MIRA INFORM REPORT

Report Date :

10.05.2012

IDENTIFICATION DETAILS

Name :	WORK PLACE INTERIOR PRIVATE LIMITED
Registered Office :	171/2, Peemkunj Jain Society, Sion (West), Mumbai – 400022, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	27.05.2005
Com. Reg. No.:	11-153554
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U74994MH2005PTC153554
TAN No.: [Tax Deduction & Collection Account No.]	MUMW02830C
PAN No.: [Permanent Account No.]	AAACW5912A
Legal Form :	Private Limited Liability Company
Line of Business :	Trader and Supplier of Office Furniture, Flooring, Acoustic Solutions, Access Floor, and Other Office Accessories.
No. of Employees :	Not Available

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 44000
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

LOCATIONS

Registered Office :	171/2, Peemkunj Jain Society, Sion (West), Mumbai – 400022, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	response@workplaceindia.biz manish@workplaceindia.biz
Website :	http://www.workplaceindia.biz
Sales Office :	12 A, Bezzola Complex, Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India
Showroom :	1 A, Bezzola Complex, Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India
Tel. No.:	91-22-25271702
Fax No.:	91-22-25271704

DIRECTORS

(AS ON 29.09.2011)

Name :

Mr. Ranjit Raja Bakshi

Designation :

Director

Address :

1506- B, Mount Everest Building 9, Anik Wadala Link Road, Chembur, Mumbai – 400022, Maharashtra, India

Date of Birth/Age :

01.07.1966

Date of Appointment :

27.05.2005

DIN No.:

01928257

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74994MH2005PTC153554	WORK PLACE INTERIOR PRIVATE LIMITED	Director	27/05/2005	27/05/2005	Active	NO
2	U36101MH2010PTC204770	FITOUT WORKS INDIA PRIVATE LIMITED	Director	23/06/2010	23/06/2010	Active	NO

Name :

Mr. Manish Arvindkumar Aya

Designation :

Director

Address :

Room No.2, Ground Floor, Premkunj Plot No.171, Jain Society, Sion West, Mumbai – 400022, Maharashtra, India

Date of Birth/Age :

01.05.1974

Date of Appointment :

27.05.2005

DIN No.:

01942523

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74994MH2005PTC153554	WORK PLACE INTERIOR PRIVATE LIMITED	Director	27/05/2005	27/05/2005	Active	NO
2	U74900MH2011PTC216804	APPLE DESIGN INTERIOR CONCEPTS PRIVATE LIMITED	Director	28/04/2011	28/04/2011	Active	NO

Name :

Mr. Kiritkumar Trivedi

Designation :

Director

Address :

A3, Professor’s Bungalow IIT, Powar, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

12.12.1948

Date of Appointment :

02.03.2009

DIN No.:

01312419

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	U51900MH2000PTC127339	OSIAN'S - CONNOISSEURS OF ART PRIVATE LIMITED	Director	28/03/2003	28/03/2003	3/1/2008	Active	NO
2	U74994MH2005PTC153554	WORK PLACE INTERIOR PRIVATE LIMITED	Director	2/3/2009	2/3/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2011)

Names of Shareholders	No. of Shares
Ranjit Raja Bakshi	500
Manish Arvind Aya	500
Total	1000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trader and Supplier of Office Furniture, Flooring, Acoustic Solutions, Access Floor, and Other Office Accessories.

GENERAL INFORMATION

Suppliers :

· Federal Sales Corporation

· Harish and Company

· Jain and Company

· Stackline Systems Private Limited

· Mannington Mills INC

· Jai Services

· Design Tech Interior Private Limited

· Grin Travels Private Limited

· Track India Private Limited

· S P House Keeping Services

· TNT India Private Limited

Customers :

· Apple Fabrics-Sales

· Asian Paints

· BNY Mellon

· Financial Technologies Private Limited

· India Bulls Real Estate

· Interies interior Management

· KKR India Financial Services Private Limited

· J P Morgan India

· Morgan Stanley India Capital Limited

· Morgan Stanley India Company Private Limited

· Sudha Carpets

· Seimens Limited

No. of Employees :

Not Available

Bankers :

· Bank of India

· IDBI Bank

· HDFC Bank

Facilities :

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Manish Aya	0.112	0.216
Ranjit Bakshi	0.226	0.241
Total	0.338	0.457

Banking Relations :	--
Auditors :
Name :	N B Khandelwal and Company Chartered Accountant
Address :	1/230, Patel Building, Opposite GTB Nagar Railway Station, Sion (West), Mumbai – 400022, Maharashtra, India
PAN No.:	AADPK4637N

CAPITAL STRUCTURE

(AS ON 29.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
5000	Equity Shares	Rs.100/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000	Equity Shares	Rs.100/- each	Rs.0.100 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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.994	8.042	5.385
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		11.094	8.142	5.485
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.338	0.457	0.456
TOTAL BORROWING		0.338	0.457	0.456
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		11.432	8.599	5.941
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.210	2.645	2.722
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		7.343	0.650	5.269
DEFERREX TAX ASSETS		0.463	0.384	0.259
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.272	1.907	0.502
	Sundry Debtors	5.388	13.061	1.831
	Cash & Bank Balances	2.668	3.977	2.753
	Other Current Assets	1.482	0.606	0.600
	Loans & Advances	2.713	0.639	0.611
Total Current Assets		14.523	20.190	6.297
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	13.119	13.924	8.323
	Other Current Liabilities
	Provisions	2.800	1.360	0.300
Total Current Liabilities		13.119	15.284	8.623
Net Current Assets		1.404	4.906	(2.326)
MISCELLANEOUS EXPENSES		0.012	0.014	0.017
TOTAL		11.432	8.599	5.941

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Other Income	46.599	23.549	13.705
		TOTAL	46.599	23.549	13.705
Less	EXPENSES
		TOTAL	41.725	19.104	12.215
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		4.874	4.445	1.490
Less/ Add	DEPRECIATION/ AMORTISATION		0.498	0.613	0.441
	PROFIT BEFORE TAX		4.373	3.832	1.049
Less	TAX		1.420	1.175	0.503
	PROFIT AFTER TAX		2.953	2.657	0.546
	Earnings Per Share (Rs.)		2953.00	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.34	11.28	3.98
Return on Total Assets (PBT/Total Assets}	(%)	26.13	16.78	11.63
Return on Investment (ROI) (PBT/Networth)		0.39	0.47	0.19
Debt Equity Ratio (Total Liability/Networth)		1.21	1.32	0.73
Current Ratio (Current Asset/Current Liability)		1.11	1.32	0.73

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	No
Major Suppliers	Yes
Major Customers	Yes
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	Yes
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

FINANCIAL RESULTS

The company is in the process of rearranging its line of business and concentrating on developing few brands and has received reasonably good response in the market and expect improvement in business and effect in coming year. The turnover already nearly doubled. The company is looking forward to new assignments and future growth.

FIXED ASSETS:

· Air conditioner

· Card Reader

· Computer

· Furniture and Fittings

· Mobile Phone

· Printer

· Telephone Gadget

· Vaccum Cleaner

· Water Dispenser

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.53.56
UK Pound	1	Rs.86.27
Euro	1	Rs.69.40

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		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.