MIRA INFORM REPORT

Report Date :

01.01.2015

IDENTIFICATION DETAILS

Name :	HOWDEN SOLYVENT (INDIA) PRIVATE LIMITED (w.e.f. 10.10.2014)
Formerly Known As :	SOLYVENT FLAKT (INDIA) PRIVATE LIMITED (w.e.f. 06.12.2012) FLAKT (INDIA) PRIVATE LIMITED
Registered Office :	No. 147, Poonamalee High Road, Numbal Village, Kancheepuram D.T. – 600077, Tamilnadu
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	15.05.2002
Com. Reg. No.:	18-048938
Capital Investment / Paid-up Capital :	Rs.185.256 Millions
CIN No.: [Company Identification No.]	U29199TN2002PTC048938
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACF6153G
Legal Form :	Private Limited Liability Company
Line of Business :	Development, engineering, manufacturing, sales installation and services of fans, other air and material, handing equipment, accessories for ventilation, air conditioning, air or material handling etc.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 790000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Reserves of the company seems to be low during 2013. However, there are no external borrowing as the management is operating on their own funds. Trade relations are fair. Business is active. Payments terms are slow but 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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 BY

Name :	Mr. Prabhakar Maithy
Designation :	Accounts Department
Contact No.:	91-33-71204018
Date :	30.12.2014

LOCATIONS

Registered Office :	No. 147, Poonamalee High Road, Numbal Village, Kancheepuram D.T. – 600077, Tamilnadu, India
Tel. No.:	91-44-26793500
Fax No.:	91-44-26792606
E-Mail :	mohua.dattagupta@flaktwoods.com ramesh.m@flaktwoods.com
Website :	http://www.howden.com
Corporate Office :	Budge Budge Trunk Road, Maheshtala, Kolkata – 700141, West Bengal, India
Tel. No.:	91-33-71204000 / 71204018
Fax No.:	91-33-24902411
E-Mail :	satya.guin@flaktwoods.com

DIRECTORS

As on 05.05.2014

Name :	Mr. Rakesh Kohli
Designation :	Managing Director
Address :	C-317, 2nd Floor, Vikas Puri, New Delhi - 110018, India
Date of Birth/Age :	18.03.1970
Date of Appointment :	05.05.2014
PAN No.:	AEGPK9504H
DIN No.:	01897535
Name :	Mr. Aloke Mookherjea
Designation :	Director
Address :	P 553, Panditia Road Extention, 2nd Floor, Kolkata - 700029, West Bengal, India
Date of Birth/Age :	20.09.1937
Date of Appointment :	15.05.2002
PAN No.:	AEXPM8917P
DIN No.:	00174385
Name :	Mr. Sabyasachi Mitra
Designation :	Whole Time Director
Address :	"Rajkamal", Flat-5 C, 128, Rash Behari Avenue, Kolkata - 700029, West Bengal, India
Date of Birth/Age :	19.06.1970
Date of Appointment :	18.04.2011
PAN No.:	ADSPM9541R
DIN No.:	01481697

KEY EXECUTIVES

Name :	Mr. Mohua Datta Gupta
Designation :	Secretary
Address :	172, Rash Behari Avenue, Flat - 302, Kolkata - 700029, West Bengal, India
Date of Birth/Age :	31.03.1971
Date of Appointment :	05.05.2014
PAN No.:	AIEPG3324K

MAJOR SHAREHOLDERS

As on 05.05.2014

Names of Shareholders	No. of Shares
Howden International Holdings BV, Netherlands	18525596
Howden Holdings BV, Netherlands	1
Total	18525597

Equity Share Break up (Percentage of Total Equity)

As on 05.05.2014

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	100.00

BUSINESS DETAILS

Line of Business :	Development, engineering, manufacturing, sales installation and services of fans, other air and material, handing equipment, accessories for ventilation, air conditioning, air or material handling etc.
Products / Services :	Fans Air Conditioning Material Handling
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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

No. of Employees :

Information denied by management

Bankers :

Not Divulged

Facilities :

