MIRA INFORM REPORT

Report No. :	305563
Report Date :	31.01.2015

IDENTIFICATION DETAILS

Name :	TECHNOCLEAN (INDIA) PRIVATE LIMITED
Registered Office :	17, 2nd Floor, Hind Services Industries, Near Shivajipark Seaface, Dadar (West), Near Shivajipark Seaface, Dadar (West), Mumbai – 400028, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.11.1997
Com. Reg. No.:	11-111906
Capital Investment / Paid-up Capital :	Rs. 14.210 Millions
CIN No.: [Company Identification No.]	U74999MH1997PTC111906
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Service provider of Façade cleaning and maintenance services.
No. of Employees :	800 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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 an established company having satisfactory track record. Reserves level of the company is low. However, general financial position of the company in normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal fort 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.

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. Sunil Jawle
Designation :	Finance Head
Contact No.:	91-9967030425/839004415
Date :	29.01.2015

LOCATIONS

Registered Office/Head Office :	17, 2nd Floor, Hind Services Industries, Near Shivajipark Seaface, Dadar (West), Near Shivajipark Seaface, Dadar (West), Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-49101100/49101111
Mobile No.:	91-9967030425 (Mr. Sunil Jawle)
Fax No.:	91-22-49101101
E-Mail :	ashok@cleanindia.net mum@cleanindia.net infor@cleanindia.net hyd@cleanindia.net Kolkata@cleanindia.net chen@cleanindia.net
Central Office – Pune	Sapphire, 2nd Floor, 9, Bombay Sappers Colony, Off Nagar Road, Behind D' Mello Petrol Pump, Wadgaon Sheri, Pune-411014, Maharashtra, India
Tel. No.:	91- 20-6684 2400/401
E-Mail :	pune@cleanindia.net
South Regional Office – Bangalore:	No.2, 2nd Floor, Haudin House, No. 13, haudin Road, Bangalore – 560 042, Karnatak ,India
Tel. No.:	91- 80-4115 2851/2559 9909
E-Mail :	blr@cleanindia.net
North Regional Office – New Delhi	2nd Floor, 201, Pragati House, 47-48, Nehru Place, New Delhi – 110 019, India
Tel. No.:	91- 91-11-2641 9545
E-Mail :	delhi@cleanindia.net
Branches :	Located At: Kolkata      Chennai Hyderabad

DIRECTORS

As on: 30.09.2013

Name :	Mr. Tarun Ashok Khemlani
Designation :	Director
Address :	51, B, Queens Apartment, Pali Hill, Bandra (West), Mumbai- 400050, Maharashtra, India
Date of Appointment :	27.11.2002
DIN No.:	00929128
Name :	Mr. Suhag Ashok Khemlani
Designation :	Director
Address :	51, B, Queens Apartment, Pali Hill, Bandra (West), Mumbai- 400050, Maharashtra, India
Date of Appointment :	01.03.2001
DIN No.:	00929158
Name :	Mr. Bindya Ashok Khemlani
Designation :	Director
Address :	51, B, Queens Apartment, Pali Hill, Bandra (West), Mumbai- 400050, Maharashtra, India
Date of Appointment :	17.11.1997
DIN No.:	01115489
Name :	Mr. Ashok Daulatram Khemlani
Designation :	Managing Director
Address :	51, B, Queens Apartment, Pali Hill, Bandra (West), Mumbai- 400050, Maharashtra, India
Date of Appointment :	17.11.1997
DIN No.:	01296446

KEY EXECUTIVES

Name :	Mr. Sunil Jawle
Designation :	Finance Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2013

Names of Shareholders	No. of Shares
Ashok Khemlani	71051
Suhag Khemlani	47848
Ashok Khemlani and Bindya Khemlani	11600
Tarun Khemlani	11600
Bindya Khemlani	1
Total	142100

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2013

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Service provider of Façade cleaning and maintenance services.
Products/Services :	Façade cleaning and maintenance services
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash, Advance Payment and Cheque
Purchasing :	Cash, Advance Payment and Cheque

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 :

800 (Approximately)

Bankers :

• Union Bank of India Limited, Ashoka Complex, Ranade Road, Dadar (West), Mumbai – 400028, Maharashtra, India

Banker Name	Axis Bank Limited
Branch Address	Dadar, Fort Mumbai, Maharashtra, India
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)	CC – Rs. 14.000 Millions
Term Loan:	Rs. 10.800 Millions
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Term Loan From Bank (secured against hypothecation of flat belonging to a company under the some management)	NA	10.713
Short-term borrowings
Cash Credit Facility, repayable on demand from bank	NA	13.996
Total	NA	24.709

