MIRA INFORM REPORT

Report No. :	304757
Report Date :	29.01.2015

IDENTIFICATION DETAILS

Name :	CHIRAG ICE FACTORY PRIVATE LIMITED
Registered Office :	D-29/ 12, TTC M.I.D.C Industrial Area, Sanpada, Vashi, Navi Mumbai – 400705, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.06.1990
Com. Reg. No.:	11-056949
Capital Investment / Paid-up Capital :	Rs.2.730 Millions
CIN No.: [Company Identification No.]	U99999MH1990PTC056949
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMC13791B
PAN No.: [Permanent Account No.]	AAACC6626K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Ice Making Plants and Industrial Refrigerators.
No. of Employees :	70 (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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating reflects company’s healthy operational risk profile marked by sound liquidity position and fair profitability margins of the company. Trade relations are fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 PARTED BY

Name :	Mr. Sachin Shinde
Designation :	Accounts Manager
Contact No.:	91-9833604811
Date :	24.01.2015

LOCATIONS

Registered Office /Factory :	D-29/ 12, TTC M.I.D.C Industrial Area, Sanpada, Vashi, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-22841703 / 37631378 / 65131986
Mobile No.:	91-9833604811 (Mr. Sachin Shinde)
Fax No.:	91-22-27614801
E-Mail :	rustom@icelings.com sdvhm@yahoo.com accounts@icelings.com
Web Site:	www.icelings.net
Location :	Owned
Head Office :	C-105/2, Pawane, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-27612500 / 3300
Excise Office :	Div Blapur III, A-3 Wing, 5th Floor, CGO Complex, Sector 10, Belapur, Navi Mumbai, Maharashtra, India

DIRECTORS

As on 30.09.2014

Name :

Mrs. Perlene Rustom Irani

Designation :

Director

Address :

T-15, Cusrow Baug, S.B. Singh Road, Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

18.12.1965

Date of Appointment :

08.09.2003

DIN No.:

00003139

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	U29191MH1995PTC089638	PARTYTIME ICE PRIVATE LIMITED	Director	13/02/1996	13/02/1996	-	Active	NO
2	U63023MH1996PTC104258	IRANI ICE ASSOCIATES PRIVATE LIMITED	Director	02/12/1996	02/12/1996	04/10/2006	Active	NO
3	U99999MH1990PTC056949	CHIRAG ICE FACTORY PRIVATE LIMITED	Director	08/09/2003	08/09/2003	-	Active	NO
4	U70100MH2005PTC150660	MEHERBAI PROPERTIES PRIVATE LIMITED	Director	14/01/2005	14/01/2005	-	Active	NO
5	U45200MH2006PTC161096	MEHERABAD DEVELOPERS PRIVATE LIMITED	Director	12/04/2006	12/04/2006	-	Active	NO
6	U29191MH2004PTC149431	PROMETHEAN SPENTA TECHNOLOGIES PRIVATE LIMITED	Additional director	20/06/2012	20/06/2012	28/01/2013	Active	NO

Name :

Mr. Rustom Boman Irani

Designation :

Director

Address :

T-15, Cusrow Baug, S.B. Singh Road, Colaba, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

29.05.1966

Date of Appointment :

01.09.2005

DIN No.:

00003159

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	U29191MH1995PTC089638	PARTYTIME ICE PRIVATE LIMITED	Director	23/09/1995	23/09/1995	-	Active	NO
2	U63023MH1996PTC104258	IRANI ICE ASSOCIATES PRIVATE LIMITED	Director	02/12/1996	02/12/1996	-	Active	NO
3	U63020MH1996PTC104342	REFRIGERATED DISTRIBUTORS PRIVATE LIMITED	Director	27/03/2003	27/03/2003	-	Active	NO
4	U29191MH2004PTC149431	PROMETHEAN SPENTA TECHNOLOGIES PRIVATE LIMITED	Director	05/11/2004	05/11/2004	17/07/2014	Active	NO
5	U99999MH1990PTC056949	CHIRAG ICE FACTORY PRIVATE LIMITED	Director	01/09/2005	01/09/2005	-	Active	NO
6	U45200MH2006PTC161096	MEHERABAD DEVELOPERS PRIVATE LIMITED	Director	12/04/2006	12/04/2006	-	Active	NO
7	U91200KL1970NPL002301	SEA FOOD EXPORTERS ASSOCIATION OF INDIA	Director	30/09/2009	30/09/2009	-	Active	NO
8	U29220MH2013PTC240243	THERMAL ENERGY SERVICE SOLUTIONS PRIVATE LIMITED	Director	07/02/2013	07/02/2013	-	Active	NO

Name :

Mr. Anant Gopal Mhatre

Designation :

Director

Address :

D-1, Satguru Apartment, Gokul Nagar, Thane (West), Thane – 400607, Maharashtra, India

Date of Birth/Age :

01.06.1942

Date of Appointment :

01.09.2005

DIN No.:

00067299

Name :

Mr. Tanaji Shivram Thorat

Designation :

Director

Address :

Rohini Niwas B No.15, R No.468, 1^st Floor, Vikhroli (East), Mumbai – 400083, Maharashtra, India

Date of Birth/Age :

01.01.1959

Date of Appointment :

01.09.2005

DIN No.:

