MIRA INFORM REPORT

Report Date :

10.10.2012

IDENTIFICATION DETAILS

Name :	IDFS TRADINGS PRIVATE LIMITED
Registered Office :	Flat No. 404, 4^th Floor, Surya Kiran Building, 19, K.G. Marg, New Delhi – 110001
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.09.2006
Com. Reg. No.:	55-153293
Capital Investment / Paid-up Capital :	Rs. 32.798 Millions
CIN No.: [Company Identification No.]	U15511DL2006PTC153293
TAN No.: [Tax Deduction & Collection Account No.]	DELI03414F
Legal Form :	Private Limited Liability Company
Line of Business :	Importers of Electronic Components, Cosmetics, Perfumes, Cigarettes, Liquors, Chocolates, Children’s Toys and other consumable items and Intending Agents and representing wide range of global brands.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 840000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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 – 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.

LOCATIONS

Registered Office :	Flat No. 404, 4^th Floor, Surya Kiran Building, 19, K.G. Marg, New Delhi – 110001, India
Tel. No.:	91-11-33521300
Fax No.:	91-11-33521334
E-Mail :	sanjay@idfservices.com
Website :	http://www.idfservices.com
Corporate Office :	Building No. 10, Tower-A, 4^th Floor, DLF Cyber City, Gurgaon – 122002, Haryana, India
Tel. No.:	91-124-4029400
Fax No.:	91-124-4029444
E-Mail :	info@idfservices.com

DIRECTORS

AS ON 14.09.2012

Name :

Mrs. Yasmin Ashok Kapoor

Designation :

Director

Address :

C-4, 6 Aurangzeb Road, New Delhi - 110011, India

Date of Birth/Age :

26.10.1961

Qualification :

Graduate

Date of Appointment :

07.09.2006

DIN No.:

00254640

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	U63040DL1988PTC031889	STONE TRAVELS PRIVATE LIMITED	Director	03/04/2001	03/04/2001	-	Active	NO
2	U45201DL1993PTC053081	GULSHAN PROMOTERS PRIVATE LIMITED	Director	23/04/2001	23/04/2001	-	Active	NO
3	U52190DL2005PTC133525	SKYLARK WAREHOUSING SOLUTIONS PRIVATE LIMITED	Director	02/03/2005	02/03/2005	01/03/2011	Active	NO
4	U63040DL2005PTC137076	CEDAR TRAVELS PRIVATE LIMITED	Director	07/06/2005	07/06/2005	21/04/2007	Active	NO
5	U15511DL2006PTC153293	IDFS TRADINGS PRIVATE LIMITED	Director	07/09/2006	07/09/2006	-	Active	NO
6	U52599DL2009PTC190349	AYKA TRADINGS PRIVATE LIMITED	Director	15/05/2009	15/05/2009	-	Active	NO
7	U52599DL2009PTC191963	DELHI DUTY FREE SERVICES PRIVATE LIMITED	Director	07/07/2009	07/07/2009	07/10/2009	Active	NO
8	U52100DL2010PTC198579	KONCEPT RETAIL SERVICES PRIVATE LIMITED	Director	02/02/2010	02/02/2010	-	Active	NO
9	U52100DL2012PTC237967	INFINITY DUTY FREE SERVICES PRIVATE LIMITED	Director	22/06/2012	22/06/2012	-	Active	NO

Name :

Mr. Deepak Mangal

Designation :

Director

Address :

27, Radhey Shyam Park, Sahibabad, Ghaziabad – 201005, Uttar Pradesh, India

Date of Birth/Age :

26.02.1974

Date of Appointment :

30.06.2011

DIN No.:

03428619

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	U52190DL2005PTC133525	SKYLARK WAREHOUSING SOLUTIONS PRIVATE LIMITED	Additional director	05/03/2012	14/02/2011	01/08/2012	Active	NO
2	U55101DL2009PTC192897	DELHI SELECT SERVICE HOSPITALITY PRIVATE LIMITED	Director	01/07/2011	06/05/2011	01/11/2011	Active	NO
3	U15511DL2006PTC153293	IDFS TRADINGS PRIVATE LIMITED	Director	30/09/2011	30/06/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 14.09.2012

Names of Shareholders	Address	No. of Shares
Deepak Talwar	6/14, Shanti Niketan, New Delhi-110021, India	1714866
Yasmin Kapoor	C-4, 6 Aurangzeb Road, New Delhi-110011, India	305000
Wave Impex Private Limited	E-969, LGF, Chittaranjan Park, New Delhi-110019, India	386660
Track India Private Limited	Flat No. 404, 4^th Floor, Surya Kiran Building, 19, K.G. Marg, New Delhi – 110001, India	873333
	Total	3279859

AS ON 14.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	38.42
Directors or relatives of directors	9.30
Other top fifty shareholders	52.28
Total	100.00

BUSINESS DETAILS

Line of Business :

Importers of Electronic Components, Cosmetics, Perfumes, Cigarettes, Liquors, Chocolates, Children’s Toys and other consumable items and Intending Agents and representing wide range of global brands.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Indian Overseas Bank, 70, Golf Links, New Delhi-110003, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loan funds	62.539	65.880
Total	62.539	65.880

Banking Relations :	--
Auditors :
Name :	Gopalaiah Associates Chartered Accountants
Address :	130D Gautam Nagar, New Delhi – 110049, India
E-Mail :	shiv@gopalaiah.com
Income-tax PAN of auditor or auditor's firm :	AAIFG6121A

