MIRA INFORM REPORT

Report Date :

14.12.2011

IDENTIFICATION DETAILS

Name :	PRIDE (INDIA) PRIVATE LIMITED
Registered Office :	7, Dharam Place, N S Patkar Marg, Behind Willson Collage, Mumbai – 400 007, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.08.2000
Com. Reg. No.:	11-128433
Capital Investment / Paid-up Capital :	Rs.1.102 Millions
CIN No.: [Company Identification No.]	U18101MH2000PTC128433
TAN No.: [Tax Deduction & Collection Account No.]	MUMP16465B / MUMP11577G
PAN No.: [Permanent Account No.]	AACCP0973E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Carpets, Rugs, Drapes And Curtains
No. of Employees :	Information declined by the management

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 66000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established 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 for small business dealings at usual trade terms and conditions. The Profit and Loss for the year 2011 is not available.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Name :	Ms. Anita
Designation :	Accountant
Date :	13.12.2011

LOCATIONS

Registered Office :	7, Dharam Place, N S Patkar Marg, Behind Willson Collage, Mumbai – 400 007, Maharashtra, India
Tel. No.:	91-22-23683991 / 23683992
Fax No.:	Not Available
E-Mail :	arun@pride-group.com anita@pride-group.com

DIRECTORS

As on 30.09.2011

Name :	Mr. Arun Nand Kishore Agarwal
Designation :	Director
Address :	702, 7^th Floor, Joanna Bldg, Pali Road, Bandra(W), Mumbai-400050, Maharashtra, India
Date of Birth/Age :	03.03.1958
Date of Appointment :	25.08.2000
DIN No.:	01841781

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65990MH1983PTC031303	Kukreja Leasing And Investo Private Limited	Director	07-10-85	07-10-85	-	Active	NO
2	U18101MH2000PTC128433	Pride (India) Private Limited	Director	25-08-00	25-08-00	-	Active	NO
3	U20103MH2006PTC162413	Pride Furnishing Services Private Limited	Director	18-05-06	18-05-06	17-03-08	Active	NO

Name :	Mrs. Seema Agarwal
Designation :	Director
Address :	Flat No. 702, 7^th Floor, Joanna Building, 10, Pali Road, Bandra (West), Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	14.02.1959
Date of Appointment :	17.03.2008
DIN No.:	02135843

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U18101MH2000PTC128433	Pride (India) Private Limited	Director	17-03-08	17-03-08	Active	NO
2	U65990MH1983PTC031303	Kukreja Leasing and Investo Private Limited	Director	17-03-08	17-03-08	Active	NO

Name :	Mr. Varun Arun Agarwal
Designation :	Director
Date of Appointment :	02.05.2011
DIN No.:	03539698

KEY EXECUTIVES

Name :	Ms. Anita
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Arun Agarwal	75200
Shashi Agarwal	10000
Arun N Agarwal HUF	10000
Seema Agarwal	15000
Total	110200

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Carpets, Rugs, Drapes And Curtains

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

The Zoroastrain Co-Operative Bank Limited

Mumbai Main Branch, Yusuf Building, Ground Floor, V. N. Road, Fort, Mumbai – 400 001, Maharashtra, India

Facilities :

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
The Zoroastrain Co-Operative Bank Limited	0.696	0.558
Total	0.696	0.558

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Unsecured Loans - From Others	5.394	5.847
Unsecured Loans – From Directors / Managers	4.127	5.764
Total	9.521	11.611

Banking Relations :	--
Auditors :
Name :	Vinod S Mehta and Company Chartered Accountants
Address :	114, Jolly Bhavan-1, 10 New Marine Lines, Mumbai – 400 020, Maharashtra, India
Tel No.:	91-22-66333501 / 02 / 03 / 04
Fax No.:	91-22-66333508
E-Mail :	cavsmehta@gmail.com
PAN No.:	AADFV0519Q

