MIRA INFORM REPORT

Report No. :	304752
Report Date :	27.01.2015

IDENTIFICATION DETAILS

Name :	RINAC INDIA LIMITED
Registered Office :	No 5, Saraswathi Nivas, Main Channel Road, Saraswathipuram ,Ulsoor, Bangalore- 560008, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	31.01.1994
Com. Reg. No.:	08-015169
Capital Investment / Paid-up Capital :	Rs.104.574 Millions
CIN No.: [Company Identification No.]	U52334KA1994PLC015169
TAN No.: [Tax Deduction & Collection Account No.]	BLRR00790G
PAN No.: [Permanent Account No.]	AAACR7111E
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Supplier of Cold Rooms and Refrigerated Facilities for Commercial use.
No. of Employees :	250 (Approximately)

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 :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company has shown a significant growth in its profits of the company during FY 2014. General financial position of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. 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 – 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	CRISIL
Rating	(BB+) Long Term Rating
Rating Explanation	Moderate risk of default
Date	May 09, 2014

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 (GENERAL DETAILS)

Name :	Dipendra Debnath
Designation :	Marketing Department
Contact No.:	91-9831770200
Date :	24.01.2015

LOCATIONS

Registered/Corporate Office :	No 5, Saraswathi Nivas, Main Channel Road, Saraswathipuram ,Ulsoor, Bangalore- 560008, Karnataka, India
Tel. No.:	91-80-65359823/25542998/41132998
Mobile No.:	91-9831770200 (Dipendra Debnath)
Fax No.:	91-80-25511750/23588222
E-Mail :	rilco@rinac.com rinac@vsnl.com sales@rinac.com
Website :	http://www.rinac.com
Central Admin. And Commercial Service Department:	Survey No. 128/1 and 128/2, Herohally Village, Vishwaneedam Post, Magadi Main Road, Byadarahalli, Bangalore – 560091, Karnataka, India
Tel. No.:	91-80-65359823/24/25
Fax No.:	91-80-23588464
E-Mail :	rinaccacs@vsnl.net
Factory 1 :	Survey No. 2, Tavarekere Hobli, Marenahalli Village, Magadi Road, Bangalore South-562120, Karnataka, India
Tel. No.:	91-80-28434507/28434508/28430724/25
Fax No.:	91-80-28430490
E-Mail :	rinac_unit1@vsnl.net
Factory 2 :	Plot No. M – 5, Additional Industrial Area, MIDC, Kundavali Village, Murbad – 421401, Thane District, Maharashtra, India
Tel. No.:	91-2524-223618/223531
E-Mail :	rinacu5@rinac.com
Branch Office 1 :	#59A South End Park Near Gariahat Road, Kolkata – 700029, West Bengal, India
Branch Office 2 :	Ahmedabad Bangalore Chennai New Delhi Kochi Mumbai Kolkata Pune Secunderabad Bangladesh

DIRECTORS

AS ON: 30.09.2014

Name :

Mr. Puthucode Vaidyanathan Balasubramanian

Designation :

Managing Director

Address :

46/4, 1 Cross, Cambridge Layout Extension, Bangalore-560008, Karnataka, India

Date of Birth/Age :

10.05.1954

Date of Appointment :

01.04.2012

DIN No.:

00352321

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	U29191KA1990PTC011008	MODULAR COLD ROOMS PRIVATE LIMITED	Managing director	19/06/1990	19/06/1990	-	Active	NO
2	U52334KA1994PLC015169	RINAC INDIA LIMITED	Managing director	01/04/2012	31/01/1994	-	Active	NO

Name :

Mr. Parakkel Sukumaran

Designation :

Whole Time Director

Address :

F-155, Manyata Residency Nagawar, Bangalore – 560045, Karnataka, India

Date of Birth/Age :

23.07.1957

Date of Appointment :

01.04.2012

DIN No.:

00352296

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	U24130KA1985PTC007131	POLYNATE FOAMS PRIVATE LIMITED	Director	05/09/1985	05/09/1985	20/01/2008	Active	NO
2	U52334KA1994PLC015169	RINAC INDIA LIMITED	Whole-time director	01/04/2012	05/04/1995	-	Active	NO

