MIRA INFORM REPORT

Report Date :

30.04.2012

IDENTIFICATION DETAILS

Name :	AD SCAFFOLDS PRIVATE LIMITED
Registered Office :	Plot No. 26, Sector – 6, Sanpada, Navi Mumbai-400705, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.03.2010
Com. Reg. No.:	11-200569
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U74900MH2010PTC200569
TAN No.: [Tax Deduction & Collection Account No.]	MUMA36912B
PAN No.: [Permanent Account No.]	AAICA2804R
Legal Form :	Private Limited Liability Company
Line of Business :	Providing service with respect of scaffolding as also lending of scaffolds.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

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. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on 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.

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 :	Plot No. 26, Sector – 6, Sanpada, Navi Mumbai-400705, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	office@scaffolds.in

DIRECTORS

As on 30.09.2011

Name :

Mr. Milind Madhukar Malve

Designation :

Director

Address :

Sea Wood Estate, NRI Complex, Flat No. 901, Building No. 5, Nerul Palm Beach Road, Nerul, Navi Mumbai-400706, Maharashtra, India

Date of Birth/Age :

04.08.1971

Date of Appointment :

04.03.2010

Din No.:

01441654

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	U99999MH1998PTC113324	ALUMAYER INDIA PRIVATE LIMITED	Managing director	30-05-05	30-05-05	Active	NO
2	U74990MH2009PTC191978	ALUMAYER SYSTEMS PRIVATE LIMITED	Director	23-04-09	23-04-09	Active	NO
3	U74900MH2010PTC200569	AD SCAFFOLDS PRIVATE LIMITED	Director	04-03-10	04-03-10	Active	NO

Name :

Mr. Amit Kalman Klinger

Designation :

director

Address :

10, Sapir Street, Ramat Efal, 52960, Israel

Date of Birth/Age :

27.06.1959

Date of Appointment :

07.09.2010

Din No.:

03056675

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	U99999MH1998PTC113324	ALUMAYER INDIA PRIVATE LIMITED	Director	16-11-00	16-11-00	Active	NO
2	U74990MH2009PTC191978	ALUMAYER SYSTEMS PRIVATE LIMITED	Director	20-05-11	01-04-10	Active	NO
3	U74900MH2010PTC200569	AD SCAFFOLDS PRIVATE LIMITED	Director	30-09-10	07-09-10	Active	NO

Name :

Idan Rochman

Designation :

Director

Address :

Kazir, Israel, 37861

Date of Birth/Age :

07.07.1964

Date of Appointment :

15.06.2011

Din No.:

03552115

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Milind Madhukar Malve	9999
Sonali Amit Bedre	1
Total	10000

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Providing service with respect of scaffolding as also lending of scaffolds.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Union Bank

Facilities :

UNSECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From AD Scaffold Israel	0.565	0.000
Total	0.565	0.000

Banking Relations :	--
Auditors :
Name :	E.A. Patil and Associates Chartered Accountants
Address :	316, 3^rd Floor, Nirman Vypar Kendra, Sector 17, Vashi, Navi Mumbai-400705, Maharashtra, India
Tel. No.:	91-22-39180272/39180273/39180274/39180275/67913754
E-Mail :	exec@eapassociates.com
Website:	http://www.eapassociates.com
Pan No.:	AAAFE7801R

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
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)		(1.818)	(0.227)
NETWORTH		(1.718)	(0.127)
LOAN FUNDS
1] Secured Loans		0.000	0.000
2] Unsecured Loans		0.565	0.000
TOTAL BORROWING		0.565	0.000
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		(1.153)	(0.127)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.688	0.003
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.083	0.154
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	1.325	0.183
	Cash & Bank Balances	0.358	0.234
	Other Current Assets	0.000	0.000
	Loans & Advances	0.392	0.000
Total Current Assets		2.075	0.417
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	8.596	0.578
	Other Current Liabilities	0.000	0.000
	Provisions	0.423	0.148
Total Current Liabilities		9.019	0.726
Net Current Assets		(6.944)	(0.309)
MISCELLANEOUS EXPENSES		0.020	0.025
TOTAL		(1.153)	(0.127)

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010
	PROFIT / (LOSS) BEFORE TAX	(1.519)	(0.300)
Less	TAX	0.073	(0.033)
	PROFIT / (LOSS) AFTER TAX	(1.592)	(0.267)
	Earnings / (Loss) Per Share (Rs.)	(159.20)	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	(19.57)	(71.43)
Return on Investment (ROI) (PBT/Networth)		0.88	2.36
Debt Equity Ratio (Total Liability/Networth)		(5.57)	(5.72)
Current Ratio (Current Asset/Current Liability)		0.23	0.57

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	No
12) Profitability for last two years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

REVIEW OF OPERATION:

During the year, the company has earned of Rs.3.091 Million. The net loss for the year has been Rs.1.592 Millions. The directors are continuously looking for avenues for future growth of the company.

FIXED ASSETS:

· Air Conditioner

· Electrical Scanners

· Mobile Phone

· Printer HP 4288

· Lap Top

· Furniture and Fixtures

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.52.68
UK Pound	1	Rs.85.12
Euro	1	Rs.69.38

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
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	1
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--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		11

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.