MIRA INFORM REPORT

Report Date :

03.08.2011

IDENTIFICATION DETAILS

Name :	BEAUTEX INDUSTRIES PRIVATE LIMITED
Registered Office :	‘Beautex House’, Plot # 1/1 Old Anand Nagar, Santacruz (East), Next To Reliance Energy, Mumbai – 400 055, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.10.2008
Com. Reg. No.:	11-187676
Capital Investment / Paid-up Capital :	Rs.3.555 millions
CIN No.: [Company Identification No.]	U17220MH2008PTC187676
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Window Products and Trader of Flooring Products.
No. of Employees :	About 110 Approximately

RATING & COMMENTS

	MIRA’s Rating :			Ba (45)
RATING			STATUS		PROPOSED CREDIT LINE
41-55		Ba	Overall operation is considered normal. Capable to meet normal commitments.		Satisfactory

Maximum Credit Limit :	USD 30000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is relatively new company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Ranjit Dhody
Designation :	Director
Contact No.:	91-9820134244

LOCATIONS

Registered Office :	‘Beautex House’, Plot # 1/1 Old Anand Nagar, Santacruz (East), Next To Reliance Energy, Mumbai – 400 055, Maharashtra, India
Tel. No.:	91-22-26119000
Mobile No.:	91-9820134244 (Mr. Ranjit Dhady)
Fax No.:	91-22-26174888 / 26130092
E-Mail :	ranjit@beautex.in info@beautex.in prabhjot@beautex.in
Website :	www.beautex.in
Area :	4500 sq. ft
Location :	Owned by Director
Factory 1 :	Ajivali, Taluka Khalapur, Post Donvat, District Raigadh, Maharashtra, India
Area :	4 Acers
Location :	Leased
Branches /Showroom:	Located At: Pune Ahmedabad Bangalore

DIRECTORS

As on 30.09.2010

Name :	Mr. Prabhjot Dhody
Designation :	Director
Address :	12 Sea Glimpse, B J Road, Bandstand, Bandra, Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	26.08.1977
Qualification :	B. Com.
Date of Appointment :	20.10.2008
DIN No. :	02324216
Name :	Mr. Ranjit Dhody
Designation :	Director
Address :	12 Sea Glimpse, B J Road, Bandstand, Bandra, Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	07.12.1980
Qualification :	B.Com.
Date of Appointment :	20.10.2008
DIN No. :	02324299

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Prabhjot Dhody	175000
Ranjit Dhody	180000
Manjit Dhody	100
Beautex Industries	100
Ishvinder Anand	100
Jaswant Kaur	100
Raspreet Dhody	100
Total	355500

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Window Products and Trader of Flooring Products.
Products :	· Laminated Wooden Flooring · Solid/Engineered Wood Flooring · Outdoor Deck Wood Flooring · Carpets/Carpet Tiles · Silk and Woolen Carpets · Stones Walls Panels · U-PVC Doors and Windows

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Window	Nos.	18000	18000	650.67 RNMTR

GENERAL INFORMATION

No. of Employees :

About 110 Approximately

Bankers :

· Standard Chartered Bank

SME Credit, 23-25, M G Road, Fort, Mumbai – 400 001, Maharashtra, India

· The Syndicate Bank

Plot No. 342, Syndicate House, 19^th Road, TPS 111, Bandra West Branch, Mumbai – 400 050, Maharashtra, India

· HDFC Bank Limited

Facilities :

Secured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
HDFC Bank Limited – Car Loan (Secured against Hypothecation of Motor Car)	3.556	4.553
Total	3.556	4.553

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
From Directors	6.629	1.657
From Shareholders	8.382	1.752
Total	15.011	3.409

Banking Relations :	--
Auditors :
Name :	S S Agarwal and Associates Chartered Accountant
Address :	313, Bharat Chambers, 52-C, Baraoda Street, Mumbai – 400 009, Maharashtra, India
Tel. No.:	91-22-66342490
Fax No.:	91-22-23484177
E-Mail :	ssa_ca.associates@yahoo.co.in
Associates :	· Ambience International (Proprietory concern of Prabhjot Singh Dhody) · Beautex

