MIRA INFORM REPORT

Report Date :

24.11.2011

IDENTIFICATION DETAILS

Name :	SPAN FLOORS PRIVATE LIMITED
Registered Office :	25/35, West Punjabi Bagh, New Delhi – 110026
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	25.09.2007
Com. Reg. No.:	55-168690
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U14220DL2007PTC168690
TAN No.: [Tax Deduction & Collection Account No.]	DELS33991G
Legal Form :	Private Limited Liability Company
Line of Business :	Distributor of Wooden Floorings
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

Maximum Credit Limit :	USD 35000
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 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 :	25/35, West Punjabi Bagh, New Delhi – 110026, India
Tel. No.:	91-11-25220033 / 25223032 / 25221991 / 64541701 / 64554705
Fax No.:	91-11-25221990
E-Mail :	span@dga.in floors@spanfloors.com

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Satinder Pal Singh

Designation :

Director

Address :

34/62, West Punjabi Bagh, New Delhi – 110026, Delhi, India

Date of Birth/Age :

19.11.1971

Date of Appointment :

25.09.2007

DIN No. :

01073580

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	U36101DL2002PTC115609	SPAN FURNITURE SYSTEMS PRIVATE LIMITED	Director	30-05-02	30-05-02	-	Active	NO
2	U72200DL2005PTC142188	JMS SOFTNET PRIVATE LIMITED	Director	28-10-05	28-10-05	-	Active	NO
3	U72200DL2006PTC146290	H M S SOFTWARES PRIVATE LIMITED	Director	14-02-06	14-02-06	-	Active	NO
4	U14220DL2007PTC168690	SPAN FLOORS PRIVATE LIMITED	Director	25-09-07	25-09-07	-	Active	NO
5	U25203DL2007PTC168691	SPAN SEATING SYSTEMS PRIVATE LIMITED	Director	25-09-07	25-09-07	01-03-08	Active	NO

Name :

Ms. Jasmine Kaur Chawla

Designation :

Director

Address :

House No. 3/47, West Punjabi Bagh, New Delhi – 110026, Delhi, India

Date of Birth/Age :

21.09.1973

Date of Appointment :

01.03.2008

DIN No. :

01629435

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	U36101DL2002PTC115609	SPAN FURNITURE SYSTEMS PRIVATE LIMITED	Director	15-11-05	15-11-05	Active	NO
2	U14220DL2007PTC168690	SPAN FLOORS PRIVATE LIMITED	Director	01-03-08	01-03-08	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Satinder Pal Singh	9999
Jasmine Kaur Chawla	1
Total	10000

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Distributor of Wooden Floorings

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Syndicate Bank, Kirti Nagar Branch, Kirti Nagar, New Delhi – 110015, India
• ICICI Bank
• Kotak Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
ICICI Bank Loan – Honda Civic Car (Secured against hypothecation of Honda Civic Car)	0.058	0.276
Bank CD (Syndicate Bank) (Secured against Stock and Debtors)	(0.741)	0.453
Kotak Bank Loan (Secured against hypothecation of car)	0.464	0.000
Total	(0.219)	0.729
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Satinder Chawla	0.677	0.075
Surinder Kair Chawla	1.750	0.100
Total	2.427	0.175

Banking Relations :	--
Auditors :
Name :	Deepak Gulati and Associates Chartered Accountant
Address :	23, Hanuman Road, Connaught Place, New Delhi – 110001, India
PAN No.:	AAGFD4650H

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		5.919	6.419	6.418
3] Reserves & Surplus		2.966	1.025	0.301
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.985	7.544	6.819
LOAN FUNDS
1] Secured Loans		(0.219)	0.729	0.471
2] Unsecured Loans		2.427	0.175	0.000
TOTAL BORROWING		2.208	0.904	0.471
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		11.193	8.448	7.290
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.403	1.129	1.304
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.822	0.241	0.100
DEFERREX TAX ASSETS		0.098	0.026	0.006
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	11.265	7.532	7.288
	Sundry Debtors	11.874	9.555	9.001
	Cash & Bank Balances	(0.751)	0.973	1.459
	Other Current Assets	1.131	0.972	1.051
	Loans & Advances	1.719	0.617	0.348
Total Current Assets		25.238	19.649	19.147
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	13.581	10.782	11.700
	Other Current Liabilities	3.962	1.479	1.361
	Provisions	0.849	0.364	0.238
Total Current Liabilities		18.392	12.625	13.299
Net Current Assets		6.846	7.024	5.848
MISCELLANEOUS EXPENSES		0.024	0.028	0.032
TOTAL		11.193	8.448	7.290

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	TURNOVER		48.488	38.251	35.635
	EXPENSES
		Office Expenses	57.333	44.744	42.611
		Administrative Expenses
		Advertising Expenses
		TOTAL	57.333	44.744	42.611
	PROFIT BEFORE TAX		2.727	1.069	0.482
Less	TAX		0.785	0.345	0.229
	PROFIT AFTER TAX		1.942	0.724	0.253
	Earnings Per Share (Rs.)		194.19	72.34	25.31

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	5.62	2.79	1.35
Return on Total Assets (PBT/Total Assets}	(%)	9.49	5.14	2.36
Return on Investment (ROI) (PBT/Networth)		0.30	0.14	0.07
Debt Equity Ratio (Total Liability/Networth)		2.29	1.79	2.02
Current Ratio (Current Asset/Current Liability)		1.37	1.56	1.44

LOCAL AGENCY FURTHER INFORMATION

FORM 8

Corporate identity number of the company	U14220DL2007PTC168690
Name of the company	SPAN FLOORS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	25/35, West Punjabi Bagh, New Delhi – 110026, India
This form is for	Creation of charge
Type of charge	Book debts Movable property Floating charge
Particular of charge holder	Syndicate Bank, Kirti Nagar Branch, Kirti Nagar, New Delhi – 110015, India
Nature of instrument creating charge	Composite Hypothecation Agreement
Date of instrument Creating the charge	31.12.2009
Amount secured by the charge	Rs. 0.900 million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : Interest on SOD limit shall be charged @ 0.75% over BPLR, minimum 12.50 % p. a. with monthly rests or at such other rates as may be prescribed by the bank from time to time. Terms of repayment : Payable on demand Margin : As may be prescribed by the bank from time to time. Extent and operation of the charge : 100 percent.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of following:- a) Stocks of wooden floorings etc. stored/to be stored at borrowers premises at 87/17,Peer Baba Wali Gali, Mundka Delhi or at any other place(s) including those in transit. b) All the book-debts, outstanding, moneys receivables, claims, bills, contracts, securities, investments, goodwill, rights and assets etc.

FIXED ASSETS:

• Air Condition
• Computer
• Car
• Cutter Machine and Blade
• Cycle
• Elcometer
• Fire Extinguisher
• Furniture and Fixture
• Laptop
• Invertors
• Mobile Phone
• Printer
• Tools
• UPS

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. 52.10
UK Pound	1	Rs. 81.30
Euro	1	Rs. 70.07

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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		43

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.