MIRA INFORM REPORT

Report Date :

11.07.2012

IDENTIFICATION DETAILS

Name :	F AND F GLOBAL PRIVATE LIMITED
Registered Office :	37, Back Side, Pusa Road, New Delhi – 110005
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.08.2006
Com. Reg. No.:	55-152622
Capital Investment / Paid-up Capital :	Rs.5.400 Millions
CIN No.: [Company Identification No.]	U17299DLC2006PTC152622
Legal Form :	Private Limited Liability Company
Line of Business :	Importer and Trader of Kronotex Woodern Laminated Flooring, Wall to Wall Carpets, Rugs, Furnishing Items and Fabrics.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 72000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears a slight dip in the profitability of the company. 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 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.

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 :	37, Back Side, Pusa Road, New Delhi – 110005, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	info@fandf.in
Website :	www.fandf.com
Corporate Office :	Plot No.42, Institutional Area, Sector-32, Gurgaon, Near Rajiv Chowk, Gurgaon, Haryana, India
Tel. No.:	91-124-4632300 / 4037191
Fax No.:	91-124-4038759
E-Mail :	crm@fandf.in

DIRECTORS

As on 30.09.2011

Name :	Mrs. Madhu Khandelwal
Designation :	Director
Address :	37, Back Side, Pusa Road, New Delhi – 110005, India
Date of Birth/Age :	08.03.1955
Date of Appointment :	28.08.2006
DIN No.:	00073353

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899DL1991PTC044969	FLOOR AND FURNISHINGS INDIA PRIVATE LIMITED	Director	12/4/2005	12/4/2005	Active	NO
2	U17299DL2006PTC152622	F AND F GLOBAL PRIVATE LIMITED	Director	28/08/2006	28/08/2006	Active	NO

Name :	Mr. Subhash Khandelwal
Designation :	Director
Address :	37, Back Side, Pusa Road, New Delhi – 110005, India
Date of Birth/Age :	18.08.1955
Date of Appointment :	28.08.2006
DIN No.:	00073355

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899DL1991PTC044969	FLOOR AND FURNISHINGS INDIA PRIVATE LIMITED	Managing director	21/07/1991	21/07/1991	Active	NO
2	U74999DL2002PTC115990	KRONOTEX (INDIA) PRIVATE LIMITED	Director	1/1/2006	1/1/2006	Strike off	NO
3	U17299DL2006PTC152622	F AND F GLOBAL PRIVATE LIMITED	Director	28/08/2006	28/08/2006	Active	NO

Name :	Mr. Vivek Khandelwal
Designation :	Director
Address :	37, Back Side, Pusa Road, New Delhi – 110005, India
Date of Birth/Age :	20.11.1976
Date of Appointment :	16.06.2009
DIN No.:	01070187

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899DL1991PTC044969	FLOOR AND FURNISHINGS INDIA PRIVATE LIMITED	Director	1/4/1995	1/4/1995	Active	NO
2	U17299DL2006PTC152622	F AND F GLOBAL PRIVATE LIMITED	Director	16/06/2009	16/06/2009	Active	NO
3	U52100HR2011PTC042741	F AND F ENTERPRISES PRIVATE LIMITED	Director	25/04/2011	25/04/2011	Active	NO

Name :	Mr. Nakul Khandelwal
Designation :	Director
Address :	37, Back Side, Pusa Road, New Delhi – 110005, India
Date of Birth/Age :	11.06.1984
Date of Appointment :	16.06.2009
DIN No.:	01109374

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74899DL1991PTC044969	FLOOR AND FURNISHINGS INDIA PRIVATE LIMITED	Director	16/06/2009	16/06/2009	Active	NO
2	U17299DL2006PTC152622	F AND F GLOBAL PRIVATE LIMITED	Director	16/06/2009	16/06/2009	Active	NO
3	U52100HR2011PTC042741	F AND F ENTERPRISES PRIVATE LIMITED	Director	25/04/2011	25/04/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Subhash Khandelwal	140000
Madhu Khandelwal	250000
Nakul Khandelwal	150000
Total	540000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Importer and Trader of Kronotex Woodern Laminated Flooring, Wall to Wall Carpets, Rugs, Furnishing Items and Fabrics.

Products :

Product Description	Item Code No.:
Wooden Floor	521012.39
Carpet- Wooden and Synthetic Wall Paper	521111.39

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Standard Chartered Bank, 10, Parliament Street, New Delhi - 110001, India

· Centurion Bank of Punjab Limited, 10166-67, Gurudwara Road, New Delhi – 110005, India

· HDFC Bank

· Axis Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Standard Chartered Bank - Buyers' Credit A/c	7.393	0.000
Standard Chartered Bank - Cash Credit A/c (Secured against the hypothecation of stocks, Books Debts, Plant and Machinery and other current and fixed assets both present and future and personal guarantees of the promoters)	30.977	48.509
Reliance Capital Limited - Tempo Loan (Secured against the hypothecation of Tempo)	0.047	0.309
Total	38.417	48.818
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors	47.397	24.290
Total	47.397	24.290

