MIRA INFORM REPORT

Report No. :	352330
Report Date :	03.12.2015

IDENTIFICATION DETAILS

Name :	WESTERN REFRIGERATION PRIVATE LIMITED

Registered Office :	Survey No. 174/1, Kanadi Road, Naroli Village, Silvassa, Union Territory of Dadra and Nagar Haveli, Silvassa - 396235, Dadar Nagar Haveli
Tel. No.:	91-22-67161200

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	09.08.1972

Com. Reg. No.:	54-000456 [NEW] 11-015935 [OLD]

Capital Investment / Paid-up Capital :	Rs.11.984 Million

CIN No.: [Company Identification No.]	U29191DN1972PTC000456 [NEW] U29191MH1972PTC015935 [OLD]

IEC No.:	0393073432

TAN No.: [Tax Deduction & Collection Account No.]	MUMW02349E

PAN No.: [Permanent Account No.]	AAACW0012H

Legal Form :	Private Limited Liability Company

Line of Business :	The Subject is into business of manufacturing of commercial refrigeration equipment to cater to Local as well as Export Markets, its also engaged in trading business of imported freezers and kitchen equipment products. (Registered Activity)

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a subsidiary of “Hoshizaki Electric Company Limited incorporated in the year 1972 having satisfactory track record. The company has incurred a loss from its operations during the year 2014. However, general financial position of the company seems to be decent with healthy networth position along with good debt protection indicators. Further, the rating also takes into consideration strong support from its holding company and its established market position in the refrigeration industry. Trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. In view of aforesaid, the company can be considered normal 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Bank Facilities= BBB+
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	August, 2015

Rating Agency Name	ICRA
Rating	Short Term Bank Facilities=A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	August, 2015

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 31-03-2015.

INFORMATION DENIED

MANAGEMENT NON-COOPERATIVE (Tel No.: 91-22-67161200)

LOCATIONS

Registered Office / Factory 1 :	Survey No. 174/1, Kanadi Road, Naroli Village, Silvasa, Union Territory of Dadra and Nagar Haveli, Silvasa - 396235, Dadar Nagar Haveli, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	raj@westernequipments.com western@bom5.vsnl.com sales@westernequipments.com rashmisamal@westernequipments.com veer.adabala@westernequipments.com export@westernequipments.com
Website :	http://www.westernequipments.com
Area :	7000 sq.ft
Location :	Owned

Corporate Office:	7-B, Pannalal Silk Mill compound, 78 LBS Marg, Bhandup (West), Mumbai-400078, Maharashtra, India
Tel. No.:	91-22 - 67161200
Fax No.:	91-22- 67161294

Head office :	Krishna Mills Compound , close to Asian paints, L B S Marg, Behind Sonapur, Bhandup, Mumbai – 400 078, Maharashtra, India
Tel. No.:	91-22-25964497 / 25662235 67161200 / 1201 / 67161215 / 67161330 / 25607610 / 25622241
Fax No.:	91-22-67698108 / 67161294/25962257/25962275
E-Mail :	mumbai@westernequipments.com

Factory 2 :	Plot No. 288, Old Agra Road, Village Lahe, Atgaon shahpur, Taluka Thane, Maharashtra, India
Area:	5 Acre
Location :	Owned

Factory 3 :	Survey No. 174 / 1 Road, Naroli Village, Silvasa, Pune, Maharashtra, India
Location :	Owned

Factory 4 :	Survey No.19/5,21-1,22/2, Village Tump Paikee, 1,49/3, Village Vankas, Umbergam, District: Valsad Gujarat, India

Branches :	Located at: Jammu Ludhiana Chandigarh New Delhi Jaipur Lucknow Patna Guwahati Kolkata Ahmedabad Mumbai Pune Nasik Hyderabad Bangalore Chennai Coimbatore Cochin

DIRECTORS

As on 29.09.2014

Name :

Mr. Harmeet Singh Bhupender Singh Machre

Designation :

Managing Director

Address :

51. MICASA, Central Avenue, Santacruz (West), Mumbai - 400054, Maharashtra, India

Date of Birth/Age :

05.03.1972

Date of Appointment :

28.03.2009

PAN No.:

AAFPM0355D

DIN No.:

