MIRA INFORM REPORT

Report Date :

11.07.2013

IDENTIFICATION DETAILS

Name :	LOTUS KALEEN PRIVATE LIMITED
Registered Office :	Ahdus Hotel, Amnexe Hotel, Ahdus Residency Road, Sringar – 180 001, Jammu and Kashmir
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	12.01.1993
Com. Reg. No.:	07-001337
Capital Investment / Paid-up Capital :	Rs.7.500 Millions
CIN No.: [Company Identification No.]	U17302JK1993PTC001337
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of Wood Flooring, Carpates and installation of the same.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 120000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Trade relations are reported as decent. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SME 3
Rating Explanation	Above average credit quality and low credit risk.
Date	08 October 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 :	Ahdus Hotel, Amnexe Hotel, Ahdus Residency Road, Sringar – 180 001, Jammu and Kashmir, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	lkaleen@gmail.com skdudha@gmail.com
Corporate Office :	M-59, 2^nd Floor, Lajpat Nagar-II, New Delhi – 110 024, India
Tel. No.:	91-11-29839190/ 29838085/ 29838919
Fax No.:	91-11-29832382
E-Mail :	info@lotuskaleen.com
Branches:	Located at Gurgao Noida Delhi

DIRECTORS

As on 29.09.2012

Name :

Mr. Avtar Dinanath Bhat

Designation :

Whole Time Director

Address :

A/B-3212, Vasant Kunj, New Delhi – 110 070, India

Date of Birth/Age :

22.01.1953

Date of Appointment :

12.01.1993

DIN No.:

01010951

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	U17302JK1993PTC001337	LOTUS KALEEN PRIVATE LIMITED	Whole-time director	12/01/1993	12/01/1993	-	Active	NO
2	U55101DL2007PTC161714	A H V HOSPITALITIES PRIVATE LIMITED	Director	05/04/2007	05/04/2007	-	Active	NO

Name :

Mrs. Shobha Avtar Bhat

Designation :

Whole Time Director

Address :

A/B-3212, Vasant Kunj, New Delhi – 110 070, India

Date of Birth/Age :

15.11.1956

Date of Appointment :

01.04.1994

DIN No.:

01010983

Name :

Mr. Adhir Avtar Bhat

Designation :

Director

Address :

A/B-3212, Vasant Kunj, New Delhi – 110 070, India

Date of Birth/Age :

16.07.1980

Date of Appointment :

30.03.2007

DIN No.:

02043637

Name :

Mr. Ashim Avtar Bhat

Designation :

Director

Address :

A/B-3212, Vasant Kunj, New Delhi – 110 070, India

Date of Birth/Age :

18.11.1985

Date of Appointment :

30.03.2007

DIN No.:

01993472

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Avtar Bhat	38250
Shobha Bhat	18750
Adhir Bhat	9000
Ashim Bhat	9000
Total	75000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Trading of Wood Flooring, Carpates and installation of the same.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Jammu and Kashmir Bank Limited, G-40, Connaught Place, New Delhi – 110 001, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Term Loan From Bank
Cash Credit Account – The Jammu and Kashmir Bank Limited, New Delhi	16.941	17.538
Car Loan - The Jammu and Kashmir Bank Limited, New Delhi	1.887	0.744
Loan against Fixed Deposit / Margin Money	0.837	3.618
Total	19.665	21.900

Banking Relations :	--
Auditors :
Name :	S.K. Dudha and Company Chartered Accountants
Address :	A-1/132, LGF Safdarjung Enclave, New Delhi – 110 029, India
Tel. No.:	91-11-26106222/ 26167732/ 26172290
Fax No.:	91-11-26105946
E-Mail :	skdudha@gmail.com
Income-tax PAN of auditor or auditor's firm :	AATFS5681A

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs. 7.500 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	7.500	2.500
(b) Reserves & Surplus	22.014	16.881
(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)	29.514	19.381
(3) Non-Current Liabilities
(a) long-term borrowings	20.702	25.397
(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)	20.702	25.397
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	28.974	26.692
(c) Other current liabilities	13.336	13.000
(d) Short-term provisions	4.062	5.592
Total Current Liabilities (4)	46.372	45.284
TOTAL	96.588	90.062
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.598	2.669
(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	0.000	0.000
(c) Deferred tax assets (net)	0.182	0.137
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	9.780	2.806
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	20.486	26.189
(c) Trade receivables	53.016	47.545
(d) Cash and cash equivalents	6.772	6.016
(e) Short-term loans and advances	6.192	7.251
(f) Other current assets	0.342	0.255
Total Current Assets	86.808	87.256
TOTAL	96.588	90.062

