MIRA INFORM REPORT

Report Date :

11.07.2013

IDENTIFICATION DETAILS

Name :	WALLTRACTS (INDIA) PRIVATE LIMITED
Registered Office :	902, Birchwood, A Wing, Adi Shankaracharya Marg, Opposite Galleria Shopping Centre, Hiranandani Gardens, Powai, Mumbai - 400076 Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.10.2000
Com. Reg. No.:	11-129294
Capital Investment / Paid-up Capital :	Rs. 39.165 Millions
CIN No.: [Company Identification No.]	U74999MH2000PTC129294
TAN No.: [Tax Deduction & Collection Account No.]	MUMW02206B
PAN No.: [Permanent Account No.]	AAACW3177F
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Furnishings to the Hospitality Industry.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a company having a moderate track record. The financial position of the company is weak due to huge accumulated losses which has completely eroded the networth. There also appear huge external borrowings. However, business is active. Payment terms are slow. The company can be considered for business dealings on a safe and secured trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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 DECLINED BY

Name :	Mr. Raghvendrar
Designation :	Accounts Manager
Contact No.:	91-80-28475555
Date :	10.07.2013

LOCATIONS

Registered Office :	902, Birchwood, A Wing, Adi Shankaracharya Marg, Opposite Galleria Shopping Centre, Hiranandani Gardens, Powai, Mumbai - 400076 Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	raghvendrar@walltracks.com amco2@vsnl.net
Website :	http://www.walltracts.com
Branch Offices :	Located at: New Delhi Bangalore Mumbai Pune Chennai Hyderabad
Overseas Office :	Located at: Abu Dhabi Dubai Doha

DIRECTORS

AS ON 29.09.2012

Name :	Sakaria Jacob Sakaria
Designation :	Director
Address :	5, Dhake Colony, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	30.07.1950
Date of Appointment :	20.10.2000
DIN No.:	00738743
Name :	Sakaria Verghese Salaria
Designation :	Managing director
Address :	5, Dhake Colony, Andheri (West), Mumbai – 400058, Maharashtra, India
Date of Birth/Age :	07.08.1956
Date of Appointment :	20.10.2000
DIN No.:	01564518
Name :	Jonathan Jacob
Designation :	Director
Address :	15, North Beacon St., Apartment 616 Allston, MA-02134 USA-02134
Date of Birth/Age :	28.05.1983
Date of Appointment :	30.09.2010
DIN No.:	01907678

KEY EXECUTIVES

Name :	Mr. Raghvendrar
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Equity Shareholders	No. of Shares
Sakaria Jacob Sakaria	149980
Cherian Kalada Sakaria	10
Sakaria Verghese Salaria	10
Walltracts LLC, Dubai	91650
Total	241650

Names of Preference Shareholders	No. of Shares
Sakaria Jacob Sakaria	50000
Walltracts LLC, Dubai	100000
Total	150000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	38.00
Directors or relatives of directors	62.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Furnishings to the Hospitality Industry.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

Not Available

Facilities :

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
Long-term borrowings	48.813	49.004
Short term borrowings	4.145	9.765
Total	52.958	58.769

Banking Relations :	--
Auditors :
Name :	Akkad Mehta and Company Chartered Accountants
Address :	2, Vatika, 14, Baptista Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFA2792F

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250,000	Equity Shares	Rs. 100/- each	Rs. 25.000 Millions
150,000	Preference Shares	Rs. 100/- each	Rs. 15.000 Millions
	Total		Rs. 40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
241,650	Equity Shares	Rs. 100/- each	Rs. 24.165 Millions
150,000	Preference Shares	Rs. 100/- each	Rs. 15.000 Millions
	Total		Rs. 39.165 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	39.165	39.165
(b) Reserves & Surplus	(92.546)	(70.112)
(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)	(53.381)	(30.947)
(3) Non-Current Liabilities
(a) long-term borrowings	48.813	49.004
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	2.042	3.294
Total Non-current Liabilities (3)	50.855	52.298
(4) Current Liabilities
(a) Short term borrowings	4.145	9.765
(b) Trade payables	9.142	10.917
(c) Other current liabilities	81.245	44.666
(d) Short-term provisions	1.437	0.828
Total Current Liabilities (4)	95.969	66.176
TOTAL	93.443	87.528
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.898	11.506
(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)	4.905	3.604
(d) Long-term Loan and Advances	10.243	7.178
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	26.046	22.288
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	22.561	26.284
(c) Trade receivables	29.479	27.113
(d) Cash and cash equivalents	8.788	5.944
(e) Short-term loans and advances	6.569	5.899
(f) Other current assets	0.000	0.000
Total Current Assets	67.397	65.240
TOTAL	93.443	87.528

