MIRA INFORM REPORT

Report Date :

04.06.2012

IDENTIFICATION DETAILS

Name :	GLEDO ADVERTISING AGENCY PRIVATE LIMITED
Registered Office :	4, Anupam Villa, Kale Marg, Opposite D C M Motors, Kurla (West), Mumbai – 400070, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	31.03.2000
Com. Reg. No.:	125528
Capital Investment / Paid-up Capital :	Rs.0.800 Million
CIN No.: [Company Identification No.]	U74300MH2000PTC125528
TAN No.: [Tax Deduction & Collection Account No.]	MUMG06227E
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider of Hoarding Advertisement, Signboards, Neon Sign, Glow Sign, etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

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. 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 secured trade ter

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Name :	Mr. Randell Neville Pais
Designation :	Director
Contact No.:	91-9821036166
Date :	02.06.2012

LOCATIONS

Registered Office :	4, Anupam Villa, Kale Marg, Opposite D C M Motors, Kurla (West), Mumbai – 400070, Maharashtra, India
Tel. No.:	91-22-25038888
E-Mail :	Ramnath_rm1@rediffmail.com

DIRECTORS

AS ON 19.09.2011

Name :	Mr. Neville Joseph Pais
Designation :	Director
Address :	4, Anupam Villa, Kale Marg, Opposite D C M Motors, Kurla (West), Mumbai – 400070, Maharashtra, India
Date of Birth/Age :	02.08.1940
Date of Appointment :	31.03.200
Name :	Mr. Calvin Neville Pais
Designation :	Director
Address :	4, Anupam Villa, Kale Marg, Opposite D C M Motors, Kurla (West), Mumbai – 400070, Maharashtra, India
Date of Birth/Age :	09.08.1985
Date of Appointment :	15.12.2003
Name :	Mr. Randell Neville Pais
Designation :	Director
Address :	4, Anupam Villa, Kale Marg, Opposite D C M Motors, Kurla (West), Mumbai – 400070, Maharashtra, India
Date of Birth/Age :	09.03.1974
Date of Appointment :	31.03.2000

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 19.09.2011

Names of Shareholders	No. of Shares
Neville Joseph Pais	4000
Calvin Neville Pais	2000
Randell Neville Pais	2000
Total	8000

AS ON 19.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Service Provider of Hoarding Advertisement, Signboards, Neon Sign, Glow Sign, etc.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Citizen Credit Co-operative Bank Limited, Kurla Branch, Sai-Dham Co-op. Hsg. Society, Premier Road, Kurla (W),, Mumbai - 400070, Maharashtra, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Citizen Credit Co-operative Bank Limited Overdraft A/c	24.995	25.351
Kotak Mahindra Prime Limited, Motor Car Loan A/c	0.000	0.037
Neville Pais Loan A/c	0.000	0.274
TOTAL	24.995	25.662
UNSECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Neville Pais Loan A/c	0.232	0.000
Calvin Pais Loan A/c	0.001	0.000
Dorothy Pais Loan A/c	0.325	0.000
TOTAL	0.558	0.000

NOTE:

The secured loan and unsecured loan schedules figures for the year 2010 mentioned in the year 2011 ROC is incorrect. The correct figures are taken from 2010 schedules.

Banking Relations :	--
Auditors :
Name :	R. D. Medane and Associates Chartered Accountant
Address :	403-A, Bhaveshwar Arcade, L.B.S. Marg, Ghatkopar-W, Mumbai – 400086, Maharashtra, India
Associates/Subsidiaries :	NA

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.100/- each	Rs.1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8000	Equity Shares	Rs.100/- each	Rs.0.800 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		0.800	0.800	0.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(43.775)	(52.590)	(26.668)
NETWORTH		(42.975)	(51.790)	(25.868)
LOAN FUNDS
1] Secured Loans		24.995	25.662	20.787
2] Unsecured Loans		0.558	0.000	0.000
TOTAL BORROWING		25.553	25.662	20.787
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		(17.422)	(26.128)	(5.081)
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.208	0.288	0.400
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		4.496	4.200	3.939
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	54.987	60.416	66.236
	Cash & Bank Balances	0.079	0.063	0.491
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.586	15.367	19.531
Total Current Assets		62.652	75.846	86.258
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	74.631	95.532	92.080
	Other Current Liabilities	0.000	0.000	3.598
	Provisions	10.149	10.932	0.000
Total Current Liabilities		84.780	106.464	95.678
Net Current Assets		(22.129)	(30.618)	(9.420)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		(17.422)	(26.128)	(5.081)

