MIRA INFORM REPORT

Report Date :

04.02.2012

IDENTIFICATION DETAILS

Name :	DOORS AND DOORS SYSTEMS (INDIA) PRIVATE LIMITED
Registered Office :	602, Ascot Centre, Next to Royal Meriden Hotel, Sahar Airport Road, Andheri (East), Mumbai – 400099, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	28.09.1999
Com. Reg. No.:	11-121971
Capital Investment / Paid-up Capital :	Rs. 5.000 Millions
CIN No.: [Company Identification No.]	U51900MH1999PTC121971
TAN No.: [Tax Deduction & Collection Account No.]	MUMD09835A MUMD07938A
PAN No.: [Permanent Account No.]	AAACD8599G
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Architectural Design, Consultancy And Engineering Services
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 110000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual 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. Henry
Designation :	Accounts Manager
Contact No.:	91-22-66800400
Date :	02.02.2012

LOCATIONS

Registered / Corporate Office :	602, Ascot Centre, Next to Le Royal Meriden Hotel, Sahar Airport Road, Andheri (East), Mumbai – 400099, Maharashtra, India
Tel. No.:	91-22-66800400
Fax No.:	91-22-66800499
E-Mail :	infor@ddoors.com henry@ddoors.com
Website :	www.ddoors.com
Head Office :	Mumbai
Tel. No.:	91-22-30800400/404
Branch Office :	Located at Bangalore Chennai Delhi Goa Gujarat and rest of Maharashtra Hyderabad Pune

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Edwin Michael Saldanha
Designation :	Director
Address :	401, Plot No. 98, Vinrita Co-Operative Housing Society Limited, Prof. Almeida Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	29.09.1961
Date of Appointment :	28.09.1999
DIN No.:	00645968

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	U51900MH1999PTC121971	DOORS AND DOORS SYSTEM (INDIA) PRIVATE LIMITED	Director	28-09-99	28-09-99	Active	NO
2	U36100MH2005PTC151213	DOORS AND DOORS SYSTEMS PRIVATE LIMITED	Director	10-02-05	10-02-05	Active	NO
3	U74999MH2008PTC187362	BOON EDAM ENTRANCE TECHNOLOGY (INDIA) PRIVATE LIMITED	Director	08-10-08	08-10-08	Active	NO

Name :	Mr. June Audrey Olga Saldanha
Designation :	Director
Address :	401, Plot No. 98, Vinrita Co-Operative Housing Society Limited, Prof. Almeida Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	28.06.1961
Date of Appointment :	28.09.1999
DIN No.:	00645828

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	U51900MH1999PTC121971	DOORS AND DOORS SYSTEM (INDIA) PRIVATE LIMITED	Director	28-09-99	28-09-99	Active	NO
2	U36100MH2005PTC151213	DOORS AND DOORS SYSTEMS PRIVATE LIMITED	Director	10-02-05	10-02-05	Active	NO

KEY EXECUTIVES

Name :	Mr. Henry
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
June Audrey Olga Saldanha	150000
Edwin Michael Saldanha	600000
Total	750000

AS ON 31.03.2011

Names of Shareholders	No. of Shares
Edwin Michael Saldanha	250000
Total	250000

AS ON 30.09.2010

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Architectural Design, Consultancy And Engineering Services
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

G S C Group

Customers :

End Uses

· Indian Hotel Company Limited

· Reliance

No. of Employees :

100 (Approximately)

Bankers :

• Bank of India - IGIDR (Dindoshi) Branch, Mansarovar, Suchidham Complex , Goregaon - Mulund Link Road, Malad (East), Mumbai – 400097, Maharashtra, India
• ICICI Bank Limited
• HDFC Bank

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Loan from Bank of India against hypothecation of ascot centre premises	3.800	10.700
Loan from ICICI Bank against hypothecation of Car (Audi)	0.000	0.777
Loan from ICICI Bank against hypothecation of car (Innova)	0.000	0.235
Loan from ICICI Bank Limited against hypothecation of car	4.529	0.000
Loan from HDFC Bank against hypothecation of car	2.703	0.000
Cash Credit facility from Bank of India (IGIDR) Dindoshi Branch	81.683	75.899
Loan from Bank of India IGIDR (Dindoshi) – Corporate Finance	5.951	9.714
Total	98.666	97.325

Banking Relations :	--
Auditors :
Name :	Suresh C Shah Chartered Accountant
Address :	6/D/80, Sonawala Building, Tardeo, Mumbai-400007, Maharashtra, India
Tel. No.:	91-22-23445847
Pan No.:	AALPS6025N
Subsidiaries :	Doors And Doors Systems Private Limited CIN: U36100MH2005PTC151213

CAPITAL STRUCTURE

AFTER 30.09.2010

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
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

AS ON 30.09.2010

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
750000	Equity Shares	Rs.10/- each	Rs. 7.500 Millions

AS ON 31.03.2010

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
500000	Equity Shares	Rs.10/- each	Rs. 5.000 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		5.000	5.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		24.730	19.686	18.921
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		29.730	24.686	23.921
LOAN FUNDS
1] Secured Loans		98.666	97.325	71.326
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		98.666	97.325	71.326
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		128.396	122.011	95.247
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		78.841	72.666	71.796
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.051	0.051	0.051
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	78.295	63.109	47.103
	Sundry Debtors	73.299	49.368	30.367
	Cash & Bank Balances	28.155	5.119	7.083
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	41.097	35.570	31.277
Total Current Assets		220.846	153.166	115.830
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	59.637	26.663	21.138
	Other Current Liabilities	78.626	49.689	49.496
	Provisions	33.079	27.520	21.797
Total Current Liabilities		171.342	103.872	92.431
Net Current Assets		49.504	49.294	23.399
MISCELLANEOUS EXPENSES		0.000	0.000	0.001
TOTAL		128.396	122.011	95.247

