MIRA INFORM REPORT

Report Date :

05.06.2013

IDENTIFICATION DETAILS

Name :	DECORHOME (INDIA) PRIVATE LIMITED

Registered Office :	A-702, Tirupati Plaza, Near Collector Office, Athwagate, Surat - 395001, Gujarat

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	22.07.2002

Com. Reg. No.:	04-040983

Capital Investment / Paid-up Capital :	Rs. 3.351 Millions

CIN No.: [Company Identification No.]	U74994GJ2002PTC040983

TAN No.: [Tax Deduction & Collection Account No.]	SRTD00549D

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is an Interior Turnkey Contracting and Furniture Manufacturing Firm.

No. of Employees :	15 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 68000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. Even though the income as well as net profitability has increased during 2012, profit margin appears to be low. Trade relations are reported as fair. Business is active. Payments 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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 :	A-702, Tirupati Plaza, Near Collector Office, Athwagate, Surat-395001, Gujarat, India
Tel. No.:	91-261-2477227/2476265
Fax No.:	91-261-2477649
E-Mail :	decorhome@drdcs.net sales@decorhomeindia.com

Mumbai Office :	Venus Building, Plot No. 8A/1/2B, Kalwa Block, TTC Industrial Area, Thane Belapur Road, Navi Mumbai-400614, Maharashtra, India
Tel. No.:	91-22-27694063
Fax No.:	91-22-27604122
E-Mail :	sales@decorhomeindia.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Chandresh Pranjivandas Thakkar

Designation :

Director

Address :

802, Somnath Enclave, B/H. Sargam Shopping Centre, Parle Point, Surat – 395007, Gujarat, India

Date of Appointment :

22.07.2002

Din No.:

00382025

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	U74994GJ2002PTC040983	DECORHOME (INDIA) PRIVATE LIMITED	Director	22/07/2002	22/07/2002	-	Active	NO
2	U36100MH2004PTC146036	VENUS FURNITURE PRIVATE LIMITED	Director	30/04/2004	30/04/2004	-	Active	NO
3	U45200MH2011PTC213675	SUBH MANGALKAMNA REALTY AND DEVELOPERS PRIVATE LIMITED	Director	17/02/2011	17/02/2011	-	Active	NO

Name :

Mrs. Sarita Chandresh Thakkar

Designation :

Director

Address :

802, Somnath Enclave, B/H. Sargam Shopping Centre, Parle Point, Surat – 395007, Gujarat, India

Date of Appointment :

22.07.2002

Din No.:

00381916

Name :

Mr. Hitesh Kantilal Dalwadi

Designation :

Director

Address :

9-C, Trimurti Apartment, City Light Road, Parle Point, Surat – 395007, Gujarat, India

Date of Appointment :

22.07.2002

Din No.:

00382049

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	U74994GJ2002PTC040983	DECORHOME (INDIA) PRIVATE LIMITED	Director	22/07/2002	22/07/2002	-	Active	NO
2	U36100MH2004PTC146036	VENUS FURNITURE PRIVATE LIMITED	Director	30/04/2004	30/04/2004	-	Active	NO

Name :

Mr. Gira Hitesh Dalwadi

Designation :

Director

Address :

9-C, Trimurti Apartment, City Light Road, Parle Point, Surat – 395007, Gujarat, India

Date of Appointment :

22.07.2002

Din No.:

00381793

Name :

Mr. Sunil Kanilal Dalwadi

Designation :

Director

Address :

11-D, 2nd Arjav Building, B/H. Sarjan Society, City Light Road, Surat – 395007, Gujarat, India

Date of Appointment :

22.07.2002

Din No.:

00382005

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	U74994GJ2002PTC040983	DECORHOME (INDIA) PRIVATE LIMITED	Director	22/07/2002	22/07/2002	-	Active	NO
2	U36100MH2004PTC146036	VENUS FURNITURE PRIVATE LIMITED	Director	27/12/2012	27/12/2012	-	Active	NO

Name :

Mrs. Parul Sunil Dalwadi

Designation :

Director

Address :

11-D, 2nd Arjav Building, B/H. Sarjan Society, City Light Road, Surat – 395007, Gujarat, India

Date of Appointment :

22.07.2002

Din No.:

00381953

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	U74994GJ2002PTC040983	DECORHOME (INDIA) PRIVATE LIMITED	Director	22/07/2002	22/07/2002	-	Active	NO
2	U36100MH2004PTC146036	VENUS FURNITURE PRIVATE LIMITED	Director	30/04/2004	30/04/2004	27/12/2012	Active	NO

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders	No. of Shares
Chandresh Pranjivandas Thakkar	31548
Sarita Chandresh Thakkar	51859
Kantilal Hitesh Dalwadi	32297
Hitesh Gira Dalwadi	51859
Sunil Kanilal Dalwadi	47047
Parul Sunil Dalwadi	33359
Chandresh Pranjivandas Thakkar HUF	28117
Sunil Kanilal Dalwadi HUF	31116
Shashikant P. Thakkar	20
Bharatkumar Deepachanch Shah	20
Bhanumati Mansata	20
Kantilal A. Dalwadi	20
Jayaben K. Dalwadi	20
D. P. Mehta	20
Rajesh Singala	20
Hitesh Dalwadi HUF	27368
Shashikant Thakkar HUF	10
Babulal Oza	10
Sitaben Oza	10
Dhananjay Mehta	10
Ashwini N. Patel	30
Chetnaben Dalwadi	20
Girish N. Dalwadi	20
N. P. Ban	20
Rajesh Singala HUF	20
Shashikant N. Dalwadi	20
Tejas N. Patel	20
Bharat N. Shah	10
Jaimin R. Thakkar	30
Rekhaben Sejpal	20
Ashok N. Dalwadi	30
Rameshbhai P. Thakkar	10
Jayesh R. Thakkar	10
Jayesh I. Thakkar	10
Manisha P. Mehta	20
Paresh D. Ban	20
Rupesh Jain HUF	10
Vijay I. Choksi	10
Sunita D. Patel	10
Balmukund Brijwasi	30
Varsha T. Mohite	10
Total	335130

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	74.00
Other top fifty shareholders	26.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is an Interior Turnkey Contracting and Furniture Manufacturing Firm.

