MIRA INFORM REPORT

Report Date :

22.09.2011

IDENTIFICATION DETAILS

Name :	INNOVACION RETAIL PRIVATE LIMITED
Registered Office :	802, Kamla Executive Park, Off M.V. Road, Opposite Vazir Glass Factory, Andheri (East), Mumbai – 400 059, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	08.05.2008
Com. Reg. No.:	11-182004
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U51109MH2008PTC182004
TAN No.: [Tax Deduction & Collection Account No.]	MUMI08363F
PAN No.: [Permanent Account No.]	AABCI8780R
Legal Form :	Private Limited Liability Company
Line of Business :	Provider of Photo Printing Technology on Gift Articles
No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (16)

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 :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track records. There appears huge accumulated losses recorded by the company. Profitability of the company is under severe pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered of 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

Name :	Mr. Himanshu Vora
Designation :	Finance Manager
Contact No.:	91-22-40855000
Date :	13.09.2011

LOCATIONS

Registered Office/ Factory :	802, Kamla Executive Park, Off M.V. Road, Opposite Vazir Glass Factory, Andheri (East), Mumbai – 400 059, Maharashtra, India
Tel. No.:	91-22-40855000/ 26859400
Fax No.:	91-22-26859300
E-Mail :	info.apdoshi@gmail.com himanshu.vora@dcc.co.in info@innovacioninc.in

DIRECTORS

As on 30.09.2010

Name :

Mr. Dhaval Narendra Dadia

Designation :

Director

Address :

601, Sanskruti, 38, Park Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India

Date of Birth/Age :

06.04.1980

Date of Appointment :

08.05.2008

DIN No.:

00806045

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	U24114MH1993PTC074606	Dhaval Colour Chem Private Limited	Director	01-04-01	01-04-01	-	Active	NO
2	U51109MH2008PTC182004	Innovacion Retail Private Limited	Director	08-05-08	08-05-08	-	Active	NO
3	U24290MH2010PTC205799	Rutland DCC Ink Manufacturing Private Limited	Director	21-07-10	21-07-10	30-11-10	Active	NO

Name :

Kashmira Narendra Dadia

Designation :

Director

Address :

601, Sanskruti, 38, Park Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India

Date of Birth/Age :

22.06.1952

Date of Appointment :

08.05.2008

DIN No.:

00806101

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	U24114MH1993PTC074606	Dhaval Colour Chem Private Limited	Director	20-10-93	20-10-93	-	Active	NO
2	U51109MH2008PTC182004	Innovacion Retail Private Limited	Director	08-05-08	08-05-08	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Himanshu Vora
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Dhaval Narendra Dadia	5000
Kashmira Narendra Dadia	5000
Total	10000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Provider of Photo Printing Technology on Gift Articles
Terms :
Selling :	Cash and Credit (30 days)
Purchasing :	Cash and Credit (30 days)

GENERAL INFORMATION

Suppliers :

v A.P. Doshi and Company

v Bharti Airtel Limited

v Dhaval Dadia (Godown Rent)

v First Flight Couriers Limited

v Giriraj Express

v Govinda Kumar Paswan

v Mahesh Agency

v Neelam Tempo Service

v Reliance Energy

v A.B. Computech Private Limited

v Arora Fashions Limited

v Good Luck Enterprises

v Innovacion Inc.

v Nifran Print Skill

v Omkar Packaging

Customers :

Wholesalers, Retailers and End Users

v Ananta Concepts

v Arihant Enterprises

v Ashish Enterprises

v Ashish Retail-Hypercity

v Cool Maal Merchandizing Private Limited

v Fantasy Digital Color Lab

v Foto Fast Express

v Foto Flash Digital Colour Lab and Studio

v General Photo Studio

v Highland Studio

v Impressive Memories Digital Lab

v India Stores

v Jannat Concepts

v Loyal Enterprises

v Loyal Foto Services

v Mazda Imaging Private Limited

v Monti Antonio

v Navrang Digital Studio

v Nikhil Enterprise (Ghatkopar)

v Nikhil Enterprises (Malad)

v Noble Concepts

v Photo System India Private Limited

v Plezer Color Lab

v Professional Colour Lab

v Ram Chander and Sons

v Ritvik Digitech

v Rose Movies

v Spectrum Color Lab

v Studio Favorite

v Tec Solutions Inc.

