MIRA INFORM REPORT

Report Date :

12.07.2013

IDENTIFICATION DETAILS

Name :	GALEECHA INDIA PRIVATE LIMITED
Registered Office :	G/7, Bharat Industrial Estate, T.J. Road, Sewri, Mumbai – 400015, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.02.1992
Com. Reg. No.:	11-065601
Capital Investment / Paid-up Capital :	Rs.1.982 Millions
CIN No.: [Company Identification No.]	U74999MH1992PTC065601
TAN No.: [Tax Deduction & Collection Account No.]	MUMG03260F
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of Home Furnishings Products for Decoration.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 153000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company has incurred a loss from its operation during 2012. However, trade relations are fair. Business is active. Payment terms are reported as 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	SE 2B
Rating Explanation	High performance capability and moderate financial strength.
Date	15.03.2013

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. Malpani
Designation :	Accounts Manager
Contact No.:	91-22-24132366
Date :	11.07.2013

LOCATIONS

Registered Office / Sales and Display Gallery :	G/7, Bharat Industrial Estate, T.J. Road, Sewri, Mumbai – 400015, Maharashtra, India
Tel. No.:	91-22-24160726
Fax No.:	91-22-24121902
E-Mail :	galeecha@hotmail.com galeecha@galleecha.com
Factory :	A-780, TTC Industrial Area, MIDC, Khairne, Thane Belapur Road, Thane, Navi Mumbai – 400709, Maharashtra, India
Tel. No.:	91-22-27780579 / 22783700
Sales and Display Gallery :	G-33/43, Heera Panna Shopping Centre, Bhulabhai Desai Road, Haji Ali, Mumbai – 400026, Maharashtra, India
Tel. No.:	91-22-23511781 / 0609 / 23523294
Fax No.:	91-22-23515394
Branch Office :	66/1, Brindavan Apartment, Adugodi, Hosur Main Road, Bangalore – 560030, Karnataka, India
Tel. No.:	91-80-25506497 / 99

DIRECTORS

AS ON 28.09.2012

Name :	Mr. Maharaj Kishen Padora
Designation :	Director
Address :	603, Marble Arch 94, Pali Hill Road, Bandra (West), Mumbai-400050, Maharashtra, India
Date of Appointment :	25.02.1992
Din No.:	01168412
Name :	Mrs. Neelu Maharaj Padora
Designation :	Director
Address :	603, Marble Arch 94, Pali Hill Road, Bandra (West), Mumbai-400050, Maharashtra, India
Date of Appointment :	25.02.1992
Din No.:	01168251
Name :	Mr. Sameep Maharaj Padora
Designation :	Director
Address :	Bungalow No. 22C, New Kantwadi Scheme, Off Turner Road, Bandra (West), Mumbai-400050, Maharashtra, India
Date of Birth/Age :	09.07.1974
Date of Appointment :	16.12.2011
Din No.:	05219195

KEY EXECUTIVES

Name :	Mr. Malpani
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
M. K. Padora	2325
N. M. Padora	9610
Nikita Hak	1201
Roshi Chauhan	992
Vinod Moza	600
Vijaya Moza	650
G. S. Malpani	500
M. L. Ganjoo	200
M. K. Padora HUF	500
Sameep Padora	3225
Kanta Chavan	12
TOTAL	19815

AS ON 28.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	78.97
Other	21.03
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Trader of Home Furnishings Products for Decoration.

GENERAL INFORMATION

Suppliers :

· Auto Bahn Enterprises P.L.

· Mahalaxmi Octroi Service

· R.N. Patel

· Sathya Sai Motors

· Sunil Chopra and Company

· Artex Overseas

· Chinar Forge Limited

· Livin Product Private Limited

· Lotus Kaleen Private Limited

· Mehta Polyboards

· Ravi Computers

· Raj Marketing

· Swastika Sales

· Vertex Interiors

Customers :

· Integrated Infra Solutions Private Limited

· Peninsula Land Limited

· R.R. Real Estate and Development Private Limited

· Vilaka Electronics Private Limited

· Mordani Interiors

· Bharat Plastic Products

· Patvin Engineering Private Limited

No. of Employees :

Information denied by the management.

