MIRA INFORM REPORT

Report Date :

30.04.2013

IDENTIFICATION DETAILS

Name :	MEHAK E PUNJAB RETREAT PRIVATE LIMITED [w.e.f. 28.10.2010]
Formerly Known As :	PANAMA FINANCIAL CONSULTANTS PRIVATE LIMITED
Registered Office :	68, VIP Road, Krishna Apartment, Kolkata-700059, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	17.02.2009
Com. Reg. No.:	132807
Capital Investment / Paid-up Capital :	Rs.0.800 Million
CIN No.: [Company Identification No.]	U55101WB2009PTC132807
Legal Form :	Private Limited Liability Company
Line of Business :	Hospitality (Restaurant)
No. of Employees :	133 [In Office 3, In Branch 50 and In Factory 80] Approximately

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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. It has modest scale of operation. The financials profile is moderate. However, trade relations are fair. Business is active. Payment terms are slow. The company can be considered for business dealings 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

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. Jasbir Singh Bhatia
Designation :	Director
Contact No.:	91-9831777966
Date :	22.04.2013

LOCATIONS

Registered Office :	68, VIP Road, Krishna Apartment, Kolkata-700059, West Bengal, India
Tel. No.:	91-33-32932485/25733829/25732477/32605971
Mobile No.:	91-9831777966 [Mr. Jasbir Singh Bhatia]
Fax No.:	Not Available
E-Mail :	mehak_e_punjab_vip@yahoo.co.in bkc1000@gmail.cm
Location :	Owned
Branch Office 1 :	Axis Mall, Major Arterial Road, New Town, Rajarhat, Kolkata-700156, West Bengal, India
Tel. No.:	91-33-32932485
Area:	25000 sq. ft.
Location :	Owned
Branch Office 2 :	4^th Floor, Junction Mall, Durgapur, Burdhaman-713216, West Bengal, India
Tel. No.:	91-33-32932485
Location :	Rented

DIRECTORS

AS ON 09.08.2012

Name :

Mr. Jasbir Singh Bhatia

Designation :

Director

Address :

68, Tegharia, VIP Road, Hatiara, Kolkata-700059, West Bengal, India

Date of Birth/Age :

04.06.1959

Qualification :

Graduate

Experience :

10 Years

Date of Appointment :

21.09.2010

Pan No.:

AEFPB4212C

Din No.:

01675665

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	U45200WB2007PTC112642	MEHAK E PUNJAB HOTEL AND RESTAURANT PRIVATE LIMITED	Director	17/01/2007	17/01/2007	Active	NO
2	U74999WB2010PTC149295	MEHAK-E-PUNJAB HOSPITALITY PRIVATE LIMITED	Director	06/09/2010	06/09/2010	Active	NO
3	U55101WB2009PTC132807	MEHAK E PUNJAB RETREAT PRIVATE LIMITED	Director	21/09/2010	21/09/2010	Active	NO

Name :

Mrs. Manjinder Kaur

Designation :

Director

Address :

68, Tegharia, VIP Road, Hatiara, Kolkata-700059, West Bengal, India

Date of Birth/Age :

30.12.1965

Qualification :

Graduate

Experience :

10 Years

Date of Appointment :

21.09.2010

Pan No.:

ADPK7642L

Din No.:

01675683

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	U45200WB2007PTC112642	MEHAK E PUNJAB HOTEL AND RESTAURANT PRIVATE LIMITED	Director	17/01/2007	17/01/2007	Active	NO
2	U74999WB2010PTC149295	MEHAK-E-PUNJAB HOSPITALITY PRIVATE LIMITED	Director	06/09/2010	06/09/2010	Active	NO
3	U55101WB2009PTC132807	MEHAK E PUNJAB RETREAT PRIVATE LIMITED	Director	21/09/2010	21/09/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 09.08.2012

Names of Shareholders	No. of Shares
Maxwealth Vintrade Private Limited, India	71200
Jasbir Singh Bhatia	7560
Manjinder Kaur	1240
TOTAL	80000

AS ON 09.08.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	89.00
Directors or relatives of directors	11.00
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Hospitality (Restaurant)
Terms :
Selling :	Cash
Purchasing :	Cash

GENERAL INFORMATION

Customers :

Others

No. of Employees :

133 [In Office 3, In Branch 50 and In Factory 80] Approximately

Bankers :

• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

• State Bank of India, 63, Nalikanjan Avenue, Alipore, Kolkata, West Bengal, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Term Loan From Bank
From SBI, New Alipore Branch [Secured by way of commercial space of Axis Mall, Rajarhat in the name of the company.] [Repayable in 60 monthly installments starting form 30.04.2012 and last installment falling due on 15.03.2017]	10.000	8.530
Car Loan From Volkswagen Finance Private Limited [Secured by hypothecation of car against which loan has been taken]	1.539	0.000
TOTAL	11.539	8.530

Banking Relations :	--
Auditors :
Name :	Bikram Saraf and Associates Chartered Accountants
Address :	5, Ripon Street, Second Floor, Kolkata-700016, West Bengal, India
Tel. No.:	91-33-40040031/32605971
Mobile No.:	91-9830214667
Email:	bkc1000@gmail.com info@bkcon.co.in
PAN No:	AALFB6158P
Associates/Subsidiaries :	Mehak E Punjab Address: 68, VIP Road, Krishna Apartment, Kolkata-700059, West Bengal, India Line of Business: Hospitality (Restaurant) Mehak E Punjab Hotel and Restaurant Private Limited Address: 68, VIP Road, Krishna Apartment, Kolkata-700059, West Bengal, India Line of Business: Hospitality (Restaurant) Mehak E Punjab Hospitality Private Limited Address: 68, VIP Road, Krishna Apartment, Kolkata-700059, West Bengal, India Line of Business: Hospitality (Restaurant)

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs.10/- each	Rs.0.800 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
80000	Equity Shares	Rs.10/- each	Rs.0.800 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.800	0.712	0.712
2] Share Application Money		0.750	0.750	0.000
3] Reserves & Surplus		30.895	29.971	29.988
4] (Accumulated Losses)		0.000	0.000	(0.019)
NETWORTH		32.445	31.433	30.681
LOAN FUNDS
1] Secured Loans		11.539	8.530	0.000
2] Unsecured Loans		0.000	1.281	0.000
TOTAL BORROWING		11.539	9.811	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		43.984	41.244	30.681
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		38.005	0.000	0.000
Capital work-in-progress		0.000	24.935	0.000
INVESTMENT		0.000	0.000	30.550
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.795	0.049	0.010
	Cash & Bank Balances	0.923	1.157	0.115
	Other Current Assets	3.569	14.363	0.000
	Loans & Advances	3.399	0.898	0.000
Total Current Assets		8.686	16.467	0.125
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.541	0.000
	Other Current Liabilities	2.108	0.157	0.002
	Provisions	0.058	0.001	0.000
Total Current Liabilities		2.707	0.158	0.002
Net Current Assets		5.979	16.309	0.123
MISCELLANEOUS EXPENSES		0.000	0.000	0.008
TOTAL		43.984	41.244	30.681

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	11.637	0.000	0.000
		Other Income	0.000	0.049	0.010
		TOTAL (A)	11.637	0.049	0.010
Less	EXPENSES
		Purchase of Traded Goods	3.481	0.000	0.008
		Employee Benefits Expenses	0.553	0.000
		Other Expenses	1.770	0.045
		TOTAL (B)	5.804	0.045	0.008 [Including Financial Expenses and Depreciation]
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.833	0.004
Less	FINANCIAL EXPENSES (D)		1.772	0.001
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.061	0.003
Less/ Add	DEPRECIATION/ AMORTISATION (F)		3.871	0.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		0.190	0.003	0.002
Less	TAX (H)		0.059	0.001	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		0.131	0.002	0.002
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(0.018)	(0.020)
	BALANCE CARRIED TO THE B/S		NA	(0.016)	(0.018)
	Earnings / (Loss) Per Share (Rs.)		1.84	0.03	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.13	4.08	20.00
Net Profit Margin (PBT/Sales)	(%)	1.63	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.41	0.02	1.60
Return on Investment (ROI) (PBT/Networth)		0.01	0.01	0.01
Debt Equity Ratio (Total Debt/Networth)		0.35	0.31	0.00
Current Ratio (Current Asset/Current Liability)		3.21	104.22	62.50

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

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Loans Repayable on Demand
Form Director	0.000	0.206
From Bodies Corporate	0.000	0.000
Form Others	0.000	1.075
TOTAL	0.000	1.281

