MIRA INFORM REPORT

Report Date :

11.07.2013

IDENTIFICATION DETAILS

Name :	CLIQUE DEVELOPMENTS LIMITED
Formerly Known As :	CLIQUE DEVELOPMENTS PRIVATE LIMITED
Registered Office :	Plot No.149 BCD, First Floor, Government, Industrial Estate, Charkop, Kandivali (West), Mumbai – 400067, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	04.08.1989
Com. Reg. No.:	11-52888
Capital Investment / Paid-up Capital :	Rs.97.975 Millions
CIN No.: [Company Identification No.]	U70102MH1989PLC052888
TAN No.: [Tax Deduction & Collection Account No.]	MUMC10596F
PAN No.: [Permanent Account No.]	AAACG2252M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in Providing Engineering Services in the field of Architecture and Interior.
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 150000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has recorded huge accumulated losses for past some years. However, trade relations are fair. Business is active. Payment terms are slow but correct. 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	SP2B
Rating Explanation	High performance capability and moderate financial strength.
Date	August 2012

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 :	Plot No.149 BCD, First Floor, Government, Industrial Estate, Charkop, Kandivali (West), Mumbai – 400067, Maharashtra, India
Tel. No.:	91-22-28609011
Fax No.:	91-22-28609734
E-Mail :	emil@jjjoffice.com clique@vsnl.com
Website :	http://www.clique.in

DIRECTORS

As on 15.09.2012

Name :

Mr. Ashok Dattatray Paranjpe

Designation :

Managing Director

Address :

Flat -602, Shreenath Apartments, Liberty Cross Road, Malad – West, Mumbai-400064, Maharashtra, India

Date of Birth/Age :

05.07.1956

Date of Appointment :

01.08.2011

PAN No.:

AAAPP3400B

DIN No.:

01496013

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	U70102MH1989PLC052888	CLIQUE DEVELOPMENTS LIMITED	Managing director	01/08/2011	04/08/1989	-	Active	NO
2	U51900MH1990PTC058512	CLIQUE MARKETING AND HOLDINGS PRIVATE LIMITED	Director	12/10/1990	12/10/1990	-	Active	NO
3	U74210MH1995PTC095645	CLIQUE CONSULTANTS PRIVATE LIMITED	Director	28/12/1995	28/12/1995	-	Active	NO
4	U74900PN2010PTC137229	CLIQUE SOLAR SOLUTIONS (INDIA) PRIVATE LIMITED	Director	27/08/2010	27/08/2010	-	Active	NO

Name :

Mr. Shireesh Balwant Kedare

Designation :

Whole-time director

Address :

8, 4^th Floor, Girish – A 224, Mahim Katria Road, Mahim, Mumbai-400016, Maharashtra, India

Date of Birth/Age :

22.10.1963

Date of Appointment :

01.04.2008

PAN No.:

AAEPK2199J

DIN No.:

01565171

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	U70102MH1989PLC052888	CLIQUE DEVELOPMENTS LIMITED	Whole-time director	01/04/2008	02/07/2001	-	Active	NO

Name :

Mr. Dhanjibhaid Manjibhai Senjalia

Designation :

Whole-time director

Address :

C/7, Divine Home Colonyl, Mandpeshwar Road, Borivali (West), Mumbai-400103, Maharashtra, India

Date of Birth/Age :

01.06.1960

Date of Appointment :

01.04.2008

DIN No.:

01565200

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	U70102MH1989PLC052888	CLIQUE DEVELOPMENTS LIMITED	Whole-time director	01/04/2008	04/08/1989	-	Active	NO
2	U51900MH1990PTC058512	CLIQUE MARKETING AND HOLDINGS PRIVATE LIMITED	Director	12/10/1990	12/10/1990	-	Active	NO
3	U74210MH1995PTC095645	CLIQUE CONSULTANTS PRIVATE LIMITED	Director	28/12/1995	28/12/1995	-	Active	NO
4	U74900PN2010PTC137229	CLIQUE SOLAR SOLUTIONS (INDIA) PRIVATE LIMITED	Director	27/08/2010	27/08/2010	-	Active	NO
5	U93030MH2012PTC228900	LEBENSKRAFT HOMOEOPATHY PRIVATE LIMITED	Director	29/03/2012	29/03/2012	-	Active	NO

