MIRA INFORM REPORT

Report Date :

14.09.2012

IDENTIFICATION DETAILS

Name :	TAFCON PROJECTS (INDIA) PRIVATE LIMITED
Registered Office :	705, 7^th Floor, New Delhi House, 27 Barakhamba Road, New Delhi-110001
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.01.1993
Com. Reg. No.:	55-051760
Capital Investment / Paid-up Capital :	Rs.1.150 millions
CIN No.: [Company Identification No.]	U74899DL1993PTC051760
Legal Form :	Private Limited Liability Company
Line of Business :	Management Consultants and Organiser of Trade Expositions and Conferences.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 123000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears drastic dip in the turnover and some dip in the profitability of the company. However, 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 – 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 :	705,7^th Floor, New Delhi House, 27 Barakhamba Road, New Delhi-110001, India
Tel. No.:	91-11.49857777
Fax No.:	91-11-49857778
E-Mail :	amj.associates@gmail.com events@tafcon.com
Website :	http://www.tafcon.com
Corporate Office :	C-60, Nizamuddin (East), New Delhi-110013, India
Tel. No.:	91-11-46198000/ 24352141
Fax No.:	91-11-26355215/46198031
E-Mail :	info@tafcon.com events@tafcon.com
Website :	www.tafcon.com

DIRECTORS

As on 15.09.2011

Name :

Mr. Ajay Kumar Chander Kapoor

Designation :

Director

Address :

E-25,, Lajpat Nagar-III, New Delhi-110024, India

Date of Birth/Age :

21.08.1958

Date of Appointment :

07.04.2008

DIN No.:

00201888

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	U74899DL1982PTC013781	KAPCO ARTS PRIVATE LIMITED	Director	01/06/1982	01/06/1982	-	Active	NO
2	U74999DL1996PTC079969	KINGSMEN FAIRTECH EXHIBITION PRIVATE LIMITED	Director	28/06/1996	28/06/1996	-	Active	NO
3	U74994DL1997PTC087755	KINGSMEN FAIRTECH INTERNATIONAL PRIVATE LIMITED	Managing director	16/05/2007	06/06/1997	-	Active	NO
4	U74899DL1993PTC051760	TAFCON PROJECTS (INDIA) PRIVATE LIMITED	Director	07/04/2008	01/01/2008	-	Active	NO
5	U18101DL2005PTC132702	ADHIST GARMENT EXPORT PRIVATE LIMITED	Director	21/09/2009	21/09/2009	-	Active	NO
6	U45400DL2011PTC220805	FAIRWEALTH PROJECTS PRIVATE LIMITED	Director	13/06/2011	13/06/2011	-	Active	NO
7	U51909DL2011PTC223528	FAIRWEALTH INTERNATIONAL PRIVATE LIMITED	Director	10/08/2011	10/08/2011	-	Active	NO
8	U74140DL2011PTC223939	CINERANG STUDIO PRIVATE LIMITED	Director	19/08/2011	19/08/2011	-	Active	NO
9	U45209DL2011PTC224697	AKCONS INFRASTRUCTURE PRIVATE LIMITED	Director	07/09/2011	07/09/2011	-	Active	NO
10	U51900DL2011PTC225024	FAIRTECH INTERNATIONAL PRIVATE LIMITED	Director	13/09/2011	13/09/2011	-	Active	NO
11	U36101DL2010PTC203615	KINGSMEN FAIRTECH INTERIORS PRIVATE LIMITED	Director	16/03/2012	16/03/2012	-	Active	NO
12	U74999DL2012PTC234172	FAIRTECH INTERIORS PRIVATE LIMITED	Director	10/04/2012	10/04/2012	-	Active	NO

Name :

Mr. Inder Prakash Wadhwa

Designation :

Director

Address :

J-9, Kailash Colony, New Delhi-110048, India

Date of Birth/Age :

16.09.1944

Date of Appointment :

18.01.1993

DIN No.:

00443932

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	U74899DL1993PTC051760	TAFCON PROJECTS (INDIA) PRIVATE LIMITED	Director	18/01/1993	18/01/1993	-	Active	NO
2	U92412DL2006PTC156678	TAFCON EXPO MEDIA INTERNATIONAL PRIVATE LIMITED	Director	18/12/2006	18/12/2006	02/07/2012	Active	YES

Name :

Mr. Kerala Ravi Verma

Designation :

Director

Address :

J-1265, Ansal’s Palam Vihar, Gurgaon-122017,Delhi, India

Date of Birth/Age :

01.05.1927

Date of Appointment :

18.01.1993

DIN No.:

00441407

Name :

Mr. Manohar Lal Wadhwa

Designation :

Director

Address :

121, Siddhartha Enclave, New Delhi-110014, India

Date of Birth/Age :

04.12.1927

Date of Appointment :

18.01.1993

DIN No.:

00443977

Name :

Mr. Joginder Pal Pasricha

Designation :

Director

Address :

V-293, Rajouri Garden, New Delhi, India

Date of Birth/Age :

05.10.1926

Date of Appointment :

18.01.1993

DIN No.:

00637783

Name :

Ms. Reenu Mehra

Designation :

Director

Address :

63, Sidhartha Enclave, New Delhi-110014, India

Date of Birth/Age :

03.02.1954

Date of Appointment :