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Hoarding Advertising Charges Received – Sales	91.102	85.380	187.609
		Interest on Fixed Deposits and Security Deposits	0.313	0.403	0.608
		Dividend	0.000	0.000	0.000
		Interest on Income Tax Refund	0.483	0.000	0.000
		Rebate and Discount	0.108	0.000	0.000
		Service Charges Received	0.050	0.000	0.000
		TOTAL (A)	92.056	85.783	188.217
Less	EXPENSES
		Direct Expenses
		Hoarding Charges Paid – Purchases	78.889	98.899	242.204
		Hoarding – Electricity Charges Paid	0.268	0.376	0.460
		BMC License Fees and Asst. Tax Paid	1.530	1.688	1.494
		Indirect Expenses
		Office Administrative Expenses	3.846	2.916	4.896
		TOTAL (B)	84.533	103.879	249.054
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.523	(18.096)	(60.837)
Less	FINANCIAL EXPENSES (D)		3.569	2.504	2.496
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.954	(20.600)	(63.333)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.080	0.112	0.139
	PROFIT BEFORE TAX (E-F) (G)		3.874	(20.712)	(63.472)
Less	TAX (I)		0.000	0.000	0.045
	PROFIT AFTER TAX (G-I) (J)		3.874	(20.712)	(63.517)
Less	INCOME TAX W/F		(4.941)	5.210	0.028
Add	OPENING BALANCE		(52.590)	(26.668)	36.877
	TOTAL		(43.775)	(52.590)	(26.668)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.21	(24.14)	(33.72)
Net Profit Margin (PBT/Sales)	(%)	4.25	(24.25)	(33.83)
Return on Total Assets (PBT/Total Assets}	(%)	6.16	(27.20)	(73.24)
Return on Investment (ROI) (PBT/Networth)		(0.09)	(0.40)	(2.45)
Debt Equity Ratio (Total Liability/Networth)		(2.57)	(2.55)	(4.50)
Current Ratio (Current Asset/Current Liability)		0.74	0.71	0.90

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	74.631	95.532	92.080

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	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	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)	--
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

PERFORMANCE:

The company provides various specialized services as Hoarding Advertisement, Signboards, Neon Sign, Glow Sign, etc. The company has made profit amounting to Rs.3.874 Millions (After remuneration to directors Rs.0.936 Million) compares to last year net loss of Rs.20.712 Millions.

PROJECTS:

The business outlook for the company operation during the current period is satisfactory. The company expects improved results during the forthcoming year.

FORM 8:

Corporate identity number of the company	U74300MH2000PTC125528
Name of the company	GLEDO ADVERTISING AGENCY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	4 Anupam Villa Kale Margopp D C M Motors Kurla (West), Mumbai – 400070, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book Debts
Particular of charge holder	Citizen Credit Co-op. Bank Ltd.-Kurla Branch
Nature of instrument creating charge	Supplemental Agreement of Hypothecation of Book Debts
Date of instrument Creating the charge	21/06/2011
Amount secured by the charge	Rs.19.300 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @ 11% p.a (payable monthly), (Bank's PLR, subject to changes as per Bank's discretion) Terms of Repayment To repay re-scheduled/reduced limit of overdraft to Rs.19.300 Millions on demand as per sanction terms. Margin As per Sanction Terms Extent and Operation of the charge Repayment of re-scheduled/ reduced limit of overdraft to Rs.19.300 Millions on demand as per sanction terms.
Short particulars of the property charged	All book debts outstanding, money receivable, claims and bills which are now due and owing or which may become due in the course of the business of the borrower present and future.
Particulars of the present modification	Repayment of re-scheduled/ reduced limit of overdraft to Rs.19.300 Millions on demand, the total outstanding now aggregates to Rs.19.300 Millions.

FIXED ASSETS:

· Computer and Printer

· Furniture and Fixtures

· Motor Car

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.55.91
UK Pound	1	Rs.86.03
Euro	1	Rs.69.12

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	SDA

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	1
--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		14

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.