MIRA INFORM REPORT

Report Date :

28.06.2012

IDENTIFICATION DETAILS

Name :	SUNGLASS PALACE PRIVATE LIMITED

Registered Office :	S 395, Lower Ground Floor, Greater Kailash Part I, New Delhi-110048

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	03.05.2001

Com. Reg. No.:	55-110687

Capital Investment / Paid-up Capital :	Rs.6.872 Millions

CIN No.: [Company Identification No.]	U51394DL2001PTC110687

TAN No.: [Tax Deduction & Collection Account No.]	DELS25066G DELS22671F DELS34854B DELS15090F

PAN No.: [Permanent Account No.]	AAFCS4117G

Legal Form :	Private Limited Liability Company

Line of Business :	Importer, Exporter, Trader and Dealers of all kinds of Watches and Sunglasses.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 58000

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is an established company having moderate track. Profitability appears to be low. Trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some cautions.

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

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

LOCATIONS

Registered Office :	S 395, Lower Ground Floor, Greater Kailash Part I, New Delhi-110048, India
Tel. No.:	91-11-40727711
Fax No.:	Not Available
E-Mail :	asasolution@rediffmail.com

DIRECTORS

As on 30.09.2011

Name :

Kamla Malhotra

Designation :

Director

Address :

N-94, Greater Kailash Part-1, New Delhi-110048, India

Date of Birth/Age :

03.03.1942

Date of Appointment :

03.05.2001

Din No.:

00190516

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	U72200DL2001PTC109115	MAK LUXURY WATCH PRIVATE LIMITED	Director	08-01-01	08-01-01	19-02-10	Active	NO
2	U51394DL2001PTC110687	SUNGLASS PALACE PRIVATE LIMITED	Director	03-05-01	03-05-01	-	Active	NO
3	U51398DL2007PTC161732	SGPL INFRASTRUCTURE PRIVATE LIMITED	Director	09-04-07	09-04-07	01-12-09	Active	NO
4	U51909DL2007PTC165398	PEGASUS BEYOND LUXURY TRADING COMPANY PRIVATE LIMITED	Director	29-06-07	29-06-07	-	Active	NO

Name :

Mr. Kavya Malhotra

Designation :

Director

Address :

N-94, Greater Kailash Part-1, New Delhi-110048, India

Date of Birth/Age :

23.01.1973

Date of Appointment :

15.03.2005

Din No.:

00599179

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	U51394DL2001PTC110687	SUNGLASS PALACE PRIVATE LIMITED	Director	15-03-05	15-03-05	-	Active	NO
2	U72200DL2001PTC109115	MAK LUXURY WATCH PRIVATE LIMITED	Director	26-04-06	26-04-06	-	Active	NO
3	U74991DL2006PTC148898	AM BEYOND LUXURY WATCH BOUTIQUE PRIVATE LIMITED	Director	18-05-06	18-05-06	05-01-11	Active	NO
4	U18109DL2006PTC154687	AM BEYOND LUXURY WATCH BOUTIQUE CHENNAI PRIVATE LIMITED	Director	09-10-06	09-10-06	05-01-11	Active	NO
5	U51398DL2007PTC161732	SGPL INFRASTRUCTURE PRIVATE LIMITED	Director	09-04-07	09-04-07	12-05-11	Active	NO
6	U51909DL2007PTC165398	PEGASUS BEYOND LUXURY TRADING COMPANY PRIVATE LIMITED	Director	29-06-07	29-06-07	-	Active	NO

Name :

Mr. Arun Malhotra

Designation :

Director

Address :

N-94, Greater Kailash Part-1, New Delhi-110048, India

Date of Birth/Age :

19.10.1967

Date of Appointment :

28.06.2006

Din No.:

01392489

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	U51394DL2001PTC110687	SUNGLASS PALACE PRIVATE LIMITED	Director	28-06-06	28-06-06	-	Active	NO
2	U18109DL2006PTC154687	AM BEYOND LUXURY WATCH BOUTIQUE CHENNAI PRIVATE LIMITED	Director	19-03-07	19-03-07	01-03-11	Active	NO
3	U74991DL2006PTC148898	AM BEYOND LUXURY WATCH BOUTIQUE PRIVATE LIMITED	Director	19-03-07	19-03-07	31-12-11	Active	NO
4	U51398DL2007PTC161732	SGPL INFRASTRUCTURE PRIVATE LIMITED	Director	15-11-08	15-11-08	01-05-11	Active	NO
5	U72200DL2001PTC109115	MAK LUXURY WATCH PRIVATE LIMITED	Director	19-02-10	19-02-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders		No. of Shares
Kamla Malhotra		4950
Kavya Malhotra		342250
Arun Malhotra		340000

Total		687200

As on 30.09.2011

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00

As on 15.03.2012

Names of Shareholders		No. of Shares
Kamla Malhotra		300000

Total		300000

BUSINESS DETAILS

Line of Business :

Importer, Exporter, Trader and Dealers of all kinds of Watches and Sunglasses.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Punjab National Bank, Greater Kailash, Part-1, New Delhi, India

