MIRA INFORM REPORT

Report Date :

26.12.2011

IDENTIFICATION DETAILS

Name :	G2 RAMS INDIA PRIVATE LIMITED (w.e.f 23.09.2008)
Formerly Known As :	CHATEUX HOSPITALITY PRIVATE LIMITED
Registered Office :	F F 2 & 3, 170-171, Gautam Nagar, Gulmohar Road, New Delhi – 110049
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	27.02.1998
Com. Reg. No.:	55-092461
Capital Investment / Paid-up Capital :	Rs. 3.441 Millions
CIN No.: [Company Identification No.]	U55101DL1998PTC092461
TAN No.: [Tax Deduction & Collection Account No.]	DELCO4349C
PAN No.: [Permanent Account No.]	AABCC3532D
Legal Form :	Private Limited Liability Company
Line of Business :	Engaged in the Business of Events, Promotions, Conference and Relationship Management.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 688000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	F F 2 and 3, 170-171, Gautam Nagar, Gulmohar Road, New Delhi – 110049
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	kr.raman@g2rams.com
Website :	http://www.ramsapps.com
Branches :	Located at : Mumbai Gurgaon Bangalore

DIRECTORS

As on 30.06.2011

Name :

MR. Sameer Mutreja

Designation :

Director

Address :

140, HDPE Apartments, Sector 15-11, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

38 Years

Qualification :

Graduate in Hotel Management and Economics

Experience :

15 Years

Date of Appointment :

27.02.1998

DIN No.:

00814149

Name :

Mr. Sachin Mutreja

Designation :

Director

Address :

140, HDPE Apartments, Sector 15-11, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

36 Years

Qualification :

Graduate in Commerce

Experience :

13 Years

Date of Appointment :

27.02.1998

DIN No.:

00814106

Name :

Mr. Joseph Anthony Celia

Designation :

Director

Address :

3 Main Street, New York, MT Kisco 10549

Date of Birth/Age :

07.08.1959

Date of Appointment :

21.06.2008

DIN No.:

02209050

Name :

Mr. Nirvik Singh

Designation :

Director

Address :

Grand Paradi Row House, No.10, 572, Dady Seth Hill, Off Kemps Corner, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

23.08.1963

Date of Appointment :

29.09.2008

DIN No.:

01570572

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	U74300MH1996PTC099169	Batey India Private Limited	Director	26-04-96	26-04-96	-	Active	NO
2	U74300MH1983PTC031263	Trikaya Communications Private Limited	Director	02-04-97	02-04-97	-	Active	NO
3	U92100MH1995PTC090633	G2 Communications Private Limited	Director	26-05-97	26-05-97	-	Active	NO
4	U74300MH1990PTC057356	Options Communications (India) Private Limited	Director	26-05-97	26-05-97	-	Active	NO
5	U74210MH1975PTC018529	Grey Worldwide (India) Private Limited	Managing director	10-03-00	10-03-00	-	Active	NO
6	L51900MH1997PLC108798	Shoppers Stop Limited	Additional director	16-06-08	16-06-08	-	Active	NO
7	U55101DL1998PTC092461	G2 Rams India Private Limited	Director	29-09-08	21-06-08	-	Active	NO
8	U18109TN2006PLC061384	Raymond Apparel Limited	Director	28-07-11	27-07-11	-	Active	NO

Name :

Matthew Schetlick

Designation :

Director

Address :

26, Home Sdale Rd, New York – 10708

Date of Birth/Age :

20.01.1966

Date of Appointment :

29.09.2008

DIN No.:

01895225

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	U74210MH1975PTC018529	Grey Worldwide (India) Private Limited	Director	15-01-05	15-01-05	-	Active	NO
2	U55101DL1998PTC092461	G2 Rams India Private Limited	Director	29-09-08	21-06-08	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2011

Names of Shareholders	No. of Shares
Sameer Mutreja	38048
Sachin Mutreja	38048
Sushil Kumar Mutreja	38610
Rossell Square Holding B.V	179412
Russell Square Holding B.V	50000
TOTAL	344118

Equity Share Break up (Percentage of Total Equity)

As on 30.06.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	61.00
Directors or relatives of Directors	39.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Engaged in the Business of Events, Promotions, Conference and Relationship Management.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

ICICI Bank Limited, 005 A, Unitech Trade Centre, Sector Road, Sushant Lok – 1, Gurgaon – 122001, Haryana, India

Facilities :

Unsecured Loan	As on 31.12.2010 (Rs. in Millions)	As on 31.12.2009 (Rs. in Millions)
Over Draft form Citi Bank	0.000	21.729
Total	0.000	21.729

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	12, Dr Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679100
PAN.:	AACFD4815A
Holding Company :	Russell Square Holding B.V., Holland WPP Group Plc
Fellow Subsidiaries :	Grey Worldwide India Private Limited Frey Advertising Inc Grey Worldwide Inc – Tokyo

