MIRA INFORM REPORT

Report Date :

15.09.2012

IDENTIFICATION DETAILS

Name :	PRADEEP DEVIAH AND ASSOCIATES PRIVATE LIMITED PDA TRADE FAIRS – A DIVISION OF PRADEEP DEVIAH AND ASSOCIATES PRIVATE LIMITED
Registered Office :	NO.32/2,PDA House, Spencer Road, Frazer Town, Bangalore- 560005, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.12.2000
Com. Reg. No.:	08-028337
Capital Investment / Paid-up Capital :	Rs.4.000 millions
CIN No.: [Company Identification No.]	U92141KA2000PTC028337
TAN No.: [Tax Deduction & Collection Account No.]	BLRP01882G/ BLRP05863E
PAN No.: [Permanent Account No.]	AACCP1786B
Legal Form :	Private Limited Liability Company
Line of Business :	International Trade Fair for Woodworking Machinery, Tools, Fittings, Accessories, Raw Materials and Products
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 315000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some continuous dip in the turnover and 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 :	NO.32/2,PDA House, Spencer Road, Frazer Town, Bangalore- 560005, Karnataka, India
Tel. No.:	91-80-42505000
Fax No.:	91-80-25542258
E-Mail :	pdaexpo@vsnl.com raghupathi@pdatradefairs.com expo@pdatradefairs.com
Website :	http://www.pdatradefairs.com/

DIRECTORS

As on 30.09.2011

Name :	Mr. Pradeep Deviah
Designation :	Director (Chairman and Chief Executive Officer)
Address :	No.5, Charles Campbell Road, Extension Cox Town, Bangalore–560005, India
Date of Birth/Age :	15.09.1955
Date of Appointment :	21.12.2000
DIN No.:	01009247
Name :	Mr. Srinivasan Srikanth
Designation :	Director
Address :	No. J6, Pipeline, Malleshwaram, Bangalore-560 003, India
Date of Birth/Age :	04.07.65
Date of Appointment :	04.03.2009
DIN No.:	02498483
Name :	Mr. David Macdonald
Designation :	Director
Address :	No. 5/11, Flat No. 302, Grace Heaven Apartment, Caleston Road, Cooke Town, Frazer Town, Bangalore - 560 005, India
Date of Birth/Age :	23.02.64
Date of Appointment :	04.03.2009
DIN No.:	02500083

KEY EXECUTIVES

Name :	Mr. Pradeep Devaiah
Designation :	Chairman and Chief Executive Officer
Name :	Mr. Raghupathi
Designation :	President
Name :	Raghupathi
Designation :	President, Accounts and Finance
Name :	Ram Krishnan
Designation :	Vice President - Trade Fairs
Name :	Mr. Nagaraj A
Designation :	Manager – Events and Expos
Name :	Mr. Niketh Kumar Mandal
Designation :	Sr. Executive - Events and Expos
Name :	Mr. Santosh Jogal
Designation :	Sr. Executive- Events and Expos
Name :	Ms. Dhivya Hemachandran
Designation :	Sr. Executive - Events and Expos
Name :	Mr. Prashant.H.Pillai
Designation :	GM – Marketing Communications
Name :	Mr. Madan Shidhore
Designation :	DGM - Operations and Liaison
Name :	Mr. Andrew Hung
Designation :	Sr. Executive - Operations
Name :	Mr. Swetank Kumar Singh
Designation :	Executive – Operations
Name :	Mr. Muniraja B E
Designation :	Accountant
Name :	Mr. Chinnathambi M
Designation :	Sr. Executive - Accounts
Name :	Mr. Bahubali Vadrale
Designation :	Sr. Executive - Accounts
Name :	Ms. Kavyashri N G
Designation :	Junior Executive - Accounts
Name :	Mr. P.Senthil Kumar
Designation :	Office Assistant
Name :	Mr. P V Bhaskaran Achari
Designation :	Creative Consultant
Name :	Mr. Ramesha K S
Designation :	Graphic Designer
Name :	Mr. Nikesh C
Designation :	Graphic Designer
Name :	Madhusudanan C V
Designation :	Sr. Manager - IT Services
Name :	Mr. Rohith P
Designation :	System Administrator
Name :	Mr. Suresh Jagannath
Designation :	Manager - HR and Admin
Name :	Ms. Amudha Thulasiram
Designation :	Admin Executive
Name :	Ms. Rajeshwari Natarajan
Designation :	Secretary to Chairman and Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Mr. Pradeep Deviah	390,020
Mr. Srinivasan Srikanth	10,000
Total	400,020

