MIRA INFORM REPORT

Report Date :

31.07.2012

IDENTIFICATION DETAILS

Name :	HIGHTIDE BUILDTECH INTERNATIONAL PRIVATE LIMITED (w.e.f. 11.06.2008)
Formerly Known As :	KAYEM INFOTECH PRIVATE LIMITED
Registered Office :	Survey No. 1/4, Rangappa Industrial Estate, Balgangadhara Nagar, 80 Ft. Ring Road, Mallathalli, Bangalore – 560 056, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.02.1992
Com. Reg. No.:	08-12861
Capital Investment / Paid-up Capital :	Rs.2.000 Millions
CIN No.: [Company Identification No.]	U45500KA1992PTC012861
TAN No.: [Tax Deduction & Collection Account No.]	BLRH04948G
PAN No.: [Permanent Account No.]	AACCK1083C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Bath Tubs, Whirlpools, Pressure Pumps, Solar Power Water Heaters and related products.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 12000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Reserve of the company seen to be insufficient. However, trade relations are reported to be fair. Business is active. Payments are 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

RBI DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Mansur Ali
Designation :	Director
Contact No.:	91-9844017613
Date :	28.07.2012

LOCATIONS

Registered Office /Factory :	Survey No. 1/4, Rangappa Industrial Estate, Balgangadhara Nagar, 80 Ft. Ring Road, Mallathalli, Bangalore – 560 056, Karnataka, India
Tel. No.:	91-80-23218724 / 25
Mobile No. :	91-9844017613 (Mr. Mansur Ali)
Fax No.:	91-80-23211676 / 23302560
E-Mail :	info@hightide.co.in kmaheboob@yahoo.co.in
Area :	Leased
Location :	20000 sq. ft.

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Maheboob Kurnool
Designation :	Director
Address :	No. 208, Jeevan Kendra Layout, 2^nd Main, Halsoor, Bangalore – 560008, Karnataka, India
Date of Birth/Age :	01.07.1954
Qualification :	B.A. LLB
Date of Appointment :	24.02.1992
DIN No.:	01163938
Name :	Mrs. Zahida Begum
Designation :	Director
Address :	No. 208, Jeevan Kendra Layout, 2^nd Main, Halsoor, Bangalore – 560008, Karnataka, India
Date of Birth/Age :	27.05.1958
Date of Appointment :	24.02.1992
Voter ID No.:	YER0230953
DIN No.:	01164010
Name :	Mr. Kurnool Mansur Ali
Designation :	Director
Address :	No. 208, Jeevan Kendra Layout, Cambridge Road, Ulsoor, Bangalore – 560008, Karnataka, India
Date of Birth/Age :	02.08.1982
Qualification :	B.E. MBA
Date of Appointment :	02.06.2008
DIN No.:	02243383

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Maheboob Kurnool	2000
Zahida Begum	2000
Kurnool Mansur Ali	16000
TOTAL	20000

AS ON 30.09.2011

Equity Shares Break Up	Percentage of Holding
Directors or relatives of Directors	100.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Bath Tubs, Whirlpools, Pressure Pumps, Solar Power Water Heaters and related products.

Products :

Product Description	ITC Code
Baths, Shower Baths, Sinks, Wash Basins	39221000

Imports :

Products :

· Raw Material

Countries :

· Belgium

· Italy

· UK

· USA

· China

Terms :

Selling :

Cash, Credit

Purchasing :

Cash, Credit

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Bathtubs and Jacuzzi	for one shift	6000	397
Shower	--	200	99
Steam and Sauna	--	100	20
TOTAL		6300	516

GENERAL INFORMATION

Suppliers :

· Satyen Polymers, Silvassa

Customers :

Wholesalers, Retailers and End Users

· Ozone Group, Bangalore

No. of Employees :

50 (Approximately)

Bankers :

Canara Bank Retail Assets Hub, C.O Bangalore Metro, 18, M. G. Road, Bangalore – 560001, Karnataka, India

Facilities :

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
(Interest free) From Directors
Mr. Mansur Ali	3.730	3.930
Mr. Mehaboob	0.279	0.279
Mrs. Zahida Begum	0.300	0.300
TOTAL	4.309	4.509

Banking Relations :	--
Auditors :
Name :	S.R. Bhandary and Company Chartered Accountant
Address :	2^nd Floor, Rukmini Plaza, 84, DVG Road, Basavanagudi, Bangalore – 560 004 Karnataka, India
Tel. No.:	91-80-26673033
Mobile No.:	91-9844025285
E-Mail :	srbhandary@gmail.com
PAN No.:	ACVBP3609D

