MIRA INFORM REPORT

Report No. :	489527
Report Date :	10.02.2018

IDENTIFICATION DETAILS

Name :	KOLBEN COMPRESSOR SPARES (INDIA) PRIVATE LIMITED
Registered Office :	Surya Mahal, Shop No. 4, 5-Badjorji, Bharucha Marg, Off Nagindas Master Road, Fort, Mumbai – 400023, Maharashtra
Tel. No.:	91-22-22670072/ 22660677/ 22815489
Country :	India
Financials (as on) :	31.03.2016
Date of Incorporation :	25.06.2009
Com. Reg. No.:	11-193562
Capital Investment / Paid-up Capital :	INR 3.401 Million
CIN No.: [Company Identification No.]	U29268MH2009PTC193562
TIN No.:	27690725080
CST No.:	27690725080C
GST No.:	27AADCK6952B1ZM
IEC No.:	0309048109
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AADCK6952B
Legal Form :	Private Limited Liability Company
Line of Business :	· Trading of Compressor Spare Parts. · Stockist of Air and Refrigerator Compressor Spares and Allied Equipments. [Registered Activity]
No. of Employees :	Not Divulged

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 89890
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2009 and it is having satisfactory track record. Management of the company has not filed its financials of 2017 with Government Department. For the financial year 2016, the company has increased in its revenue from operation and maintained decent profitability margin of 7.26%. Rating takes into consideration sound financial profile of the company marked by adequate networth base and debt free balance sheet. Further, rating also reflects company’s improvement in the revenue as well as profitability profile during the year. Trade relations are reported as fair. Business is active. Payments are seems to be usually correct. The company can be considered 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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 10.02.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DECLINED BY

Name :	Ms. Suchita
Designation :	Accountant
Contact No.:	91-22-22670072
Date :	04.02.2018

LOCATIONS

Registered Office :	Surya Mahal, Shop No. 4, 5-Badjorji, Bharucha Marg, Off Nagindas Master Road, Fort, Mumbai – 400023, Maharashtra, India
Tel. No.:	91-22-22670072/ 22660677/ 22815489
Mobile No.:	91-9820307901/ 7053127709 (Mr. Pankaj R. Shah)
Fax No.:	91-22-22670841
E-Mail :	info@kolbeninternational.com
Website :	https://www.kolbeninternational.com

DIRECTORS

AS ON 31.03.2017

Name :	Mr. Pankaj Rameshchandra Shah
Designation :	Director
Address :	Western Court, Ground Floor, Flat No: 2, 83, Marine Drive, Patan Jain Mandal Marg Mumbai – 400002, Maharashtra, India
Date of Birth :	12.11.1963
Date of Appointment :	25.06.2009
DIN No.:	02628954
Name :	Mr. Rajeshree Shah
Designation :	Director
Address :	Western Court, Ground Floor, Flat No: 2, 83, Marine Drive, Patan Jain Mandal Marg Mumbai – 400002, Maharashtra, India
Date of Birth :	17.04.1965
Date of Appointment :	25.06.2009
DIN No.:	02639442

KEY EXECUTIVES

Name :	Ms. Suchita
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2016

Names of Shareholders	No. of Shares
Pankaj R. Shah	30100
Rajeshree P. Shah	225000
Asha Enterprise	2250
Bhimini Sanghvi	1775
Global Geophysical Survays	1350
Jayshree P. Rathod	1125
Nehalchand Jain	2700
Nimesh Y. Seth	2700
PSI Drilling Equipment	1500
Rajesh M. Patel	4375
Ramesh C. Sanghvi HUF	5625
Ramesh C. Sanghvi	1300
Samir K. Mehta	2450
Sarla H. Gandhi	3125
Vinod R. Shah	6725
Vinod R. Shah HUF	1350
Suresh Shah	2500
Bhavya Shah	2500

AS ON 30.09.2016

Equity Share Breakup	Percentage of Holding
Category
Promoters – Individual/ Hindu Undivided Family – Indian	75.01
Public/Other than promoters – Individual/ Hindu Undivided Family – Indian	24.99
Total	100.00

BUSINESS DETAILS

Line of Business :

· Trading of Compressor Spare Parts.

· Stockist of Air and Refrigerator Compressor Spares and Allied Equipments.

