MIRA INFORM REPORT

Report No. :	295667
Report Date :	15.01.2015

Tel. No.:	91-7043337811
Fax No.:	91-120-4246651/2401075

IDENTIFICATION DETAILS

Name :	DRYCOOL SYSTEMS (INDIA) PRIVATE LIMITED
Registered Office :	A-56, Jangpura-B (Near Rajdo Hotel), New Delhi – 110 014
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.06.1999
Com. Reg. No.:	55-100034
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U29192DL1999PTC100034
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	ADHPP4238N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader and Exporter of Cold Rooms, Chilling Plants, and Dehumidifiers
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 7800
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are fair. Business is active. Payments 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 – 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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 PARTED BY

Name :	Mr. Raj Narayan
Designation :	Accountant
Contact No.:	91-9873234393
Date :	05.01.2015

LOCATIONS

Registered Office :	A-56, Jangpura-B (Near Rajdo Hotel), New Delhi – 110 014, India
Tel. No.:	91-7043337811
Mobile No.:	91-9873234393 (Mr. Raj Narayan)
Fax No.:	91-120-4246651/2401075
E-Mail :	dcsipl@hotmail.com yash@drycoolchillers.com vipulkr@yahoo.com
Website :	http://www.drycoolchillers.com
Location :	Owned
Locality :	Commercial
Factory :	C-34, Sector No.63, Noida - 201 307, Uttar Pradesh, India
Tel. No.:	91-120-2401068/2401075
Fax No.:	91-120-4246651
E-Mail :	dcsipl@hotmail.com yash@drycoolchillers.com
Location :	Owned
Branches :	Located at: Haridwar Rudrapur Chandigarh Kolkata

DIRECTORS

As on 30.09.2014

Name :

Mr. Yash Paul Verma

Designation :

Director

Address :

A-56, Jangpura - B, New Delhi – 110 014, India

Date of Birth/Age :

22.10.1963

Qualification :

Post – Graduate

Date of Appointment :

01.06.1999

DIN No.:

00913943

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	U29192DL1999PTC100034	DRYCOOL SYSTEMS (INDIA) PVT LTD	Director	01-06-1999	01-06-1999	-	Active	NO

Name :

Mrs. Salonia Verma

Designation :

Director

Address :

A-56, Jangpura - B, New Delhi – 110 014, India

Date of Birth/Age :

16.11.1969

Qualification :

Graduate

Date of Appointment :

01.06.1999

DIN No.:

00886098

Other Directorship:

KEY EXECUTIVES

Name :	Mr. Raj Narayan
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Yash Paul Verma	2000	4.00
Salonia Verma	8000	16.00
Krishnan Lal Verma	40000	80.00
Total	50000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader and Exporter of Cold Rooms, Chilling Plants, and Dehumidifiers
Products :	Chilling Plants Cold Rooms Dehumidifiers Compressed Air Dryer Air Handling Units Evaporative Cooling – Systems Air Cooled Chillers Screw Chillers Semi Hermetic Chillers Scroll Chillers Centrifugal Chillers Water Cooled Chillers Oil Chillers Air Chillers for Blown Film Line Double Skin Air Handling Unit Brine / Liquifiers Chillers for Batching Plant FRP Cooling Tower Air Dryer Water Distribution Air Conditioning Systems Air Washer
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :
Products :	Cold Rooms Chilling Plants Dehumidifiers
Countries :	Gulf South East Asia African Countries
Imports :	Not Divulged
Terms :
Selling :	Cash, Cheque and Credit
Purchasing :	Cash, Cheque and Credit

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 :

Payment Behaviour	Market Goodwill	Overall
---	---	---
---	---	---

Remark:

Not Divulged

Customers :

• Manufacturer
• OEMs
• Ends Users

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 :

Product Quality	Delivery Behaviour	Overall
---	---	---
---	---	---

Remark:

Not Divulged

No. of Employees :

20 (Approximately)

Bankers :

Bank Name	Kotak Mahindra Bank
Branch	New - Delhi
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
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

Auditors :

Name :

Vipul Kumar and Company

Chartered Accountants

Address :

XV-5352/A, Shora Kothi, Paharganj, New Delhi – 110055, India

PAN N Income-tax PAN of auditor or auditor's firm :

AAEFV6524A

Memberships :

Not Available

Collaborators :

Not Available

Associates/Subsidiaries :

Not Available

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

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	0.500	0.500	0.500
(b) Reserves & Surplus	3.000	2.626	2.238
(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)	3.500	3.126	2.738
(3) Non-Current Liabilities
(a) long-term borrowings	2.897	4.465	1.518
(b) Deferred tax liabilities (Net)	0.278	0.227	0.151
(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)	3.175	4.692	1.669
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	4.292	2.698	1.970
(c) Other current liabilities	0.211	0.198	5.820
(d) Short-term provisions	0.258	0.132	0.044
Total Current Liabilities (4)	4.761	3.028	7.834
TOTAL	11.436	10.846	12.241
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	4.130	4.157	4.128
(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	0.185	0.100	0.085
(e) Other Non-current assets
Total Non-Current Assets	4.315	4.257	4.213
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.677	0.285	0.926
(c) Trade receivables	4.612	5.338	5.674
(d) Cash and cash equivalents	0.114	0.204	0.772
(e) Short-term loans and advances	0.295	0.162	0.656
(f) Other current assets	1.423	0.600
Total Current Assets	7.121	6.589	8.028
TOTAL	11.436	10.846	12.241

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	NA	NA	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses	NA	NA	NA
		Administrative Expenses	NA	NA	NA
		Advertising Expenses	NA	NA	NA
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT AFTER TAX		0.374	0.398	0.590
	Earnings / (Loss) Per Share (Rs.)		7.48	7.96	11.8

Expected Sales (2014 - 2015): Rs.40.000 Million

The above information has been parted by Mr. Raj Narayan

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	NA	NA
Operating Profit Margin (PBIDT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.00	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Debt /Networth)		0.83	1.43	0.55
Current Ratio (Current Asset/Current Liability)		1.50	2.18	1.02

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	0.500	0.500	0.500
Reserves & Surplus	2.238	2.626	3.000
Net worth	2.738	3.126	3.500
long-term borrowings	1.518	4.465	2.897
Short term borrowings	0.000	0.000	0.000
Total borrowings	1.518	4.465	2.897
Debt/Equity ratio	0.554	1.428	0.828

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	No
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	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Loans and advances from related parties
Loan From Director- Salonia Verma	0.400	0.400
Loan From Director-Yash Paul Verma	1.061	1.128
Loan -Kapil Sachdeva -	0.000	0.200
Rajni Kristin	0.000	0.040
Nutech Industries	1.436	2.697
Total	2.897	4.465

FIXED ASSETS

• Land
• Building
• Printer and Computer
• Furniture and Fixture
• Plant and Machinery

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 records 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.62.15
UK Pound	1	Rs.94.24
Euro	1	Rs.73.30

INFORMATION DETAILS

Information Gathered by :	SAN
Analysis Done by :	RAS
Report Prepared by :	RCH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--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		48

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.