GENERAL INFORMATION

Customers :

Reliance Industries and Associates, Mumbai
Malabar Hill Club Limited
Gas Authority of India Limited
Surat Peoples Co-operative Bank Limited
APMC (Agriculture Produce Market Committee), Unjha
Hindalco Industries Limited Unit Birla Copper
Gujarat Industrial Power Corporation Limited
Lavasa Corporation Limited
Larsen and Toubro Limited
Oil and Natural Gas Company Limited
National Thermal Power Corporation Limited
Cairn Energy Pty. Limited
City and Industrial Development Corporation, Mumbai
Surat Municipal Corporation
Ahmedabad Urban Development Authority
Parle Pet Agro Limited

No. of Employees :

15 [Approximately]

Bankers :

The Cosmos Co-op Bank Limited, Bandra Branch, Lubina Apartment, Turner Road, Bandra West, Mumbai - 400050, Maharashtra, INDIA
Bank of Baroda, Surat, Gujarat, India
ICICI Bank Limited
HDFC Bank Limited

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Term loan from Bank for Vehicle	1.029	2.178
Working Capital Loan from Cosmos Co-operative Bank Limited	70.078	46.446
Total	71.107	48.624

Note:

Vehicle Loam from ICICI Bank Limited and HDFC Bank Limited are secured by way of hypothecation of respective vehicles. The Vehicle loan are held in the name of Director
Working capital Loan from The Cosmos Co-operative Bank Limited, Bandra Branch, Mumbai is secured by way of hypothecation charge on Company's current assets in the torn of Stock, Stock in process, receivables. All the credit facilities is further secured by equitable mortgage on factory land and building situated Plat No 8A-1/2B TTC Industrial Area , Village Dighe, Navi Mumbai in the name of Venus Furniture Private Limited,


Banking Relations :	--

Auditors :
Name :	S. K. Kabra and Company Chartered Accountant
Address :	1006, Rathi Palace, Kamela Darwaja Ring Road, Surat– 395002, Gujarat, India
Tel. No.:	91-261-2320131
E-Mail :	cakabra@gmail.com
Pan No.:	AAJFS6674D

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

335130	Equity Shares	Rs. 10/- each	Rs. 3.351 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		3.351	3.001	3.001
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		13.658	5.733	5.044
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		17.009	8.734	8.045
LOAN FUNDS
1] Secured Loans		71.107	48.624	53.340
2] Unsecured Loans		64.173	71.592	82.905
TOTAL BORROWING		135.280	120.216	136.245
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		152.289	128.950	144.290

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		7.390	7.418	7.430
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		1.591	0.652	0.653
DEFERRED TAX ASSETS		0.674	0.203	0.138

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	60.629	55.438	42.762
	Sundry Debtors	99.220	56.177	45.399
	Cash & Bank Balances	1.479	1.335	5.199
	Other Current Assets	14.540	11.181	3.764
	Loans & Advances	24.430	37.757	58.291
Total Current Assets		200.298	161.888	155.415
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	26.599	17.491
	Other Current Liabilities	31.065	23.482	19.253
	Provisions	0.000	0.238	0.093
Total Current Liabilities		57.664	41.211	19.346
Net Current Assets		142.634	120.677	136.069

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		152.289	128.950	144.290

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	315.696	205.350	138.981
		Other Income	3.857	8.567	5.027
		TOTAL (A)	319.553	213.917	144.008

Less	TOTAL EXPENSES (B)		317.588	213.147	123.933

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1.965	0.077	20.075

Less	FINANCIAL EXPENSES (D)		NA	NA	18.032

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	NA	2.043

Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	NA	1.459

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1.962	0.769	0.584

Less	TAX (H)		0.689	0.080	0.635

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1.273	0.689	(0.051)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		5.233	4.544	4.595

	BALANCE CARRIED TO THE B/S		6.506	5.233	4.544

	IMPORTS
		Raw Materials	6.798	4.776	NA
	TOTAL IMPORTS		6.798	4.776	NA

	Earnings Per Share (Rs.)		3.79	2.30	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.40	0.32	(0.04)

Net Profit Margin (PBT/Sales)	(%)	0.62	0.37	0.42

Return on Total Assets (PBT/Total Assets}	(%)	0.94	0.45	0.36

Return on Investment (ROI) (PBT/Networth)		0.12	0.09	0.07

Debt Equity Ratio (Total Debt /Networth)		7.95	13.76	16.97

Current Ratio (Current Asset/Current Liability)		3.47	3.93	8.03

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	Yes
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	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]	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

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Loan from Related Parties	8.136	14.748
Loan from Other Parties	56.036	56.844
Total	64.172	71.592

FIXED ASSETS:

Premises
Furniture
Equipments
Vehicle
Computer

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. 56.64
UK Pound	1	Rs. 86.68
Euro	1	Rs. 73.97

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.

MIRA INFORM REPORT

60.629

99.220

1.479

14.540

24.430

200.298

26.599

31.065

0.000

57.664

142.634

0.40

0.62

0.94

0.12

7.95

3.47

Unit