CAPITAL STRUCTURE

As on 30.09.2011

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
110200	Equity Shares	Rs.10/- each	Rs.1.102 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1.102	1.102	1.102
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		15.324	12.059	6.745
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16.426	13.161	7.847
LOAN FUNDS
1] Secured Loans		0.696	0.558	0.120
2] Unsecured Loans		9.521	11.611	14.767
TOTAL BORROWING		10.217	12.169	14.887
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		26.643	25.330	22.734
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.448	3.627	4.119
Capital work-in-progress		0.000	0.199	0.000
INVESTMENT		9.100	0.100	0.100
DEFERREX TAX ASSETS		0.262	0.219	0.138
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	24.863	25.553	29.551
	Sundry Debtors	1.342	2.324	1.888
	Cash & Bank Balances	0.593	7.700	1.700
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.437	11.830	9.610
Total Current Assets		39.235	47.407	42.749
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.438	12.608	11.401
	Other Current Liabilities	11.612	7.747	9.622
	Provisions	7.352	5.867	3.369
Total Current Liabilities		27.402	26.222	24.392
Net Current Assets		11.833	21.185	18.357
MISCELLANEOUS EXPENSES		0.000	0.000	0.020
TOTAL		26.643	25.330	22.734

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL INCOME	NA	80.408	96.476
Less	EXPENSES
		Office Expenses	NA	72.677	88.259
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	72.677	88.259
	PROFIT BEFORE TAX		NA	7.731	8.217
Less	TAX		NA	2.430	2.875
	PROFIT AFTER TAX		NA	5.301	5.342
	IMPORTS		2.276	1.832	0.369
	Earnings Per Share (Rs.)		NA	48.10	48.48

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	6.59	5.54
Return on Total Assets (PBT/Total Assets}	(%)	NA	15.15	17.53
Return on Investment (ROI) (PBT/Networth)		NA	0.59	1.05
Debt Equity Ratio (Total Liability/Networth)		2.29	2.92	5.01
Current Ratio (Current Asset/Current Liability)		1.43	1.81	1.75

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	8.438	12.608	11.401

NOTE

The Registered Office of the company has been shifted from 1 Embassy Centre, Nariman Point, Mumbai – 400 021, Maharashtra, India to the present address w.e.f. 17.03.2008.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	90349299
Corporate identity number of the company	U18101MH2000PTC128433
Name of the company	PRIDE (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	7, Dharam Place, N S Patkar Marg, Behind Willson Collage, Mumbai-400007, Maharashtra, India
Type of charge	· Book Debts · Movable Property
Particular of charge holder	The Zoroastrian Co-Operative Bank Limited, Mumbai Main Branch, Yusuf Building, V N Road, Fort, Mumbai-400001, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Supplemental Deed Of Hypothecation (I) Additional Limit
Date of instrument Creating the charge	12.02.2009
Amount secured by the charge	Rs.12.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest as determined by the bank from time to time. Terms of Repayment On Demand Margin As per sanction terms Extent and Operation of the charge To Secure The Cash Credit (Hypothecation) Limit Of Rs.125.00 Lacs Granted By The Bank To The Company Others NIL
Short particulars of the property charged	The borrower hypothecates in favour of the bank stock in trade of carpets, furnishing materials present and future which now or hereinafter from time to time during this security shall be brought in, stored or lying loose or be in or about the borrower's premises or godowns at lower parel and / or in transit or with borrower's agents or wherever else they be and all book debts arising out of sale of stock in trade present and future.
Particulars of the present modification	In additional sum of Rs.2.500 millions has been granted by the bank, thereby enhancing the cash credit (hypothecation) limit form Rs.10.000 millions to Rs.12.500 millions.

FIXED ASSETS

· Telephone (H.O.)

· Furniture - (H.O.)

· Fax (H.O.)

· Motor Bike (H.O)

· Electrical Installation (H.O.)

· Motor Car (H.O.)

· Aquaguard (H.O)

· Delivery Van (H.O.)

· Computer (H.O.)

· Television (Hughes)

· Office Equipment (Hughes)

· Air Conditioner (H.O.)

· Office Equipment (H.O.)

· Motor Car (Hughes)

· Air Conditioner (Hughes)

· Delivery Van (Hughes)

· Furniture and Fixtures (Hughes)

· Scooter (Hughes)

· Telephone (Hughes)

· Air Conditioner (Bandra)

· Computer (Bandra)

· Furniture and Fixtures (Bandra)

· Music (Bandra)

· Scooter (Bandra)

· Telephone (Bandra)

· Office Equipment Bandra

· Electrical Fittings Bandra

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.53.40
UK Pound	1	Rs.83.32
Euro	1	Rs.70.44

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	NO
--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.