1. Summary Information

		Country	India
Company Name	INDOLINE INDUSTRIES PRIVATE LIMITED	Principal Name 1	Mr. Husain Sultan Nensey
Status	Satisfactory	Principal Name 2	Mrs. Nissa Husain Nensey
		Registration #	11-044674
Street Address	Shop No. 1, 2, and 3, Landmark, Senapati Bapat Marg, Mahim (West), Mumbai-400016, Maharashtra
Established Date	15.09.1987	SIC Code	--
Telephone#	Not Available	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	--
Homepage	http://www.indoline.in	Product Name 1	Furniture
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs.9,000,000/-	Product Name 3	--
Shareholders	Directors or relatives of directors 100.00%	Banking	Development Credit Bank Limited
Public Limited Corp.	No	Business Period	26 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (43)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	81,023,000	Current Liabilities	69,047,000
Inventories	54,809,000	Long-term Liabilities	80,392,000
Fixed Assets	91,973,000	Other Liabilities	36,965,000
Deferred Assets	000	Total Liabilities	186,404,000
Invest& other Assets	331,000	Retained Earnings	32,732,000
		Net Worth	41,732,000
Total Assets	228,136,000	Total Liab. & Equity	228,136,000
Total Assets (Previous Year)	177,359,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales/ Total Income	252,228,000	Net Profit	17,754,000
Sales(Previous yr)/ Total Income	188,679,000	Net Profit(Prev.yr)	(4,341,000)

MIRA INFORM REPORT

Report Date :

06.07.2013

IDENTIFICATION DETAILS

Name :	INDOLINE INDUSTRIES PRIVATE LIMITED
Registered Office :	Shop No. 1, 2, and 3, Landmark, Senapati Bapat Marg, Mahim (West), Mumbai-400016, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	15.09.1987
Com. Reg. No.:	11-044674
Capital Investment / Paid-up Capital :	Rs.9.000 Millions
CIN No.: [Company Identification No.]	U36100MH1987PTC044674
TAN No.: [Tax Deduction & Collection Account No.]	NSKH01186D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Sale of Furniture.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 166000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company has shown better improvement in its operations by earning good profits during 2012. Trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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.

LOCATIONS

Registered Office :	Shop No. 1, 2, and 3, Landmark, Senapati Bapat Marg, Mahim (West), Mumbai-400016, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	cmgco@hathway.com info@indoline.in
Website :	http://www.indoline.in
Factory :	B-68/1, MIDC, Amber, Nashik-422010, Maharashtra, India
Tel. No.:	91-253-6639111 / 6639110

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Husain Sultan Nensey

Designation :

Director

Address :

PO Box 6636, AL Wahada, Sharjah

Date of Birth/Age :

06.01.1949

Date of Appointment :

28.09.1991

Din No.:

00668728

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	U36100MH1987PTC044674	INDOLINE INDUSTRIES PRIVATE LIMITED	Director	28/09/1991	28/09/1991	Active	NO
2	U20290MH1995PTC084450	SAIF FURNITURE INDUSTRIES PRIVATE LIMITED	Director	09/01/1995	09/01/1995	Active	NO
3	U55101MH1983PTC031158	TECHNO CREST PRIVATE LIMITED	Director	30/03/1995	30/03/1995	Active	NO
4	U36100MH1998PTC115158	HUZAIFA DECOR PRIVATE LIMITED	Director	29/05/1998	29/05/1998	Active	NO
5	U70109MH2006PTC164330	HSN HOLDINGS PRIVATE LIMITED	Director	05/09/2006	05/09/2006	Active	NO
6	U70102MH2007PTC175383	TREON DEVELOPERS PRIVATE LIMITED	Director	25/10/2007	25/10/2007	Active	NO

Name :

Mrs. Nissa Husain Nensey

Designation :

Director

Address :

PO Box 6636, AL Wahada, Sharjah

Date of Birth/Age :

12.08.1953

Date of Appointment :

