MIRA INFORM REPORT

Report Date :

12.11.2011

IDENTIFICATION DETAILS

Name :	ELAARS POOLS PRIVATE LIMITED
Registered Office :	Premier Plaza, Phase 2, Shop No. 6, Bombay-Pune Highway, Chinchwad, Pune - 411 019, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.08.2006
Com. Reg. No.:	25-128844
Capital Investment / Paid-up Capital :	Rs. 4.500 Millions
CIN No.: [Company Identification No.]	U45209PN2006PTC128844
TAN No.: [Tax Deduction & Collection Account No.]	PNEE02075D
PAN No.: [Permanent Account No.]	AABCE6571C
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Importer of Ceramic Tiles, Filtration Equipments and Residential Wooden Floorings.
No. of Employees :	30 (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 79080
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is progressive well. 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.

INFORMATION PARTED BY

Name :	Mr. Imran Bagwan
Designation :	Accounts Department
Contact No.:	91-9673008221
Date :	11.11.2011

LOCATIONS

Registered Office/ Factory :	Premier Plaza, Phase 2, Shop No. 6, Bombay-Pune Highway, Chinchwad, Pune - 411 019, Maharashtra, India
Tel No.:	91-20-66114215/ 16
Fax No.;	91-20-27400428/ 6614215
E-Mail :	liyakat@vsnl.net pune@elaarspools.com imran@elaarspools.com asif@elaarspools.com
Website :	www.elaarspools.com
Location :	Owned
Branch Office and Warehouse :	Shop No.15, Makhdoomiya Manzil, Sainath wadi, Saki Naka, Mumbai - 400 072, Maharashtra, India
Area :	5500 sq ft
Location :	Rented
Regional Office :	Located at: · Jalandhar · Bangalore

DIRECTORS

As on 30.09.2011

Name :

Mr. Mehjabeen Liyakat Shaikh

Designation :

Director

Address :

Plot No. 20, Sector No. 24, Pradhkaran, Nigdi, Pune-411044, Maharashtra, India

Date of Birth/Age :

27.10.1964

Date of Appointment :

03.08.2006

Din No.:

00394118

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	U45203PN2005PTC020665	FREEWILL INFRASTRUCTURES PRIVATE LIMITED	Director	2/5/2005	2/5/2005	-	Active	NO
2	U45209PN2006PTC128844	ELAARS POOLS PRIVATE LIMITED	Director	3/8/2006	3/8/2006	-	Active	NO

Name :

Mr. Liyakat Abdul Razak Shaikh

Designation :

Director

Address :

Plot No. 20, Sector No. 24, Pradhkaran, Nigdi, Pune-411044, Maharashtra, India

Date of Birth/Age :

25.05.1962

Date of Appointment :

03.08.2006

Din No.:

00205725

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	U45203PN2005PTC020665	FREEWILL INFRASTRUCTURES PRIVATE LIMITED	Managing director	1/6/2005	2/5/2005	-	Active	NO
2	U45209PN2006PTC128844	ELAARS POOLS PRIVATE LIMITED	Director	3/8/2006	3/8/2006	-	Active	NO
3	U74210PN2006PTC128842	TAIB LANDSCAPE STUDIO PRIVATE LIMITED	Director	3/8/2006	3/8/2006	1/10/2007	Active	NO

KEY EXECUTIVES

Name :	Mr. Imran Bagwan
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Mehjabeen Liyakat Shaikh	5000
Liyakat Abdulrazak Shaikh	445000
Total	450000

Equity Share Breakup As on 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader and Importer of Ceramic Tiles, Filtration Equipments and Residential Wooden Floorings.
Brand Names :	Bombas Thermalec Fiberstars SuperVision Kotisauna Inbeca Compool Chemtrol, CAT Aquamatic AquaVac Aqua Queen Clearwater Tech Paddock Deck Equipment Durafirm Duraflex
Agencies Held :	Astral Pools, USA Certikin Pools, United Kingdom Flcer Gres (Tiles) Florim Ceramics S.p.A, Italy Haro Flooring, Germany
Imports :
Products :	Ceramics Tiles
Countries :	Italy Spain Germany
Terms :
Selling :	Cash, Credit (30 days)
Purchasing :	Cash, Credit (30 Days)

GENERAL INFORMATION

Customers :

• Retailers
• End Users

No. of Employees :

30 (Approximately)

Bankers :

• The Cosmos Co-Operative Bank Limited, Chinchwad Branch, Premier Plaza, Mumbai – Pune Highway, Chinchwad, Pune-411019, Maharashtra, India
• HDFC Bank, Plot No.1, Sector 27 A, PCNTDA, Pune – 411018, Maharashtra, India

Facilities :

Secured Loans :	As on 31.03.2011 Rs. in Millions	As on 31.03.2010 Rs. in Millions
Loans and Advances from Banks
Cosmos Bank (Cash Credit) (Secured against hypothecation of stocks and receivable)	6.847	6.667
The cosmos Co-Operative Bank (secured Against hypothecation of Vehicles)	1.021	0.402
Total	7.868	7.069

Unsecured Loans :	As on 31.03.2011 Rs. in Millions	As on 31.03.2010 Rs. in Millions
Unsecured Loan from Directors, Shareholders and Relatives	1.975	2.050
Total	1.975	2.050

