MIRA INFORM REPORT

Report Date :

10.05.2012

IDENTIFICATION DETAILS

Name :	SPRECH TENSO – STRUCTURES PRIVATE LIMITED
Registered Office :	127, GIDC, Por Ramangamdi, NH No.8, Vadodara – 391243, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.07.2007
Com. Reg. No.:	04-051293
Capital Investment / Paid-up Capital :	Rs.17.500 Millions
CIN No.: [Company Identification No.]	U28112GJ2007PTC051293
TAN No.: [Tax Deduction & Collection Account No.]	BRDS06369G
PAN No.: [Permanent Account No.]	AALCSO135L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Modules Fabrics Structures, Per-Fabricated Structures, Pre- Fab Structures etc.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 77000
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 out its accumulated losses of previous years. Trade relations are reported on fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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. Akash Bansal
Designation :	Marketing Manager
Contact No.:	91-9320028921
Date :	21.04.2012

LOCATIONS

Registered Office / Factory 1 :	127, GIDC, Por Ramangamdi, NH No.8, Vadodara – 391243, Gujarat, India
Tel. No.:	91-265-3258445 / 3259921
Mobile No.:	91-9320028921(Mr. Akash Bansal)
Fax No.:	91 -265 -2831603
E-Mail :	joy@bom3.vsnl.net.in info@sprechindia.com sprechindia@gmail.com
Website :	www.sprechindia.com http://www.sprechindia.in
Location :	Owned
Factory 2 :	345, GIDC Estate, Por Ramangamdi, District Vadodara, Gujarat, India
Branch Office :	205, Shivshakti Industrial Estate, 2^nd Floor, Opposite. Mittal Estate, Off. M. V. Road, Andheri (East), Mumbai – 400059, Maharashtra, India

DIRECTORS

As on 30.09.2011

Name :

Mrs. Manjari Girish Parikh

Designation :

Director

Address :

10, Bapuji Niwas, Santacruz (East) , Mumbai – 400055, Maharashtra, India

Date of Birth/Age :

07.04.1960

Date of Appointment :

10.07.2007

DIN No.:

00691182

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	U24114DL1967PTC004790	SUMAN UDYOG PRIVATE LIMITED	Director	16/08/2001	16/08/2001	-	Active	NO
2	U28113GJ2007PTC050856	JOY ARCHITRONIC PRODUCTS PRIVATE LIMITED	Director	16/05/2007	16/05/2007	-	Active	NO
3	U28112GJ2007PTC051293	SPRECH TENSO-STRUCTURES PRIVATE LIMITED	Director	10/7/2007	10/7/2007	-	Active	NO

Name :

Mr. Arjun Girish Parikh

Designation :

Director

Address :

10, Bapuji Niwas, Santacruz (East) , Mumbai – 400055, Maharashtra, India

Date of Birth/Age :

31.12.1987

Date of Appointment :

10.07.2007

DIN No.:

00691205

Name :

Mr. Angla Rescio

Designation :

Director

Address :

Viale Lucia, 33, Martano LE – 73025

Date of Birth/Age :

21.01.1985

Date of Appointment :

06.05.2009

DIN No.:

02647718

Name :

Mr. Pasquale Rescio

Designation :

Director

Address :

Viale Lucia, 33, Martano LE – 73025

Date of Birth/Age :

05.05.1957

Date of Appointment :

06.05.2008

DIN No.:

02642257

KEY EXECUTIVES

Name :	Mr. Akash Bansal
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Arjun Girish Parikh	175000
Girish Chinubhai Parikh	255000
Girish Chinubhai Parikh (HUF)	320000
Manjari Girish Parikh	125000
Sprech S.R.L	875000
Total	1750000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Directors or relatives of Directors	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Modules Fabrics Structures, Per-Fabricated Structures, Pre- Fab Structures etc.
Products :	Pagoda Airone Classic Airone Max Cross Vault Arco Tunnel Cicogna Condor Tensostruttura Turista Tunnel Max Shade Sails Casello
Exports :
Products :	Fabrics Structures, Per-Fabricated Structures, Pre- Fab Structures etc.
Countries :	South Africa
Imports :
Products :	Raw Materials
Countries :	Italy France
Terms :
Selling :	Cheque
Purchasing :	Cheque

GENERAL INFORMATION

Suppliers :

• Sprech Srl, Italy
• 3 D Plast
• Amaar Industrial Marketing Private Limited
• Bilmat Engineering
• Ejeyes Components Private Limited
• Ferro-Tic Dies and Moulds
• Jay Vijay Express Carriers
• Manan Marketing
• Manish M Mehta
• Naresh and Company ( Income Tax )
• Naresh and Company ( Sales Tax )
• New Industrial Transport
• Om Enterprises
• Rizwan Steel Corporation
• Sharp Corporation
• Sheetal Paper Mart
• Shreeji Paper Mart
• Shri Saraswati Fabrication
• Sputnik Industries
• Sujan Impex Private Limited
• System Solution
• Tara Mechcons Private Limited