00084003

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	U29191MH1996PTC101532	INDO-WESTERN REFRIGERATION PRIVATE LIMITED	Managing director	01/08/1996	01/08/1996	-	Amalgamated	NO
2	U63022TN2001PTC046711	WESTERN FARM FRESH PRIVATE LIMITED	Director	28/02/2001	28/02/2001	-	Active	NO
3	U63022MH2001PTC133112	WESTERN SUPERFRESH STORES PRIVATE LIMITED	Director	20/08/2001	20/08/2001	-	Active	NO
4	U29299MH2003PTC141150	ETNA WESTERN ASIA PRIVATE LIMITED	Director	02/07/2003	02/07/2003	-	Active	NO
5	U29191MH1995PTC084389	WESTERN AIRCONDITIONING AND REFRIGERATION PRIVATE LIMITED	Whole-time director	26/12/2006	26/12/2006	-	Active	NO
6	U29191DN1972PTC000456	WESTERN REFRIGERATION PRIVATE LIMITED	Managing director	28/03/2009	28/03/2009	-	Active	NO
7	U29253MH2012PTC234428	WESTERN COOLERS AND FREEZERS PRIVATE LIMITED	Director	14/08/2012	14/08/2012	-	Active	NO

Name :

Mr. Parmeet Singh Bhupinder Singh Machre

Designation :

Whole Time Director

Address :

51, Micasa, Central Avenue, Santacruz (West), Mumbai-400054, Maharashtra, India

Date of Birth/Age :

21.11.1973

Date of Appointment :

15.12.1993

PAN No.:

AADPM5659A

DIN No.:

00114467

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	U29191DN1972PTC000456	WESTERN REFRIGERATION PRIVATE LIMITED	Director	15/12/1993	15/12/1993	-	Active	NO
2	U63022TN2001PTC046711	WESTERN FARM FRESH PRIVATE LIMITED	Director	28/02/2001	28/02/2001	-	Active	NO
3	U63022MH2001PTC133112	WESTERN SUPERFRESH STORES PRIVATE LIMITED	Director	20/08/2001	20/08/2001	-	Active	NO
4	U29299MH2003PTC141150	ETNA WESTERN ASIA PRIVATE LIMITED	Director	02/07/2003	02/07/2003	-	Active	NO
5	U29191MH1995PTC084389	WESTERN AIRCONDITIONING AND REFRIGERATION PRIVATE LIMITED	Whole-time director	26/12/2006	26/12/2006	-	Active	NO
6	U45400MH2007PTC171601	Western Realty Services Private Limited	Director	13/06/2007	13/06/2007	-	Active	NO
7	U29253MH2012PTC234428	WESTERN COOLERS AND FREEZERS PRIVATE LIMITED	Director	14/08/2012	14/08/2012	-	Active	NO

Name :

Akira Kamiya

Designation :

Director

Address :

201 Vancouer 1105, 5-26 Meitou Hondori, Meitou - Ku, Nagoya, Aichi, Na, Japan

Date of Appointment :

23.01.2013

DIN No.:

06477584

Name :

Shabbir Firoz Shafiqui

Designation :

Director

Address :

221, Bora Bazar St, 4th Floor, Flat 15, Fort, Mumbai - 400001, Maharashtra, India

Date of Appointment :

23.01.2013

DIN No.:

06464131

KEY EXECUTIVES

Name :	Rashmi Ranjan Samal
Designation :	Secretary
Address :	G-4, A Wing, Shivlok CHS, Sector 2, Airoli, Navi Mumbai - 400078, Maharashtra, India
Date of Birth/Age :	20.06.2975
Date of Appointment :	20.12.2012
PAN No.:	AUTPS1416P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Names of Shareholders		No. of Shares
Machre Gopalsingh Bhupindersingh		1
Parmeet Singh B, Machre HUF		65000
Harmeet Singh B. Machre HUF		65000
Master Aviraj H. Singh		99777
Master Paviraj P. Singh		99777
Rupa A. Sahani		40059
Gunveen A. Sahani		20000
Saneesha A. Sahani		20000
Master Rajveer H. Singh		94722
Master Paramraj P. Singh		94722
Hoshizaki Electric Company Limited, Japan		599298
Total		1198356

As on 29.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.01
Directors or relatives of Directors	49.99
Total	100.00

BUSINESS DETAILS

Line of Business :

The Subject is into business of manufacturing of commercial refrigeration equipment to cater to Local as well as Export Markets, its also engaged in trading business of imported freezers and kitchen equipment products. (Registered Activity)

Products :

Product Description	ITC Code
Refrigeration and freezing Equipment and display cabinets	84185000
Oven and Fries	84171000
Tea/Coffee vending machine	84186930

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	IDBI Bank Limited
Branch	IDBI Tower WTC Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-66552277 (Denied to part details)
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Bank Name	Canara Bank
Branch	Worli Branch, Marthanda Building, Dr. A. B. Road, Worli, Mumbai - 400018, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	91-22-24932840/6693 (Continuously Ringing)
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

