MIRA INFORM REPORT

Report No. :	331533
Report Date :	13.07.2015

IDENTIFICATION DETAILS

Name :	LNG EXPRESS INDIA PRIVATE LIMITED
Registered Office :	A-36, Ghanshyam Nagar Society No. 2, GIDC Road, Manjalpur, Vadodara – 390011, Gujarat
Tel. No.:	91-265-2662288/ 36
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.04.2012
Com. Reg. No.:	04-069977
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U50500GJ2012PTC069977
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BRDL00652B
PAN No.: [Permanent Account No.]	AACCL2598P
Legal Form :	Private Limited Liability Company
Line of Business :	Subject engaged to acquire, store, process, refine, liquefy, regasify, transfill, distribute, supply natural gas (NG), liquefied natural gas (LNG), compressed natural gas (CNG) and other forms of natural gas and its mixtures.
No. of Employees :	14 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to commence its business operations
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the company was incorporated on 19^th April 2012, it is yet to commence its business operations. Mr. Nayan B. Pandya, has provided information to us and claimed that company has not undertaken business operation due to necessary approval yet to receive from the Government Department and once approval receives from authority company will start its business operations. Further he also claimed that company has reported some revenue during 2014 which is from indirect source. As per available financial record of 2014, company has incurred huge pre operating expenses which has eroded networth of the company. As per status in the Registrar of Companies, business appears to be active. Payments are reported to be unknown. In view of absence of business operations, the company can be considered for business dealing on safe and secured 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Nayan Balmukund Pandya
Designation :	Director
Contact No.:	91-9998930099
Date :	09.07.2015

LOCATIONS

Registered Office :	A-36, Ghanshyam Nagar Society No. 2, GIDC Road, Manjalpur, Vadodara – 390011, Gujarat, India
Tel. No.:	91-265-2662288/ 36
Mobile No.:	91-9998930099 [Mr. Nayan Balmukund Pandya]
Fax No.:	91-265-2662047
E-Mail :	amrish-iwi@cryogas-equipment.com pankaj@cryogas-equipment.com iwinayan@iwicryo.com
Website :	http://www.lngexpress.in
Area :	Land 1400 Sq. ft. and Construction 2200 Sq. ft.
Location :	Owned
Factory :	Plot No. 1433, At Waghodia Industrial Estate, GIDC, Vadodara, Gujarat, India
Area :	4893.18 Sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Nayan Balmukund Pandya
Designation :	Director
Address :	Dev Pushp Bunglow, Near Sri Palli Society, Manjalpur, Vadodara – 390011, Gujarat, India
Date of Birth/Age :	16.01.1966
Qualification :	Bachelor of Engineering
Experience :	25 Years
Date of Appointment :	19.04.2012
DIN No.:	00240615
Name :	Mrs. Alka Nayan Pandya
Designation :	Director
Address :	A-36, Ghanshyam Nagar Society No. 2, GIDC Road, Manjalpur, Vadodara – 390011, Gujarat, India
Date of Birth/Age :	19.10.1967
Qualification :	Bachelor of Arts
Experience :	18 Years
Date of Appointment :	19.04.2012
DIN No.:	00240431

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Nayan Balmukund Pandya	8000	80.00
Alka Nayan Pandya	2000	20.00
Total	10000	100.00

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject engaged to acquire, store, process, refine, liquefy, regasify, transfill, distribute, supply natural gas (NG), liquefied natural gas (LNG), compressed natural gas (CNG) and other forms of natural gas and its mixtures.
Brand Names :	--
Agencies Held :	· Sumitomo Heavy Industries (Cryogenic Division), Japan · HEROSE, Germany for their Cryogenic and other valves and regulators · CRYONORM, Holland. In fact they have joint-venture for territories allocated wherein technology is from Dutch-manufacturing in India by their one of the company is in business. · WELDCOA and American country in welding and other automation.
Exports :
Products :	--
Countries :	--
Imports :
Products :	PLL, IOCL, GSPC, GAIL, etc.
Countries :	· Qatar · Australia · Nigeria · Indonesia
Terms :
Selling :	Cash and Credit (60 Days)
Purchasing :	Cash

PRODUCTION DETAILS:

PRODUCTS	INSTALLED CAPACITY	ACTUAL PRODUCTION
Liquefied Natural Gas	9000 Mtpa	Pilot run over. Pioneering is proved and now commercial scale will be started very soon; just waiting for clear policy for LNG business in place and the government machineries, who control and support new ideas.

GENERAL INFORMATION

Suppliers :

Reference :

IOCL

Name of the Person :

Mr. J.P. Mishra (Marketing Incharge)

Contact No.:

91-9999113965

Since How Long Known :

4 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Good	Good	Good

Remark:

They gave us positive response about the subject company they are satisfied with their payment behaviour and market goodwill.