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4,000,000	Equity Shares	Rs. 10/- each	Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,279,859	Equity Shares	Rs.10/- each	Rs. 32.798 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		32.798	32.798	14.633
2] Share Application Money		0.001	0.001	0.001
3] Reserves & Surplus		177.621	175.308	55.466
4] (Accumulated Losses)		0.000	0.000	(5.061)
NETWORTH		210.420	208.107	65.039
LOAN FUNDS
1] Secured Loans		62.539	65.880	24.400
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		62.539	65.880	24.400
DEFERRED TAX LIABILITIES		1.691	3.231	2.003
TOTAL		274.650	277.218	91.442
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		21.623	22.538	25.120
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		171.485	171.485	35.245
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	103.167	74.471	77.422
	Sundry Debtors	52.596	90.588	0.000
	Cash & Bank Balances	20.013	18.331	17.482
	Other Current Assets	13.712	14.242	80.467
	Loans & Advances	0.103	0.146	0.721
Total Current Assets		189.591	197.778	176.092
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	98.674	86.838	88.238
	Other Current Liabilities	2.908	23.726	54.053
	Provisions	6.467	4.019	2.724
Total Current Liabilities		108.049	114.583	145.015
Net Current Assets		81.542	83.195	31.077
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		274.650	277.218	91.442

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	346.975 (Gross Income)	308.633 (Gross Income)
		Other Income	N.A.	N.A.
		TOTAL	N.A.	N.A.	296.670
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	N.A.	N.A.	274.194
	PROFIT BEFORE TAX		N.A.	N.A.	22.476
Less	TAX		N.A.	N.A.	2.884
	PROFIT AFTER TAX		2.313	6.828	19.592
	Earnings Per Share (Rs.)		0.71	2.08	14.46

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	N.A.	N.A.	6.60
Return on Total Assets (PBT/Total Assets}	(%)	N.A.	N.A.	11.17
Return on Investment (ROI) (PBT/Networth)		N.A.	N.A.	0.35
Debt Equity Ratio (Total Liability/Networth)		0.81	0.87	2.60
Current Ratio (Current Asset/Current Liability)		1.75	1.73	1.21

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	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
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

Note: The registered address of the company has been shifted from 1/1, East Patel Nagar, Near Metro Station, New Delhi-110008, India to the present w.e.f. 02.07.2012

FINANCIAL PERFORMANCE:

During the year, the Company earned a gross income of Rs. 346.975 Millions (previous year Rs. 308.633 Millions) and earned a net profit of Rs. 2.313 Millions (previous year net profit Rs. 6.828 Millions).

OPERATIONS:

The Company has established itself as one of the leading travel retail operators in the South Asia region.

The Company is managing the inflight duty free concession exclusively, on board premium airlines like Jet Airways, Air India and Kingfisher Airlines for their international routes and are also acting as the sole concessionaire for Kingfisher Airlines for the duty paid goods on board domestic flights. Together with its partners the Company has revolutionized India’s travel retail industry and its overall inflight experience. The Company is constantly revamping its product lines, to offer the airlines a better assortment in terms of more brands, categories and new range of products.

The core strength of the Company emerges from the fact that it represents over 150 Global Luxury brands in India and several of them on an Exclusive basis.

The Company boast the most efficient duty free bonded warehousing/Logistics infrastructure in the country, with setup at 5 locations in India. To facilitate the said business activities the Company has a bonded warehouse at Kochi in the Special Economic Zone, to import goods for the purposes of further exports.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U15511DL2006PTC153293
Name of the company	IDFS TRADINGS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1/1, East Patel Nagar, Near Metro Station, New Delhi-110008, India Email ID: sandeep@idfservices.com
This form is for	Creation of charge
Type of charge	Immovable Property Others (Corporate Guarantee)
Particular of charge holder	Indian Overseas Bank, 70, Golf Links, New Delhi-110003, India Email ID: golffbr@delirc01.iobnet.co.in
Nature of description of the instrument creating or modifying the charge	Corporate Guarantee
Date of instrument Creating the charge	07.09.2011
Amount secured by the charge	Rs. 12.558 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Corporate Guarantee Terms of Repayment Corporate Guarantee Margin Corporate Guarantee Extent and Operation of the charge The above is to secure Bank Guarantee of Rs. 12.558 Millions extended to Bank for the credit facilities availed by M/s SSP Catering (India) Private Limited.
Short particulars of the property charged	The Corporate Guarantee to secure all and every sum and sum of money which are now or shall at any time be owing to the bank by M/s SSP Catering (India) Private Limited. Hypothecation of the stock kept in the custom bonded warehouses and on trolleys in Aircrafts and entire receivables of the Company

CONTINGENT LIABILITIES:

(Rs. in millions)

Particulars	31.03.2011	31.03.2010
Bank Guarantees for IOB Golf Links
- In favour of Commissioner of Customs	16.236	15.300
- In favour of Dy-Commissioner of Sales Tax.	0.200	0.200
Total	16.436	15.500

Against the above Bank guarantee’s FDRs of the company and its associates have been offered as margin to the Bank.

FIXED ASSETS:

Ø Furniture and Fixture

Ø Office Equipments

Ø Data Processing Machine

Ø Motor Vehicle

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] 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. 52.38
UK Pound	1	Rs. 84.00
Euro	1	Rs. 67.99

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		32

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

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.