CAPITAL STRUCTURE

As on 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
9500000	Equity Shares	Rs.10/- each	Rs. 9.500 Millions
50000	15 % Cumulative Convertible Preference Share	Rs.10/- each	Rs. 0.500 Millions
	TOTAL		Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000	A Equity Shares	Rs.10/- each	Rs. 1.500 Millions
58824	B Equity Shares	Rs.10/- each	Rs. 0.588 Millions
85294	C Equity Shares	Rs.10/- each	Rs. 0.853 Millions
50000	15 % Cumulative Convertible Preference Share	Rs.10/- each	Rs. 0.500 Millions
	TOTAL		Rs. 3.441 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		3.441	3.441	3.441
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		168.647	131.333	114.868
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		172.088	134.774	118.309
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	21.729	0.000
TOTAL BORROWING		0.000	21.729	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		172.088	156.503	118.309
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.628	1.754	5.490
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		5.355	4.878	4.897
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	3.182
	Sundry Debtors	281.848	206.473	198.913
	Cash & Bank Balances	16.277	11.961	6.729
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	15.358	113.351	26.148
Total Current Assets		313.483	331.785	234.972
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	107.307	141.179	63.869
	Other Current Liabilities	38.265	38.861	60.730
	Provisions	2.806	1.874	2.451
Total Current Liabilities		148.378	181.914	127.050
Net Current Assets		165.105	149.871	107.922
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		172.088	156.503	108.309

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Sales	178.700	198.500	204.244
		Other Income	4.500	3.200	NA
		TOTAL (A)	183.200	201.700	NA
Less	EXPENSES
		Office Expenses	123.900	169.200	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	123.900	169.200	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		59.300	32.500	63.100
Less	FINANCIAL EXPENSES (D)		2.000	3.000	3.200
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		57.300	29.500	59.900
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.100	4.900	12.100
	PROFIT BEFORE TAX (E-F) (G)		56.200	24.600	47.800
Less	TAX (H)		18.900	8.100	17.500
	PROFIT AFTER TAX (G-H) (I)		37.300	16.500	30.300
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		86.100	69.600	39.300
	BALANCE CARRIED TO THE B/S		123.400	86.100	69.600
	EARNINGS IN FOREIGN CURRENCY		5.696	21.196	7.947
	Earnings Per Share (Rs.)
	Basic		283.00	124.00	230.00
	Diluted		205.00	91.00	199.00

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	20.26	8.18	NA
Net Profit Margin (PBT/Sales)	(%)	31.45	12.39	23.40
Return on Total Assets (PBT/Total Assets}	(%)	17.83	7.38	19.88
Return on Investment (ROI) (PBT/Networth)		0.33	0.18	0.40
Debt Equity Ratio (Total Liability/Networth)		0.86	1.51	1.07
Current Ratio (Current Asset/Current Liability)		2.11	1.82	1.85

LOCAL AGENCY FURTHER INFORMATION

COMPANY BACKGROUND

Subject is engaged in the business of Events, Promotions, Conference and Relationship Management.

FORM 8

Corporate identity number of the company	U55101DL1998PTC092461
Name of the company	CHATEUX HOSPITALITY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	F F 2 and 3, 170-171, Gautam Nagar, Gulmohar Road, New Delhi – 110049
This form is for	Creation of charge
Type of charge	Book Debts Movable Property (not being pledge) Others
Particular of charge holder	ICICI Bank Limited, 005 A, Unitech Trade Centre, Sector Road, Sushant Lok – 1, Gurgaon – 122001, Haryana, India Email: sudhir@brmco.com
Nature of instrument creating charge	Master Facility Agreement and Deed of Hypothecation
Date of instrument Creating the charge	17.10.2006
Amount secured by the charge	Rs. 50.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: The interest rate stipulated by ICICI Bank shall be 1.75% per annum below the sum of I-BAR and the Cash Credit Risk Premium prevailing on each day, plus applicable interest tax or other statutory levy, if any, on the principal amount of the loan remains outstanding each day.I-BAR as on date is at 13.25% p.a., Cash credit premia is 0.5% p.a and the applicable interest rate as on date is 12.0% p.a. Rate of interest is subject to revision from time to time. Terms of Repayment: Not Applicable Margin: Uniform margin of 25% against all components of inventory and Book Debts (cover period 90 days) Extent and operation of the charge: 1. Exclusive charge on the entire current assets including raw material, stock in progress, stores and spares , finished goods and present and future book debts of the company. 2. Exclusive charge on all movable fixed assets with WDV Rs. 4.000 millions as on 31.03.2005 (present and future excluding hypothecated vehicles and assets charged to others ) 3. Equitable mortgage of Residential property Others: The above is to secure the cash credit limit of Rs. 50 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1. Flat No. 146, Hope Apartments, Sector 15-1 owned by Mr. Sushil Kumar Mutreja 2. Unit No 45 , Block -H, Second Floor Residency Greens ,Gurgaon Haryana owned by Mr. Kamal Bhaskar 3. H3/13, Basement, Champa Marg, DLF City –1 wned by Mr. Kamal Bhaskar 4. Y-176, regency Park-11, DLF City-IV owned by Mr. Sachin Kumar Mutreja and Ms. Pushpa Mutreja 5. Y-185, Regency Park-11, DLF City-IV owned by Mr. Sameer Mutreja and Ms. Pushpa Mutreja

FIXED ASSETS

• Office Equipment
• Computer
• Software
• Leasehold Improvement

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.52.72
UK Pound	1	Rs.82.70
Euro	1	Rs.68.90

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		51

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.