MIRA INFORM REPORT

Report Date :

12.10.2011

IDENTIFICATION DETAILS

Name :	AET FLEXIBLESPACE INDIA PRIVATE LIMITED
Registered Office :	701, Atlanta Cantre, Sonawala Lane, Village Pahadi, Goregaon (East), CTS No – 494, Mumbai – 400 063, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	05.01.2009
Com. Reg. No.:	11-189356
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U74990MH2009PTC189356
TAN No.: [Tax Deduction & Collection Account No.]	MUMA34443D
PAN No.: [Permanent Account No.]	AAHCA5037H
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of dealing with range of Ergonomic products and systems in the flexible office space systems such as raised floors, underfloor airconditioning systems, modular furniture systems and its related products.
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	New Company
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a new company and yet to establish itself gradually. Business is active. Payments are unknown. The company can be considered for business dealings on a secured 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 (GENERAL DETAILS)

Name :	Mr. Dipesh Gandhi
Designation :	Project Manager
Contact No.:	91-22-26856182
Date :	10.10.2011

LOCATIONS

Registered Office :	701, Atlanta Cantre, Sonawala Lane, Village Pahadi, Goregaon (East), CTS No – 494, Mumbai – 400 063, Maharashtra, India
Tel. No.:	91-22-26856182 / 40151373 / 65526263
Fax No.:	Not Available
E-Mail :	raghunath@flexiblespace.in sanjay.c.shah@vsnl.com
Website :	http://www.flexiblespace.in
Location :	Owned

DIRECTORS

As on 30.09.2010

Name :

Mr. Mustufa Taiyebi Rasiwala

Designation :

Director

Address :

Flat No. 5, AL-Hasan Co-Operative Housing Limited, Opposite 10^th North South Road, J.V.P.D. Scheme, Juhu, Mumbai – 400 049, Maharashtra, India

Date of Birth/Age :

26.10.1956

Date of Appointment :

05.01.2009

DIN No.:

00082102

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	U27200MH1999PTC123257	United Access Floors Private Limited	Director	23-12-99	23-12-99	20-08-10	Active	NO
2	U45202MH2008PTC180747	Artmatrix Properties Private Limited	Director	02-04-08	02-04-08	-	Active	NO
3	U74990MH2009PTC189356	AET Flexiblespace India Private Limited	Director	05-01-09	05-01-09	-	Active	NO
4	U74210MH2009PTC189735	United New Designs and Projects Private Limited	Director	21-01-09	21-01-09	24-09-10	Active	NO
5	U36102MH2008PTC179451	Alpha Interior Products Private Limited	Director	19-04-10	19-04-10	-	Active	NO

Name :

Mrs. Nusrat Mustufa Rasiwala

Designation :

Director

Address :

Flat No. 5, AL-Hasan Co-Operative Housing Limited, Opposite 10^th North South Road, J.V.P.D. Scheme, Juhu, Mumbai – 400 049, Maharashtra, India

Date of Appointment :

07.05.2010

DIN No.:

03048515

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	U36102MH2008PTC179451	Alpha Interior Products Private Limited	Director	07-05-10	07-05-10	Active	NO
2	U74990MH2009PTC189356	AET Flexiblespace India Private Limited	Director	07-05-10	07-05-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Dipesh Gandhi
Designation :	Project Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Mustufa Taiyebi Rasiwala	3333
Mustufa Taiyebi Rasiwala jointly with Nusrat Mustufa Rasiwala	6667
Total	10000

List of Allotment (As on 16.05.2011)

Names of Allottees	No. of Shares
Mustufa Taiyebi Rasiwala jointly with Nusrat Mustufa Rasiwala	68000
Vijay Biwalkar	22000
Total	90000

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 :	Subject is engaged in the business of dealing with range of Ergonomic products and systems in the flexible office space systems such as raised floors, underfloor airconditioning systems, modular furniture systems and its related products.
Imports :
Products :	Air Conditioner
Countries :	· USA · UK
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