01.05.2005

DIN No.:

00444037

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	U74899DL1993PTC051760	TAFCON PROJECTS (INDIA) PRIVATE LIMITED	Director	01/05/2005	01/05/2005	-	Active	NO
2	U92412DL2006PTC156678	TAFCON EXPO MEDIA INTERNATIONAL PRIVATE LIMITED	Director	18/12/2006	18/12/2006	02/07/2012	Active	YES

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.09.2011

Names of Shareholders	No. of Shares
Arvind K.Wadhwa	2000
Ajay Kumar Kapoor	5000
Anju Aggarwal	400
B.D. Bhatia	500
Chander Kanta Chopra	500
C.P.Singh	1000
Gaurav Wadhwa	500
Himanshu Mehra	1000
I.P.Wadhwa	16000
J. Lall	500
J.P.Pasricha	13500
J.C. Puri	1000
K. Ravi Varma	11000
Latika Wadhwa	2500
M.L.Wadhwa	17200
Madhu Chopra	1000
Neerja Kathuria	500
Poonam Lal	500
PromillaWadhwa	7300
Prasana	2500
Pooja Kapoor	7500
Pramod Aggarwal	400
Reenu Mehra	6000
Rajiv Chopra	1000
Raj Gupta	200
Rajni Abhi	5000
Sandeep Pasricha	1000
Sarita Pasricha	500
Shashi Talwar	500
Sumit Talwar	1000
Vinod Kumar Verma	7500
Total	115000

Equity Share Break up (Percentage of Total Equity)

As on 15.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Management Consultants and Organiser of Trade Expositions and Conferences.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Car Loans	0.100	0.507
The Federal Bank Limited (Overdraft Against FDRs)	3.847	0.219
Oriental Bank of Commerce (Overdraft Against FDRs)	6.019	0.000
Total	9.966	0.726
Unsecured Loan	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
From Others	0.443	0.000
From Kotak Mahindra Bank	0.000	0.335
Total	0.443	0.335

Banking Relations :	--
Auditors :
Name :	Suresh Chandra and Assciates Chartered Accountants
Address :	610, New Delhi House, 27, Barakhamba Road, New Delhi- 110001, India
Tel. No.:	91-11-43695500/ 43695507/ 43695508
Fax No.:	91-11-43695515
E-Mail :	sca_ca_co@yahoo.com
PAN No.:	AACFS1330D

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.10/- each	Rs.2.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
115000	Equity Shares	Rs.10/- each	Rs.1.150 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		1.150	1.150	1.150
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		29.793	29.019	20.226
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30.943	30.169	21.376
LOAN FUNDS
1] Secured Loans		9.966	0.727	21.846
2] Unsecured Loans		0.443	0.335	0.500
TOTAL BORROWING		10.409	1.062	22.346
DEFERRED TAX LIABILITIES		0.211	0.051	0.000
TOTAL		41.563	31.282	43.722
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.356	1.890	2.435
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.050	0.050	0.050
DEFERRED TAX ASSETS		0.000	0.000	0.073
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	1.279	0.702	6.642
	Cash & Bank Balances	18.113	30.721	26.672
	Other Current Assets	11.618	0.000	8.803
	Loans & Advances	24.691	23.479	20.141
Total Current Assets		55.701	54.902	62.258
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.355	8.234	9.410
	Other Current Liabilities	3.355	6.271	5.409
	Provisions	11.834	11.055	6.275
Total Current Liabilities		15.544	25.560	21.094
Net Current Assets		40.157	29.342	41.164
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		41.563	31.282	43.722

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	16.028	100.144	55.720
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	13.506	86.092	52.252
	PROFIT BEFORE TAX		2.522	14.052	3.468
Less	TAX		0.939	4.904	1.461
	PROFIT AFTER TAX		1.583	9.148	2.007
	Earnings Per Share (Rs.)		13.77	0.00	0.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.88	9.13	3.60
Return on Total Assets (PBT/Total Assets}	(%)	4.42	24.74	5.36
Return on Investment (ROI) (PBT/Networth)		0.08	0.47	0.16
Debt Equity Ratio (Total Liability/Networth)		0.84	0.88	2.03
Current Ratio (Current Asset/Current Liability)		3.58	2.15	2.95

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	No
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

Profile:

TAFCON is a professionally managed company with over five decade of experience & expertise in organizing international Exhibitions & Conferences in India & Overseas. Masterminded by a core team of experts, Tafcon is one of the leading names for development of trade exhibitions in India.

Industry is now witnessing changing trends. General fairs have given way to specialized commodity trade shows. Targets have become focussed, the gamut of exhibitions expanded and standards turned global. It is a scenario in which professional trade fair organizers alone can cater to the needs of the Industry, by presenting B2B oriented fairs that lead to trade and joint ventures.

Note:

The Registered office of the company has been shifted from C-60, Nizamuddin (East), New Delhi-110013, India to the present address w.e.f. 15.09.2011

FIXED ASSETS:

· Air Conditioners

· Computer

· EPBAX

· Fax Machine

· Furniture and Fixture

· Office Equipment

· Photocopy Machine

· Refrigerator

· Typewriter

· 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] 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.55.44
UK Pound	1	Rs.89.31
Euro	1	Rs.71.62

INFORMATION DETAILS

Report Prepared by :

MRI

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	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.