00069260

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares	% of Holding
Perlene Rustom Irani	18300	67.03
Michael P Pinto	9000	32.97
Total	27300	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

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	33.00
Directors or relatives of Directors	67.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Ice Making Plants and Industrial Refrigerators.
Products :	Ice Making Plants and Industrial Refrigerators
Brand Names :	--
Agencies Held :	--
Exports :
Products :	Ice Making Machines
Countries :	South African Countries
Imports :
Products :	Raw Material
Countries :	China
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

Reference :	Harmony Gold Mining, South Africa
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	Not Divulged

No. of Employees :

70 (Approximately)

Bankers :

Banker Name	Punjab National Bank
Branch Address	Vashi Branch, Mumbai, Maharashtra, India
Person Name (With Designation)	Mr. Chandrakant (Credit Manager)
Contact Number	91-22-27823437
Name of Account Holder	Chirag Ice Factory Private Limited
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)	Denied to give any information.

• Bank of India, Ahmedabad Large Corporate Banking Branch, Second Floor, BOI Building Bandra, Ahmedabad – 380001, Gujarat, India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Term Loan from Banks for
Plant and Machinery	0.000	3.439
Land and Building	21.183	4.895
Windmill	0.000	(0.919)
Vehicle Loan from Banks	0.000	1.276
SHORT TERM BORROWINGS
Overdraft Balance with Bank	11.405	8.924
Packing Credit	0.000	1.429
Total	32.588	19.044

Auditors :
Name :	Vinayaka and Company Chartered Accountants
Address :	306, Churchgate Chambers, 5, New Marine Lines, Mumbai – 400020, Maharashtra, India
Tel. No.:	91-22-66355818 / 66100734
Fax No.:	91-22-66355818 / 66100734
E-Mail :	bvrr04@gmail.com
PAN No.:	AABPB5892N
Memberships :	--
Collaborators :	--
Sister Concern :	Party Time Ice Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27300	Equity Shares	Rs.100/- each	Rs.2.730 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	2.730	2.000	2.000
(b) Reserves & Surplus	41.713	34.268	27.512
(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)	44.443	36.268	29.512
(3) Non-Current Liabilities
(a) long-term borrowings	21.183	8.691	13.785
(b) Deferred tax liabilities (Net)	2.526	3.951	5.405
(c) Other long term liabilities	0.670	0.535	0.135
(d) long-term provisions	1.430	1.241	0.879
Total Non-current Liabilities (3)	25.809	14.418	20.204
(4) Current Liabilities
(a) Short term borrowings	23.494	19.484	8.041
(b) Trade payables	37.647	25.941	18.209
(c) Other current liabilities	47.776	88.276	56.925
(d) Short-term provisions	1.546	2.275	0.056
Total Current Liabilities (4)	110.463	135.976	83.231
TOTAL	180.715	186.662	132.947
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	120.123	75.331	56.202
(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	0.050	0.050	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	4.349	34.705	4.171
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	124.522	110.086	60.373
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	25.030	43.297	31.877
(c) Trade receivables	12.751	18.965	15.986
(d) Cash and cash equivalents	1.245	1.368	4.432
(e) Short-term loans and advances	17.167	12.946	20.279
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	56.193	76.576	72.574
TOTAL	180.715	186.662	132.947

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
SALES
	Income	201.074	196.253	147.360
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
EXPENSES		NA	NA	NA
PROFIT/(LOSS) BEFORE TAX		NA	NA	NA
TAX		NA	NA	NA
PROFIT/(LOSS) AFTER TAX		6.715	6.757	4.947
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		27.748	20.991	16.044
BALANCE CARRIED TO THE B/S		34.463	27.748	20.991
Earnings / (Loss) Per Share (Rs.)		245.97	NA	NA

Expected Sales (2014-2015): Rs.300.000 Millions

The above information has been parted by Mr. Sachin Shinde

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.34	3.44	3.36
Debt Equity Ratio (Total Debt /Networth)		1.01	0.78	0.74
Current Ratio (Current Asset/Current Liability)		0.51	0.56	0.87

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	2.000	2.000	2.730
Reserves & Surplus	27.512	34.268	41.713
Share Application money pending allotment	0.000	0.000	0.000
Net worth	29.512	36.268	44.443
Long Term borrowings	13.785	8.691	21.183
Short Term borrowings	8.041	19.484	23.494
Total borrowings	21.826	28.175	44.677
Debt/Equity ratio	0.740	0.777	1.005

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	147.360	196.253	201.074
		33.179	2.457

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	147.360	196.253	201.074
Profit	4.947	6.757	6.715
	3.36%	3.44%	3.34%

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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
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	No

UNSECURED LOANS:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
SHORT TERM BORROWINGS
Loan from Related Parties	12.089	9.131
Total	12.089	9.131

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10514863	28/07/2014	26,500,000.00	Punjab National Bank	Sector-1, Vashi, Navi Mumbai, Mumbai, Maharashtra - 400703, India	C16390080
2	10468524	10/01/2014 *	40,000,000.00	Punjab National Bank	Vashi, Sector, 1,, Navi Mumbai, Navi Mumbai, Maharashtra - 400703, India	B97007199

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.61.41
UK Pound	1	Rs.93.18
Euro	1	Rs.69.82

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	KAR
Report Prepared by :	VNT

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	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		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.