MIRA INFORM REPORT

Report Date :

08.01.2013

IDENTIFICATION DETAILS

Name :	PICCADILY IMPEX LIMITED
Registered Office :	C-9/35, Shop No-2, IInd Floor, Sector-8, Rohini, Delhi – 110085
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.06.1993
Com. Reg. No.:	55-014124
Capital Investment / Paid-up Capital :	Rs.0.500 Million
CIN No.: [Company Identification No.]	U74899DL1993PLC014124
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	To carry on the business of conducing Chits (auction benefit and other chits) daily, weekly, bi-weekly, monthly, bi-monthly, quarterly and at such other intervals as may be thought expedient, subject to the Price Chits, and Money circulation Schemes (Banny) Act, 1978.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 5000
Status :	Small Company
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively small company in its field. Its scale of activities are limited. Latest financial i.e. 2011-12 are missing from government department. From the available financials of 2011 it seems that the company has achieved a minimal turnover. Also, there appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported as slow. 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 :	C-9/35, Shop No-2, IInd Floor, Sector-8, Rohini, Delhi – 110085, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	beriwal@hotmail.com

DIRECTORS

As on: 29.09.2012

Name :

Mr. Akhil Kumar Beriwal

Designation :

Director

Address :

B-2/52, Rajasthali Appartments, Pitampura, Delhi – 110034, India

Date of Birth/Age :

03.05.1979

Date of Appointment :

24.06.2003

DIN No.:

00438670

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	U74899DL1993PTC052129	DELHI THYMOL PRIVATE LIMITED	Director	20/09/1997	20/09/1997	-	Active	NO
2	U74899DL1993PLC014124	PICCADILY IMPEX LIMITED	Director	24/06/2003	24/06/2003	-	Active	NO
3	U74899DL1994PTC060745	TRIDEV BUILDTECH PRIVATE LIMITED	Director	14/11/2004	14/11/2004	-	Active	NO
4	U74899DL1993PTC051998	JHARIPANI ESTATES PRIVATE LIMITED	Director	18/08/2006	18/08/2006	-	Active	YES
5	U74899DL1984PTC017518	HAYBUSHA FRANGRANCE PRIVATE LIMITED	Director	20/09/2006	20/09/2006	-	Active	NO
6	U70101DL1991PTC046794	VISHNU PROMOTERS PRIVATE LIMITED	Director	15/12/2006	15/12/2006	-	Active	NO
7	U24119DL1992PLC028863	URVASHI INFRASTRUCTURE LIMITED	Director	25/11/2008	25/11/2008	-	Active	NO

Name :

Mr. Raja Beriwal

Designation :

Director

Address :

B-2/52, Rajasthali Appartments, Pitampura, Delhi – 110034, India

Date of Birth/Age :

06.02.1954

Date of Appointment :

19.03.2007

DIN No.:

00320906

Name :

Ms. Kanta Kansal

Designation :

Director

Address :

B-2/52, Rajasthali Appartments, Pitampura, Delhi – 110034, India

Date of Birth/Age :

22.09.1955

Date of Appointment :

24.06.2003

DIN No.:

00438604

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	U74899DL1993PLC052356	ABN FINANCE LIMITED	Director	02/03/1993	02/03/1993	-	Active	NO
2	U74899DL1990PTC042240	BERIWAL FINANCE AND HOLDINGS PRIVATE LIMITED	Director	27/01/1994	27/01/1994	-	Active	NO
3	U24119DL1992PLC028863	URVASHI INFRASTRUCTURE LIMITED	Director	15/07/1995	15/07/1995	-	Active	NO
4	U65191DL1987PLC027437	LORDS ABN LIMITED	Director	14/09/1997	14/09/1997	-	Active	NO
5	U74899DL1993PLC014124	PICCADILY IMPEX LIMITED	Director	24/06/2003	24/06/2003	-	Active	NO
6	U74899DL1992PTC051490	SPIKE ORGANICS PRIVATE LIMITED	Director	15/09/2003	15/09/2003	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Haybusha Frangrance Private Limited, India	500
Urvashi Infrastrucure Limited, India	500
Beriwal Finance and Holding Private Limited, India	1000
Kansal Kanta	100
Beriwal Finance and Holding Private Limited, India	14700
Kalamboli Steels Limited, India	15000
Raja Beriwal	8200
Raja Beriwal HUF	10000
Total	50000