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U55101WB2009PTC132807
Name of the company	MEHAK E PUNJAB RETREAT PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	68, VIP Road, Krishna Apartment, Kolkata-700059, West Bengal, India
Type of charge	Others
Particular of charge holder	HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India Email: rbbform8@hdfcbank.com
Nature of description of the instrument creating or modifying the charge	1] Deed of Hypothecation. 2] Loan Agreement.
Date of instrument Creating the charge	05.12.2012
Amount secured by the charge	Rs.2.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment On demand. Margin As may be stipulated by the Bank from time to time. Extent and Operation of the charge Hypothecation by way of exclusive first charge on Receivables of the Company as security for repayment of loan together with all interest, charges, fees, penalty, taxes and any other expenses payable to the Bank by the Company.
Short particulars of the property charged	Hypothecation by way exclusive first charge on the present and future receivables of the Company, which receivables may now or hereafter arise from transactions

FIXED ASSETS:

• Land
• Building Space at Rajarhat
• Electrical
• Kitchen Crockery and Cutlery
• Interior Decoration
• Furniture and Fixtures
• Motor Car
• Motor Cycle

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF STATEMENT TO TOTAL INCOME

(RS. IN MILLIONS)

PARTICULAR	31.03.2012
Net Profit As Per Profit And Loss Account	0.190
Total	0.190
INCOME TAX CALCULATION
Income Tax @ 30%	0.057
Add: Education Cess @ 2%	0.001
H. Education Cess @ 1%	0.000
Total Tax Payable	0.058
Less: Advance Income Tax Paid	0.025
Less: Tax Collected at source	0.010
Tax Payable	0.023
Less: Self Assessment Tax	0.023
Tax Payable/Refundable	0.000

------------------------------------------------------------------------------------------------------------------------------

COMPUTATION OF STATEMENT TO TOTAL INCOME

(PROPRIETORSHIP)

(MR. JASBIR SINGH BHATIA)

(RS. IN MILLIONS)

PARTICULAR	31.03.2012
Income From Business and Profession
Income as per profit and loss account of Mehak E Punjab	0.965
Income From House Property
Interest on Borrowed Capital Paid u/s 24 (b)	(0.097)
Income From Other Sources
Other Miscellaneous Income	0.020
Gross Total Income	0.888
Less: Deduction u/s 80C
Life Insurance Premium: LIC	0.009
Repayment of House Building Loan	0.044
Total	0.053
Net Income	0.835
Tax Above	0.105
Edu Cess and H.E. Cess @ 3%	0.003
Tax Payable	0.108
Less: TCS	0.055
Less: TDS	0.005
Less: Advance Tax	0.060
Payable / Receivable	(0.012)

------------------------------------------------------------------------------------------------------------------------------

MEHAK E PUNJAB

(SISTER CONCERN)

ABRIDGED BALANCE SHEET

(RS. IN MILLIONS)

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		3.866
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		3.866
LOAN FUNDS
1] Secured Loans		2.180
2] Unsecured Loans		0.000
TOTAL BORROWING		2.180
DEFERRED TAX LIABILITIES		0.000
TOTAL		6.046
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.849
Capital work-in-progress		0.000
INVESTMENT		0.525
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.455
	Sundry Debtors	0.030
	Cash & Bank Balances	0.297
	Other Current Assets	0.279
	Loans & Advances	1.210
Total Current Assets		2.271
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.571
	Other Current Liabilities	0.028
	Provisions	0.000
Total Current Liabilities		1.599
Net Current Assets		0.672
MISCELLANEOUS EXPENSES		0.000
TOTAL		6.046

PROFIT AND LOSS ACCOUNT

(RS. IN MILLIONS)

	PARTICULARS		31.03.2011
	SALES
		Income	11.320
		Other Income	1.071
		TOTAL	12.391
Less	EXPENSES
		Cost of Goods Sold	8.809
		Gas and Fuel	0.137
		Salary	0.240
		Electric Charges	0.473
		Hire Charges	0.583
		Repair and Maintenance	0.030
		Printing and Stationery	0.022
		Other Expenses	0.855
		TOTAL	11.149
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		1.242
Less/ Add	DEPRECIATION/ AMORTISATION		0.277
	NET PROFIT / (LOSS)		0.965

------------------------------------------------------------------------------------------------------------------------------

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 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.54.27
UK Pound	1	Rs.84.23
Euro	1	Rs.70.90

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

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	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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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	-

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.