Name :

Mr. Devendra Ratanlal Nagar

Designation :

Director

Address :

Flat No F/1101, Rohan Garima, Shivaji Housing Society, Senapati Bapat Road, Pune – 411016, Maharashtra, India

Date of Birth/Age :

22.08.1967

Date of Appointment :

27.08.2011

DIN No.:

03038909

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	U70102MH1989PLC052888	CLIQUE DEVELOPMENTS LIMITED	Director	27/08/2011	01/04/2011	-	Active	NO

Name :

Mr. Abhishek Deepak Bharewara

Designation :

Director

Address :

Rohan Tapovan B603-4, Sr No 98/2A/1A, CTS 302, Shivaji Nagar Bhamburda, Pune – 411004, Maharashtra, India

Date of Birth/Age :

25.10.1982

Date of Appointment :

27.08.2011

PAN No.:

ALGPB4422N

DIN No.:

03504231

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	U70102MH1989PLC052888	CLIQUE DEVELOPMENTS LIMITED	Director	27/08/2011	01/04/2011	-	Active	NO

Name :

Ashwin Suhas Lunkad

Designation :

Director

Address :

B 1002, 1Modi Baug, Next to agriculture Collage, Next to Agriculture College, Pune – 411016, Maharashtra, India

Date of Birth/Age :

08.10.1984

Date of Appointment :

27.08.2011

PAN No.:

ADUPL2765J

DIN No.:

03504237

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	U70102MH1989PLC052888	CLIQUE DEVELOPMENTS LIMITED	Director	27/08/2011	01/04/2011	-	Active	NO

Name :

Mr. Sudhir Punnoli Iruppattil

Designation :

Director

Address :

E-20 Clarion Park, Near Telephone Exchange, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

23.01.1946

Date of Appointment :

27.08.2011

DIN No.:

03506487

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	U45201PN1994PTC077758	ROHAN BUILDERS (INDIA) PRIVATE LIMITED	Director	26/09/2011	01/04/2011	-	Active	NO
2	U70102MH1989PLC052888	CLIQUE DEVELOPMENTS LIMITED	Director	27/08/2011	01/04/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.09.2012

SHAREHOLDING DETAIL FILE ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 15.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Providing Engineering Services in the field of Architecture and Interior.

Products :

Item Code No.	Product Description
76151930	Solar Concentrated Dish

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• NKGSB Co-Operative Bank Limited, Shiv Prabha, Shree Sthaneshwar Krupa CHS, Sector No. 1, Charkop, Kandivali (West), Mumbai-400067, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Term loans	0.242	1.103
Other loans and advances	9.931	9.641
Total	10.173	10.744

Banking Relations :	--
Auditors :
Name :	Jagannath Josh and Company Chartered Accountant
Address :	Shop No. 9, Saraslwati Sadan, Opposite Mahant Lane, Malad (West), Mumbai-400064, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADPJ0561E
Associate:	Clique Consultants Private Limited, India CIN: U74210MH1995PTC095645
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Aditya Engineers, India Rohan Builders (India) Private Limited, India CIN: U45201PN1994PTC077758

