MIRA INFORM REPORT

Report No. :	343557
Report Date :	03.10.2015

IDENTIFICATION DETAILS

Name :	NEOAIRTECH INDIA PRIVATE LIMITED

Registered Office :	No. 537A, 7^th Main, IV Phase, Peenya Industrial Area, 2^nd Stage, Bangalore – 560058, Karnataka
Tel. No.:	91-80-28360026

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	09.03.2012

Com. Reg. No.:	08-062936

Capital Investment / Paid-up Capital :	Rs. 1.000 Million

CIN No.: [Company Identification No.]	U29194KA2012PTC062936

IEC No.:	0712005005

TIN No:	29030669247

TAN No.: [Tax Deduction & Collection Account No.]	BLRN06755A

PAN No.: [Permanent Account No.]	AADCN9210H

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is specialized in designing, installation, testing and commission of turnkey projects on air pollution control equipments and systems.

No. of Employees :	Information declined by the Management

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 15900

Status :	Moderate

Payment Behavior :	Slow but correct

Litigation :	Clear

Comments :	Subject was incorporated on March, 2012. It is established company having moderate track record. The rating on Neoaritech India Private Limited reflects moderate financial risk profile, small networth position and low profit base of the company. Rating, however takes into account on company’s decent growth in its sales turnover from its previous year along with increase in its cash and cash equivalents and comfortable debt protection metrics. However, trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. In view of company decent operational base, the company can be considered for the business dealing with some caution.

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

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. K. Devendrappa
Designation :	Director
Contact No.:	91-9449669108
Date :	03.10.2015

LOCATIONS

Registered Office /Factory :	No. 537A, 7^th Main, IV Phase, Peenya Industrial Area, 2^nd Stage, Bangalore – 560058, Karnataka
Tel. No.:	91-80-28360026 / 28360014
Mobile No.:	91-9449669108 (Mr. K. Devendrappa)
Fax No.:	Not Available
E-Mail :	info@neoairtech.com
Website :	http://www.neoairtech.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Guharoy Ashok

Designation :

Director

Address :

No. 15, 8th Main Road, K.B Sandra New Extension, R.T. Nagar, Bangalore – 560032, Karnataka, India

Date of Birth/Age :

14.09.1948

Date of Appointment :

09.03.2012

DIN No.:

05120094

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	U29253KA2012PTC062098	BMD MACHINERY INDIA PRIVATE LIMITED	Director	17/01/2012	17/01/2012	-	Active	NO
2	U29194KA2012PTC062936	NEOAIRTECH INDIA PRIVATE LIMITED	Director	09/03/2012	09/03/2012	-	Active	NO

Name :

Mr. Kenchappa Devendrappa

Designation :

Director

Address :

Pratiksha, 2^nd Main Road, Siddarameshwara Extension, Batwadi, Tumkur – 572103, Karnataka, India

Date of Birth/Age :

09.05.1964

Date of Appointment :

09.03.2012

DIN No.:

05120112

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	U29253KA2012PTC062098	BMD MACHINERY INDIA PRIVATE LIMITED	Director	17/01/2012	17/01/2012	-	Active	NO
2	U29194KA2012PTC062936	NEOAIRTECH INDIA PRIVATE LIMITED	Director	09/03/2012	09/03/2012	-	Active	NO

Name :

Mr. Hussan Sajjadh

Designation :

Director

Address :

No. 406, 1st Cross, 1st Stage, Indiranagar, Bangalore – 560038, Karnataka, India

Date of Birth/Age :

04.09.1944

Date of Appointment :

09.03.2012

DIN No.:

05120150

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	U29253KA2012PTC062098	BMD MACHINERY INDIA PRIVATE LIMITED	Director	17/01/2012	17/01/2012	-	Active	NO
2	U29194KA2012PTC062936	NEOAIRTECH INDIA PRIVATE LIMITED	Director	09/03/2012	09/03/2012	-	Active	NO

Name :

Mr. Chandrappa Thippeshappa Basavapura

Designation :

Director

Address :

Banashankari Nilaya, No. 1436, Old No. 24/A, 10th Cross, Kalyana Nagar, T-Dasarahalli, Bangalore – 560057, Karnataka, India

Date of Birth/Age :

28.06.1974

Date of Appointment :

09.03.2012

DIN No.:

05120878

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	U29253KA2012PTC062098	BMD MACHINERY INDIA PRIVATE LIMITED	Director	17/01/2012	17/01/2012	-	Active	NO
2	U29194KA2012PTC062936	NEOAIRTECH INDIA PRIVATE LIMITED	Director	09/03/2012	09/03/2012	-	Active	NO
3	U29248KA2015FTC081425	GOSTOL TST INDIA PRIVATE LIMITED	Director	07/07/2015	07/07/2015	-	Active	NO

Name :

Mr. Malavalli Raghvendrarao Srinath

Designation :

Director

Address :

No. 4259, 1st Floor, Meenakshi Nilaya, 20th Main, 2nd Stage, A Block, Subramanya Nagar Bangalore – 560021, Karnataka, India

Date of Birth/Age :

23.11.1966

Date of Appointment :

01.10.2013

DIN No.:

05186922

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares	%Age Holding
Guharoy Ashok	15000	15.00
Kenchappa Devendrappa	15000	15.00
Hussan Sajjadh	15000	15.00
Chandrappa Thippeshappa Basavapura	15000	15.00
Malavalli Raghvendrarao Srinath	40000	40.00
Total	100000	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 :	Subject is specialized in designing, installation, testing and commission of turnkey projects on air pollution control equipments and systems.

