MIRA INFORM REPORT

Report Date :

23.06.2012

IDENTIFICATION DETAILS

Name :	PRIME PROGRESSION AIRPORT SERVICES PRIVATE LIMITED
Registered Office :	No.323, Amulya Mansion, 8^th Main, 2^nd Cross, BEML Layout, Kundalahalli Main Road, Bangalore – 560066, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.04.2007
Com. Reg. No.:	08-042432
Capital Investment / Paid-up Capital :	Rs.0.750 million
CIN No.: [Company Identification No.]	U29110KA2007PTC042432
TAN No.: [Tax Deduction & Collection Account No.]	BLRP07692G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Modular Furniture, and Steel Fabrications.
No. of Employees :	25 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 13800
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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 normal 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

INFORMATION PARTED BY

Name :	Mr. Keshavan Menon
Designation :	Director
Contact No.:	91-9886635206
Date :	16.05.2012

LOCATIONS

Registered Office :	No.323, Amulya Mansion, 8^th Main, 2^nd Cross, BEML Layout, Kundalahalli Main Road, Bangalore – 560066, Karnataka, India
Tel. No.:	Not Available
Mobile No.:	91-9886635206 (Mr. Keshavan Menon )
Fax No.:	Not Available
E-Mail :	prime@ppas.in kamprime@primeprogression.net govind_govind_62@rediffmail.com
Website :	http://www.primeprogression.com
Area :	4000 Sq.ft
Location :	Owned
Factory :	No.30/A, 1^st Stage, Vishveshwaraya Indlustrial Estate, Doddanakundi Industrial Area, Behind Graphite Inia. Off ITPL Road, Bangalore – 560048, Karnataka, India
Tel. No.:	91-80-49115000
Fax No.:	91-80-49115050
Area :	15000 Sq.ft
Location :	Rented

DIRECTORS

As on 30.09.2011

Name :

Mr. Achuthan Kizhakepat Menon

Designation :

Managing director

Address :

No.734, Ferns Paradise, Doddanakundi Bangalore-560037, Karnataka, India

Date of Birth/Age :

30.04.1957

Date of Appointment :

10.04.2007

DIN No.:

01174417

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U74140KA1998PTC024528	PRIME STRATEGIC CONSULTANTS PRIVATE LIMITED	Managing director	16/12/1998	16/12/1998	-	Active	NO
2	U51909KA2005PTC036595	Prime Progression Export and Services Private Limited	Managing director	21/06/2005	21/06/2005	-	Active	NO
3	U29299KA2005PTC036594	Prime Progression Trading Services Private Limited	Managing director	21/06/2005	21/06/2005	-	Active	NO
4	U29110KA2007PTC042432	PRIME PROGRESSION AIRPORT SERVICES PRIVATE LIMITED	Managing director	10/4/2007	10/4/2007	-	Active	NO
5	U28910KA2007PTC043367	MAVERICK INDIA PRIVATE LIMITED	Director	16/07/2007	16/07/2007	-	Strike off	NO
6	U21024KA2008PTC046375	STOPAK INDIA PRIVATE LIMITED	Director	8/5/2008	8/5/2008	23/06/2008	Active	NO
7	U15495KL2000PLC014395	WAYANAD NATURE REMEDIES LIMITED	Director	24/12/2008	24/12/2008	17/06/2011	Active	NO

Name :

Mr. Ravindra Kumar Sharma

Designation :

Director

Address :

05, Gitanjali,15^th Cross, K R Garden, Murugeshpalya, Bangalore-560017, Karnataka, India

Date of Birth/Age :

12.12.1962

Date of Appointment :

28.04.2007

DIN No.:

02168228

Name :

Mrs. Neena Menon

Designation :

Director

Address :

No.734, Ferns Paradise, Doddanakundi Bangalore-560037, Karnataka, India

Date of Birth/Age :

01.02.1964

Date of Appointment :

10.04.2007

DIN No.:

01174574

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U29299KA2005PTC036594	Prime Progression Trading Services Private Limited	Director	21/06/2005	21/06/2005	-	Active	NO
2	U51909KA2005PTC036595	Prime Progression Export and Services Private Limited	Director	21/06/2005	21/06/2005	-	Active	NO
3	U29110KA2007PTC042432	PRIME PROGRESSION AIRPORT SERVICES PRIVATE LIMITED	Director	10/4/2007	10/4/2007	-	Active	NO
4	U28910KA2007PTC043367	MAVERICK INDIA PRIVATE LIMITED	Director	16/07/2007	16/07/2007	-	Strike off	NO
5	U21024KA2008PTC046375	STOPAK INDIA PRIVATE LIMITED	Director	8/5/2008	8/5/2008	23/06/2008	Active	NO

Name :

Mrs. Sruthika Menon

Designation :

Director

Address :

No.734,Ferns Paradise, Doddanakundi Bangalore-560037, Karnataka, India

Date of Birth/Age :

25.05.1987

Date of Appointment :

01.03.2011

DIN No.:

03477971

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U29110KA2007PTC042432	PRIME PROGRESSION AIRPORT SERVICES PRIVATE LIMITED	Director	1/3/2011	1/3/2011	-	Active	NO
2	U51909KA2005PTC036595	Prime Progression Export and Services Private Limited	Director	1/3/2011	1/3/2011	13/02/2012	Active	NO

Name :

Mr. Kesavan Kizhekepatt

Designation :

Director

Address :

BG Kristal Brookite, Ambalipura,Bellandur P.O Bangalore-560037, Karnataka, India

Date of Birth/Age :

18.08.1959

Date of Appointment :

28.04.2007

DIN No.:

02147578

Name :

Mr. Muthuramalingam Karthikeyan

Designation :

Director

Address :

No.A-2, J.K.Green villa, Nagappa Reddy Layout, Kaggadasapur, Bangalore-560093, Karnataka, India

Date of Birth/Age :

07.01.1971

Date of Appointment :

28.04.2007

DIN No.:

02147648

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	Date of cessation	Company/ LLP Status	Defaulting status
1	U29110KA2007PTC042432	PRIME PROGRESSION AIRPORT SERVICES PRIVATE LIMITED	Director	28/04/2007	28/04/2007	-	Active	NO
2	U21029KA2008PTC046659	JMP Packaging Private Limited	Director	4/6/2008	4/6/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
K.A. Menon	7500
Neena Menon	7500
Kesavan Kizhekepatti	7500
M Karthikeyan	15000
Vijay KumarNair	15000
RavindraKumar Sharma	15000
Sruthika Menon	7500
Total	75000

List of Allottees (As on 31.03.2012)

Names of Allottees	No. of Shares
K.A. Menon	100000
Kesavan Kizhekepatti	82500
RavindraKumar Sharma	62500
Vijay KumarNair	97500
M Karthikeyan	47500
Total	390000

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 :	Manufacturer and Exporter of Modular Furniture, and Steel Fabrications.
Exports :
Products :	Modular Furniture and Steel Fabrications.
Countries :	· Sri Lanka · New Zealand · Australia
Imports :
Products :	Finished Goods
Countries :	China
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Suppliers :

Marino Plywood

Customers :

Bangalore international Airport

No. of Employees :

25 (Approximately)

Bankers :

· HDFC Bank, Bangalore, Karnataka, India

· Canara Branch, Bangalore, Karnataka, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
ICICI Bank Car Loan (Receivable)	0.639	0.000
Total	0.639	0.000

Banking Relations :	--
Auditors :
Name :	R. Mohan company Chartered Accountant
Address :	179, 6TH MAIN, KEB LAYOUT 1ST STAGE, SANJAYNAGAR, BANGALORE – 560094, Karnataka, India
Tel. No.:	91-80-23418753
Fax No.:	91-80-23418753
E-Mail :	mohan@rvkassociates.com
Websites:	http://www.rvkassociates.com
PAN.:	ABVPM0613M
Sister Concern:	Prime Progression Exports And Services Private Limited Address : No.323,Amulya Mansion,8th Main,2nd cross, BEML Layout, Kundalahalli Main Road, Bangalore – 560066, Karnataka Line of Business: Manufacturer and Exporter of Modular Furniture, and Steel Fabrications.
Group of Company :	· Prime Progression Exports And Services Private Limited · Prime Bulk Packaging Concept Private Limited · JMP Packaging Private Limited

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital : Rs.10.000 millions

Issued, Subscribed & Paid-up Capital : Rs.4.900 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.1.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.10/- each	Rs.0.750 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		0.750	0.450	0.450
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2.721	1.693	1.278
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.471	2.143	1.728
LOAN FUNDS
1] Secured Loans		0.639	0.000	0.069
2] Unsecured Loans		0.000	0.000	1.463
TOTAL BORROWING		0.639	0.000	1.532
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4.110	2.143	3.260
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.566	0.995	0.707
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.016	0.024	0.003
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.004	3.821	1.569
	Sundry Debtors	4.880	7.584	8.729
	Cash & Bank Balances	2.812	1.543	0.161
	Other Current Assets	0.000	0.000	1.123
	Loans & Advances	5.690	1.948	0.551
Total Current Assets		14.386	14.896	12.133
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.859	8.997	5.514
	Other Current Liabilities	4.446	3.707	3.256
	Provisions	1.553	1.068	0.813
Total Current Liabilities		11.858	13.772	9.583
Net Current Assets		2.528	1.124	2.550
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4.110	2.143	3.260

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
		Total Income	36.171	17.122	30.539
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	34.422	16.184	29.198
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.749	0.938	1.341
Less/ Add	DEPRECIATION/ AMORTISATION		0.228	0.288	0.177
	PROFIT BEFORE TAX		1.521	0.650	1.164
Less	TAX		0.580	0.235	0.474
	PROFIT AFTER TAX		0.941	0.415	0.690
	IMPORTS
		CIF Value of Imports	0.799	0.261	0.984
	TOTAL IMPORTS		0.799	0.261	0.984
	Earnings Per Share (Rs.)		20	9	15

Particulars	31.03.2012
Sales Turnover (Approximately)	40.000

Expected Sales (2012-2013): Rs.50.000 millions

The above information has been parted by Mr. Keshavan Menon.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.60	2.42	2.26
Return on Total Assets (PBT/Total Assets}	(%)	9.53	4.09	40.99
Return on Investment (ROI) (PBT/Networth)		0.44	0.30	0.67
Debt Equity Ratio (Total Liability/Networth)		3.60	6.43	6.43
Current Ratio (Current Asset/Current Liability)		1.21	1.08	1.27

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	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	Yes
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	--
23) Banking Details	Yes
24) Banking facility details	No
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

Note:

The Registered Office of the company has been shifted from NO.734, Ferns Paradise, Doddanakundi, off Martahalli Ring Road, Bangalore – 560037, Karnataka, India to the present address w.e.f. 24.09.2008

FIXED ASSETS

· Motor Car

· Computer

· Office Equipment

· Plant and Machinery

TRADE REFERENCE

· Bangalore international Airport

· Marino Plywood

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.55.86
UK Pound	1	Rs.87.93
Euro	1	Rs.70.88

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
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	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.