Name :

Mr. Puthucode Vaiyanathan Venkiteswaran

Designation :

Director

Address :

No.29, 1^st A Cross, Cambridge Layout Extension, Bangalore – 56008, Karnataka, India

Date of Birth/Age :

15.05.1950

Date of Appointment :

13.06.2007

DIN No.:

01352094

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	U29191KA1990PTC011008	MODULAR COLD ROOMS PRIVATE LIMITED	Director	19/06/1990	19/06/1990	-	Active	NO
2	U52334KA1994PLC015169	RINAC INDIA LIMITED	Director	13/06/2007	05/04/1995	-	Active	NO

Name :

Mr. Mahendra Swarup

Designation :

Nominee Director

Address :

C-7, Paschimi Marg, Vasant Vihar, New Delhi-110057, Delhi, India

Date of Birth/Age :

10.05.1953

Date of Appointment :

30.09.2013

DIN No.:

01213634

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	U74899DL1992PTC049684	KANGAROO PROPERTIES AND SERVICES PRIVATE LIMITED	Director	08/02/1993	08/02/1993	-	Active	NO
2	U74899DL1983PTC016670	S J COUNSULIN PVT LTD	Director	25/09/1993	25/09/1993	16/03/2011	Strike off	NO
3	U51305DL1992PTC106030	NECTAR ENTERPRISES PVT. LTD..	Director	15/02/2000	15/02/2000	-	Active	NO
4	U32109UP1984PTC006836	NECTAR ENTERPRISES PRIVATE LIMITED	Director	15/02/2000	15/02/2000	-	Not Available for eFiling	NO
5	U74999DL2000PTC105166	BHAVYA FASHION PLEX PRIVATE LIMITED	Director	18/08/2005	18/08/2005	-	Active	NO
6	U72900DL2002PTC113848	OXIGEN INFOVISION PRIVATE LIMITED	Director	13/05/2006	13/05/2006	31/01/2008	Amalgamated	NO
7	U72293DL2006PTC148795	VIS LEGIS CONSULT PRIVATE LIMITED.	Director	08/07/2006	08/07/2006	-	Active	NO
8	U74950PB1996PLC018439	BBF INDUSTRIES LIMITED	Director	01/05/2007	01/05/2007	24/02/2014	Active	NO
9	U45400DL2007PTC163788	SVG Media Private Limited	Director	30/06/2007	30/06/2007	25/10/2012	Active	NO
10	U72200DL1999PTC098275	SMILE MULTIMEDIA PRIVATE LIMITED	Director	01/08/2007	01/08/2007	04/09/2012	Active	NO
11	U74300DL2005PTC134829	QUASAR MEDIA PRIVATE LIMITED	Director	30/09/2008	14/11/2007	21/09/2012	Active	NO
12	U74140DL2009PTC194168	IVCA CONSULTANCY PRIVATE LIMITED	Director	11/09/2009	11/09/2009	-	Active	NO
13	U70102WB1995PTC069790	GLOBAL REALTY HOSPITALITY VENTURE PRIVATE LIMITED	Additional director	10/10/2009	10/10/2009	02/03/2010	Active	NO
14	U67120DL1991PTC209580	V K FISCAL SERVICES PVT LTD	Additional director	10/10/2009	10/10/2009	02/03/2010	Active	NO
15	U74899DL1997PTC089845	VASU PROPERTIES PRIVATE LIMITED	Additional director	10/10/2009	10/10/2009	02/03/2010	Active	NO
16	U74140DL2010PTC198685	ALCUMUS VENTURES ADVISORS PRIVATE LIMITED	Director	04/02/2010	04/02/2010	-	Strike off	NO
17	U74999DL2010PTC200682	SMILE TRAVEL SOLUTIONS PRIVATE LIMITED	Director	25/03/2010	25/03/2010	-	Active	NO
18	U72300TN1996PTC036958	TECHNOLOGY FRONTIERS (INDIA) PRIVATE LIMITED	Director	26/11/2010	02/08/2010	-	Active	NO
19	U00000DL2000PLC104823	MICROMAX INFORMATICS LIMITED	Director	03/09/2014	21/09/2010	-	Active	NO
20	U63000DL2011PTC212322	LUSH ESCAPES LUXURY VACATIONS PRIVATE LIMITED	Director	07/01/2011	07/01/2011	21/08/2014	Active	NO
21	U51909DL2008PTC180421	TROOTRAC MEDIA PRIVATE LIMITED	Director	30/09/2011	08/02/2011	-	Active	NO
22	U52100DL2007PTC172061	OMG India Internet Marketing Private Limited	Director	30/09/2011	08/02/2011	-	Active	NO
23	U74900DL2010NPL198236	IVC ASSOCIATION	Director	30/09/2011	15/03/2011	-	Active	NO
24	U67190DL2005PTC141426	AVIGO CAPITAL PARTNERS PRIVATE LIMITED	Director	13/08/2012	08/05/2012	-	Active	NO
25	U74899DL1995PLC070603	SRL Limited	Alternate director	08/05/2013	25/10/2012	-	Active	NO
26	U52334KA1994PLC015169	RINAC INDIA LIMITED	Nominee director	30/09/2013	18/12/2012	-	Active	NO
27	U74999UP2009PLC036747	MAHARANA INFRASTRUCTURE AND PROFESSIONAL SERVICES Limited	Nominee director	24/01/2013	24/01/2013	-	Active	NO
28	AAA-0166	ALCUMUS & PARTNERS LLP	Designated Partner	01/09/2009	01/09/2009	-	Active	NO