28.09.1991

Din No.:

01381720

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	U36100MH1987PTC044674	INDOLINE INDUSTRIES PRIVATE LIMITED	Director	28/09/1991	28/09/1991	Active	NO
2	U55101MH1983PTC031158	TECHNO CREST PRIVATE LIMITED	Director	30/03/1995	30/03/1995	Active	NO

Name :

Mr. Saif Husain Nensey

Designation :

Director

Address :

Plot No. 31/32, Sravan Sector, CIDCO, Nashik, Maharashtra, India

Date of Birth/Age :

24.10.1978

Date of Appointment :

15.01.2003

Din No.:

00428342

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	U20290MH1995PTC084450	SAIF FURNITURE INDUSTRIES PRIVATE LIMITED	Director	26/02/2001	26/02/2001	Active	NO
2	U55101MH1983PTC031158	TECHNO CREST PRIVATE LIMITED	Director	19/08/2004	26/02/2001	Active	NO
3	U36100MH1998PTC115158	HUZAIFA DECOR PRIVATE LIMITED	Director	17/08/2001	17/08/2001	Active	NO
4	U36100MH1987PTC044674	INDOLINE INDUSTRIES PRIVATE LIMITED	Director	15/01/2003	15/01/2003	Active	NO
5	U70109MH2006PTC164330	HSN HOLDINGS PRIVATE LIMITED	Director	05/09/2006	05/09/2006	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Equity Shares	No. of Preferences Shares
Husain Sultan Nensey	29250	20750
Nissa Husain Nensey	10375	9625
Saif Husain Nensey	10375	9625
TOTAL	50000	40000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Sale of Furniture.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Development Credit Bank Limited, 301, Trade Plaza, 414, Veer Savarkar Marg, Prabhadevi, Mumbai-400025, Maharashtra, India
• Indian Bank, Nashik Ambad, Industrial Estate Branch, Ambad Industrial Area, CFC Building, Nashik-422010, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Long Term Fund
Debentures	59.892	59.892
Short Term Borrowings
From Banks
Cash Credit with Development Credit Bank	0.000	3.916
TOTAL	59.892	63.808

Banking Relations :	--
Auditors :
Name :	C.M. Gabhawala and Company Chartered Accountants
Address :	42, Nanik Niwas, 30, Dr. D D Sathe Marg, Girgaum, Mumbai-400004, Maharashtra, India
Tel. No.:	91-22-23880101/23823923
Fax No.:	91-22-23850931
E-Mail :	cmgco@hathway.com
PAN No:	AAAFC1255D

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions
58500	Preferences Shares	Rs.100/- each	Rs.5.850 Millions
41500	Unclassified Shares	Rs.100/- each	Rs.4.150 Millions
	TOTAL		Rs.15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs.5.000 Millions
40000	Preferences Shares	Rs.100/- each	Rs.4.000 Millions
	TOTAL		Rs.9.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.000	9.000
(b) Reserves & Surplus	32.732	14.978
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	41.732	23.978
(3) Non-Current Liabilities
(a) long-term borrowings	80.392	80.392
(b) Deferred tax liabilities (Net)	11.568	9.310
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	19.672	19.233
Total Non-current Liabilities (3)	111.632	108.935
(4) Current Liabilities
(a) Short term borrowings	0.000	3.916
(b) Trade payables	43.548	16.945
(c) Other current liabilities	25.499	22.831
(d) Short-term provisions	5.725	0.754
Total Current Liabilities (4)	74.772	44.446
TOTAL	228.136	177.359
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	91.973	89.330
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.331	0.331
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.617	0.999
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	94.921	90.660
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	54.809	48.442
(c) Trade receivables	62.927	27.877
(d) Cash and cash equivalents	7.461	2.301
(e) Short-term loans and advances	7.991	8.060
(f) Other current assets	0.027	0.019
Total Current Assets	133.215	86.699
TOTAL	228.136	177.359