SECURED LOANS	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Rupee Term loan from bank	0.000	16.069
Loan taken for fixed assets	4.565	3.756
Short Term Borrowings
Working Capital Loan from bank	406.496	340.667
Total	411.061	360.492

Auditors :
Name :	Deloitte Haskins and Sells LLP Chartered Accountants
Address :	Mumbai, Maharashtra, India
PAN No.:	AACFD4815A

Memberships :	--

Collaborators :	--

Holding Company :	Hoshizaki Electric Company Limited, Japan

Subsidiary Companies :	Haikawa Industries Private Limited Western Coolers and Freezers Private Limited U29253MH2012PTC234428

Fellow Subsidiary Companies:	Hoshizaki Singapore PTE Limited Lancer International Sales Lancer Corporation Hoshizaki Lancer Hoshizaki America, INC Hoshizaki Europe Limited Hoshizaki Suzhou Company Limited Hoshizaki Taiwan, INC.

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	Western Airconditioning and Refrigeration Private Limited (U29191MH1995PTC084389) Western Farm Fresh Private Limited (U63022TN2001PTC046711) Western Superfresh Stores Private Limited (U63022MH2001PTC133112) Etna Western Asia Private Limited (U29299MH2003PTC141150)

CAPITAL STRUCTURE

As on 29.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

6000000	Equity Shares	Rs.10/- each	Rs.60.000 Million
10000	Preference Shares	Rs.10/- each	Rs.0.100 Million
	Total		Rs.60.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1198356	Equity Shares	Rs.10/- each	Rs.11.984 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	11.984	11.984	9.981
(b) Reserves & Surplus	1185.774	1236.425	672.993
(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)	1197.758	1248.409	682.974

(3) Non-Current Liabilities
(a) long-term borrowings	467.333	19.825	41.994
(b) Deferred tax liabilities (Net)	37.806	56.923	53.554
(c) Other long term liabilities	3.051	2.392	3.285
(d) long-term provisions	6.455	4.120	2.050
Total Non-current Liabilities (3)	514.645	83.260	100.883

(4) Current Liabilities
(a) Short term borrowings	723.467	530.752	543.583
(b) Trade payables	998.207	802.887	751.689
(c) Other current liabilities	119.281	108.756	178.286
(d) Short-term provisions	1.875	14.485	31.140
Total Current Liabilities (4)	1842.830	1456.880	1504.698

TOTAL	3555.233	2788.549	2288.555

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	898.456	498.448	412.739
(ii) Intangible Assets	6.789	4.134	3.056
(iii) Capital work-in-progress	131.413	27.039	8.446
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.218	58.916	59.067
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	97.049	52.772	48.016
(e) Other Non-current assets	35.980	132.677	109.520
Total Non-Current Assets	1169.905	773.986	640.844

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1087.865	967.749	879.934
(c) Trade receivables	941.590	896.023	652.576
(d) Cash and cash equivalents	213.310	53.378	44.593
(e) Short-term loans and advances	126.721	89.175	63.784
(f) Other current assets	15.842	8.238	6.824
Total Current Assets	2385.328	2014.563	1647.711

TOTAL	3555.233	2788.549	2288.555

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	4250.422	3845.423	3061.775
		Other Income
		TOTAL	4250.422	3845.423	3061.775

Less	EXPENSES		4124.421	3732.303	2983.434

	PROFIT/(LOSS) EXCEPTIONAL ITEM AND TEX		126.001	113.120	78.341

Less	EXCEPTIONAL ITEM		167.628	0.000	0.000

	PROFIT/(LOSS) BEFORE TAX		(41.628)	113.120	78.341

Less	TAX		9.023	47.685	28.723

	PROFIT/(LOSS) AFTER TAX		(50.651)	65.435	49.618

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		668.230	602.795	553.177

	BALANCE CARRIED TO THE B/S		617.579	668.230	602.795

	EARNINGS IN FOREIGN CURRENCY		1040.825	736.583	384.304

	Earnings Per Share (Rs.)		(42.27)	54.21	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	1.853	25.036	28.815
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	205.593	289.439	282.726
Net cash flow from operating activity	141.011	219.291	261.012

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(1.22)	4.19	3.53

Return on Investment (ROI) (PBT/Networth)		(0.03)	0.09	0.11

Debt Equity Ratio (Total Liability /Networth)		1.00	0.46	0.90

Current Ratio (Current Asset/Current Liability)		1.29	1.38	1.10

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	9.981	11.984	11.984
Reserves & Surplus	672.993	1236.425	1185.774
Share Application money pending allotment	0.000	0.000	0.000
Net worth	682.974	1248.409	1197.758

long-term borrowings	41.994	19.825	467.333
Short term borrowings	543.583	530.752	723.467
Current Maturities of Long Term Debt	28.815	25.036	1.853
Total borrowings	614.392	575.613	1192.653
Debt/Equity ratio	0.900	0.461	0.996

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	3061.775	3845.423	4250.422
		25.595	10.532

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	3061.775	3845.423	4250.422
Profit/Loss	49.618	65.435	(50.651)
	1.62%	1.70%	(1.19%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

Note :

The registered office of the company has been shifted from 7-B, Pannalal Silk Mill compound, 78 LBS Marg, Bhandup (West), Mumbai-400078, Maharashtra, India to the present address.

