MIRA INFORM REPORT

Report Date :

20.09.2014

IDENTIFICATION DETAILS

Name :	TECHFAB INTERNATIONAL PRIVATE LIMITED
Registered Office :	507, Eros Apartments, 56, Nehru Place, New Delhi - 110019
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.11.2006
Com. Reg. No.:	55-181961
Capital Investment / Paid-up Capital :	Rs.15.250 Millions
CIN No.: [Company Identification No.]	U51909DL2006PTC181961
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and exporter of i. v. cannulae, endotracheal tubes, foley catheters, surgical instruments, medical disposables.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 281000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions.

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 DENIED

MANAGEMENT NON CO-OPERATIVE (91-129-2272490)

LOCATIONS

Registered Office :	507, Eros Apartments, 56, Nehru Place, New Delhi – 110019, India
Tel. No. :	91-11- 26415961
Fax No. :	91-11- 26221521
E-Mail :	nakulg@techfabinternational.com techfab@techfabinternational.com
Corporate Office :	Plot No.5, Sector 27C, Mathura Road, Faridabad – 121003, Haryana, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Nakul Gupta

Designation :

Managing Director

Address :

S-481, Greater Kailash-II, New Delhi – 110048, India

Date of Birth/Age :

30.08.1971

Date of Appointment :

11.12.2006

DIN No. :

00012106

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	L74210DL1971PLC005712	TECHNOFAB ENGINEERING LIMITED	Whole-time director	01/04/08	01/12/99	-	Active	NO
2	U51909DL2006PTC181961	TECHFAB INTERNATIONAL PRIVATE LIMITED.	Managing director	11/12/06	29/11/06	-	Active	NO
3	U52100DL2009PTC204851	BAKOOL VENTURE PRIVATE LIMITED	Director	18/09/09	18/09/09	31/03/12	Active	NO
4	U45400DL2011PTC216145	CHASHA LANDS PRIVATE LIMITED	Director	18/03/11	18/03/11	-	Active	NO
5	U51909DL2013PTC246966	JOYLUCK VENTURE (INDIA) PRIVATE LIMITED	Director	03/01/13	03/01/13	-	Active	NO

Name :

Mrs. Sucheta Sarvadaman Nakul

Designation :

Whole-time Director

Address :

S-481, Greater Kailash-II, New Delhi – 110048, India

Date of Birth/Age :

10.01.1971

Date of Appointment :

01.04.2008

DIN No. :

00370947

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	U51909DL2006PTC181961	TECHFAB INTERNATIONAL PRIVATE LIMITED.	Whole-time director	01/04/08	29/11/06	-	Active	NO
2	U45400DL2011PTC216145	CHASHA LANDS PRIVATE LIMITED	Director	18/03/11	18/03/11	-	Active	NO
3	U51909DL2013PTC246966	JOYLUCK VENTURE (INDIA) PRIVATE LIMITED	Director	03/01/13	03/01/13	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	%age
Nakul Gupta	1372500	90.00
Sucheta Sarvadaman Nakul	152500	10.00
Total	1525000	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and exporter of i. v. cannulae, endotracheal tubes, foley catheters, surgical instruments, medical disposables.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Oriental Bank of Commerce

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Vehicle loans (Secured against vehicles financed)	1.107	0.000
SHORT TERM BORROWINGS
Packing credit / working capital loan from Oriental Bank of commerce	0.000	2.200
Vehicle loans	0.300	0.025
Total	1.407	2.225

Banking Relations :	--
Auditors :
Name :	P. Bholusaria and Company Chartered Accountants
Address :	26/11, Shakti Nagar, Delhi – 110007, India
Tel. No. :	91-11-238414167 / 23845925
PAN No. :	AAAFP3935H
Holding Company :	Joyluck venture (India) Private Limited
Enterprises under common control / enterprises :	v Technofab Engineering Limited v Tehfab Systems Private Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1525000	Equity Shares	Rs.10/- each	Rs.15.250 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	15.250	6.100	6.100
(b) Reserves & Surplus	55.019	42.863	29.295
(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)	70.269	48.963	35.395
(3) Non-Current Liabilities
(a) long-term borrowings	5.107	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	4.649	0.000	0.000
(d) long-term provisions	3.549	2.961	0.000
Total Non-current Liabilities (3)	13.305	2.961	0.000
(4) Current Liabilities
(a) Short term borrowings	0.305	2.229	5.569
(b) Trade payables	153.490	70.142	71.322
(c) Other current liabilities	35.431	14.950	13.119
(d) Short-term provisions	13.540	7.139	9.778
Total Current Liabilities (4)	202.766	94.460	99.788
TOTAL	286.340	146.384	135.183
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.933	2.459	3.048
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	2.020	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	5.600	0.000	0.000
(c) Deferred tax assets (net)	1.335	1.136	0.886
(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	12.888	3.595	3.934
(2) Current assets
(a) Current investments	6.930	8.434	4.666
(b) Inventories	0.000	0.000	0.943
(c) Trade receivables	125.610	16.869	35.682
(d) Cash and cash equivalents	67.617	28.149	36.582
(e) Short-term loans and advances	73.295	89.337	53.376
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	273.452	142.789	131.249
TOTAL	286.340	146.384	135.183

NOTE: Profit and Loss of the company is Not Available.

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt/Networth)	0.08	0.05	0.16
Current Ratio (Current Asset/Current Liability)	1.35	1.51	1.32

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	6.100	6.100	15.250
Reserves & Surplus	29.295	42.863	55.019
Net worth	35.395	48.963	70.269
long-term borrowings	0.000	0.000	5.107
Short term borrowings	5.569	2.229	0.305
Total borrowings	5.569	2.229	5.412
Debt/Equity ratio	0.157	0.046	0.077

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	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	No
12]	Profitability for last three years	No
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	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	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 304, Shah and Nahar Industrial Estate, Off. Dr. E Moses Road, Worli Mumbai – 400018, Maharashtra, India to the present address w.e.f. 02.07.2008

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
From Directors	4.000	0.000
SHORT TERM BORROWINGS
From Directors	0.005	0.004
Total	4.005	0.004

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10495441	07/04/2014	850,000.00	ORIENTAL BANK OF COMMERCE	OVERSEAS BRANCH, M-33 GREATER KAILASH PART-2, NEW DELHI, Delhi - 110048, INDIA	C03640133
2	10441345	28/06/2013	40,000,000.00	ORIENTAL BANK OF COMMERCE	OVERSEAS BRANCH, M-33 GREATER KAILASH PART-2, NEW DELHI, Delhi - 110048, INDIA	B81339475
3	10075240	17/04/2014 *	310,000,000.00	ORIENTAL BANK OF COMMERCE	OVERSEAS BRANCH, M-33 GREATER KAILASH PART-2, NEW DELHI, Delhi - 110048, INDIA	C04131504

* Date of charge modification

FIXED ASSETS

œ Furniture and Fixture

œ Office Equipment

œ Cooling System

œ Vehicles

œ Computers

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.60.80
UK Pound	1	Rs.100.06
Euro	1	Rs.78.47

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.