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
9600000	Equity Shares	Rs.10/- each	Rs. 96.000 Millions
400000	Preferences Shares	Rs. 10/- each	Rs. 4.000 Millions
	Total		Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9599475	Equity Shares	Rs.10/- each	Rs. 95.995 Millions
198000	Preferences Shares	Rs. 10/- each	Rs. 1.980 Millions
	Total		Rs. 97.975 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	97.975	97.975
(b) Reserves & Surplus	(60.289)	(39.096)
(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)	37.686	58.879
(3) Non-Current Liabilities
(a) long-term borrowings	79.183	38.244
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	79.183	38.244
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	5.161	9.392
(c) Other current liabilities	6.209	4.771
(d) Short-term provisions	0.000	0.016
Total Current Liabilities (4)	11.370	14.179
TOTAL	128.239	111.302
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.218	2.468
(ii) Intangible Assets	92.654	84.581
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.211	0.211
(c) Deferred tax assets (net)	0.047	0.024
(d) Long-term Loan and Advances	4.150	4.150
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	99.280	91.434
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	5.452	4.813
(c) Trade receivables	17.134	7.641
(d) Cash and cash equivalents	1.308	4.200
(e) Short-term loans and advances	5.065	3.214
(f) Other current assets	0.000	0.000
Total Current Assets	28.959	19.868
TOTAL	128.239	111.302

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		21.468
2] Share Application Money		0.000
3] Reserves & Surplus		8.475
4] (Accumulated Losses)		(2.451)
NETWORTH		27.492
LOAN FUNDS
1] Secured Loans		12.474
2] Unsecured Loans		1.807
TOTAL BORROWING		14.281
DEFERRED TAX LIABILITIES		0.000
Other Liabilities		20.731
TOTAL		62.504
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.894
Capital work-in-progress		0.000
INVESTMENT		0.211
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	7.204
	Cash & Bank Balances	0.016
	Other Current Assets	5.425
	Loans & Advances	5.106
Total Current Assets		17.751
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20.662
	Other Current Liabilities	1.087
	Provisions	0.116
Total Current Liabilities		21.865
Net Current Assets		(4.114)
MISCELLANEOUS EXPENSES		0.000
Other Assets		63.513
TOTAL		62.504

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	25.794	8.671	18.987
		Other Income	0.109	0.096	0.114
		TOTAL (A)	25.903	8.767	19.101
Less	EXPENSES
		Cost of materials consumed	18.209	5.409
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(0.431)	(0.570)
		Employee benefit expense	11.221	10.335
		Other expenses	16.132	32.724
		TOTAL (B)	45.131	47.898	21.288
Less	PROFIT /(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(19.228)	(39.131)	(2.187)
Less	FINANCIAL EXPENSES (D)		1.352	5.484	0.000
	PROFIT /(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(20.580)	(44.615)	(2.187)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.635	0.523	0.673
	PROFIT /(LOSS) BEFORE TAX (E-F) (G)		(21.215)	(45.138)	(2.860)
Less	TAX (H)		(0.022)	(0.018)	0.010
	PROFIT AFTER TAX (G-H) (I)		(21.193)	(45.120)	(2.870)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(47.571)	(2.451)	0.419
	BALANCE CARRIED TO THE B/S		(68.764)	(47.571)	(2.451)
	Earnings /(Loss) Per Share (Rs.)		0.00	0.00	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(81.81)	(41.16)	(15.03)
Net Profit Margin (PBT/Sales)	(%)	(82.24)	(520.56)	(15.06)
Return on Total Assets (PBT/Total Assets}	(%)	(16.58)	(40.64)	(16.11)
Return on Investment (ROI) (PBT/Networth)		(0.56)	(0.77)	(0.10)
Debt Equity Ratio (Total Debt /Networth)		2.10	0.65	0.52
Current Ratio (Current Asset/Current Liability)		2.55	1.40	0.10

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	Yes
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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Loans and advances from related parties	69.010	27.500
Total	69.010	27.500

FIXED ASSETS

Tangible assets

• Plant and equipment
• Furniture and fixtures
• Office equipment
• Computer equipments
• Factory equipments

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.60.13
UK Pound	1	Rs.89.52
Euro	1	Rs.74.89

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	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
DEFAULTER
--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.