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		39.165
2] Share Application Money		0.000
3] Reserves & Surplus		4.583
4] (Accumulated Losses)		(38.299)
NETWORTH		5.449
LOAN FUNDS
1] Secured Loans		7.073
2] Unsecured Loans		38.287
TOTAL BORROWING		45.360
DEFERRED TAX LIABILITIES		0.000
TOTAL		50.809
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.151
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	26.991
	Sundry Debtors	30.457
	Cash & Bank Balances	9.912
	Other Current Assets	0.698
	Loans & Advances	16.460
Total Current Assets		84.518
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	46.860
	Provisions	0.000
Total Current Liabilities		46.860
Net Current Assets		37.658
MISCELLANEOUS EXPENSES		0.000
TOTAL		50.809

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	98.808	85.488	80.478
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	124.153	121.243	102.933
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(25.345)	(35.755)	(22.455)
Less/ Add	DEPRECIATION/ AMORTISATION		2.136	3.268	3.913
	PROFIT/ (LOSS) BEFORE TAX		(27.481)	(39.023)	(26.368)
Less	TAX		(1.286)	(2.885)	1.044
	PROFIT/ (LOSS) AFTER TAX		(26.195)	(36.138)	(27.412)
	EXCESS PROVISION OF TAX FOR EARLIER YEARS		2.647	0.000	0.000
	PRIOR PERIOD INCOME/ EXPENDITURE		1.115	(0.258)	0.307
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(74.695)	(38.299)	(11.194)
	BALANCE CARRIED TO THE B/S		(97.128)	(74.695)	(38.299)
	Earnings/ (Loss) Per Share (Rs.)		(66.88)	(92.27)	(69.99)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(26.51)	(42.27)	(34.06)
Return on Total Assets (PBT/Total Assets}	(%)	(31.04)	(46.50)	(27.00)
Return on Investment (ROI) (PBT/Networth)		0.51	1.26	(4.84)
Debt Equity Ratio (Total Debt/Networth)		(0.99)	(1.90)	8.32
Current Ratio (Current Asset/Current Liability)		0.70	0.99	1.80

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Trade payable	9.142	10.917	NA

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	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	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	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	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	No

OPERATIONS REVIEW

During the year, the company's turnover marginally increased to Rs.84.641 Millions from Rs. 78.731 Millions in the previous financial year, registering a modest improvement of 8%. Due to continuing global financial crisis, competition from unorganized sectors has gained momentum and the recessionary trend in the major business segments in which the company is operating has adversely affected company's turnover and profitability.

WORKING

During the financial year Company's performance in terms of number of jobs acquired and successfully executed amounted 610 new projects as against 630 jobs in the previous year with complete customer satisfaction. However the turnover marginally declined as the most of the jobs were targeted at higher value, with the change in product mix and the stressed margin.

The Company established a good brand image in the Indian Hospitality and Multiplex Industry, Hotel Segments, HNI clients, domestic and Multi National Corporate clients including STPI parks. The company is anticipating a promising turnaround in Chennai and Mumbai as well, continuing the footprints of high-end clients in Hyderabad and Kolkata.

OUTLOOK FOR CURRENT YEAR AND FUTURE PLANS

The company has consolidated its foothold in Mumbai, New Delhi, Kolkata, Bangalore, Chennai and Hyderabad Hospitality Industry and is focusing its efforts towards a complete soft furnishing solution providing company to Hospitality and Multiplex Industry.

Company has strengthened its Sales team and has made its aggressive marketing strategy to promote its business in Southern, Northern and Eastern region of India. With the newly introduction of new product in all the branches. Walltracts expects a significant increase in its market share with focus on hospitality industry in the coming year. Company has also planned to bring out different and superior products into the market with the view of obtaining turnkey products and break through in un-organized sectors. Major focus is put on Sales to achieve the targets and regular review of project completion which increases the profit margin and increase the confidence level with the client by enhancing product delivery and adhering to the pre scheduled completion dates to bring out customer satisfaction as the primary outlook.

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

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	--
--CREDIT LINES	1~10	1
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		13

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.