Banking Relations :	--
Auditors :
Name :	S Gautam and Associates Chartered Accountant
Address :	Shop No. 25, ‘B’ Wing (Rear), 1^st Floor, Kamala Cross Roads, Opposite PCMC Building, Pimpari, Pune-411018, Maharashtra, India
Tel. No.:	91-20-27425872/73
Fax No.:	91-20-27425871
E-Mail :	gautam@sgautam.com akshay@sgautam.com
Associates/Subsidiaries :	Freewill Infrastructure Private Limited Address : 67-15, Premier Plaza, Phase II, Shop No. 6, Bombay Pune Highway, Chinchwad, Pune-411019, Maharashtra, India Line of Business: Sports Infrastructure Summit Sports and Fitness Equipments Address : 67/15, 1^st Floor, G Block, MIDC, Chinchwad, Pune – 411019, Maharashtra, India Line of Business : Sports Equipment and Goods Supplier

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
450000	Equity Shares	Rs. 10/- each	Rs. 4.500 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		4.500	4.500	4.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		15.270	10.844	8.931
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		19.770	15.344	13.431
LOAN FUNDS
1] Secured Loans		7.868	7.069	2.068
2] Unsecured Loans		1.975	2.050	1.300
TOTAL BORROWING		9.843	9.119	3.368
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		29.613	24.463	16.799
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.270	4.773	4.678
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.100	0.100	0.100
DEFERREX TAX ASSETS		0.128	0.092	0.081
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	22.075	23.539	15.271
	Sundry Debtors	12.768	7.231	9.284
	Cash & Bank Balances	1.859	0.915	4.757
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	8.020	8.837	5.131
Total Current Assets		44.722	40.522	34.443
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	5.083	4.427	7.811
	Sundry Creditors	11.501	13.208	12.853
	Provisions	4.033	3.411	1.871
Total Current Liabilities		20.617	21.046	22.535
Net Current Assets		24.105	19.476	11.908
MISCELLANEOUS EXPENSES		0.010	0.022	0.032
TOTAL		29.613	24.463	16.799

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	75.953	37.950	55.198
		Other Income
		TOTAL	75.953	37.950	55.198
Less	EXPENSES
		Office Expenses
		Administrative Expenses	69.056	33.546	49.297
		Advertising Expenses
		TOTAL	69.056	33.546	49.297
	PROFIT BEFORE TAX		6.896	4.403	5.901
Less	TAX		2.183	1.359	2.023
	PROFIT AFTER TAX		4.713	3.044	3.878
Less	PRIOR PERIOD DEBIT		0.325	0.893	0.000
Add	PRIOR PERIOD CREDIT		0.039	0.198	0.000
	AFTER PRIOR PERIOD ITEMS		4.427	2.350	3.878
Add	PROFIT BROUGHT FORWARD		11.280	8.930	5.051
	BALANCE CARRIED TO THE B/S		15.707	11.280	8.930
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NIL	1.147	NIL
	TOTAL EARNINGS		NIL	1.147	NIL
	Earnings Per Share (Rs.)		4.713	5.79	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.20	8.02	7.03
Return on Total Assets (PBT/Total Assets}	(%)	12.63	9.72	15.08
Return on Investment (ROI) (PBT/Networth)		0.34	0.28	0.44
Debt Equity Ratio (Total Liability/Networth)		1.54	1.68	1.93
Current Ratio (Current Asset/Current Liability)		2.16	1.92	1.53

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

(Rs. In Millions )

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	11.501	13.208	12.853

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	-----------
8. No. of Employees	Yes
9. Name of person contacted	Yes
10. Designation of contact person	Yes
11. Turnover of firm for last three years	Yes
12. Profitability for last three years	No
13. Reasons for variation <> 20%	No
14. Estimation for coming financial year	No
15. Capital in the business	Yes
16. Details of sister concerns	Yes
17. Major suppliers	No
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	-------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	No
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	No
28. Incorporation details, if applicable	------
29. Last accounts filed at ROC	------
30. Major Shareholders, if available	------

Form : 8

Bankers Charges Report as per Registry

Corporate identity number of the company	U45209PN2006PTC128844
Name of the company	ELAARS POOLS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Premier Plaza, Phase ii, Shop No. 6, Bombay Pune Highway, Chinchwad – 411019, Maharashtra India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	The Cosmos Co-Operative Bank Limited (Chinchwad Branch), 269/270, Shaniwar Peth, Pune – 411030, Maharashtra, India
Nature of instrument creating charge	Deed of Hypothecation of Stock, Book Debts And Machinery Dated 30th August, 2011
Date of instrument Creating the charge	30/08/2011
Amount secured by the charge	Rs. 0.940 million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Term Loan (Rs. 0.940 millions): At Present 13.50% P. A With EMI- Rs. 0.021 millions Terms of repayment Term Loan (Rs. 940 millions): 60 Months Margin Term Loan (Rs.0.940 millions): 25 % In Banks Favour Extent and operation of the charge The Charge Shall Continue To Operate Till Full Repayment Of The Facility Enjoyed By The Company Other Facility: Term Loan Limit of Rs. 0.940 millions For Purpose of Purchase of Furniture and Renovation
Short particulars of the property charged (Including location of the property)	New Furniture To Be Purchased

TRADE REFERENCES:

· Amar Builders

FIXED ASSETS:

• Office
• Machinery
• Electrical Installation
• Furniture and Fixtures
• Computers and Peripherals
• Office Equipments
• Vehicles

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. 50.27
UK Pound	1	Rs. 80.07
Euro	1	Rs. 68.44

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	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.