MIRA INFORM REPORT

Report Date :

05.11.2012

IDENTIFICATION DETAILS

Name :	ACCURA SHELVING SYSTEMS PRIVATE LIMITED
Registered Office :	3/AH – 1, Cama Estate, Opposite Kusum Masala, Goregoan (East), Mumbai – 400 063, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.04.2007
Com. Reg. No.:	11-170150
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U36100MH2007PTC170150
TAN No.: [Tax Deduction & Collection Account No.]	MUMA30609F
PAN No.: [Permanent Account No.]	AAGCA2678D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Shelving System like Racks, Shopping Trolleys, Shopping Basket etc.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 5000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The liquidity of the company appears to be unhealthy. Profitability appears to be low. However, 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. Profit and Loss Account of the company is not available.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Sharma
Designation :	Accounts Manager
Contact No.:	91-9820793305
Date :	31.10.2012

LOCATIONS

Registered Office :	3/AH – 1, Cama Estate, Opposite Kusum Masala, Goregoan (East), Mumbai – 400 063, Maharashtra, India
Tel. No.:	91-22-40720000/ 66952300/ 26799425 (5 Lines)
Mobile No.:	91-9820793305 (Mr. Sharma)
Fax No.:	91-22-26853037
E-Mail :	info@accurashelving.com Irsharma@accurashelving.com rizwanali1975@hotmail.com
Website :	http://www.accurashelving.com
Area :	1000 sq ft
Location :	Owned
Factory :	1A- Sheetal Industrial Complex, Chincholi-Kaman Road, Kaman, Taluka: Vasai, Naigoan – 401202, Maharashtra, India
Area:	20000 sq. ft.
Location :	Rented

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Dahyalal Ganeshbhai Parmar

Designation :

Director

Address :

B/306, Radhakrishna Apartment, S. V. Road, Dahisar (West), Mumbai – 400 068, Maharashtra, India

Date of Birth/Age :

18.11.1962

Qualification :

B. Com

Date of appointment:

20.04.2007

DIN No.:

01954515

Name :

Mrs. Niruben Dahyalal Parmar

Designation :

Director

Address :

B/306, Radhakrishna Apartment, S. V. Road, Dahisar (West), Mumbai – 400 068, Maharashtra, India

Date of Birth/Age :

01.05.1969

Date of Appointment :

08.07.2011

DIN No.:

03570004

Name :

Mr. Deep Dahyalal Parmar

Designation :

Director

Address :

B/306, Radhakrishna Apartment, S. V. Road, Dahisar (West), Mumbai – 400 068, Maharashtra, India

Date of Birth/Age :

27.03.1990

Date of Appointment :

10.06.2011

DIN No.:

03541888

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	Company/ LLP Status	Defaulting status
1	U36100MH2007PTC170150	ACCURA SHELVING SYSTEMS PRIVATE LIMITED	Director	10/06/2011	10/06/2011	Active	NO
2	AAA-9215	AMAR AV PRODUCTS CORPORATION LLP	Designated Partner	15/05/2012	15/05/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Sharma
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Dahyalal Ganeshbhai Parmar	5000
Deep Dahyalal Parmar	2500
Niruben Dahyalal Parmar	2500
Total	10000

(AS ON 10.15.2012)

Names of Allottees	No. of Shares Allotted
Dahyalal Ganeshbhai Parmar	245000
Deep Dahyalal Parmar	122500
Niruben Dahyalal Parmar	122500
Total	490000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter and Importer of Shelving System like Racks, Shopping Trolleys, Shopping Basket etc.
Products :	· Retail Display Systems · Super Market Shelving Systems · Racks Display Racks · Vegetable Display Racks · Electronic Showroom · Shopping Trollyes · Blackents · Bins/ Billings
Exports :
Products :	Shelving Systems
Countries :	· England · London · UK · Italy · USA
Imports :
Products :	Raw Materials
Countries :	· China · Australia · Japan · England
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Aaram Estate, Mumbai – (Mr. Tarun)

· Arham Steel

· Ajanta Plastic

· Ayush Tools

· Balaji Commercial Company

· Care Design N Print

· Eltete Transport Packaging Company Private Limited

· G R Steel Corporation

· Indian Steel Traders

· Karthika Enterprises

· Kaymo Fastner Company

· Laxmi Steel

· Meena Steel Traders

· Mihir Steel Corporation

· Nidhi Steel

· Pooja Ply and Laminates

· Pooja Plywood

· Qureshi Timbers Mart

Customers :

End Users

· Aditya Birla Retail Limited

· Agro Tech Food Limited

· Ashoka Enterprises

· Balaji Super Stores

· Bharat Fertilizers Industries Limited

· Borkar Trading Company Limited

· Coral Eon Projects

· Emami Limited

· Furtados Music India Private Limited

· Games Shop Retail Private Limited

· Hindustan Lever Limited

· Kaveri Super Market

· Mahalaxmi Enterprises

· Maya Global Private Limited

· Mober Hair Processors private Limited

· Nischal Marketing Private Limited

· Singnature Display Private Limited

· Zero Zone Inc.

