MIRA INFORM REPORT

Report Date :

06.09.2011

IDENTIFICATION DETAILS

Name :	TIMEX ART DÉCOR PRIVATE LIMITED
Registered Office :	1/20, Narayan Niwas, V. S. Khadekar Marg, Tejpal Road, Vile Parle (East), Mumbai – 400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.08.2005
Com. Reg. No.:	155275
Capital Investment / Paid-up Capital :	Rs.66.500 Millions
CIN No.: [Company Identification No.]	U20210MH2005PTC155275
TAN No.: [Tax Deduction & Collection Account No.]	MUMT12929A
PAN No.: [Permanent Account No.]	AACCT2857K
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer of Laminates and Wood Based Products.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 740000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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. Ashish Upadhyay
Designation :	Export Manager
Contact No.:	91-22-26102231
Date :	05.09.2011

LOCATIONS

Registered Office :	1/20, Narayan Niwas, V. S. Khadekar Marg, Tejpal Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-26102231/ 26102429
Fax No.:	91-22-26101973
E-Mail :	timex@timexmica.com timexartdecor@yahoo.com

DIRECTORS

(AS ON 30.09.2010)

Name :	Mr. Nitin Jethalal Shah
Designation :	Director
Address :	Prabha Niketan, Chandravarkar Road, Matunga (C. Rly), Mumbai – 400019, Maharashtra, India
Date of Birth/Age :	21.11.1976
Date of Appointment :	10.08.2005
DIN No.:	00242839
Name :	Mr. Bhadresh Jagshi Shah
Designation :	Director
Address :	13, Bileshwar Darshan, Dixit Road Vile Parle (East), Mumbai – 400057, Maharashtra, India
Date of Birth/Age :	21.06.1976
Date of Appointment :	10.08.2005
DIN No.:	00242737
Name :	Mr. Jayant Kanji Gada
Designation :	Director
Address :	12, Om Jagannath Apartment, SVP Road, Opposite Ram Mandir, Borivali (West), Mumbai – 400103, Maharashtra, India
Date of Birth/Age :	16.06.1974
Date of Appointment :	10.08.2005
DIN No.:	00242881

KEY EXECUTIVES

Name :	Mr. Ashish Upadhyay
Designation :	Export Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Bhadresh Jagshi Shah	30500
Nitin Jethalal Shah	50000
Jayant Kanji Gada	50000
Vandana Bhadresh Shah	1000
Jagshi Samat Shah	2500
Bhagyawati Jagshi Shah	1500
Urvi Jagshi Shah	1000
Janvi Bhadresh Shah	1000
Chapsi Samat Gala	25000
Chandan Chapsi Gala	4500
Sachin Chapsi Gala	5000
Nehal Sachin Gala	1000
Heenal Chapsi Gala	1000
Jinesh Chapsi gala	1000
Suresh Samat Shah	25500
Pushpa Suresh Shah	10000
Miloni Suresh Shah	1000
Mansi Suresh Shah	1000
Mahendra Samat Gala	25000
Geeta Mahendra Gala	25000
Dainik Mahendra Gala	1000
Dharin Mahendra Gala	1000

(AS ON 30.09.2010)

Category	Percentage
Bodies corporate	96.24
Directors or relatives of directors	3.76
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Laminates and Wood Based Products.
Terms :
Selling :	Depend
Purchasing :	Depend

GENERAL INFORMATION

Customers :

Architecture, Interior and Designer

· C. Gordhandas and Company, Ahmedabad

· Domino Printech India Private Limited, Andheri

· Firdos and S. Cambatta Company, Ahmedabad

· Lakhani Chemical Industries, Ahmedabad

· B. P. Parikh and Associates

· Aman Print and Traders, Ahmedabad

· JCSM Veneers Private Limited

· Mayfair Travels Private Limited, Mumbai

· Sea King Clearing Agency, Mumbai

· The Ply Reporter, New Delhi

· Amion Water Systems, Daman

· Amjey Chemicals, Ahmedabad

· Ensons Enterprises, New Delhi

· National Traders, Vapi

· Parekh Overseas, Mumbai

· Pioneer Chemicals Industries Private Limited

· Mold Art (India) Private Limited, Malad

Suppliers :

· A One Laminated

· A. P. Patel and Company

· A. K. K. Agencies Private Limited

· ABM Wood Décor Private Limited

· B. J. Enterprises

· Bombay Plywood

· Century Business

· Chandan export

· Ego Furniture Industries Limited

· G. L. Trading Company

· Gautam Agencies

· Interior Collection

· Jagruti Enterprises

· Jee Craft Limited

· Jindal Marbles

· L G Sons

· M P Ply and Veneer

· P K Patel and Company

· Prince Enterprises

· Rushabh Laminates

· Sagar Marketing

· Shivam Plywood

· Shree Raj Design Limited

· Speciality Papers Limited

· The Pride Hotel

· United Timber

· V K Patel and Company

· Veena Enterprises

No. of Employees :

25 (Approximately)

Bankers :

· Punjab National Bank

Vile Parle (East), Mumbai, Maharashtra, India

· Punjab National Bank

Foreshore Road Branch, Raheja Chambers, Nariman Point, Mumbai – 400021,

Maharashtra, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Term Loan From Punjab National Bank (Secured against hypothecation of Machinery and Land and Building)	76.802	95.966
Cash Credit Facility from Punjab National Bank (secured against hypothecation of stock an d Debtors)	68.112	70.007
Total	144.914	165.973
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Friends and Relatives	0.000	1.900
Total	0.000	1.900

