MIRA INFORM REPORT

Report Date :

06.04.2012

IDENTIFICATION DETAILS

Name :	DECORHOME (INDIA) PRIVATE LIMITED
Registered Office :	A-702, Tirupati Plaza, Near Collector Office, Athwagate, Surat-395001, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	22.07.2002
Com. Reg. No.:	04-040983
Capital Investment / Paid-up Capital :	Rs.3.001 Millions
CIN No.: [Company Identification No.]	U74994GJ2002PTC040983
TAN No.: [Tax Deduction & Collection Account No.]	SRTD00549D
Legal Form :	Private Limited Liability Company
Line of Business :	Contractors of Modular Furniture’s, Modular Kitchen etc.
No. of Employees :	15 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 34000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, 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.

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 :	A-702, Tirupati Plaza, Near Collector Office, Athwagate, Surat-395001, Gujarat, India
Tel. No.:	91-261-2477227/2476265
Fax No.:	91-261-2477649
E-Mail :	decorhome@drdcs.net sales@decorhomeindia.com
Mumbai Office :	Venus Building, Plot No. 8A/1/2B, Kalwa Block, TTC Industrial Area, Thane Belapur Road, Navi Mumbai-400614, Maharashtra, India
Tel. No.:	91-22-27694063
Fax No.:	91-22-27604122
E-Mail :	sales@decorhomeindia.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Chandresh Pranjivandas Thakkar

Designation :

Director

Address :

802, Somnath Enclave, B/H. Sargam Shopping Centre, Parle Point, Surat – 395007, Gujarat, India

Date of Appointment :

22.07.2002

Din No.:

00382025

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	U74994GJ2002PTC040983	DECORHOME (INDIA) PRIVATE LIMITED	Director	22-07-02	22-07-02	Active	NO
2	U36100MH2004PTC146036	VENUS FURNITURE PRIVATE LIMITED	Director	30-04-04	30-04-04	Active	NO
3	U45200MH2011PTC213675	SUBH MANGALKAMNA REALTY AND DEVELOPERS PRIVATE LIMITED	Director	17-02-11	17-02-11	Active	NO

Name :

Mrs. Sarita Chandresh Thakkar

Designation :

Director

Address :

802, Somnath Enclave, B/H. Sargam Shopping Centre, Parle Point, Surat – 395007, Gujarat, India

Date of Appointment :

22.07.2002

Din No.:

00381916

Name :

Mr. Kantilal Hitesh Dalwadi

Designation :

Director

Address :

9-C, Trimurti Apartment, City Light Road, Parle Point, Surat – 395007, Gujarat, India

Date of Appointment :

22.07.2002

Din No.:

00382049

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	U74994GJ2002PTC040983	DECORHOME (INDIA) PRIVATE LIMITED	Director	22-07-02	22-07-02	Active	NO
2	U36100MH2004PTC146036	VENUS FURNITURE PRIVATE LIMITED	Director	30-04-04	30-04-04	Active	NO

Name :

Mr. Hitesh Gira Dalwadi

Designation :

Director

Address :

9-C, Trimurti Apartment, City Light Road, Parle Point, Surat – 395007, Gujarat, India

Date of Appointment :

22.07.2002

Din No.:

00381793

Name :

Mr. Sunil Kanilal Dalwadi

Designation :

Director

Address :

11-D, 2^nd Arjav Building, B/H. Sarjan Society, City Light Road, Surat – 395007, Gujarat, India

Date of Appointment :

22.07.2002

Din No.:

00382005

Name :

Mrs. Parul Sunil Dalwadi

Designation :

Director

Address :

11-D, 2^nd Arjav Building, B/H. Sarjan Society, City Light Road, Surat – 395007, Gujarat, India

Date of Appointment :

22.07.2002

Din No.:

00381953

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	U74994GJ2002PTC040983	DECORHOME (INDIA) PRIVATE LIMITED	Director	22-07-02	22-07-02	Active	NO
2	U36100MH2004PTC146036	VENUS FURNITURE PRIVATE LIMITED	Director	30-04-04	30-04-04	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Chandresh Pranjivandas Thakkar	31528
Sarita Chandresh Thakkar	51859
Kantilal Hitesh Dalwadi	32277
Hitesh Gira Dalwadi	51859
Sunil Kanilal Dalwadi	47027
Parul Sunil Dalwadi	33359
Chandresh Pranjivandas Thakkar HUF	28117
Sunil Kanilal Dalwadi HUF	31116
Hitesh Gira Dalwadi HUF	27368
Rajesh Singala	20
Nayana Majithia	30
Chandulal Mansata	20
Dharmesh Mansata	20
Alkaben Tailor	20
Rekhaben Sejpal	20

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	74.00
Other top fifty shareholders	26.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Contractors of Modular Furniture’s, Modular Kitchen etc.