Auditors :
Name :	Mayur R. Shah and Associates Chartered Accountants
Address :	3, Bethal Building, plot no.17-18, Chedda Nagar, Chembur, Mumbai- 400089, Maharashtra, India
Tel. No.:	91-22-25259117
Mobile No.:	91-9819228475
E-Mail :	mayurca@rediffmail.com
PAN N Income-tax PAN of auditor or auditor's firm :	AAPFM9575P
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available
Sister Concern:	Cradle Runways India Private Limited Address: 17, 2nd Floor, Hind Services Industries, Near Shivajipark Seaface, Dadar (West), Near Shivajipark Seaface, Dadar (West), Mumbai – 400028, Maharashtra, India

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Shares	Rs.100/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
142100	Equity Shares	Rs.10/- each	Rs. 14.210 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	14.210	14.210	14.210
(b) Reserves & Surplus	7.955	4.873	2.859
(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)	22.165	19.083	17.069
(3) Non-Current Liabilities
(a) long-term borrowings	6.951	10.713	14.928
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	6.951	10.713	14.928
(4) Current Liabilities
(a) Short term borrowings	13.481	14.896	13.300
(b) Trade payables	3.485	1.547	1.927
(c) Other current liabilities	14.529	12.164	11.669
(d) Short-term provisions	1.413	0.843	0.850
Total Current Liabilities (4)	32.908	29.450	27.746
TOTAL	62.024	59.246	59.743
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5.337	5.046	5.418
(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)	0.636	0.716	0.774
(d) Long-term Loan and Advances	7.926	11.129	15.148
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	13.899	16.891	21.340
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1.665	1.571	0.907
(c) Trade receivables	34.536	28.868	21.290
(d) Cash and cash equivalents	1.136	0.904	2.987
(e) Short-term loans and advances	10.788	11.012	13.219
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	48.125	42.355	38.403
TOTAL	62.024	59.246	59.743

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	96.097	75.758	66.592
		Other Income	0.446	0.144	0.188
		TOTAL	96.543	75.902	66.780
Less	EXPENSES
		Cost of Materials Consumed	6.137	3.292	4.055
		Employees benefits expense	70.330	57.772	48.684
		Other expenses	12.453	8.654	8.292
		TOTAL	88.920	69.718	61.031
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		7.623	6.184	5.749
Less	FINANCIAL EXPENSES		2.027	2.102	1.597
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		5.596	4.082	4.152
Less/ Add	DEPRECIATION/ AMORTISATION		1.022	1.167	1.277
	PROFIT BEFORE TAX		4.574	2.915	2.875
Less	TAX		1.493	0.901	0.888
	PROFIT AFTER TAX		3.081	2.014	1.987
	Earnings Per Share (Rs.)		21.68	14.18	13.98

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.21	2.66	2.98
Operating Profit Margin (PBIDT/Sales)	(%)	7.93	8.16	8.63
Return on Total Assets (PBT/Total Assets}	(%)	7.45	4.98	4.88
Return on Investment (ROI) (PBT/Networth)		0.21	0.15	0.17
Debt Equity Ratio (Total Debt /Networth)		0.92	1.34	1.65
Current Ratio (Current Asset/Current Liability)		1.46	1.44	1.38

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	14.210	14.210	14.210
Reserves & Surplus	2.859	4.873	7.955
Net worth	17.069	19.083	22.165
long-term borrowings	14.928	10.713	6.951
Short term borrowings	13.300	14.896	13.481
Total borrowings	28.228	25.609	20.432
Debt/Equity ratio	1.654	1.342	0.922

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	66.592	75.758	96.097
		13.764	26.847

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	66.592	75.758	96.097
Profit	1.987	2.014	3.081
	2.98%	2.66%	3.21%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS:

Particulars	31.03.2014	31.03.2013	31.03.2012
	(Rs. In Millions)
Current maturities of long-term debt	NA	3.794	4.600
Total	NA	3.794	4.600

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	No
10]	Designation of contact person	No
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	No
16]	Details of sister concerns	No
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	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	No
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

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Short-term borrowings
loan from related parties	NA	0.900
Total	NA	0.900

Note: Registered office of the company has been shifted from “G-121, Ansa Industrial Estate, Saki Vihar Road, Andheri (East), Mumbai – 400072, Maharashtra, India” to the present Address w.e.f 15.02.2008.

INDEX OF CHARGES:

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10340904	31/01/2012	32,600,000.00	AXIS BANK LIMITED	AXIS HOUSE, GR. FLOOR,, BOMBAY DYEING MILLS COMPOUND, P.B. MARG WORLI,, MUMBAI, MAHARASHTRA - 400025, INDIA	B34466342

FIXED ASSETS:

• Computer
• Computer Software
• Furniture and Fixture
• Plant and Machinery
• Vehicle

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.61.76
UK Pound	1	Rs.93.13
Euro	1	Rs.70.03

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	DIV
Report Prepared by :	MTN

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
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		43

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.