BACKGROUND

The Subject was incorporated as closely held private limited company in the year 1972 as per the provisions of the Companies Act, 1956. The Company is into business of manufacturing of commercial refrigeration equipment to cater to Local as well as Export Markets. The Company is also engaged in trading business of imported freezers and kitchen equipment products.

FINANCIAL HIGHLIGHTS

The Company's performance in the year 2013-14 was marked with good sales. The total revenue of the company has risen to Rs. 4250.422 Million as against the corresponding figure of Rs. 3845.423 Million in earlier year. However the Company has made provision for diminution in value of investments of Rs. 58.698 Million and in doubtful long term trade receivables of Rs. 108.931 Million in its subsidiary company M/s. Haikawa Industries Private Limited and the same is reported as exceptional items.

The Company has been able to earn Profit after Tax of Rs. 79.952 Million as against the last year figure of Rs. 64.964 Million.

OPERATIONS REVIEW

To cater to the demand in busy season, Company has set up new factory at Sanjan, Gujrat at capex of Rs. 620.000 Million with installed capacity of 330,000 units and capacity of their existing two factories are 180,000 (Shahpur - 96,000 and Silvasa - 84,000). Company has already started production of visi coolers and freezers from its new factory.

The Company has shifted its registered office from Mumbai, State of Maharashtra to Silvasa, Union Territory of Dadra and Nagar Haveli.

UNSECURED LOAN

Particulars	31.03.2014 Rs. In Million	31.03.2013 Rs. In Million
Long Term Borrowings
Other external commercial borrowings	462.768	0.000
Short Term Borrowings
Working capital from banks	316.971	190.085
Total	779.739	190.085

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10313281	10/04/2012 *	1,020,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA RASHTRA - 400005, INDIA	B38597050
2	10177292	25/09/2009 *	50,000,000.00	IDBI BANK LIMITED	IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA RASHTRA - 400005, INDIA	A71300529
3	10074918	16/03/2009 *	350,000,000.00	CANARA BANK	WORLI BRANCH, MARTHANDA BUILDING,, DR. A. B. ROAD , WORLI,, MUMBAI, MAHARASHTRA - 400018, INDIA	A59887489
4	10074920	16/03/2009 *	350,000,000.00	CANARA BANK	WORLI BRANCH, MARTHANDA BUILDING,, DR. A. B. ROAD , WORLI,, MUMBAI, MAHARASHTRA - 400018, INDIA	A59888032
5	80023962	04/04/2006	100,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA LTD	IDBI TOWER, CUFFE PARADE, WTC COMPLEX, COLABA, MU MBAI, MAHARASHTRA - 400005, INDIA	-
6	90163961	10/04/2012 *	65,000,000.00	CANARA BANK	WORLI BRANCH, MARTHANDA BUILDING, DR. A.B. ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B44212637
7	90163522	31/03/1997	392,000.00	MASHREQ BANK	912; TULSISNI CHAMBERS, NARIMAN POINT, MUMBAI, MA HARASHTRA - 400021, INDIA	-
8	90163387	27/06/1996	32,000,000.00	CANARA BANK	WORIL, MUMBAI, MAHARASHTRA, INDIA	-
9	90160896	15/05/2010 *	485,000,000.00	CANARA BANK	WORLI BRANCH, MARTHANDA BUILDING,, DR.A.B.ROAD, W ORLI,, MUMBAI, MAHARASHTRA - 400018, INDIA	A86498441

FIXED ASSETS

· Freehold Land

· Factory Building

· Office Premises

· Shop Premises

· Residential Flats

· Plant and Machinery

· Dies Moulds and Tools

· Office Equipment’s

· Weight and Scales

· Vehicles

· Furniture and Fittings

· Air Conditioners

· Cycle

· 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 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.66.61
UK Pound	1	Rs.100.64
Euro	1	Rs.70.66

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	HNA

Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO

TOTAL		45

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.

MIRA INFORM REPORT

INDEX OF CHARGES

Unit