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

International Trade Fair for Woodworking Machinery, Tools, Fittings, Accessories, Raw Materials and Products

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)
Kotak Mahindra Prime Limited (Secured by hypothecation of asset financed)		0.460
Total	0.418	0.46

Banking Relations :	--
Auditors :
Name :	Iyer and Company Chartered Accountants
Address :	#14, Sevakshetra Building, 1st Main Road, Gandhinagar, Bangalore- 560009, Karnataka, India
Tel. No.:	91-80-22267579/ 22261938
Fax No.:	91-80-22266148
E-Mail :	Ca.vgiyer@gmail.com Iyervg@dataone.in
PAN No.:	AACPI8379Q

CAPITAL STRUCTURE

As on 31.03.2011

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
400020	Equity Shares	Rs.10/- each	Rs.4.000 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		4.000	4.000	4.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		74.801	72.388	50.487
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		78.801	76.388	54.487
LOAN FUNDS
1] Secured Loans		0.418	0.460	1.115
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.418	0.460	1.115
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		79.219	76.848	55.602
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.613	12.934	7.596
Capital work-in-progress		0.000	0.365	0.000
INVESTMENT		14.112	8.950	0.000
DEFERRED TAX ASSETS		1.617	1.748	2.100
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.276
	Sundry Debtors	0.000	0.000	17.540
	Cash & Bank Balances	34.328	31.508	32.259
	Other Current Assets	13.911	38.417	0.915
	Loans & Advances	32.574	45.518	53.863
Total Current Assets		80.813	115.443	104.853
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	24.781	36.757	25.681
	Provisions	5.154	25.835	33.266
Total Current Liabilities		29.935	62.592	58.947
Net Current Assets		50.877	52.851	45.906
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		79.219	76.848	55.602

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	114.864	139.480	191.210
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	107.729	105.909	111.936
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		7.135	33.571	79.274
Less	FINANCIAL EXPENSES		0.479	0.819	0.981
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		6.656	32.752	78.293
Less/ Add	DEPRECIATION/ AMORTISATION		2.371	1.304	1.458
	PROFIT BEFORE TAX		4.285	31.448	76.835
Less	TAX		1.930	9.436	18.761
	PROFIT AFTER TAX		2.355	22.012	58.074
	Earnings Per Share (Rs.)		5.89	0.00	0.00

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.05	15.78	30.37
Return on Total Assets (PBT/Total Assets}	(%)	4.59	24.50	68.33
Return on Investment (ROI) (PBT/Networth)		0.05	0.41	1.41
Debt Equity Ratio (Total Liability/Networth)		1.03	0.83	1.94
Current Ratio (Current Asset/Current Liability)		2.70	1.84	1.78

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	-------
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	No
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

Turnover and Profitability:

During the year, the company had achieved a reduced income of Rs.114.864 millions as against Rs.139.480 during the previous year. The operation has resulted in a net profit of Rs.2.355 millions as against Rs.22.012 millions during the earlier year.

The drop in turnover is very common in their kind of business, mainly because the main revenue earner, namely PDA Trade Fairs, organizes biennial events. Some events are more popular than others and therefore have greater revenues. India Wood is their oldest and biggest event that is organised on February of every even year.

FIXED ASSETS:

· Land

· Air Conditioner

· Office Equipment

· Vehicles

· Computers

· Furniture and Fixture

· Commercial Rights

· Office Interiors

WEB DETAILS:

Subject is headquartered in Bangalore. PDAPL started in 1994 as a firm specialising in design, construction and management of specialised stall stands and exhibition pavilions. Leveraging this expertise, Subject expanded to independently conceptualise and organise industry specific and technology focused Trade Expos.

In 1997, Subject diversified its business activities into specialised divisions namely, PDA Trade Fairs (PDATF) and Fair Interiors (FI).

PDA Trade Fairs (PDATF) is involved in independently conceptualising, planning end-to-end, marketing and organizing International Events. The team at PDA Trade Fairs comprises of professionals in Marketing, Administration, Finance and Operations. Meticulous attention to detail in the planning and execution of events and a commitment to set new standards at each event are the hallmarks of PDA organised events.

In 2007 – 08, Subject further expanded to form two more divisions, PDA Events and PDA Trade Media.
In 2010 another new division, PDA Trade Directories was formed.

With 4 successful divisions, Subject has become a one-stop shop for any Trade Fair needs.

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.54.73
UK Pound	1	Rs.88.61
Euro	1	Rs.71.34

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	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--CREDIT LINES	1~10	3
--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		31

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.