v Vishwa Marketing

v Zoom-16 Color Film Lab

v Zoomin Online India Private Limited

No. of Employees :

35 (Approximately)

Bankers :

v Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021, Maharashtra, India

v Kotak Mahindra Bank Limited, Andheri (East) Branch

v Union Bank of India, Goregaon

v Axis Bank

Facilities :

Cash Credit – Rs.7.500 millions [Kotak Mahindra Bank Limited, Andheri (East) Branch]

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Dhaval Dadia	14.370	11.774
Hitesh Agencies Private Limited	0.500	0.000
Total	14.870	11.774

Banking Relations :	--
Auditors :
Name :	A.P. Doshi and Company Chartered Accountants (Amit P. Doshi)
Address :	201, Bhaveshwar Complex, Vidyavihar (West), Mumbai – 400 086, Maharashtra, India
Tel. No.:	91-22-25146854/ 55
E-Mail :	amit@apdoshi.com
Income-tax PAN of auditor or auditor's firm :	AACPD3476H
Related Party :	v Innovacion Inc (Proprietory concern of a director) v Dhaval Colour Chem Private Limited (Associate Company)

CAPITAL STRUCTURE

As on 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
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		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(4.728)	(2.587)
NETWORTH		(4.628)	(2.487)
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		14.870	11.774
TOTAL BORROWING		14.870	11.774
DEFERRED TAX LIABILITIES		0.030	0.000
TOTAL		10.272	9.287
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.098	3.407
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	4.109	1.296
	Sundry Debtors	9.927	2.356
	Cash & Bank Balances	0.386	0.581
	Other Current Assets	0.000	0.000
	Loans & Advances	5.238	2.839
Total Current Assets		19.660	7.072
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.087	1.177
	Other Current Liabilities	2.399	0.015
	Provisions	0.000	0.000
Total Current Liabilities		18.486	1.192
Net Current Assets		1.174	5.880
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		10.272	9.287

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	33.690	16.974
		Other Income	1.473	0.054
		TOTAL	35.163	17.028
Less	EXPENSES
		Cost of Sales	22.039	12.319
		Administrative & Selling Expenses	13.781	6.765
		Preliminary Expenditure W/off	0.000	0.048
		TOTAL	35.820	19.132
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(0.657)	(2.104)
Less/ Add	DEPRECIATION/ AMORTISATION		1.453	0.460
	PROFIT/ (LOSS) BEFORE TAX		(2.110)	(2.564)
Less	TAX		0.030	0.023
	PROFIT/ (LOSS) AFTER TAX		(2.140)	(2.587)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(2.587)	--
	BALANCE CARRIED TO THE B/S		(4.727)	(2.587)
	Earnings/ (Loss) Per Share (Rs.)
	- Basic		(214.05)	(258.72)
	- Diluted		(214.05)	(258.72)

Particulars	31.03.2011
Sales Turnover (Approximately)	48.800

The above information has been parted by Mr. Himanshu Vora (Finance Manager).