· Maganlal and Company

· Mahendra P. Shah and Company

Customers :

End Users

Reference :

Hindustan Vidyut Products Limited

Name of the Person :

Mr. Pritesh Waghela [Assistant Manager]

Contact No.:

91-9302952333

Since How Long Known :

3 Years

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Good	Good	Good

Remark:

They gave us positive response about subject company they are satisfied with their product quality and delivery behaviour.

No. of Employees :

14 (Approximately)

Bankers :

Banker Name	State Bank of India
Branch Address	SME Manjalpur Branch, Vadodara, Gujarat, 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)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

--

Auditors :
Name :	Maganlal and Company Chartered Accountants
Address :	32, 2^nd Floor, Raja Bahadur Mansion, Mumbai Samachar Marg, Fort, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-22651905/ 30221905
Fax No.:	91-22-30221905
E-Mail :	mukeshbhatt@vsnl.net
PAN N Income-tax PAN of auditor or auditor's firm :	AAEPB6466B
Memberships :	Not Available
Collaborators :	Not Available
Related Parties :	· IWI Cryogenic Vaporization Systems India Private Limited Address: Plot No. 338, Waghodia Industrial Estate, GIDC, District Vadodara, Gujarat, India Activity: Manufacturer of Cryogenic Equipments for Air Gases and LNG. · Ultra Pure Gases India Private Limited Address: Plot No. 345, Waghodia Industrial Estate, GIDC, District Vadodara, Gujarat, India Activity: Manufacturer and Mixing of Cryogenic and other Gases, A one stop shop for all kinds of industrial gases even for analysis, R&D, Calibration purposes; caters to all length and width of every industrial and institutions. · Cryogas Equipment Private Limited (SEZ and DTA Divisions) Address: Plot No. 9/1, Inside Aspen SEZ, Pipalia, Ta. Waghodia, District Vadodara, Gujarat, India Activity: Manufacturer of Tanks SIVLs Mini and Microbulk equipments, supplied on Turnkey basis to Air Gas majors and end-user corporate houses world over.

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100
(b) Reserves & Surplus	(1.275)	(0.597)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(1.175)	(0.497)
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	3.356	3.067
(b) Trade payables	0.081	0.095
(c) Other current liabilities	0.064	0.014
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	3.501	3.176
TOTAL	2.326	2.679
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.011	0.018
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.154	2.484
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	2.165	2.502
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	0.161	0.177
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	0.000	0.000
Total Current Assets	0.161	0.177
TOTAL	2.326	2.679

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	0.000	0.000
		Other Income	0.248	0.000
		TOTAL (A)	0.248	0.000
Less	EXPENSES
		Employees benefits expense	0.364	0.000
		Other expenses	0.186	0.597
		TOTAL (B)	0.550	0.597
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.302)	(0.597)
Less	FINANCIAL EXPENSES (D)		0.369	0.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.671)	(0.597)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.007	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(0.678)	(0.597)
Less	TAX (H)		0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(0.678)	(0.597)
	Earnings/ (Loss) Per Share (Rs.)		(6.78)	(5.97)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA
Cash generated from operations	NA	NA
Net cash flows from (used in) operations	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.00	0.00
Operating Profit Margin (PBIDT/Sales)	(%)	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(29.15)	(22.28)
Return on Investment (ROI) (PBT/Networth)		0.58	1.20
Debt Equity Ratio (Total Debt /Networth)		(2.86)	(6.17)
Current Ratio (Current Asset/Current Liability)		0.05	0.06

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	0.100
Reserves & Surplus	(0.597)	(1.275)
Money received against share warrants	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	(0.497)	(1.175)
Long-term borrowings	0.000	0.000
Short term borrowings	3.067	3.356
Total borrowings	3.067	3.356
Debt/Equity ratio	(6.171)	(2.856)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	0.000	0.248

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	0.000	0.248
Profit/ (Loss)	(0.597)	(0.678)
		(273.39%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
From Directors	3.300	3.017
From Related Parties	0.056	0.050
Total	3.356	3.067

TRADE REFERENCES

1) Mr. Pritesh Waghela, Commercial Head of Insulation and Electrical Company, a Proprietor of Hindustan Vidyut Products Limited at Plot No. 1-8, New Industrial Area PB No. 1, Mandideep – 462046, Madhya Pradesh, India

Contact No. 91-9302952333

2) Mr. J.P. Mishra, Marketing Incharge as the Chief Manager (LNG) IOCL, New Delhi

Contact No. 91-9999113965/ 91-11-42125484

3) Mr. Noor Khan, Officer Incharge at PNGRB World Trade Centre, Babar Road, New Delhi

Contact No. 91-9899240254/ 91-11-23457721

4) Mr. Pankaj Wadhwa, Head of Commercials at Petronet LNG Limited World Trade Centre, Babar Road, New Delhi

Contact No. 91-9810438351/ 91-11-23472597

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. 63.38
UK Pound	1	Rs. 97.65
Euro	1	Rs. 70.43

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAR
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	--
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	--
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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		11

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.