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
355500	Equity Shares	Rs.10/- each	Rs.3.555 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		3.555	3.552
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		4.026	0.914
4] (Accumulated Losses)		0.000	0.000
NETWORTH		7.581	4.466
LOAN FUNDS
1] Secured Loans		3.556	4.553
2] Unsecured Loans		15.011	3.409
TOTAL BORROWING		18.567	7.962
DEFERRED TAX LIABILITIES		0.275	0.503
TOTAL		26.423	12.931
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		10.129	10.711
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	21.007	4.542
	Sundry Debtors	6.812	1.143
	Cash & Bank Balances	2.145	1.572
	Other Current Assets	0.000	0.000
	Loans & Advances	4.912	1.645
Total Current Assets		34.876	8.902
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9.116	5.324
	Other Current Liabilities	8.079	1.315
	Provisions	1.557	0.270
Total Current Liabilities		18.752	6.909
Net Current Assets		16.124	1.993
MISCELLANEOUS EXPENSES		0.170	0.227
TOTAL		26.423	12.931

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	53.661	3.888
		Other Income
		TOTAL (A)	53.661	3.888
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	51.530	2.393
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		Including Financial Expenses	Including Financial Expenses
Less	FINANCIAL EXPENSES (D)
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.131	1.495
Less/ Add	DEPRECIATION/ AMORTISATION (F)		(2.348)	(0.192)
	PROFIT BEFORE TAX (E-F) (G)		4.479	1.687
Less	TAX (H)		1.367	0.773
	PROFIT AFTER TAX (G-H) (I)		3.112	0.914
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.914	0.000
	BALANCE CARRIED TO THE B/S		4.026	0.914
	IMPORTS		23.964	4.509
	Earnings Per Share (Rs.)		8.75	89.66

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	5.80	23.51
Return on Total Assets (PBT/Total Assets}	(%)	9.95	8.60
Return on Investment (ROI) (PBT/Networth)		0.59	0.38
Debt Equity Ratio (Total Liability/Networth)		0.00	3.33
Current Ratio (Current Asset/Current Liability)		1.86	1.29

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

During the year, the Company’s Turnover was Rs.53.661 millions and the company has earned a net profit of Rs.3.112 millions, after tax and other outgoings.

FORM 8

Corporate identity number of the company	U17220MH2008PTC187676
Name of the company	Beautex Industries Private Limited
Address of the registered office or of the principal place of business in India of the company	‘Beautex House’, Plot # 1/1 Old Anand Nagar, Santacruz (East), Next To Reliance Energy, Mumbai – 400 055, Maharashtra, India
This form is for	Creation of charge
Type of charge	· Book debts · Movable property (not being pledge) · Floating charge
Particular of charge holder	Standard Chartered Bank SME Credit, 23-25, M G Road, Fort, Mumbai – 400 001, Maharashtra, India
Nature of instrument creating charge	Hypothecation Agreement
Date of instrument Creating the charge	03.02.2011
Amount secured by the charge	Rs.16.500 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As agreed by and with the Bank from time to time. Terms of Repayment As agreed by and with the Bank from time to time. Margin As applicable, if any. Extent and Operation of the charge The Bank is having first and exclusive charge on the security given by the Company
Short particulars of the property or asset(s) charged (including complete address and location of the property)	· Hypothecation by way of first and exclusive charge on: a) all the stock in trade both present and future consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise · b) all the present and future book debts, outstanding moneys receivable, claims and bills.

FIXED ASSETS

· Plant and Machinery

· Fax Machine

· Mobile Phone Hand Set

· Air Conditioner

· Office Equipment

· Furniture and Fixture

· Motor Car

· Computer

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	Rs.44.23
UK Pound	1	Rs.72.09
Euro	1	Rs.62.98

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
--PROFITABILIRY	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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.