Banking Relations :	--
Auditors :
Name :	B. P. Parikh and Associates Chartered Accountant
Address :	A-60/1220, Azad Nagar, Veera Desai Road. Andheri West, Mumbai – 400053, Maharashtra, India

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Share	Rs.10/- each	Rs.75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6650000	Equity Share	Rs.10/- each	Rs.66.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		66.500	66.500	66.500
2] Share Application Money		108.344	81.300	45.200
3] Reserves & Surplus		9.686	5.631	0.000
4] (Accumulated Losses)		0.000	0.000	(10.503)
NETWORTH		184.530	153.431	101.197
LOAN FUNDS
1] Secured Loans		144.914	165.973	160.664
2] Unsecured Loans		0.000	1.900	0.000
TOTAL BORROWING		144.914	167.873	160.664
DEFERRED TAX LIABILITIES		2.181	2.154	2.061
TOTAL		331.625	323.458	263.922
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		119.889	131.400	132.053
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	193.920	166.269	119.350
	Sundry Debtors	119.516	129.427	39.071
	Cash & Bank Balances	0.680	0.139	0.843
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	32.361	30.745	31.971
Total Current Assets		346.477	326.580	191.235
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	130.651	132.017	59.317
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	4.323	2.855	0.518
Total Current Liabilities		134.974	134.872	59.835
Net Current Assets		211.503	191.708	131.400
MISCELLANEOUS EXPENSES		0.233	0.350	0.469
TOTAL		331.625	323.458	263.922

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income (Turnover)	525.718	503.393	62.925
	EXPENSES
		TOTAL	701.291	639.530	181.711
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		22.663	35.192	0.714
Less/ Add	DEPRECIATION/ AMORTISATION		16.781	18.350	9.026
	PROFIT/ (LOSS) BEFORE TAX		5.882	16.842	(8.312)
Less	TAX		1.827	0.708	0.000
	PROFIT/ (LOSS) AFTER TAX		4.055	16.134	(8.312)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.631	NA	NA
	BALANCE CARRIED TO THE B/S		9.686	NA	NA
	Earnings Per Share (Rs.)		0.61	2.42	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	1.26	3.68	(2.57)
Return on Investment (ROI) (PBT/Networth)		0.03	0.11	(0.08)
Debt Equity Ratio (Total Liability/Networth)		1.52	1.97	21.18
Current Ratio (Current Asset/Current Liability)		2.57	2.42	3.20

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Sundry Creditors for Goods and Expenses	130.471	94.928	56.748
Sundry Creditors for Capital Goods	0.180	37.089	2.569
Total	130.651	132.017	59.317

NOTE:

The Registered Office of the company has been shifted from 172 Achchad Industrial Estate, H No. 8, Taluka Talasari, Thane, Maharashtra, India, to the present address w.e.f. 06.12.2006.

OPERATIONS:

The working results of the Company for the year report show a net profit of Rs.4.055 Millions after providing for taxation and deprecation. After adding thereto brought forward balance of Rs.5.631, the balance of Rs.9.686 Millions has been transferred to Balance Sheet.

CONTINGENT LIABILITIES

Particulars	31.03.2010	31.03.2009
	(Rs. In Millions)
Letter of Credit	36.196	22.402
Total	36.196	22.402

FORM 8:

Corporate identity number of the company	U20210MH2005PTC155275
Name of the company	TIMEX ART DECOR PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1/20, Narayan Niwas, V. S. Khandekar Marg, Tejpal Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India timex@timexmica.com
This form is for	Modification of charge
Type of charge	Book Debts Movable Property (Not Being Pledge) Others: Plant and machinery
Particular of charge holder	Punjab National Bank Foreshore Road Branch, Raheja Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India sborase@gmail.com
Nature of instrument creating charge	Master Agreement for Inland Documentary Credit Dated:- 31.08.2010 Hypothecation of Goods and Book Debts to secure cash credit facility Dated:- 31.08.2010 General Counter Indemnity Dated:- 31.08.2010
Date of instrument Creating the charge	31.08.2010
Amount secured by the charge	Rs.275.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: 5.75% p.a over prevailing base rate with monthly basis. Terms of Repayment: On demand Margin: Stocks : 25% Book Debts : 25% Extent and Operation of the charge: The Borrower has hypothecated all stocks, raw materials, book debts and outstandings, plant and machinery to secure the additional credit facilities of Rs.160.000 Millions as follows : 1. Cash credit facilities : Rs.75.000 Millions 2. ILC/FLC facilities : Rs.90.000 Millions Total FB + NFB not to exceed Rs.160.000 Millions
Particulars of the property charged	All raw materials stock-in process and spares, packing materials and finished goods, consumables stores and book debts, outstandings, and plant and machinery.
Particulars of the present modification	By present modification the Borrower has hypothecated all stocks, book debts and plant and machinery to secure the revised credit facilities of Rs.160.000 Millions thereby increasing the total facilities from Rs.240.000 Millions to Rs.275.000 Millions.

FIXED ASSETS

· Land

· Borewell

· Building and Shed

· Plant and Machinery

· Motor Vehicles

· Motor Cycle

· Bycycle

· Computer and Printers

· Lab Equipment

· Fitting and Fixture

· Furniture 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 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.45.94
UK Pound	1	Rs.74.28
Euro	1	Rs.64.97

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		32

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.