· Wipro Yardley Consumer Care Private Limited

No. of Employees :

100 (Approximately)

Bankers :

· Kotak Mahindra Bank,

36-38-A, Nariman Bhavan, 227-D, Nariman Point, Mumbai – 400021, Maharashtra, India

· Bank of Baroda

· ICICI Bank

· Union Bank of India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Tata Capital Limited – Car Loan	1.083	1.334
Tata Finance Motors Private Limited	0.300	0.387
ICICI Bank – Over Draft	0.284	0.504
Total	1.667	2.225
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Deep Parmar	0.400	0.000
Niruben Deep Parmar	0.415	0.000
Rizwan Ali	6.153	6.153
D G Parmar	1.819	0.539
Total	8.788	6.692

Banking Relations :	--
Auditors :
Name :	Hingora and Company Chartered Accountant
Address :	A/302-303, Grace Plaza, S.V. Road, Jogeshwari (West), Mumbai – 400102, Maharashtra, India
Tel No.:	91-22-26799425
E mail:	hingora.ca@gmail.com
PAN :	AABPH3319J

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
500000	Equity Shares	Rs.10/- each	Rs.5.000 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- 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		1.274	0.535	0.000
4] (Accumulated Losses)		0.000	0.000	[0.922]
NETWORTH		1.374	0.635	[0.822]
LOAN FUNDS
1] Secured Loans		1.667	2.225	0.199
2] Unsecured Loans		8.788	6.692	2.014
TOTAL BORROWING		10.455	8.917	2.213
DEFERRED TAX LIABILITIES		0.000	0.000	0.100
TOTAL		11.829	9.552	1.491
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.179	6.906	4.971
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.107	0.045	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.744	3.061	4.812
	Sundry Debtors	23.308	21.794	10.840
	Cash & Bank Balances	0.320	0.371	0.093
	Other Current Assets	0.534	1.684	1.077
	Loans & Advances	2.445	0.000	0.345
Total Current Assets		31.351	26.910	17.167
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	22.748	21.903	18.606
	Other Current Liabilities	1.001	0.000	0.000
	Provisions	3.071	2.420	2.059
Total Current Liabilities		26.820	24.323	20.665
Net Current Assets		4.531	2.587	[3.498]
MISCELLANEOUS EXPENSES		0.012	0.014	0.018
TOTAL		11.829	9.552	1.491

PROFIT & LOSS ACCOUNT

Particulars	31.03.2012	31.03.2011	31.03.2010
Sales Turnover (Approximately)	110.000	90.000	75.000

Expected Sales (2012-13): Rs.250.000 Millions

The above information has been parted by Mr. Sharma.

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Liability/Networth)	27.13	52.35	[27.83]
Current Ratio (Current Asset/Current Liability)	1.17	1.11	0.83

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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 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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

TRADE REFERENCE:

· Aaram Estate, Mumbai – (Mr. Tarun)

· Hindustan Lever

FORM 8

This form is for	Creation of charge
Corporate identity number of the company	U36100MH2007PTC170150
Name of the company	ACCURA SHELVING SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3/AH 1, Cama Estate, Opposite Kusum Masala, Goregaon East, Mumbai – 400063, Maharashtra, India rizwanali1975@hotmail.com
Type of charge	Book Debts Others: Current Assets
Particular of charge holder	Kotak Mahindra Bank Limited 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai – 400021, Maharashtra, India CIN No.: L65110MH1985PLC038137 Email: john.fernandes@kotak.com
Nature of description of the instrument creating or modifying the charge	Deed of Hypothecation.
Date of instrument Creating the charge	27.10.2011
Amount secured by the charge	Rs.6.400 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest OD - Floating over the tenure of the facility. Current Bank Benchmark Base Rate. Terms of Repayment OD - Tenure of 12 Months. Margin Nil Extent and Operation of the charge First and exclusive charge by way of Hypothecation of all existing and future Current assets of the Borrower, in favour of Kotak Mahindra bank as security for repayment of financial facilities granted by the Bank to the Borrower.
Short particulars of the property charged	All existing and future Current assets of the Borrower, to the Deed of Hypothecation.

FIXED ASSETS:

· Air Conditioner

· Computer

· Dies and Tools

· Electrical Fittings

· Furniture and Fittings

· Machinery

· Mobile

· Printer

· Car

· Van

· Software

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 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.53.66
UK Pound	1	Rs.86.37
Euro	1	Rs.69.24

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		30

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.