Bankers :

Union Bank of India, Mahalaxmi Branch, Mahalaxmi Chambers, 22, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
UBI CC A/C 401/36225	0.000	4.163
UBI CC A/C 501/37016 (SIPL)	0.000	0.107
Short Term Borrowings
Loan – BMW Car	1.720	0.000
TOTAL	1.720	4.271

Banking Relations :	--
Auditors :
Name :	Sunil Chopra and Company Chartered Accountants
Address :	3, 1^st Floor, Mandar, 193, Turner Road, Bandra (west), Mumbai – 400050, Maharashtra, India
PAN No:	AACPC7581J

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
310000	Equity Shares	Rs.100/- each	Rs.31.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19815	Equity Shares	Rs.100/- each	Rs.1.982 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	1.982	1.982
(b) Reserves & Surplus	35.925	36.257
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.400	0.800
Total Shareholders’ Funds (1) + (2)	38.307	39.039
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	4.270
(b) Deferred tax liabilities (Net)	0.419	0.491
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.419	4.761
(4) Current Liabilities
(a) Short term borrowings	1.820	0.150
(b) Trade payables	10.955	14.162
(c) Other current liabilities	1.004	0.940
(d) Short-term provisions	3.815	3.958
Total Current Liabilities (4)	17.594	19.210
TOTAL	56.320	63.010
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13.514	17.174
(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	2.700	2.700
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	16.214	19.874
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	10.071	12.247
(c) Trade receivables	13.232	12.917
(d) Cash and cash equivalents	4.714	1.361
(e) Short-term loans and advances	11.974	15.991
(f) Other current assets	0.115	0.620
Total Current Assets	40.106	43.136
TOTAL	56.320	63.010

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.981
2] Share Application Money		0.000
3] Reserves & Surplus		40.533
4] (Accumulated Losses)		0.000
NETWORTH		42.514
LOAN FUNDS
1] Secured Loans		2.834
2] Unsecured Loans		0.000
TOTAL BORROWING		2.834
DEFERRED TAX LIABILITIES		0.490
TOTAL		45.838
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3.061
Capital work-in-progress		0.000
INVESTMENT		27.821
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	10.095
	Sundry Debtors	7.460
	Cash & Bank Balances	1.409
	Other Current Assets	0.000
	Loans & Advances	8.679
Total Current Assets		27.643
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	7.745
	Other Current Liabilities	3.300
	Provisions	1.642
Total Current Liabilities		12.687
Net Current Assets		14.956
MISCELLANEOUS EXPENSES		0.000
TOTAL		45.838

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	75.520	69.370	51.805
		Other Income	NA	2.126	0.115
		TOTAL (A)	NA	71.496	51.920
Less	EXPENSES
		Cost of Goods Sold		44.415	34.113
		Employees Cost	NA	7.399	6.687
		Selling and Administrative Expenses		14.984	9.952
		Loss on Sale of Assets		0.181	0.105
		TOTAL (B)	NA	66.979	50.857
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			4.517	1.063
Less	FINANCIAL EXPENSES (D)		NA	0.941	0.459
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.474	3.576	0.604
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.330	1.127	0.382
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1.142	2.449	0.222
Less	TAX (H)		1.474	0.083	0.146
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(0.332)	2.366	0.076
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3.632	0.000	7.832
	BALANCE CARRIED TO THE B/S		3.300	2.366	7.908
	Earnings / (Loss) Per Share (Rs.)		(16.75)	119.40	3.84

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	3.31	0.14
Net Profit Margin (PBT/Sales)	(%)	1.51	3.53	0.43
Return on Total Assets (PBT/Total Assets}	(%)	2.13	4.06	0.72
Return on Investment (ROI) (PBT/Networth)		0.03	0.06	0.01
Debt Equity Ratio (Total Debt/Networth)		0.05	0.11	0.07
Current Ratio (Current Asset/Current Liability)		2.27	2.25	2.18

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

PARTICULARS	31.03.2012 [Rs. in millions]	31.03.2011 [Rs. in millions]	31.03.2010 [Rs. in millions]
TRADE PAYABLES
Sundry Creditors For Goods	8.691	11.312	7.219
Sundry Creditors For Expenses	0.609	0.192	0.526
TOTAL	9.300	11.504	7.745

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	Yes
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	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	Yes

AMALGAMATION:

During the year, the Company has amalgamated the business of its wholly owned subsidiaries Soundarya Interiors Private Limited, Glamour Interiors Arts India Limited and Meadows Paper Industries Private Limited together referred to as' the amalgamating companies with itself pursuant to the Scheme of Amalgamation (SOA) of the amalgamating companies with the Company, under the provisions of Section 391 to 394 of the Companies Act, 1956 which was approved by the shareholders of the amalgamating companies and the Company, and subsequently sanctioned by the Honorable High Court of Mumbai on June 17th, 201 1, the entire business undertaking along with assets and liabilities of the amalgamating companies were transferred to and vested in the Company with effect from April 1, 2010, being the 'Appointed Date'.

OPERATIONS:

During the year, the company had satisfactory operations. The sales were at Rs.75.520 millions and profit at Rs.1.142 millions. during the current year also, the directors expect good performance.

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings
M.K. Padora HUF	0.000	0.050
Vinod Moza	0.100	0.100
TOTAL	0.100	0.150

FIXED ASSETS:

· Building

· Computer

· Furniture and Fixture

· Motor Cars and Scooter

· Office Equipment

· Plant and Machinery

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.59.64
UK Pound	1	Rs.90.14
Euro	1	Rs.77.99

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.