Banking Relations :	--
Auditors :
Name :	Jai Bhagwan Agarwal Chartered Accountant
Address :	23/26, 1st Floor, East Patel Nagar, New Delhi – 110008, India
PAN.:	AAAPA4461B

CAPITAL STRUCTURE

As on 31.03.2011

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
540000	Equity Shares	Rs.10/- each	Rs.5.400 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		5.400	5.400	5.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12.579	8.615	9.337
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		17.979	14.015	14.737
LOAN FUNDS
1] Secured Loans		38.417	48.818	66.792
2] Unsecured Loans		47.397	24.290	38.115
TOTAL BORROWING		85.814	73.108	104.907
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		103.793	87.123	119.644
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.075	15.555	9.719
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.884	0.729	1.008
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	54.738	62.854	89.559
	Sundry Debtors	28.869	43.067	43.515
	Cash & Bank Balances	0.934	1.097	1.267
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	31.538	3.443	7.651
Total Current Assets		116.079	110.461	141.992
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	19.684	31.930	21.636
	Other Current Liabilities	7.901	7.438	9.211
	Provisions	0.660	0.290	2.300
Total Current Liabilities		28.245	39.658	33.147
Net Current Assets		87.834	70.803	108.845
MISCELLANEOUS EXPENSES		0.000	0.036	0.072
TOTAL		103.793	87.123	119.644

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	115.556	111.130	240.659
		Other Income		0.677	3.318
		TOTAL (A)	115.556	111.807	243.977
Less	EXPENSES
		Cost of Goods Sold		88.910	187.830
		Personnel Expenses		5.020	15.933
		Administrative Expenses		6.471	13.235
		Repair and Maintenance		0.715	2.145
		Selling and Distribution Expenses		1.222	5.974
		TOTAL (B)	112.597 (Including Financial Expenses)	102.338	225.117
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			9.469	18.860
Less	FINANCIAL EXPENSES (D)			6.719	11.888
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.959	2.750	6.972
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.800	0.919	0.883
	PROFIT BEFORE TAX (E-F) (G)		2.159	1.831	6.089
Less	TAX (I)		0.660	0.290	2.300
	PROFIT AFTER TAX (G-I) (J)		1.499	1.541	3.789
Less	PRIOR PERIOD EXPENSES		NA	0.049	0.031
Less	TAXES OF EARLIER YEAR		NA	1.935	1.284
Add / (Less)	DEFERRED TAX ASSETS / LIABILITIES		NA	(0.279)	0.086
	TRANSFERRED TO GENERAL RESERVE		NA	(0.722)	2.560
	Earnings Per Share (Rs.)		2.76	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	1.30	1.38	2.50
Net Profit Margin (PBT/Sales)	(%)	NA	1.65	2.53
Return on Total Assets (PBT/Total Assets}	(%)	1.65	1.45	2.50
Return on Investment (ROI) (PBT/Networth)		0.12	0.13	0.41
Debt Equity Ratio (Total Liability/Networth)		6.34	8.05	9.37
Current Ratio (Current Asset/Current Liability)		4.11	2.79	4.28

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	Yes
12) Profitability for last three 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	--
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

BUSINESS PERFORMANCE REVIEW:

During the year the company has achieved marginal increase in sales as compared to preceding year but net profit before tax increased by 17.88% as compared to preceding year.

Notes given by auditors on the accounts of the company are self-explanatory & therefore do not call for any further comment except compliance of AS-15 in relation to actuarial valuation of employees retirement benefits which has been noted for compliance

CONTINGENT LIABILITIES:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
L/C outstanding	10.367	8.267

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17299DL2006PTC152622
Name of the company	F AND F GLOBAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	37, Back Side, Pusa Road, New Delhi – 110005, India E-mail id : info@fandf.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10243854
Type of charge	Book debts Others (1st and exclusive charge over current assets)
Particular of charge holder	Standard Chartered Bank, 10, Parliament Street, New Delhi - 110001, India E-mail : sme.form8@sc.com
Nature of instrument creating charge	Hypothecation agreement (supplemental)
Date of instrument Creating the charge	01.03.2012
Amount secured by the charge	Rs.62.5000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per facility letter dated 24.12.2011 Terms of Repayment As per facility letter dated 24.12.2011 Margin As per facility letter dated 24.12.2011 Extent and Operation of the charge Extent and operation - 100%
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation by way of first and exclusive charge over all present and future current assets of the company stored or to be stored at the company's godowns or premises or wherever else the same may be.
Particulars of the present modification	Bank's first and exclusive charge over all present and future current assets of the company stored or to be stored at the company's godowns or premises or wherever else the same may be, already registered for Rs.102.500 Millions shall stand modified to Rs. 62.500 Millions .

FIXED ASSETS:

· Air Conditioner

· Building - Steel Shed

· Computer

· Cycle

· Electric Fitting and Installation

· Fire Equipment

· Furniture and Fixtures

· Land

· Office Equipments

· Telephone Equipments

· Vehicles

· Water Cooler and Purifier

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.55.81
UK Pound	1	Rs.86.53
Euro	1	Rs.68.58

INFORMATION DETAILS

Report Prepared by :

BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	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		43

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.