Name :

Mr. Mousum Pal Choudhury

Designation :

Nominee director

Address :

899, Sector A, Pocket B – C, Vasant Kunj, New Delhi – 110070, Delhi, India

Date of Birth/Age :

06.11.1980

Date of Appointment :

28.09.2012

DIN No.:

05199412

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	U52334KA1994PLC015169	RINAC INDIA LIMITED	Nominee director	28/09/2012	10/02/2012	-	Active	NO

Name :

Mr. Jatinder Pal Singh

Designation :

Nominee director

Address :

16 B, Panorma, Golf View CHS, Off Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India

Date of Birth/Age :

02.10.1949

Date of Appointment :

28.09.2012

DIN No.:

05270707

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	U74210DL2005PLC136976	TECPRO ENGINEERS LIMITED	Director appointed in casual vacancy	25/04/2012	25/04/2012	-	Active	NO
2	U74899DL1994PLC057652	HYTHRO POWER CORPORATION LIMITED	Director appointed in casual vacancy	25/04/2012	25/04/2012	-	Active	NO
3	U33111TN1987PLC014842	G.E.T. POWER LIMITED	Director appointed in casual vacancy	25/04/2012	25/04/2012	-	Active	NO
4	U67190DL2005PTC141426	AVIGO CAPITAL PARTNERS PRIVATE LIMITED	Director	13/08/2012	08/05/2012	-	Active	NO
5	U52334KA1994PLC015169	RINAC INDIA LIMITED	Nominee director	28/09/2012	28/08/2012	-	Active	NO
6	U45201TG2001PLC036617	AMR INDIA LIMITED	Nominee director	28/09/2013	20/02/2013	-	Active	NO
7	L74899DL1990PLC041985	TECPRO SYSTEMS LIMITED	Director appointed in casual vacancy	30/05/2013	30/05/2013	12/03/2014	Active	NO
8	U18101MH1998PTC114797	SPYKAR LIFESTYLES PRIVATE LIMITED	Nominee director	29/07/2013	29/07/2013	26/06/2014	Active	NO
9	U45204TG2006PTC050559	AMR MALIND INFRA PRIVATE LIMITED	Nominee director	11/10/2014	11/10/2014	-	Active	NO
10	AAB-3503	EFFECTUS CONSULTING LLP	Designated Partner	08/02/2013	08/02/2013	-	Active	NO

KEY EXECUTIVES

Name :	Dipendra Debnath
Designation :	Marketing Department
Name :	R. Manikandan
Designation :	Secretary
PAN No.:	BHVPM1899J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 30.09.2014

SHAREHOLDERS DETAILS FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

AS ON: 30.09.2014

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	55.16
Bodies corporate	4.32
Directors or relatives of directors	29.69
Other top fifty shareholders	10.83
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Supplier of Cold Rooms and Refrigerated Facilities for Commercial use.