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
20000	Equity Shares	Rs.100/- each	Rs. 2.000 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		2.000	2.000	2.000
2] Share Application Money		0.009	0.009	0.009
3] Reserves & Surplus		1.068	0.512	0.215
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.077	2.521	2.224
LOAN FUNDS
1] Secured Loans		0.397	0.000	0.000
2] Unsecured Loans		4.309	4.509	6.659
TOTAL BORROWING		4.706	4.509	6.659
DEFERRED TAX LIABILITIES		0.019	0.011	0.000
TOTAL		7.802	7.041	8.883
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.002	0.474	0.490
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.002	0.002	0.001
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3.394	6.495	7.880
	Sundry Debtors	3.207	1.908	0.891
	Cash & Bank Balances	0.763	0.373	0.714
	Other Current Assets	0.032	0.110	0.010
	Loans & Advances	1.601	1.380	1.427
Total Current Assets		8.997	10.266	10.922
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.402	0.411	0.000
	Other Current Liabilities	0.855	2.699	2.388
	Provisions	0.942	0.591	0.142
Total Current Liabilities		2.199	3.701	2.530
Net Current Assets		6.798	6.565	8.392
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		7.802	7.041	8.883

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	9.985	10.952	13.398
		Other Income			NA
		TOTAL	9.985	10.952	NA
Less	EXPENSES
		Office Expenses	9.091	10.481	13.049
		Administrative Expenses
		Advertising Expenses
		TOTAL	9.091	10.481	13.049
	PROFIT BEFORE TAX		0.894	0.471	0.331
Less	TAX		0.338	0.173	0.116
	PROFIT AFTER TAX		0.556	0.298	0.215
	IMPORTS
		Raw Materials	1.969	4.496	0.000
		Stores & Spares	0.000	0.000	4.156
	TOTAL IMPORTS		1.969	4.496	4.156
	Earnings Per Share (Rs.)		27.80	14.88	10.75

Particulars	31.03.2012
Sales Turnover (Approximately)	12.000

Expected Sales (2012-2013) : Rs.20.000 Millions

The above information has been parted by Mr. Mansur Ali.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.57	2.72	NA
Net Profit Margin (PBT/Sales)	(%)	NA	NA	2.47
Return on Total Assets (PBT/Total Assets}	(%)	8.94	4.39	2.90
Return on Investment (ROI) (PBT/Networth)		0.29	0.19	0.15
Debt Equity Ratio (Total Liability/Networth)		2.25	3.26	4.13
Current Ratio (Current Asset/Current Liability)		4.09	2.77	4.32

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
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	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Passport No of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No

NOTE

· Subject was originally incorporated under the name and style of “Kayem Marketing (Private) Limited”. The company changed its name to Kayem Infotech (Private) Limited w.e.f. 18.08.1999. Name change again as High Tide Buildtech International Private Limited w.e.f. 11.06.2008.

· Registered office of the company has been shifted from No. 1, E-1 Street, Old Madras Road, Ulsoor, Bangalore, Karnataka, India to the present address w.e.f. 30.06.2008.

FINANCIAL RESULTS

The Company recorded a net profit of Rs. 0.556 Million for the current year against the previous year profit of Rs. 0.298 million. The director’s is of view of achieving better results in forthcoming years.

FORM 8

Corporate identity number of the company	U45500KA1992PTC012861
Name of the company	HIGHTIDE BUILDTECH INTERNATIONAL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Site No. 1/4, Rangappa Industrial Estate, Balgangadhara Nagar, 80 Ft. Ring Road, Mallathalli, Bangalore – 560 056, Karnataka, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Canara Bank Retail Assets Hub, C.O Bangalore Metro, 18, M. G. Road, Bangalore – 560001, Karnataka, India
Nature of instrument creating charge	Canara Mobile Loan Agreement
Date of instrument Creating the charge	19.06.2010
Amount secured by the charge	Rs.0.450 million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 11% p.a Terms of Repayment Repayable in 60 months equated monthly installments of Rs.0.010 million per month commencing from 19/07/2010. Margin Nil Extent and Operation of the charge Until repayment is made in full.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Four wheeler Honda Civic vide registration No.KA06M6904

TRADE REFERENCES

· Satyen Polymers, Silvassa

· Ozone Group, Bangalore

FIXED ASSETS

· Plant and Machinery

· Diesel Generator

· Electrical Fittings

· Fax Machine

· Moulds

· Furniture and Fixtures

· Car

· Drilling Machine

· Grinding Machine

· Multimeter

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. 55.44
UK Pound	1	Rs. 87.12
Euro	1	Rs. 68.14

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPT

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	3
--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		27

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.