GENERAL INFORMATION

No. of Employees :

15 [Approximately]

Bankers :

The Cosmos Co-Operative Bank Limited, Bandra Branch Lubina Apartment, Tumer Road, Bandra (West), Mumbai-400050, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Working capital loans	46.446	50.217
Term loans	2.944	3.123
Total	49.390	53.340
Unsecured Loan
From companies	5.243	0.000
From directors	3.784	39.358
From shareholders	62.565	43.547
Total	71.592	82.905

Banking Relations :	--
Auditors :
Name :	S. K. Kabra and Company Chartered Accountant
Address :	1006, Rathi Palace, Kamela Darwaja Ring Road, Surat– 395002, Gujarat, India
Tel. No.:	91-261-2320131
E-Mail :	cakabra@gmail.com
Pan No.:	AAJFS6674D

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
335130	Equity Shares	Rs.10/- each	Rs.3.351 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
350000	Equity Shares	Rs.10/- each	Rs.3.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
300120	Equity Shares	Rs.10/- each	Rs.3.001 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		3.001	3.001	3.001
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.733	5.044	5.095
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8.734	8.045	8.096
LOAN FUNDS
1] Secured Loans		49.390	53.340	50.714
2] Unsecured Loans		71.592	82.905	78.632
TOTAL BORROWING		120.982	136.245	129.346
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		129.716	144.290	137.442
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.418	7.430	6.146
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.652	0.653	0.400
DEFERREX TAX ASSETS		0.203	0.138	0.524
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	55.438	42.762	29.637
	Sundry Debtors	56.177	45.399	79.168
	Cash & Bank Balances	12.373	5.199	14.752
	Other Current Assets	3.293	3.764	4.368
	Loans & Advances	34.607	58.291	39.598
Total Current Assets		161.888	155.415	167.523
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	40.207	19.253	36.304
	Provisions	0.238	0.093	0.847
Total Current Liabilities		40.445	19.346	37.151
Net Current Assets		121.443	136.069	130.372
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		129.716	144.290	137.442

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	205.350	138.981
		Other Income	8.567	5.027
		TOTAL (A)	213.917	144.008	194.544
Less	EXPENSES
		Purchase	126.847	77.268
		Trading and Direct Expenses	45.552	38.589
		Employees Emoluments	15.984	11.998
		Administrative and General Expenses	12.730	9.203
		Increase / Decrease in WIP	(12.677)	(13.125)
		TOTAL (B)	188.436	123.933	194.376 [Including Financial Expenses and Depreciation]
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		25.481	20.075
Less	FINANCIAL EXPENSES (D)		23.067	18.032
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.414	2.043
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.645	1.459
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		0.769	0.584	0.168
Less	TAX (H)		0.080	0.635	0.443
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.689	(0.051)	(0.275)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		4.544	4.595	NA
	BALANCE CARRIED TO THE B/S		5.233	4.544	NA
	Earnings / (Loss) Per Share (Rs.)		2.30	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.32	(0.04)	(0.14)
Net Profit Margin (PBT/Sales)	(%)	0.37	0.42	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.45	0.36	0.10
Return on Investment (ROI) (PBT/Networth)		0.09	0.07	0.02
Debt Equity Ratio (Total Liability/Networth)		18.48	19.34	20.57
Current Ratio (Current Asset/Current Liability)		4.00	8.03	4.51

LOCAL AGENCY FURTHER INFORMATION

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	80014725
Corporate identity number of the company	U74994GJ2002PTC040983
Name of the company	DECORHOME (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-702, Tirupati Plaza, Near Collector Office, Athwagate, Surat-395001, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	The Cosmos Co-Operative Bank Limited, Bandra Branch Lubina Apartment, Tumer Road, Bandra (West), Mumbai-400050, Maharashtra, India
Email	njbhatia@rediffmail.com
Nature of description of the instrument creating or modifying the charge	Memorandum of Equitable Mortgage
Date of instrument Creating the charge	19.01.2012
Amount secured by the charge	Rs.139.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Cash credit:13.5%p.a. cheque purchase: 18% p.a. or at such rate as maybe determined by the bank from time to time Terms of Repayment Cash credit: On demand (review within 12 months) Letter of Credit: On demand (review within 12 months) Bank Guarantee: As per terms of Bank Guarantee Cheque purchase: On demand (review within 12 months) Letter of credit: One time : One time Basis Bank Guarantee: As per Bank Guarantee terms Margin Cash credit: 25% in bank's favour Letter of Credit: 15% in bank's favour Bank Guarantee: 25% in bank's favour Letter of credit: One time: 15% in banks favour Bank guarantee( One time): 33.33% in bank's favour Extent and Operation of the charge CC: Rs.70.000 Millions (existing) L/c: Rs.5.000 Millions (existing) Bank Guarantee: Rs.30.000 Millions (existing) Cheque Purchase : Rs.1.500 Millions (existing) Bank Guarantee: 10.000 Millions (existing) Letter of credit: One time: Rs.15.000 Millions (new) Bank Guarantee One time: Rs.7.500 Millions (new)
Short particulars of the property charged	Mortgage of all that piece and parcel of land being plot no 8A-1/2B situate in TTC Industrial Area within the village limits of Dighe within registration and district of Thane solely belonging To the Venus Furniture Private Limited and with freehold portion of land together with construction made or being made thereon Mortgage of all that piece and parcel of land being plot no 8A-1/2B MIDC situate in TTC Industrial Area within the village limits of Dighe within registration and district of Thane solely belonging To the Venus Furniture Private Limited and with leasehold portion of land together with construction made or being made thereon
Date of latest modification prior to the present modification	23.09.2011
Particulars of the present modification	New LC facility of Rs.15.000 Millions and Bank Guarantee of Rs.7.500 Millions granted. Overall limit secured is Rs139.000 Millions (CC: Rs.70.000 Millions, L/c: Rs 5.000 Millions, Bank Guarantee: Rs.30.000 Millions, Cheque Purchase : Rs.1.500 Millions),bank guarantee: Rs 10.000 Millions, Letter of Credit: Rs.15.000 Millions, Bank Guarantee: Rs.7.500 Millions)

FIXED ASSETS:

• Premises
• Furniture
• Equipments
• Vehicles
• Computer

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.51.05
UK Pound	1	Rs.81.09
Euro	1	Rs.67.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--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		28

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.