MIRA INFORM REPORT

Report Date :

15.02.2012

IDENTIFICATION DETAILS

Name :	SAIRA ASIA INTERIORS PRIVATE LIMITED
Registered Office :	121/A, GIDC Industrial Estate, Manjusar, Salvi, Vadodara – 391775, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.04.2009
Com. Reg. No.:	04-056564
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U74200GJ2009FTC056564
TAN No.: [Tax Deduction & Collection Account No.]	BRDS07308A
PAN No.: [Permanent Account No.]	AAMCS9585M
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Interiors of Delhi Metro
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	New Company
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a relatively new company establishing itself gradually. 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 :	Ms. Sachi
Designation :	Finance Executive
Contact No.:	91-2667-264026
Date :	15.02.2012

LOCATIONS

Registered Office/Factory :	121/A, GIDC Industrial Estate, Manjusar, Salvi, Vadodara – 391775, Gujarat, India
Tel. No.:	91-2667-264026
Fax No.:	91-2667-391775
E-Mail :	rashmi.prajapati@sairaeurope.com
Location :	Rented

DIRECTORS

AS ON 30.09.2010

Name :

Mr. Surendra Kumar

Designation :

Director

Address :

D-7, Green Park Main, New Delhi – 110016, Delhi, India

Date of Appointment :

08.03.2010

Din No.:

00121233

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	U29299DL2002PTC113893	PI SPINDLE SERVICE PRIVATE LIMITED	Director	21/01/2002	21/01/2002	Active	NO
2	U74200GJ2009FTC056564	SAIRA ASIA INTERIORS PRIVATE LIMITED	Director	30/09/2010	8/3/2010	Active	NO

Name :

Mr. Javed Kavas Wykes

Designation :

Director

Address :

A3/ 23, Siddharth Bungalows, Opposite Urmi School, Sama-Savli Road, Vadodara - 390022, Gujarat, India

Date of Appointment :

08.03.2010

Date of Cession :

01.12.2011

Din No.:

02508195

Name :

Mr. Lino Matteo Bruno Tosoni

Designation :

Director

Address :

Via Catania No. 16, 37069, Villafranca, Verona, 37069, Italy

Date of Appointment :

03.08.2009

Din No.:

02585639

Name :

Mr. Raffaele Vincenzo Palladino

Designation :

Director

Address :

Via Oppidi - Varano No. 13, 84020, Campagna, Salerno, 4020, Italy

Date of Appointment :

03.08.2009

Din No.:

02585719

Name :

Mr. Luca Lino Tosoni

Designation :

Director

Address :

Via Sommacampagna No. 32, 37066, Sommacampagna, Verona, 37066, Italy

Date of Birth/Age :

03.08.2009

Din No.:

02587321

KEY EXECUTIVES

Name :	Ms. Sachi
Designation :	Finance Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

EQUITY SHARE AS ON 30.09.2010

Names of Shareholders	No. of Shares
Saira Europe S P A, Italy	410925
Total	410925

LIST OF ALLOTTES AS ON 16.12.2010

Names of Allottes	No. of Shares
Saira Europe S P A, Italy	693382
Luca Tosoni	6668
Total	700050

AS ON 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Interiors of Delhi Metro
Imports :
Products :	Raw Materials
Countries :	Europe Office
Terms :
Selling :	Cash, Credit (30 days)
Purchasing :	L/C, Cash, Credit (30 days)

GENERAL INFORMATION

Customers :	Bombardier
No. of Employees :	100 (Approximately)
Bankers :	HDFC Bank, Branch Raupura, Vadodara

Banking Relations :	--
Auditors :
Name :	K C Mehta and Company Chartered Accountant
Address :	2^nd Floor, Meghdhanush, Race Course Circle, Vadodara - 390007, Gujarat, India
Tel No.:	91-265-2341626/ 3086400
Fax No.:	91-265-3086455
Email :	office@kcmehta.com

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1150000	Equity Shares	Rs.10/- each	Rs.11.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

(Of the above 9900 shares held by the holding company Saira Europe S P A)

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1150000	Equity Shares	Rs.10/- each	Rs.11.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1110975	Equity Shares	Rs.10/- each	Rs. 11.110 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.100
2] Share Application Money		11.010
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(11.831)
NETWORTH		(0.721)
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.491
TOTAL		(0.230)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		50.498
Capital work-in-progress		0.000
INVESTMENT		0.010
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	74.521
	Sundry Debtors	1.658
	Cash & Bank Balances	6.998
	Other Current Assets	0.000
	Loans & Advances	2.295
Total Current Assets		85.472
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	134.184
	Other Current Liabilities	0.000
	Provisions	2.028
Total Current Liabilities		136.212
Net Current Assets		(50.740)
MISCELLANEOUS EXPENSES		0.000
TOTAL		(0.230)

Particulars	31.03.2011	31.03.2010
Sales Turnover (Approximately)	438.700	36.800

Expected Sales (2011-2012) : Rs. 600.000 Millions.

The above information has been parted by Ms. Sachi.

KEY RATIOS

PARTICULARS	31.03.2010
Debt Equity Ratio (Total Liability/Networth)	(188.92)
Current Ratio (Current Asset/Current Liability)	0.63

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 two years	Yes
12. Profitability for last three years	No
13. Reasons for variation <> 20%	-----
14. Estimation for coming financial year	Yes
15. Capital in the business	No
16. Details of sister concerns	-----
17. Major suppliers	No
18. Major customers	No
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	------
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 DETAILS:

Particulars	Rs. In Millions 31.03.2010
Sundry Creditors	134.184

NOTE:

The registered address of the company has been shifted from Hotel Bansal, Akota Road, Ground Floor, Near Lalita Tower, Jetalpura, Vadodara, Gujarat, India to present

FIXED ASSETS:

• Plant and Machinery
• Office Equipment
• Furniture and Fixtures
• Vehicles
• Computers
• Store 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 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. 49.33
UK Pound	1	Rs. 77.41
Euro	1	Rs. 64.84

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		26

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.