Products :

Item Code No. (ITC Code)	Product Description
9406.00	Prefab Rooms
8418.00	Refrigeration Units

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Cold Rooms and Refrigerated Facilities

Countries :

• Bangladesh
• Sri Lanka
• Dubai
• Nepal
• Tanzania

Imports :

Products :

Raw Material

Countries :

• Germany
• China
• Italy

Terms :

Selling :

Cash and Advance payment

Purchasing :

Cash and Advance payment

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Reference :

Magnum Estates Limited

Name of the Person :

Mr. Diraj Sankar Behera (DGM – finance )

Contact No.:

91-9437011131

Since How Long Known :

6 Years to 7 Years

Maximum Limit Dealt :

As per requirement

Experience :

Product Quality	Delivery Behaviour	Overall
Excellent	Excellent	Excellent

Remark:

Having Excellent management people.

No. of Employees :

250 (Approximately)

Bankers :

• Punjab National Bank, Large Corporate Branch, No. 28, 2^nd Floor, Centenay Building, M.G. Road, Bangalore – 560001, Karnataka, India
• Development Credit Bank Limited, M.G. Road Branch, Prestige Meridian Annexe, No.128(31/1)M.G. Road, Bangalore – 560001, Karnataka, India
• The Hongkong and Shanghai Banking Corporation Limited, 7 Mahatma Gandhi Road, Bangalore – 560001, Karnataka, India
• HDFC Bank Limited, M.G. Road Branch, M.G. Road, Bangalore – 560001, Karnataka, India

Facilities :

Secured Loan	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Short Term Borrowing
Working Capital Loan from Banks [Secured against hypothecation of inventories, trade receivables, a second charge on entire fixed assets excluding vehicles and personal guarantee of some of the directors]	8.701	63.355
Total	8.701	63.355

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte Center, Anchorade II, 100/2, Richmond Road, Bangalore-560025, Karnataka, India
PAN No.:	AACSD3771D
Memberships :	--
Collaborators :	--
Entity in which KMP exercises significant influence - :	Modular Cold Rooms Private Limited [U29191KA1990PTC011008]

CAPITAL STRUCTURE

AS ON: 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
14,000,000	Equity Shares	Rs.10/- each	Rs. 140.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,457,368	Equity Shares	Rs.10/- each	Rs. 104.574 Millions

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	104.574	104.574	104.574
(b) Reserves & Surplus	240.031	199.693	193.958
© 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)	344.605	304.267	298.532
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	16.024	14.378	12.547
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	16.024	14.378	12.547
(4) Current Liabilities
(a) Short term borrowings	10.701	69.355	36.493
(b) Trade payables	465.472	440.766	394.504
(c) Other current liabilities	125.474	97.707	137.553
(d) Short-term provisions	22.391	11.860	8.842
Total Current Liabilities (4)	624.038	619.688	577.392
TOTAL	984.667	938.333	888.471
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	316.394	328.791	348.744
(ii) Intangible Assets	0.436	1.863	2.965
(iii) Capital work-in-progress	0.000	1.425	2.096
(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)	8.440	0.000	0.000
(d) Long-term Loan and Advances	8.395	1.245	1.033
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	333.665	333.324	354.838
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	166.450	192.970	191.958
(c) Trade receivables	332.540	294.704	240.548
(d) Cash and cash equivalents	63.605	58.033	34.437
(e) Short-term loans and advances	88.407	59.302	66.690
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	651.002	605.009	533.633
TOTAL	984.667	938.333	888.471

