· Mobile

· Motor Type Pump Set

· Note Counting Machine

· Printer

· UPS

· Welding Machine

· Car - Toyota

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.61.35
UK Pound	1	Rs.98.93
Euro	1	Rs.77.92

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	KVT

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	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		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.