MIRA INFORM REVISED REPORT

Report Date :

19.03.2012

IDENTIFICATION DETAILS

Name :	HILLSPRING INDIA PRIVATE LIMITED
Formerly Known As :	TEXKRAFTS (INDIA) PRIVATE LIMITED
Registered Office :	6 B, Pocket – A Phase - III, Ashok Vihar, Delhi – 110052
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.03.1997
Com. Reg. No.:	55-085540
Capital Investment / Paid-up Capital :	Rs.3.430 Millions
CIN No.: [Company Identification No.]	U51909DL1997PTC085540
TAN No.: [Tax Deduction & Collection Account No.]	DELH02989A
Legal Form :	Private Limited Liability Company
Line of Business :	Dealing in bathroom and sanitation fittings, accessories, health equipments and allied items
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 14000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company has been successful in wiping off the accumulated losses of previous years. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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	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 / Corporate Office :	6B, Pocket – A Phase - III, Ashok Vihar, Delhi – 110052, India
Tel. No.:	91-11-27351274
Fax No.:	91-11-27351277
E-Mail :	armishra2006@yahoo.co.in www.hillspringindia.com
Website :	www.hillspring.net
Branch Office :	A-52, Shivalik, New Delhi – 110017, India
Tel. No.:	91-11-26673300 / 26673301 / 32483792 / 32633792
Fax No.:	91-11-26673302
E-Mail :	info@hillspring.net brgroup@vsnl.net

DIRECTORS

As on 30.09.2011

Name :

Mr. Rajeev Bhatnagar

Designation :

Director

Address :

C-28, Pushpanjall Farms, bijwasan New Delhi – 110061, India

Date of Appointment :

03.03.1997

DIN No.:

01078253

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	U74899DL1994PLC052441	SEVEN ELEVEN LEASING AND FINANCE LIMITED	Director	13/05/1994	13/05/1994	-	Active	NO
2	U51909DL1997PTC085540	HILLSPRING INDIA PRIVATE LIMITED	Director	3/3/1997	3/3/1997	-	Active	NO
3	U55101DL1997PTC086856	WONDER HOTELS PRIVATE LIMITED	Director	25/04/1997	25/04/1997	-	Active	NO
4	U34300DL2004PTC126740	HAIL AUTOMOBILES PRIVATE LIMITED	Director	2/6/2004	2/6/2004	-	Active	NO
5	U28113DL2006PTC156357	ARVS EQUIPMENTS PRIVATE LIMITED	Director	8/12/2006	8/12/2006	23/02/2012	Active	NO
6	U51504DL2008PTC181628	SAJHEDARI MARKETING PRIVATE LIMITED	Director	1/8/2008	1/8/2008	-	Active	NO
7	U70109DL2011PTC213858	PHSA FARMS AND DEVLOPERS PRIVATE LIMITED	Director	11/2/2011	11/2/2011	-	Active	NO

Name :

Mr. Sanjiv Jain

Designation :

Director

Address :

C-2 / 56, Ashok Vihar-II, Delhi – 110052, India

Date of Appointment :

03.03.1997

DIN No.:

01078306

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	U55101DL1993PTC053848	HILL HEIGHT HOTELS PRIVATE LIMITED	Director	31/05/1993	31/05/1993	-	Active	NO
2	U74899DL1995PLC065034	FUTUREVISION SECURITIES LIMITED	Director	12/2/1996	12/2/1996	-	Active	NO
3	U51909DL1997PTC085540	HILLSPRING INDIA PRIVATE LIMITED	Director	3/3/1997	3/3/1997	-	Active	NO
4	U55101DL1997PTC086856	WONDER HOTELS PRIVATE LIMITED	Director	25/04/1997	25/04/1997	-	Active	NO
5	U92419DL2009PLC196014	HILLSPRING ENTERTAINMENT LIMITED	Director	16/11/2009	16/11/2009	-	Active	NO

Name :

Mr. Bhupesh Raseen

Designation :

Director

Address :

G-16 / 10, 1^st Floor, Malviya Nagar, New Delhi – 110017, India

Date of Birth/Age :

26.11.1965

Date of Appointment :

01.10.2010

DIN No.:

02789429

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	U51909DL1997PTC085540	HILLSPRING INDIA PRIVATE LIMITED	Director	15/09/2010	1/10/2009	-	Active	NO
2	U92419DL2009PLC196014	HILLSPRING ENTERTAINMENT LIMITED	Director	16/11/2009	16/11/2009	-	Active	NO

Name :