· ABN Amro Bank Limited

· ICICI Bank

· Kotak Mahindra Bank

· Yes Bank Limited

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
ICICI Bank Term Loan	0.000	9.045
Bank of India A/C OD 19	0.000	1.065
Punjab National Bank CC	24.209	0.000
Total	24.209	10.110

UNSECURED LOAN
From Banks and NBFC
Cholamandalam DBS Finance Limited	0.000	0.176
ABN Amro Bank Limited	0.000	0.301
ABN Amro Bank Limited 2	0.291	0.724
India Bulls 2-Loan A/c	0.000	0.179
India Bulls Loan A/c	0.000	0.028
Kotak Mahindra Bank	0.000	0.181
Tata Capital	0.333	1.269
Yes Bank Limited	0.000	0.145
From Company Under Same Management
Pegasus Beyond Luxury Trading Company Private Limited	0.618	0.618
From Directors/Relatives
Arun Malhotra	0.265	0.000
Alka Malhotra	0.335	0.335
Kamla Malhotra	0.327	0.000
From Others
H.R. Enterprises	1.350	1.350
Kapani Constructions	0.250	0.250
Manunn Thakur	1.700	1.700
Pegasus Blue Star Fund LLC	32.000	32.000
Total	37.469	39.256


Banking Relations :	--

Auditors :
Name :	Pramod Kumar and Company Chartered Accountants
Address :	49, DDA Site-1, New Rajender Nagar, New Delhi, India
Tel. No.:	91-11-28745872/32558841/32408371
Mobile No.:	91-9958815872
Fax No.:	91-11-47098572
E-Mail :	ajaygoyalca@rediffmail.com
Pan No.:	AAAFP5502G

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
687200	Equity Shares	Rs.10/- each	Rs.6.872 Millions

As on 30.09.2011

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
987200	Equity Shares	Rs.10/- each	Rs.9.872 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		6.872	3.472	3.472
2] Share Application Money		3.000	0.000	0.000
3] Reserves & Surplus		4.755	2.944	1.960
4] (Accumulated Losses)		0.000	0.000	(3.863)
NETWORTH		14.627	6.416	1.569
LOAN FUNDS
1] Secured Loans		24.209	10.110	11.895
2] Unsecured Loans		37.469	39.256	51.302
TOTAL BORROWING		61.678	49.366	63.197
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		76.305	55.782	64.766

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		2.055	2.521	4.349
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		5.750	5.603	5.603
DEFERREX TAX ASSETS		0.263	0.261	0.265

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	79.400	31.198	22.593
	Sundry Debtors	214.314	32.627	103.221
	Cash & Bank Balances	2.139	2.935	0.222
	Other Current Assets	1.328	0.148	12.419
	Loans & Advances	29.166	24.491	40.206
Total Current Assets		326.347	91.399	178.661
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	253.507	40.376	110.287
	Other Current Liabilities	4.603	3.626	13.825
	Provisions	0.000	0.000	0.000
Total Current Liabilities		258.110	44.002	124.112
Net Current Assets		68.237	47.397	54.549

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		76.305	55.782	64.766

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	259.330	129.895	106.454

Less	EXPENSES
		Office Expenses
		Administrative Expenses	256.593	124.613	109.825
		Advertising Expenses
		TOTAL	256.593	124.613	109.825

	PROFIT / (LOSS) BEFORE TAX		2.737	5.282	(3.371)

Less	TAX		0.927	0.435	0.492

	PROFIT / (LOSS) AFTER TAX		1.810	4.847	(3.863)

	Earnings / (Loss) Per Share (Rs.)		2.63	13.96	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.70	3.73	(3.63)

Return on Total Assets (PBT/Total Assets}	(%)	0.83	5.62	(1.84)

Return on Investment (ROI) (PBT/Networth)		0.19	0.82	(2.15)

Debt Equity Ratio (Total Liability/Networth)		21.86	14.55	(119.38)

Current Ratio (Current Asset/Current Liability)		1.26	2.07	1.44

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 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

NOTE:

The registered office of the company has been shifted from 21, Green Avenue, Vasant Kunj, New Delhi-1100701, India to the present address w.e.f.14.10.2009.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U51394DL2001PTC110687
Name of the company	SUNGLASS PALACE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	S 395, Lower Ground Floor, Greater Kailash Part I, New Delhi-110048, India
Type of charge	Others
Particular of charge holder	Punjab National Bank, Greater Kailash, Part-1, New Delhi, India Email: tfctaneja@yahoo.co.in
Nature of description of the instrument creating or modifying the charge	As Per Sanction Letter
Date of instrument Creating the charge	04.10.2011
Amount secured by the charge	Rs.4.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As Per Sanction Letter Terms of Repayment As Per Sanction Letter Margin As Per Sanction Letter Extent and Operation of the charge As Per Sanction Letter

FIXED ASSETS:

· Computer

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Plant and Machinery

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.57.22
UK Pound	1	Rs.89.42
Euro	1	Rs.71.46

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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		28

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.

MIRA INFORM REPORT

79.400

214.314

2.139

1.328

29.166

326.347

253.507

4.603

0.000

258.110

68.237

0.70

0.83

0.19

21.86

1.26

Unit