--

Banking Relations :	--
Auditors :
Name :	Pricewaterhouse Coopers Private Limited Chartered Accountants
Address :	Plot No Y14, Block Ep Sector V, Salt Lake Kolkata, West Bengal, India
PAN No.:	AABCP9181H
Memberships :	--
Collaborators :	--
Holding company :	· Howden International Holdings BV
Subsidiary company :	· Flakt Woods Group SA
Fellow Subsidiary Company :	· Fan Group Inc · Flakt Solyvent-Ventec SAS · Flakt Woods (Luxembourg) Sarl · Flakt Woods AB · FlaktWoods ACS (India) Private Limited · Flakt Woods Cyprus Limited · Flakt Woods Limited · Flakt Woods OY · Solyvent Flakt AB · Solyvent Flakt OY · Ventilation Holding Finland OY

CAPITAL STRUCTURE

As on 05.05.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18525597	Equity Shares	Rs.10/- each	Rs.185.256 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	185.256	118.589	118.589
(b) Reserves & Surplus	90.134	(58.416)	(44.183)
(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)	275.390	60.173	74.406
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	180.000	180.129
(b) Deferred tax liabilities (Net)	4.044	2.959	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	41.456	37.232	40.107
Total Non-current Liabilities (3)	45.500	220.191	220.236
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	309.274	398.783	547.736
(c) Other current liabilities	232.770	257.458	307.537
(d) Short-term provisions	97.890	103.450	117.133
Total Current Liabilities (4)	639.934	759.691	972.406
TOTAL	960.824	1040.055	1267.048
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	171.868	169.650	204.618
(ii) Intangible Assets	5.997	8.692	16.374
(iii) Capital work-in-progress	18.565	0.000	0.482
(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	25.375	22.829	38.686
(e) Other Non-current assets	1.989	0.000	0.000
Total Non-Current Assets	223.794	201.171	260.160
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	190.788	193.989	236.341
(c) Trade receivables	286.491	340.138	494.766
(d) Cash and cash equivalents	93.705	154.456	141.092
(e) Short-term loans and advances	134.118	120.757	122.657
(f) Other current assets	31.928	29.544	12.032
Total Current Assets	737.030	838.884	1006.888
TOTAL	960.824	1040.055	1267.048

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.12.2013	31.12.2012	31.12.2011
	SALES	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT/(LOSS) BEFORE TAX & EXCEPTIONAL ITEMS	36.302	(1.927)	(60.082)
Less	EXCEPTIONAL ITEMS	0.000	(9.348)	0.000
	PROFIT/(LOSS) BEFORE TAX	36.302	(11.275)	(60.082)
	TAX	1.085	(2.559)	(56.248)
	PROFIT/(LOSS) AFTER TAX	35.217	(14.234)	(116.330)
	Earnings / (Loss) Per Share (Rs.)	1.90	--	--

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
Return on Total Assets (PBT/Total Assets}	(%)	3.85	(1.08)	(4.74)
Return on Investment (ROI) (PBT/Networth)		0.13	(0.19)	(0.81)
Debt Equity Ratio (Total Debt /Networth)		0.00	2.99	2.42
Current Ratio (Current Asset/Current Liability)		1.15	1.10	1.04

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	118.589	118.589	185.256
Reserves & Surplus	(44.183)	(58.416)	90.134
Net worth	74.406	60.173	275.390
Long Term borrowings	180.129	180.000	0.000
Short Term borrowings	0.000	0.000	0.000
Total borrowings	180.129	180.000	0.000
Debt/Equity ratio	2.421	2.991	0.000

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
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	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	No
24]	Banking facility details	No
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 LOANS:

Particulars	31.12.2013 Rs. In Millions	31.12.2012 Rs. In Millions
Long Term Borrowings
Bonds/Debenture	0.000	180.000
Total	0.000	180.000

NO CHARGES EXIST FOR COMPANY.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Computer

· Vehicles

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.63.65
UK Pound	1	Rs.99.14
Euro	1	Rs.77.60

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	7
--RESERVES	1~10	2
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		44

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.