GENERAL INFORMATION

Customers :

Corporate

No. of Employees :

35 (Approximately )

Bankers :

Kotak Mahindra Bank

Sainara Building, Linking Road, Santacruz (West), Mumbai – 400 054, Maharashtra, India

Facilities :

Unsecured Loans	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
From Directors	0.018	0.018
From Others	0.000	0.113
Total	0.018	0.131

Banking Relations :	--
Auditors :
Name :	Lucky K. Talreja Chartered Accountants
Address :	401 A, Shatrunjay Apartment, Narayan Nagar Road, Bhayander (West), Thane – 401 101, Maharashtra, India
Tel. No.:	91-22-26281101
E-Mail :	talrejalucky@rediffmail.com

CAPITAL STRUCTURE

After 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 million

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 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		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100
2] Share Application Money		1.650	0.020
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(3.394)	(0.155)
NETWORTH		(1.644)	(0.035)
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.018	0.131
TOTAL BORROWING		0.018	0.131
DEFERRED TAX LIABILITIES		0.003	0.000
TOTAL		(1.623)	0.096
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.051	0.000
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	0.423	0.000
	Sundry Debtors	0.000	0.000
	Cash & Bank Balances	0.951	0.073
	Other Current Assets	0.000	0.000
	Loans & Advances	0.024	0.000
Total Current Assets		1.398	0.073
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.630	0.011
	Other Current Liabilities	2.469	0.000
	Provisions	0.000	0.000
Total Current Liabilities		3.099	0.011
Net Current Assets		(1.701)	0.062
MISCELLANEOUS EXPENSES		0.027	0.034
TOTAL		(1.623)	0.096

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	PROFIT BEFORE DEPRECIATION AND TAX		(3.234)	(0.155)
Less	DEPRECIATION AND PROVISION FOR TAXATION		0.005	0.000
	PROFIT ALLOWABLE FOR APPROPRIATION		(3.239)	(0.155)
Add	BALANCE BROUGHT FORWARD FROM PREVIOUS YEAR		(0.155)	0.000
Less	APPROPRIATIONS		0.000	0.000
	BALANCE CARRIED TO THE B/S		(3.394)	(0.155)
	EARNINGS IN FOREIGN CURRENCY		1.421	0.000
	IMPORTS
		Components, Stores and Spare Parts	0.280	0.000
	TOTAL IMPORTS		0.280	0.000
	Earnings Per Share (Rs.)		NA	NA

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	(1.90)	(4.06)
Current Ratio (Current Asset/Current Liability)	0.45	6.64

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Particulars	As on 31.03.2010 Rs. in millions	As on 31.03.2009 Rs. in millions
Sundry Creditors for Goods	0.280	0.011
Sundry Creditors for Expenses	0.350	0.000
Total	0.630	0.011

Sr. No.	Check List by Info Agents
1.	Year of Establishment	YES
2.	Locality of the firm	YES
3.	Constitutions 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	NO
12.	Profitability for last three years	NO
13.	Reasons for variations <> 20%	NO
14.	Estimation for coming financial year	NO
15.	Capital in the business	NO
16.	Details of sister concerns	--
17.	Major Suppliers	NO
18.	Major Customers	NO
19.	Payment terms	YES
20.	Export / Import details (is applicable)	YES
21.	Market information	--
22.	Litigation that the firm / promoter involved in	--
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, is available	--

NOTE

The Registered Office of the company has been shifted from Unit No. 2G, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India to the present address w.e.f. 15.10.2010.

NATURE OF OPERATIONS

Subject is engaged in the business of dealing with range of Ergonomic products and systems in the flexible office space systems such as raised floors, underfloor airconditioning systems, modular furniture systems and its related products.

FIXED ASSETS

· Computer

· Office Equipment

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 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.49.03
UK Pound	1	Rs.76.60
Euro	1	Rs.66.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	1
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		14

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.