Customers :

Wholesalers and Retailers

• Degustibus Hospitality Private Limited
• Gannon Dunkerly and Company Limited
• Lalooji and Sons
• Madhya Pradesh State Tourism Devlopment Corp. Limited
• Nirvana Realty Ventures
• Nutech Products
• Om-Sagar Engineering Private Limited
• Orbit Enterprises
• Patios Furniture Private Limited
• The Consulate General of United States of America
• Vodafone Essar Shared Services Limited
• Xpand

No. of Employees :

50 (Approximately)

Bankers :

HDFC Bank, Vadodara, Gujarat, India

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Form inter Corporate Advance	2.100	4.665
Total	2.100	4.665

Banking Relations :	--
Auditors :
Name :	Naresh and Company Chartered Accountants
Address :	201-203, City Enclave, opposite Polo Ground Bagikhana, Vadodara – 390001, Gujarat, India
PAN.:	AACFM7595C
Enterprise over which Key Management personnel have significant Influence :	Joy Architronic Products Private Limited Joy Awnings Sujan Impex Private Limited Sprech Srl (Italy)

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1750000	Equity Shares	Rs.10/- each	Rs.17.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1750000	Equity Shares	Rs.10/- each	Rs.17.500 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		17.500	17.349	7.030
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.782	0.000	0.086
4] (Accumulated Losses)		0.000	0.438	0.000
NETWORTH		19.282	16.911	7.116
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		2.100	4.665	0.000
TOTAL BORROWING		2.100	4.665	0.000
DEFERRED TAX LIABILITIES		0.425	0.217	0.101
TOTAL		21.807	21.793	7.217
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.001	15.319	10.276
Capital work-in-progress		0.000	0.000	0.000
				0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.726	0.060
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.633	5.521	7.792
	Sundry Debtors	7.085	2.414	0.000
	Cash & Bank Balances	0.439	0.487	0.230
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.693	2.314	0.183
Total Current Assets		12.850	10.736	8.205
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.730	4.749	11.560
	Other Current Liabilities	1.643	0.121	0.000
	Provisions	0.800	0.312	0.022
Total Current Liabilities		5.173	5.182	10.582
Net Current Assets		7.677	5.554	(2.377)
MISCELLANEOUS EXPENSES		0.129	0.194	0.258
TOTAL		21.807	21.793	7.217

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
		Turnover (A)	31.895	9.834	4.629
Less		TOTAL EXPENSES (B)	26.103	9.508	4.256
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.792	0.326	0.373
Less	FINANCIAL EXPENSES (D)		0.006	0.033	0.001
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		5.786	0.293	0.372
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.831	1.366	0.223
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		3.955	(1.073)	0.149
Less	TAX (H)		1.735	(0.549)	0.063
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		2.220	(0.524)	0.086
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	6.280	NA	NA
	TOTAL EARNINGS		6.280	NA	NA
	IMPORTS
		Raw Materials	NA	1.098	8.193
		Machineries	NA	3.997	2.971
	TOTAL IMPORTS		NA	5.095	11.164
	Earnings Per Share (Rs.)		2.27	NA	0.12

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	14.73	(4.12)	0.47
Return on Investment (ROI) (PBT/Networth)		0.21	(6.34)	0.02
Debt Equity Ratio (Total Liability/Networth)		0.38	0.58	1.49
Current Ratio (Current Asset/Current Liability)		2.48	2.07	0.78

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	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	No
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	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

Business:

This was the Second Full Year of Production for the Company. With the investments in equity and allotment of shares completed, flow of know-how from the Italian Co-Venturer and execution by Indian Promoters happened freely during the year. With the know-how of the Italian partners the company introduced new models in the market, which were well received.

These factors coupled with overall stabilization of business meant that the Company tripled its turnover during the year and also generated healthy profitability. During the year, company has achieved a turnover of Rs.31.895 Millions which is more than three times that of the previous year (Rs.9.834 Millions). Despite the spends on employees and selling / distributions costs, Company has achieved a healthy pre-tax profitability of Rs.3.955 Millions as compared to loss Rs.1.073 Millions in the preceding year. Even after tax adjustments, the Net Profit After Tax stood at Rs.2.220 Millions as compared to previous year net loss of Rs.0.524 Million.

In the coming year with complete infrastructure in place, the inputs from the Italian Co-venturers expected to increase to enable the Company to add innovative products to its range, thrust on marketing and execution by the Indian Co-Venturers and full fledged working, the directors expect further rise in turnover and even better profitability.

Fixed Assets

• Plant and Machinery
• Building
• Land
• Computer
• Maruti Omni
• Mobile Phone
• Water Coller
• Furniture and Fixture

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.53.46
UK Pound	1	Rs.86.27
Euro	1	Rs.69.40

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	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	YES
--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.