MIRA INFORM REPORT

Report Date :

01.06.2012

IDENTIFICATION DETAILS

Name :	FUTURA LIVING ART PRIVATE LIMITED
Registered Office :	EC 120, Maya Enclave Hari Nagar, New Delhi – 110064
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.11.2004
Com. Reg. No.:	55-130743
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U36101DL2004PTC130743
TAN No.: [Tax Deduction & Collection Account No.]	DELF02876G
PAN No.: [Permanent Account No.]	AAACF8537E
Legal Form :	Private Limited Liability Company
Line of Business :	To manufacturer, trade, import, export in all kinds of furniture made from wood, brass, steel or any other alloys and handicrafts.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (15)

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 an established company having moderate track. There appears huge accumulated losses recorded by the company. Profitability appears to be under pressure. 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 a safe and 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 :	EC 120, Maya Enclave Hari Nagar, New Delhi – 110064, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	futuralivingart@gmail.com
Corporate Office :	D-126, 2^nd Floor, Okhla industrial Area, Phase – I, New Delhi – 110020, India
Tel No.:	91-11-40573031
Fax No.:	91-11-41731921
Email :	Marketing@kahrsindia.com
Branch Office :	6, Concord, Guru Nanak Road, JVPD Scheme, Juhu, Mumbai – 400049, Maharashtra, India
Tel No.:	91-22-26232175

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Anil Tyagi

Designation :

Director

Address :

1101, Mount Seaview CHS Limited, J P Road, Versova, Andheri (West), Mumbai – 400061, Maharashtra, India

Date of Birth/Age :

11.06.1956

Date of Appointment :

24.11.2004

DIN No.:

00590756

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U36101DL2004PTC130743	FUTURA LIVING ART PRIVATE LIMITED	Director	24/11/2004	24/11/2004	-	Active	NO
2	U52520DL2006PTC154827	KAHRS IMPEX PRIVATE LIMITED	Director	17/10/2006	17/10/2006	29/03/2011	Active	NO
3	U26960DL2006PTC154943	GRID FLOORS PRIVATE LIMITED	Director	23/10/2006	23/10/2006	20/03/2007	Active	NO
4	U36109KA2006PTC040573	METROCORP INTERIORS PRIVATE LIMITED	Director	15/12/2006	15/12/2006	-	Active	YES
5	U74999MH2008PTC186933	SCOM KITCHENS PRIVATE LIMITED	Director	22/09/2008	22/09/2008	-	Active	YES

Name :

Mrs. Rashmie Tyagi

Designation :

Director

Address :

1101, Mount Seaview CHS Limited, J P Road, Versova, Andheri (West), Mumbai – 400061, Maharashtra, India

Date of Birth/Age :

31.03.1958

Date of Appointment :

24.11.2004

DIN No.:

00590674

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U36101DL2004PTC130743	FUTURA LIVING ART PRIVATE LIMITED	Director	24/11/2004	24/11/2004	-	Active	NO
2	U52520DL2006PTC154827	KAHRS IMPEX PRIVATE LIMITED	Director	17/10/2006	17/10/2006	29/03/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Anil Tyagi	5000
Rashmie Tyagi	5000
Total	10000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

To manufacturer, trade, import, export in all kinds of furniture made from wood, brass, steel or any other alloys and handicrafts.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loan from Directors	10.681	9.481
Loan from Others	3.674	3.674
Total	14.355	13.155

Banking Relations :	--
Auditors :
Name :	Arun Malhotra and Associates Chartered Accountant
Address :	G-28, 29, Nizamuddin West, New Delhi – 110013, India
Tel No.:	91-11-24356486/ 24355602/ 24351839
Fax No.:	91-11-24351839
Email :	ama@amadelhi.com
PAN No.:	AAOFA2813R
Associates :	· Kahrs Impex Private Limited

CAPITAL STRUCTURE

(AS ON 30.09.2011)

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	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(5.729)	(5.972)	(5.970)
NETWORTH		(5.629)	(5.872)	(5.870)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		14.355	13.155	13.155
TOTAL BORROWING		14.355	13.155	13.155
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		8.726	7.283	7.285
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.504	0.630	0.772
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.042	0.040	0.000
DEFERREX TAX ASSETS		0.049	0.043	0.043
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.141	3.191	3.191
	Sundry Debtors	4.416	4.213	3.200
	Cash & Bank Balances	1.027	1.406	0.119
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.165	0.093	0.169
Total Current Assets		9.749	8.903	6.679
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1.411	1.156	0.148
	Other Current Liabilities	0.207	1.177	0.055
	Provisions	0.000	0.000	0.006
Total Current Liabilities		1.618	2.333	0.209
Net Current Assets		8.131	6.570	6.470
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8.726	7.283	7.285

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	5.329	2.416	2.380
		Other Income	0.125	NA	NA
		TOTAL	5.454	NA	NA
Less	EXPENSES
		TOTAL	5.112	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.342	0.139	(2.421)
Less/ Add	DEPRECIATION/ AMORTISATION		0.105	0.141	0.176
	PROFIT BEFORE TAX		0.237	(0.002)	(2.597)
Less	TAX		NA	NA	0.006
	PROFIT AFTER TAX		NA	NA	(2.603)
	Earnings Per Share (Rs.)		--	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	4.45	(0.08)	(109.12)
Return on Total Assets (PBT/Total Assets}	(%)	2.31	(0.02)	(34.85)
Return on Investment (ROI) (PBT/Networth)		(0.04)	0.00	0.44
Debt Equity Ratio (Total Liability/Networth)		(2.84)	(2.64)	(2.28)
Current Ratio (Current Asset/Current Liability)		6.03	3.82	31.96

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	No
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

NOTE:

The Registered office of the company has been shifted from, D-126, 2^nd Floor, Okhla Industrial Area, Phase – I, New Delhi – 110020, India, to the present address w.e.f 01.02.2009.

BUSINESS:

Considering the market condition the company has performed well during the year and has attained a turnover of Rs.5.329 Millions as against a turnover of Rs.2.416 Millions during the previous year. The company’s product has been well received in the market keeping in mind the response to the products the directors predict a bright future for the company.

FINANCIAL RESULTS

The company earned a profit of Rs.0.237 Million against a loss of Rs.0.002 Million in the previous year.

FIXED ASSETS:

· Air Conditioner

· Computer

· Furniture and Fixture

· Invertors

· Mobile Phone

· Office Equipment

· Partition and fixtures

· Voltage Stabiliser

· Water Dispenser

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.55.58
UK Pound	1	Rs.87.14
Euro	1	Rs.69.73

INFORMATION DETAILS

Report Prepared by :

NIT

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	2
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		15

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.