Products :	Surface Filters Surface Coolers

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :	Not Divulged

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 :	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 :

Information Declined by the management

Bankers :

Bank Name	State Bank of Mysore
Branch	Specialized SME Peenya Branch, No.120, Near TVS Cross, 100 Ft Road, 3rd Phase, Peenya 1st Stage, Bangalore – 560058, Karnataka, 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

State Bank of Mysore, Small and Medium Enterprises City Credit Centre, No.8/6, 2nd Floor, Ranga Rao Road, Shankarapuram, Bangalore - 560004, Karnataka, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Loans repayable on demand
From Banks – Cash Credit	NA	1.110
Total	NA	1.110

Auditors :
Name :	Vishnu Daya and Company Chartered Accountants
Address :	GF No.7, Karuna Complex, No. 337, Sampige Road, Malleshwaram, Bangalore – 560003, Karnataka, India
PAN. No.:	AACFV5145P

Memberships :	-----

Collaborators :	-----

Company in which KMP/relatives of KMP can exercise significant influence (As On 31.03.2013) :	BMD Machinery India Private Limited, India Zeta India Inc, India

CAPITAL STRUCTURE

AS ON 30.09.2014

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

100000	Equity Shares	Rs.10/- each	Rs. 1.000 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	1.000	1.000
(b) Reserves & Surplus	4.577	2.498
(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)	5.577	3.498

(3) Non-Current Liabilities
(a) long-term borrowings	0.815	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)	0.815	0.000

(4) Current Liabilities
(a) Short term borrowings	3.079	2.944
(b) Trade payables	17.864	5.427
(c) Other current liabilities	8.065	2.080
(d) Short-term provisions	0.000	0.285
Total Current Liabilities (4)	29.008	10.736

TOTAL	35.400	14.234

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.782	0.445
(ii) Intangible Assets	0.105	0.028
(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	0.345	0.345
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	3.232	0.818

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	11.452	0.626
(c) Trade receivables	11.123	9.887
(d) Cash and cash equivalents	4.885	1.972
(e) Short-term loans and advances	4.435	0.883
(f) Other current assets	0.273	0.048
Total Current Assets	32.168	13.416

TOTAL	35.400	14.234

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Revenue from operations	62.076	32.580
	Other Income		0.054
	TOTAL INCOME	62.076	32.634

Less	EXPENSES
	Cost of Materials Consumed		18.723
	Employees benefits expense		3.695
	Other expenses		6.229
	TOTAL	59.026 (Including Financial and Depreciation Expense)	28.647

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		3.609

Less	FINANCIAL EXPENSES		0.248

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		3.738

Less/ Add	DEPRECIATION/ AMORTISATION		0.130

	PROFIT/ (LOSS) BEFORE TAX	3.050	3.608

Less	TAX	0.971	1.111

	PROFIT/ (LOSS) AFTER TAX	2.079	2.497

	EARNINGS IN FOREIGN CURRENCY	0.148	(0.217)

	IMPORTS
	Raw Materials	NA	4.212
	TOTAL IMPORTS	NA	4.212

	Earnings / (Loss) Per Share (Rs.)	20.79	24.98

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 flow from (used in) operations	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	NA	7.66

Operating Profit Margin (PBIDT/Sales)	(%)	NA	12.23

Return on Total Assets (PBT/Total Assets}	(%)	8.62	23.61

Return on Investment (ROI) (PBT/Networth)		0.55	0.96

Debt Equity Ratio (Total Debt /Networth)		0.70	0.84

Current Ratio (Current Asset/Current Liability)		1.11	1.25

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	1.000	1.000
Reserves & Surplus	2.498	4.577
Net worth	3.498	5.577

long-term borrowings	0.000	0.815
Short term borrowings	2.944	3.079
Total borrowings	2.944	3.894
Debt/Equity ratio	0.842	0.698

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	32.634	62.076
		90.219

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Total Income	32.634	62.076
Profit	2.497	2.079
	7.65%	3.35%

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	No
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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
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	Yes
32	Litigations that the firm/promoter involved in	---
33	Market information	---
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION: (AS ON 31.03.2013)

Subject is a private limited company incorporated on 09th may 2012 under the companies act, 1956. The company is specialized in designing, installation, testing and commission of turnkey projects on air pollution control equipments and systems.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short Term Borrowing
Loans repayable on demand
From Others	NA	1.834
Total	NA	1.834

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10481424	27/01/2014	1,250,000.00	STATE BANK OF MYSORE	SPLD SME PEENYA BRANCH, NO.120, NEAR TVS CROSS, 1 00 FT ROAD, 3RD PHASE, PEENYA 1ST STAGE, BANGALORE – 560058, KARNATAKA, INDIA	B97990337
2	10424593	21/02/2014 *	10,000,000.00	STATE BANK OF MYSORE	SMALL AND MEDIUM ENTERPRISES CITY CREDIT CENTRE, NO. 8/6, 2ND FLOOR, RANGA RAO ROAD, SHANKARAPURAM, BANGALORE - 560004, KARNATAKA, INDIA	B97440762

* Date of charge modification

FIXED ASSETS

Tangible Assets

Computer
Printers
Furniture and Fixtures
Office Equipment
Tools
UPS

Intangible assets

Computer software license

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. 65.55
UK Pound	1	Rs. 99.17
Euro	1	Rs. 73.08

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	KAS

Report Prepared by :	SANS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		30

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 unfavorable 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.

MIRA INFORM REPORT

Unit