Mr. Celestine Jain

Designation :

Director

Address :

C-2 / 56, Ashok Vihar-II, Delhi – 110052, India

Date of Birth/Age :

26.11.1957

Date of Appointment :

0406.2010

DIN No.:

02790074

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	U92419DL2009PLC196014	HILLSPRING ENTERTAINMENT LIMITED	Director	16/11/2009	16/11/2009	-	Active	NO
2	U55101DL1993PTC053848	HILL HEIGHT HOTELS PRIVATE LIMITED	Director	20/09/2010	4/6/2010	-	Active	NO
3	U51909DL1997PTC085540	HILLSPRING INDIA PRIVATE LIMITED	Director	15/09/2010	4/6/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Rajeev Bhatnagar	10
Sanjiv Jain	121520
Kuldip Sharma	10
Celestine Jain	25200
Sanjiv Jain HUF	23500
Sumer Chand Jain HUF	29800
Shrii Sumer Chand Jain S/o Kishna Chand Jain	55000
Priyanka Jain D/o Mr. Sanjiv Jain	31000
Bhupesh Raseen S/o Opinder Nath Raseen	57000
Total	343040

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Other top fifty shareholders	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Dealing in bathroom and sanitation fittings, accessories, health equipments and allied items
Products :	Electronic Card Locks Mini Bars and Electronic Hydrotherapy Equipment Beauty Salon Furniture and Equipment ICE Flaker and Via Sensus Pre-Fabricated Swimming Pool Jacuzzi Viking Spas Sauna

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
HDFC Bank Limited – ODD A/s (secured against House Property one of the Director of the Company)	0.000	2.973
Total	0.000	2.973
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Other	1.285	0.000
Total	1.285	0.000

Banking Relations :	--
Auditors :
Name :	D Vaish and Associates Chartered Accountants
Address :	301, Channa Complex, 2215, Gurudwara Road, Karol Bagh, New Delhi – 110005, India
PAN.:	AAAFD8740J

CAPITAL STRUCTURE

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
343040	Equity Shares	Rs.10/- each	Rs.3.430 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		3.430	3.430	3.430
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.084	0.000	0.493
4] (Accumulated Losses)		0.000	(1.404)	0.000
NETWORTH		3.514	2.026	3.923
LOAN FUNDS
1] Secured Loans		0.000	2.973	0.098
2] Unsecured Loans		1.285	0.000	0.000
TOTAL BORROWING		1.285	2.973	0.098
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4.799	4.999	4.021
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.860	1.004	1.042
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.924	2.928	3.108
	Sundry Debtors	0.281	0.142	0.213
	Cash & Bank Balances	0.955	1.091	2.193
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.441	3.172	2.821
Total Current Assets		6.601	7.333	8.335
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.851	0.256	2.288
	Other Current Liabilities	1.811	3.085	2.627
	Provisions	0.000	0.000	0.448
Total Current Liabilities		2.662	3.341	5.363
Net Current Assets		3.939	3.992	2.972
MISCELLANEOUS EXPENSES		0.000	0.003	0.007
TOTAL		4.799	4.999	4.021

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	TURNOVER		16.649	14.937	19.050
Less	EXPENSES
		Office Expenses	14.845	16.560	17.868
		Administrative Expenses
		Advertising Expenses
		TOTAL	14.845	16.560	17.868
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.804	(1.623)	1.182
Less/ Add	DEPRECIATION/ AMORTISATION		0.246	0.273	0.244
	PROFIT / (LOOS) BEFORE TAX		1.558	(1.896)	0.938
Less	TAX		0.070	0.000	0.448
	PROFIT / (LOOS) AFTER TAX		1.488	(1.896)	0.490
	Earnings Per Share (Rs.)		4.33	0.00	1.61

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	20.88	(22.74)	10.00
Return on Investment (ROI) (PBT/Networth)		0.44	(0.94)	0.24
Debt Equity Ratio (Total Liability/Networth)		1.11	3.12	1.39
Current Ratio (Current Asset/Current Liability)		2.48	2.19	1.55

LOCAL AGENCY FURTHER INFORMATION

OPERATION

During this period the company continued to carry on the business of dealing in bathroom and sanitation fittings, accessories, health equipments and allied items. The sales of the company has increased a bit as compared to last year due to some good planning and execution despite the time of recession and other adverse market conditions. The company is trying to expend to its business all over India and abroad. The directors are hopeful to perform much better in near future.

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.50.31
UK Pound	1	Rs.79.05
Euro	1	Rs.65.83

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		26

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.