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.000
2] Share Application Money		0.000
3] Reserves & Surplus		19.319
4] (Accumulated Losses)		0.000
NETWORTH		28.319
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		105.827
TOTAL BORROWING		105.827
DEFERRED TAX LIABILITIES		10.976
TOTAL		145.122
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		83.690
Capital work-in-progress		6.978
INVESTMENT		0.331
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	60.796
	Sundry Debtors	37.480
	Cash & Bank Balances	6.030
	Other Current Assets	2.043
	Loans & Advances	11.032
Total Current Assets		117.381
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	32.222
	Other Current Liabilities	21.379
	Provisions	9.657
Total Current Liabilities		63.258
Net Current Assets		54.123
MISCELLANEOUS EXPENSES		0.000
TOTAL		145.122

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	252.228	188.679	163.306
Less	EXPENSES
		TOTAL	222.828	188.632	153.652
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		29.400	0.047	9.654
Less/ Add	DEPRECIATION/ AMORTISATION		6.254	6.054	5.549
	PROFIT / (LOSS) BEFORE TAX		23.146	(6.007)	4.105
Less	TAX		5.392	(1.666)	NA
	PROFIT / (LOSS) AFTER TAX		17.754	(4.341)	NA
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.379	7.122	3.384
	IMPORTS
		Raw Materials/Consumables	7.577	2.183	3.217
		Tools & Spares	0.242	0.000	0.000
		Capital Goods	0.726	0.302	6.107
	TOTAL IMPORTS		8.545	2.485	9.324
	Earnings / (Loss) Per Share (Rs.)		197.27	(48.23)	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	7.04	(2.30)	NA
Return on Total Assets (PBT/Total Assets}	(%)	10.16	(3.39)	2.04
Return on Investment (ROI) (PBT/Networth)		0.55	(0.25)	0.14
Debt Equity Ratio (Total Debt/Networth)		1.92	3.52	3.74
Current Ratio (Current Asset/Current Liability)		1.78	1.95	1.85

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]	PAN of Proprietor/Partner/Director, if available	No
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

NOTE:

The registered office of the company has been shifted from 19, 1^st Floor, Ashoka Shopping Centre, Opposite Shetal Crawford Market, L T Marg, Mumbai-400001, Maharashtra, India to the present address.

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
From Related Parties / Directors	20.500	20.500
TOTAL	20.500	20.500

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U36100MH1987PTC044674
Name of the company	INDOLINE INDUSTRIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	19, 1^st Floor, Ashoka Shopping Centre, Opposite Shetal Crawford Market, L T Marg, Mumbai-400001, Maharashtra, India
Type of charge	Book Debts Movable Property [not being pledge]
Particular of charge holder	Indian Bank, Nashik Ambad, Industrial Estate Branch, Ambad Industrial Area, CFC Building, Nashik-422010, Maharashtra, India Email: nasikambad@indianbank.co.in
Nature of description of the instrument creating or modifying the charge	Agreement of Hypothecation of Movables dated 12th October, 2012.
Date of instrument Creating the charge	12.10.2012
Amount secured by the charge	Rs.17.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BR+1.75+TP(0.50)=12.75% Terms of Repayment As specified in the Sanction letter dated October 11, 2012 Margin 25% on Cash Credit and 10% on Letter of Credit Extent and Operation of the charge Primary Security a) For OCC - Hypothecation on Stock and book debts as on balance sheet of March 31, 2012 b) For LC- Lien on TDR c) Hypothecation on plant and Machinery as on March 31, 2012 Collateral Security Extension of Equitable mortgage on FLB
Short particulars of the property charged	Book debts of the Company as on March 31, 2012 Plant and Machinery at the Company Goods, Produce, Merchandise, and Stock stored or to be stored from time to time in premises at B - 68/1 MIDC Area, Ambad, Nashik.

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.60.34
UK Pound	1	Rs.90.79
Euro	1	Rs.77.80

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.