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	83.00
Directors or relatives of directors	17.00
Total	100.00

BUSINESS DETAILS

Line of Business :

To carry on the business of conducing Chits (auction benefit and other chits) daily, weekly, bi-weekly, monthly, bi-monthly, quarterly and at such other intervals as may be thought expedient, subject to the Price Chits, and Money circulation Schemes (Banny) Act, 1978.

GENERAL INFORMATION

Customers :

· Afcon Infrastructure Limited

· Ashok Manufacturing Company Private Limited

· Jupiter Fertigung Maschinen Private Limited

· Thyseen Krupp India Private Limited

· Wadhera and Company Private Limited

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2010
Cholamandalam Finance	0.045
Total	0.045

Banking Relations :	--
Auditors :
Name :	Saurabh Y Agarwal and Company Chartered Accountants
Address :	Flat -5, Block - 1, ADA Flats, MG Marg, Allahabad – 211001, Uttar Pradesh, India
PAN No.:	AHJPA1456C

CAPITAL STRUCTURE

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs.0.500 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		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.032	1.032	1.032
4] (Accumulated Losses)		(0.096)	(0.102)	(0.172)
NETWORTH		1.436	1.430	1.360
LOAN FUNDS
1] Secured Loans		0.000	0.045	0.063
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.045	0.063
DEFERRED TAX LIABILITIES		0.000	0.000	0.034
TOTAL		1.436	1.475	1.457
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.464	0.424	0.371
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.020	0.020	0.020
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.042	0.042	0.042
	Sundry Debtors	2.055	0.853	1.189
	Cash & Bank Balances	0.033	0.033	0.061
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.603	0.572	1.447
Total Current Assets		2.733	1.500	2.739
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.761	0.461	1.663
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.020	0.008	0.010
Total Current Liabilities		1.781	0.469	1.673
Net Current Assets		0.952	1.031	1.066
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1.436	1.475	1.457

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2.192	1.051	1.306
		Other Income	0.000	0.000	0.015
		TOTAL	2.192	1.051	1.321
Less	EXPENSES
		Material and Manufacturing Expenses	1.802	0.610	0.870
		Administrative and Other Expenses	0.236	0.272	0.358
		TOTAL	2.038	0.882	1.228
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		0.154	0.169	0.093
Less/ Add	DEPRECIATION/ AMORTISATION		0.147	0.134	0.059
	PROFIT BEFORE TAX		0.006	0.035	0.034
Less	TAX		0.000	0.000	0.000
	PROFIT AFTER TAX		0.006	0.035	0.034
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.102)	(0.137)	(0.171)
	BALANCE CARRIED TO THE B/S		(0.096)	(0.102)	(0.137)
	Earnings Per Share (Rs.)		0.12	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.27	3.33	2.57
Net Profit Margin (PBT/Sales)	(%)	0.27	3.33	2.60
Return on Total Assets (PBT/Total Assets}	(%)	0.19	1.82	1.09
Return on Investment (ROI) (PBT/Networth)		0.00	0.02	0.03
Debt Equity Ratio (Total Liability/Networth)		1.24	0.36	1.28
Current Ratio (Current Asset/Current Liability)		1.53	3.20	1.64

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	Yes
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	No
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 Office of the company has been shifted from 29-A, Ram Nagar, New Delhi – 110055, India to the present address w.e.f. 15.06.2010

REVIEW OF WORKING RESULTS:

During the year the company had a turnover of Rs.2.192 Millions and a net profit of Rs.0.006 Million was obtained. The profit was on lower side due to mainly because of the less turnover and deteriorated financial problem due to global recession prevailing the world economy. The directors are hopeful that the company‘s business will increase in the Coming years and thus resulting in good profits.

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.54.98
UK Pound	1	Rs.88.11
Euro	1	Rs.71.67

INFORMATION DETAILS

Report Prepared by :

VRN

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	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		27

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.