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	1344.446	1068.208	1205.194
		Other Income	5.300	12.405	1.858
		TOTAL (A)	1349.746	1080.613	1207.052
Less	EXPENSES
		Cost of Materials Consumed	925.936	737.200	817.613
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	23.594	(4.172)	1.830
		Employees benefits expense	125.765	126.911	126.002
		Other expenses	214.009	176.157	213.632
		TOTAL (B)	1289.304	1036.096	1159.077
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		60.442	44.517	47.975
Less	FINANCIAL EXPENSES (D)		9.695	19.888	24.066
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		50.747	24.629	23.909
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18.849	18.894	19.062
	PROFIT BEFORE TAX (E-F) (G)		31.898	5.735	4.847
Less	TAX (H)		8.440	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		40.338	5.735	4.847
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(28.846)	(34.581)	(39.429)
	BALANCE CARRIED TO THE B/S		11.492	(28.846)	(34.582)
	TOTAL EARNINGS IN FOREIGN CURRENCY		4.875	22.312	69.458
	Earnings Per Share (Rs.)		3.86	0.55	0.45

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.00	0.54	0.40
Operating Profit Margin (PBIDT/Sales)	(%)	4.50	4.17	3.98
Return on Total Assets (PBT/Total Assets}	(%)	3.27	0.61	0.55
Return on Investment (ROI) (PBT/Networth)		0.09	0.02	0.02
Debt Equity Ratio (Total Debt/Networth)		0.03	0.23	0.12
Current Ratio (Current Asset/Current Liability)		1.04	0.98	0.92

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	104.574	104.574	104.574
Reserves & Surplus	193.958	199.693	240.031
Share Application money pending allotment	0.000	0.000	0.000
Net worth	298.532	304.267	344.605
long-term borrowings	0.000	0.000	0.000
Short term borrowings	36.493	69.355	10.701
Total borrowings	36.493	69.355	10.701
Debt/Equity ratio	0.122	0.228	0.031

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1205.194	1068.208	1344.446
		(11.366)	25.860

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1205.194	1068.208	1344.446
Profit	4.847	5.735	40.338
	0.40%	0.54%	3.00%

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	Yes
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	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	Yes

YEAR IN RETROSPECT

The Company has achieved a Revenue turnover of Rs. 1349 Millions for the year ended 31st March 2014, the revenue for the financial year 2013-14 grew 24% from the previous fiscal.

The earnings before depreciation, interest, taxes and exceptional items grew by 35% from the previous year. The Company has reported profits amounting to Rs. 31.890 Millions for the financial year as compared to profit of Rs. 5.730 Millions in the previous year.

BUSINESS PROSPECTS

The board is confident of doing healthy business in the coming years. Aggressive marketing, New products and geographies, continued focus on Customer Satisfaction and Customer Service shall be highest priorities of the Company. Company has participated in many of the private and public tenders, management is hoping to secure few orders from many of the tendered projects. New Central Government is encouraging private players to increase the number of food parks by offering many incentives. The Company is quite confident that the performance of the current year will very well surpass the previous year result.

CURRENT YEAR OUTLOOK

The Company has a very healthy order book position as compared to the previous year. The beginning of the current year has an order book carry forward of around Rs.730 Millions which helped the company to reach Rs.382 Millions in the first quarter and the management is confident that the company will reach better position at the end of the year. Rapid growth of retail, hospitality, Food and Pharma business have been the drivers to growth of industrial and commercial refrigeration and construction applications.

The company is participating in the private and the government tenders and project bids to secure new orders. The company has already executed several orders for setting up cold chain facility for Karnataka state Government. The Company has stepped up the sales through dealers certain models of Modular cold rooms suitable for two tier city restaurants and expects business inflow.

UNSECURED LOAN

Particular	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Short Term Borrowing
Loans and Advances from related parties	2.000	6.000
Total	2.000	6.000

INDEX OF CHARGES:-

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80013021	28/08/2013 *	350,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, NO.28, 2ND FLOOR, CENTENA  Y B'LDG, M. G. ROAD, BANGALORE, KARNATAKA - 560001  , INDIA	B85314078
2	90201000	24/12/2012 *	90,000,000.00	DEVELOPMENT CREDIT BANK LIMITED	M. G. ROAD BRANCH, PRESTIGE MERIDIAN ANNEXE, NO.1  28 (31/1) M.G.ROAD, BANGALORE, KARNATAKA - 560001,  INDIA	B64650161

* Date of charge modification

FIXED ASSETS

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipment
• Computer software

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.61.50
UK Pound	1	Rs.92.16
Euro	1	Rs.69.62

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	DIV
Report Prepared by :	SNT

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	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	YES
--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.