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	185.185	193.258	155.814
		Installation Charges	19.546	16.765	9.377
		Miscellaneous Income	2.598	4.039	0.329
		TOTAL (A)	207.329	214.062	165.520
Less	EXPENSES
		Cost of Goods Sold	105.353	119.469	82.333
		Administrative Expenses	70.298	68.234	56.894
		TOTAL (B)	175.651	187.703	139.227
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		31.678	26.359	26.293
Less	FINANCIAL EXPENSES (D)		12.316	10.113	6.610
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.362	16.246	19.683
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.760	7.420	6.732
	PROFIT BEFORE TAX (E-F) (G)		10.602	8.826	12.951
Less	TAX (H)		5.558	5.723	5.956
	PROFIT AFTER TAX (G-H) (I)		5.044	3.103	6.995
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		19.686	18.922	19.352
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	4.500
		Interim Dividend	0.000	2.000	2.500
		Tax on Dividend	0.000	0.339	0.425
	BALANCE CARRIED TO THE B/S		24.730	19.686	18.922
	Earnings Per Share (Rs.)		10.09	6.21	13.99

Expected Sales (2011-2012) : Rs. 500.000 Millions

The above information has been parted by Mr. Henry.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.43	1.45	4.23
Net Profit Margin (PBT/Sales)	(%)	5.73	4.57	8.31
Return on Total Assets (PBT/Total Assets}	(%)	3.54	3.91	6.90
Return on Investment (ROI) (PBT/Networth)		0.36	0.36	0.54
Debt Equity Ratio (Total Liability/Networth)		9.08	8.15	6.85
Current Ratio (Current Asset/Current Liability)		1.29	1.47	1.25

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. Constructions 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	Yes
12. Profitability for last three years	No
13. Reasons for variation <> 20%	No
14. Estimation for coming financial year	Yes
15. Capital in the business	Yes
16. Details of sister concerns	Yes
17. Major suppliers	Yes
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	Yes
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, if available	------

SUNDRY CREDITORS DEATILS

(Rs. In millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry creditors	59.367	26.663	21.138

FINANCIAL RESULTS

During the period, the Company has earned a Net Profit after Taxation of Rs. 5.044 Millions (Previous year : Net Profit after Taxation Rs. 3.103 Millions).

FORM 8

This form is for

Modification of charge

Charge identification number of the modified

10016472

Corporate identity number of the company

U51900MH1999PTC121971

Name of the company

DOORS AND DOORS SYSTEM (INDIA) PRIVATE LIMITED

Address of the registered office or of the principal place of business in India of the company

602, Ascot Centre, Next to Royal Meriden Hotel, Sahar Airport Road, Andheri (East), MUMBAI-400099, Maharashtra, India

Type of charge

Immovable Property

Particular of charge holder

Name :	Bank of India
Address :	IGIDR (Dindoshi) Branch, Mansarovar, Suchidham Complex , Goregaon - Mulund Link Road, Malad (East), Mumbai–400097, Maharashtra, India
Email :	igidr.mumbainorth@bankofindia.co.in

Nature of description of the instrument creating or modifying the charge

Record of Extension of Equitable Mortgage

Date of instrument Creating the charge

11.02.2009

Amount secured by the charge

Rs. 189.300 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

1% over Bank rate min13.50% p.a. or as may be fixed by the Bank from time to time.

Terms of Repayment

On Demand

Margin

30% against Book debts outstanding for more than 3 months to less than 6 months or as required by Bank from time to time.

Extent and Operation of the charge

Security in favour of Bank as first charge for due payment as provided in the deed of all monies including the principal sums / installment / interest / commission, costs, charges and expenses and all other moneys, whatsoever due to the bank, under or in respect of or in connection with or in anywise concerning or relating to the said facilities agreed to be granted and/or granted by the Bank to the borrower as aforesaid and Also for due repayment of all present and future

Others

*indebtedness and liabilities of the borrower to the Bank of any kind in any manner whether solely or jointly, primary or collateral, accrued or accruing with all relative interest / commission, charges, costs (between Advocate and client) and expenses

Facility and Revised Limit: 1. C/C Rs.75.000 Millions (One Cr. adhoc Limit for 60 days granted), 2. Bank Guarantee Rs. 65.000 Millions 3. Letter of Credit Rs.70.000 Millions Max (2 + 3) Rs.100.000 Millions, Total Rs.175.000 Millions.

Short particulars of the property charged

a) All tangible movable machineries and plant, both present and future

b) All tangible movable properties and assets and stocks, whatsoever nature of the Borrower (both present and future) where so ever situate at Mumbai

c) All present and future book debts, outstanding, money receivables, claims, bills which are now due and owing or which may any time hereafter during the continuance of this security become due and owing to the Borrower. Details as per Agreement Copy attached.

Date of latest modification prior to the present modification

25.10.2008

Particulars of the present modification

5th Modification. The principal amount of charge on the hypothecated assets is increased from Rs.165.000 Millions to Rs. 175.000 Millions.

TRADE REFRENCES

· Indian Hotel Company Limited

· Reliance

· G S C Group

FIXED ASSETS

• Printer
• Air conditioner
• Computer
• Motor car
• Motor bike
• Mobile and pager
• Furniture and fixtures
• Office equipments
• Office premises
• Plant and machinery

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. 48.96
UK Pound	1	Rs. 77.46
Euro	1	Rs. 64.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		45

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.