[Registered Activity]

Products :

ITC Code No.	Product Descriptions
99611892	Trading of Compressor Parts

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :	· Adarsh Industries · Akshar Engineering Corporation · Atlas Seals · Dhanlaxmi Industries · E.M. Traders · Filtro Industries · Ishwar Trading · Mek Controls · Rex Instruments · Ultra Engineering
Customers :	· Aqua Fields · Bansal Refrigeration Company · Brite Industries · Century Sales Corporation · Compressor Engineering · Dew Point Engineers · Electronic Marketing agencies · Fricons · Indo Freeze · Kool Tech Enterprises
No. of Employees :	Not Divulged
Bankers :	· DBS Bank · Union Bank of India · Citi Bank
Facilities :	--

Auditors :
Name :	NPV and Associates Chartered Accountants
Address :	Wing, Chanakya CHSL, Mahavir Nagar Link Road, Kandivali [West], Mumbai – 400067, Maharashtra, India
PAN No.:	AAHFN0380R
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2016

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	INR 10/- each	INR 5.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
340100	Equity Shares	INR 10/- each	INR 3.401 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	3.401	3.401	3.401
(b) Reserves & Surplus	28.062	25.564	24.052
(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)	31.463	28.965	27.453
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.002
(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)	0.000	0.000	0.002
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	2.248	0.530	0.254
(c) Other current liabilities	4.238	2.168	0.538
(d) Short-term provisions	2.091	0.766	0.006
Total Current Liabilities (4)	8.577	3.464	0.798
TOTAL	40.040	32.429	28.253
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.118	0.102	0.081
(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	19.006	19.007	13.500
(c) Deferred tax assets (net)	0.000	0.003	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	19.124	19.112	13.581
(2) Current assets
(a) Current investments	1.068	0.000	3.436
(b) Inventories	9.302	7.373	6.664
(c) Trade receivables	3.068	1.730	2.264
(d) Cash and cash equivalents	5.642	3.545	2.040
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	1.836	0.669	0.268
Total Current Assets	20.916	13.317	14.672
TOTAL	40.040	32.429	28.253

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2016	31.03.2015	31.03.2014
	SALES
		Revenue from Operations	34.400	30.226	27.229
		Other Income	1.276	1.570	1.497
		TOTAL (A)	35.676	31.796	28.726
Less	EXPENSES
		Cost of Materials Consumed	0.000	0.000	0.000
		Purchases of Stock-in-Trade	23.146	20.804	16.546
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(1.928)	(0.710)	0.007
		Employees benefits expense	7.482	6.942	6.426
		Other expenses	3.241	2.530	3.622
		TOTAL (B)	31.941	29.566	26.601
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3.735	2.230	2.125
Less	FINANCIAL EXPENSES (D)		0.034	0.023	0.010
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.701	2.207	2.115
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.031	0.030	0.008
	PROFIT BEFORE TAX (E-F) (G)		3.670	2.177	2.107
Less	TAX (H)		1.172	0.665	0.653
	PROFIT AFTER TAX (G-H) (I)		2.498	1.512	1.454
	Earnings Per Share (INR)		7.34	4.45	4.27

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net Cash flow from (used in) Operations	NA	NA	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	32.55	20.89	30.35
Account Receivables Turnover (Income / Sundry Debtors)	11.21	17.47	12.03
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	35.45	9.30	5.60
Inventory Turnover (Operating Income / Inventories)	0.40	0.30	0.32
Asset Turnover (Operating Income / Net Fixed Assets)	31.65	21.86	26.23

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.21	0.11	0.03
Debt Equity Ratio (Total Liability / Networth)	0.00	0.00	0.00
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.27	0.12	0.03
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.00	0.00	0.00
Interest Coverage Ratio (PBIT / Financial Charges)	109.85	96.96	212.50

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	7.26	5.00	5.34
Return on Total Assets ((PAT / Total Assets) * 100)	%	6.24	4.66	5.15
Return on Investment (ROI) ((PAT / Networth) * 100)	%	7.94	5.22	5.30

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	2.44	3.84	18.39
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.35	1.72	10.04
G-Score Ratio Financial (Networth / Total Assets)	0.79	0.89	0.97
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.00	0.00
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.44	3.84	18.39

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particulars	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	3.401	3.401	3.401
Reserves & Surplus	24.052	25.564	28.062
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	27.453	28.965	31.463
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	27.229	30.226	34.400
		11.007	13.809

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	27.229	30.226	34.400
Profit	1.454	1.512	2.498
	5.34%	5.00%	7.26%

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	No
8	Designation of contact person	No
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	No
18	Major suppliers	Yes
19	Major customers	Yes
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 three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three 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	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES: NO CHARGES EXISTS FOR COMPANY

COMPANY AFFAIRS AND BUSINESS PLAN:

The company has earned net profits after tax of INR 2.498 Million during the year as compared to the net profit of INR 1.512 Million earned during the last financial year 2014-15.

FIXED ASSETS:

· Laptop

· Air Conditioner

· Camera

· TV Set

· Mobile Phones

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 records 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 records 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	INR 64.37
UK Pound	1	INR 89.71
Euro	1	INR 78.89

INFORMATION DETAILS

Information Gathered by :	PUJ
Analysis Done by :	PRS
Report Prepared by :	BVA

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.