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2.500
2] Share Application Money		0.000
3] Reserves & Surplus		11.893
4] (Accumulated Losses)		0.000
NETWORTH		14.393
LOAN FUNDS
1] Secured Loans		23.922
2] Unsecured Loans		0.797
TOTAL BORROWING		24.719
DEFERRED TAX LIABILITIES		0.000
TOTAL		39.112
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.105
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.137
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20.804
	Sundry Debtors	35.444
	Cash & Bank Balances	6.096
	Other Current Assets	4.527
	Loans & Advances	0.217
Total Current Assets		67.088
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	20.777
	Other Current Liabilities	7.167
	Provisions	3.274
Total Current Liabilities		31.218
Net Current Assets		35.870
MISCELLANEOUS EXPENSES		0.000
TOTAL		39.112

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover	139.490	127.199	100.140
		Other Income	NA	2.655	NA
		TOTAL	NA	129.854	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	121.852	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		8.604	8.002	6.019
Less/ Add	DEPRECIATION/ AMORTISATION		1.144	0.696	0.697
	PROFIT BEFORE TAX		7.460	7.306	5.329
	TAX		2.365	2.273	1.656
	PROFIT AFTER TAX		5.096	5.033	3.673
	Earnings Per Share (Rs.)		67.95	201.00	146.74

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	3.88	NA
Return on Total Assets (PBT/Total Assets}	(%)	7.74	8.12	7.94
Return on Investment (ROI) (PBT/Networth)		0.25	0.38	0.37
Debt Equity Ratio (Total Debt /Networth)		0.70	1.31	1.72
Current Ratio (Current Asset/Current Liability)		1.87	1.93	2.15

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]	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	Yes

OPERATIONS:

The company is running its business operations satisfactorily. The business volume is expected to increase in the coming years and the directors are confident of projecting better results in the future.

CORPORATE INFORMATION

The basic Operating Activity of Company can be categarised in to the two parts, comprising- 1) Trading of Wood

Flooring and Installation of the same, and 2) Trading of Carpates and Installation of the same. Company is conducting its activity through its three Branches located in Gurgao, Noida and Delhi (H.O.).

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Loans and Advance from related parties
Mr. Ashim Bhat	0.150	0.000
Ms. Shobha Bhat	0.200	0.000
Mr. Avtar Bhat	0.687	3.497
Total	1.037	3.497

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U17302JK1993PTC001337
Name of the company	LOTUS KALEEN PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Ahdus Hotel, Amnexe Hotel, Ahdus Residency Road, Sringar – 180 001, Jammu and Kashmir, India E-Mail: lkaleen@gmail.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90324119
Type of charge	· Book debts · Hypothecation of fresh and saleable stock in trade
Particular of charge holder	Jammu and Kashmir Bank Limited, G-40, Connaught Place, New Delhi – 110 001, India E-Mail: circus@jkbmail.com
Nature of instrument creating charge	Cash Credit Limit Rs.20.000 Millions (enhanced from Rs.16.000 Millions to Rs.20.000 Millions) and FLC Limit Rs.14.000 Millions as per Agreement.
Date of instrument Creating the charge	31.12.2012
Amount secured by the charge	Rs.34.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate+4% with monthly rest Terms of Repayment One year subject to renewal after review Margin Stock:25% Book Debts:40% FLC:15% Extent and Operation of the charge as per agreement Others For FLC: Extension of charge on current assets held for cash credit facility Personal Guarantee of Directors namely Mr. Avtar Bhat, Mrs. Shobha Bhat, Mr. Adhir Bhat and Mr. Ashim Bhat
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of fresh and saleable stock in trade lying in godown, show room, factory and other places in the name of the company. Hypothecation of Book Debts of the company. EMP bearing Plot No.35 khasra No 208,209,210, waka mauja, Daulatabad Road, Tehsil and District Gurgaon, Haryana in the name of Mr. Avtar Bhat. EMP of residential flat on first floor, bearing No.3212, situated at sector A, Pkt B, Vasant kunj New Delhi in the name of Mrs. Shoba Bhat. Extension of charge over residential flat no. 204, second floor, Jubilee palace co-operative housing society limited, Versova Andheri (West) Mumbai in the name of Mrs. Shoba Bhat. Extn of charge over residential flat No.205, second floor, jubilee palace co-operative housing society limited, Versova Andheri (West) Mumbai, in the name of Mr. Avtar Bhat.
Date of instrument modifying the charge	31.05.2011
Particulars of the present modification	Cash credit limit enhanced to Rs.20.000 Millions and renewal of FLC limit for Rs.14.000 Millions. Total exposure Rs.34.000 Millions against hypothecation of stock, Book debts and extension of charges.

FIXED ASSETS

• Land
• Building
• Plant and Equipment
• Furniture and Fixtures
• Vehicle
• Office Equipment

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.76.89

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	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.