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	(6.09)	(15.19)
Net Profit Margin (PBT/Sales)	(%)	(6.26)	(15.11)
Return on Total Assets (PBT/Total Assets}	(%)	(7.34)	(24.47)
Return on Investment (ROI) (PBT/Networth)		0.46	1.03
Debt Equity Ratio (Total Liability/Networth)		(7.21)	(5.21)
Current Ratio (Current Asset/Current Liability)		1.06	5.93

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors:
- For Goods
A.B. Computech Private Limited	0.039	0.000
Arora Fashions Limited	0.141	0.000
Good Luck Enterprises	0.007	0.000
Innovacion Inc.	14.552	0.540
Nifran Print Skill	0.211	0.000
Omkar Packaging	0.030	0.000
Orno Computers	0.003	0.000
Purple Creations Private Limited	0.070	0.000
Raj Textiles	0.072	0.000
Vardhman Printing and Packaging Works	0.365	0.178
A and R	0.000	0.026
Arvind Panchal and Brothers	0.000	0.234
Classic Print Pack	0.000	0.006
Oberoi Mall Private Limited	0.000	0.002
Shree Maruti Courier Services Private Limited (Shree Enterprises)	0.000	0.001
Dhaval Colour Chem Private Limited	0.000	(0.008)
Kingstone Property Ser. Private Limited	0.000	(0.012)
	15.490	0.967
- For Expenses
A.P. Doshi and Company	0.053	0.030
Bharti Airtel Limited	0.050	0.020
Dhaval Dadia (Godown Rent)	0.176	0.000
First Flight Couriers Limited	0.029	0.000
Giriraj Express	0.002	0.003
Govinda Kumar Paswan	0.009	0.000
Maharashtra State Electricity Dist. Company Limited	0.002	0.000
Mahesh Agency	0.004	0.007
Nandhakumar	0.008	0.001
Neelam Tempo Service	0.001	0.001
Reliance Energy	0.011	0.005
Reliance Mobile	0.004	0.001
VRL Logistics Limited	0.044	0.040
Yashwant	0.004	0.000
Arihant Arts	0.008	0.000
Kingstone Property Ser. Private Limited	0.001	0.000
R Mall Developers Private Limited	0.044	0.000
Shah Labels	0.009	0.000
Sheetal Enterprises	0.001	0.000
Shree Ganesh Agency	0.001	0.000
Shree Maruti Courier Service Private Limited	0.011	0.000
The Phoenix Mills Limited	0.125	0.000
Ajit Nair	0.000	0.028
Ami Tarpara	0.000	0.006
Data Comp	0.000	0.015
Michael D'souza	0.000	0.007
Talent Corner HR Services Private Limited	0.000	0.035
Vivek Mehrotra	0.000	0.011
	0.597	0.210

Note:

The registered office of the company has been shifted from 13, Bombay Wire Mills Compound, I. B. Patel Road, Goregaon East, Mumbai – 400063, Maharashtra to the present address w.e.f. 01.04.2010.

FORM 8:

Corporate identity number of the company	U51109MH2008PTC182004
Name of the company	INNOVACION RETAIL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	802, Kamla Executive Park, Off M.V. Road, Opposite Vazir Glass Factory, Andheri (East), Mumbai – 400 059, Maharashtra, India E-Mail: info.apdoshi@gmail.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Other (Current assets and Movable fixed assets.)
Particular of charge holder	CIN No.: L65110MH1985PLC038137 Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021, Maharashtra, India E-Mail: john.fernandes@kotak.com
Nature of description of the instrument creating or modifying the charge	20.12.2010
Date of instrument Creating the charge	Rs.7.500 millions
Amount secured by the charge	Deed of Hypothecation
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: CC – Floating over the tenure of the facility. The Rate of Interest has been arrived at on the basis of the Bank’s Base Rate. Terms of Repayment: As may be specified by the Bank from time to time. Margin: NIL Extent and Operation of the charge: First and exclusive charge by way of Hypothecation of Current Assets and Movable Fixed Assets present and future of the Borrower, in favour of Kotak Mahindra Bank as security for repayment of financial facilities granted by the Bank to the Borrower.
Short particulars of the property charged	The whole of Borrower’s Current assets and Movable fixed assets both present and future as described in Schedule to the Deed of Hypothecation.

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.47.89
UK Pound	1	Rs.75.31
Euro	1	Rs.65.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	3
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	2
--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		16

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.