MIRA INFORM REPORT

Report Date :

15.03.2013

IDENTIFICATION DETAILS

Name :	ECSTASY PRODUCTS PRIVATE LIMITED

Registered Office :	No. 720/ A7, 11^th Main, 9^th Cross, Hal 2^nd Stage, Indiranagar, Bangalore – 560038, Karnataka

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	02.03.2012

Com. Reg. No.:	08-062831

Capital Investment / Paid-up Capital :	Rs. 0.500 Million

CIN No.: [Company Identification No.]	U45200KA2012PTC062831

Legal Form :	Private Limited Liability Company

Line of Business :	Construction Activity.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING

STATUS

PROPOSED CREDIT LINE

New Business

Status :	New Business

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is a new company establishing itself gradually. Subject is about to completed its one full year of business operation. As per the available financial the external borrowing appears to be huge. Business is active. Payments are reported to be unknown. 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.

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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. Ravi
Designation :	Accounts Department
Contact No.:	91-9739902124
Date :	13.03.2013

LOCATIONS

Registered Office :	No. 720/ A7, 11^th Main, 9^th Cross, Hal 2^nd Stage, Indiranagar, Bangalore – 560038, Karnataka, India
Tel. No.:	Not Available
Mobile No.:	91-9739902124 [Mr. Ravi]
Fax No.:	Not Available
E-Mail :	contact@trifectaprojects.com

DIRECTORS

AS ON 28.12.2012

Name :	Ramireddyvenkata Subba Reddy
Designation :	Managing Director
Address :	Flat No. H4, Samhita Square Apt, Block II, Basavanagar Main Road, Marathahalli Post, Bangalore – 560037, Karnataka India
Date of Birth/Age :	10.08.1973
Date of Appointment :	01.02.2013
DIN No.:	05153027

Name :	Sarada Gedi
Designation :	Director
Address :	Flat No. H4, Samhita Square Apt, Block II, Basavanagar Main Road, Marathahalli Post, Bangalore – 560037, Karnataka India
Date of Birth/Age :	27.03.1973
DIN No.:	05153083

KEY EXECUTIVES

Name :	Mr. Ravi
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.12.2012

Names of Shareholders		No. of Shares
Ramireddyvenkata Subba Reddy		30000
Sarada Gedi		20000

Total		50000

BUSINESS DETAILS

Line of Business :

Construction Activity.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø Axis Bank Limited

Ø Bank of India


Banking Relations :	--

Auditors :
Name :	K V Reddy and Company Chartered Accountants
Address :	No. 83/1, 2nd Main Road, Beside: Geetha Bhavan, Palace Guttahalli, Bangalore – 560003, Karnataka, India
Tel. No.:	91-80-23464522
Income-tax PAN of auditor or auditor's firm :	ALKPK7680B

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

200000	Equity Shares	Rs. 10/- each	Rs. 2.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

50000	Equity Shares	Rs. 10/- each	Rs. 0.500 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		0.000
3] Reserves & Surplus		0.568
4] (Accumulated Losses)		0.000
NETWORTH		1.068
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		26.290
TOTAL BORROWING		26.290
DEFERRED TAX LIABILITIES		0.007

TOTAL		27.365

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		0.354
Capital work-in-progress		0.000

INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	57.593
	Cash & Bank Balances	2.019
	Other Current Assets	22.332
	Loans & Advances	0.000
Total Current Assets		81.944
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	37.481
	Other Current Liabilities	7.710
	Provisions	9.742
Total Current Liabilities		54.933
Net Current Assets		27.011

MISCELLANEOUS EXPENSES		0.000

TOTAL		27.365

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income	0.000
		Other Income	0.000
		Closing Work in progress	57.593
		TOTAL	57.593

Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	56.730

	PROFIT BEFORE TAX		0.863

Less	TAX		0.295

	PROFIT AFTER TAX		0.568

	Earnings Per Share (Rs.)		11.36

KEY RATIOS

PARTICULARS		31.03.2012
PAT / Total Income	(%)	0.99

Net Profit Margin (PBT/Sales)	(%)	0.00

Return on Total Assets (PBT/Total Assets}	(%)	1.05

Return on Investment (ROI) (PBT/Networth)		0.81

Debt Equity Ratio (Total Debt/Networth)		24.62

Current Ratio (Current Asset/Current Liability)		1.49

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one year	Yes
12]	Profitability for last one year	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	No
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

Unsecured Loans	31.03.2012 (Rs. In Millions)
Term loans
Lakshmiprasann R	2.500
Rajasekhar Reddy R	0.800
Loan from Sarada G. (Director)	2.990
Loan from Subha Reddy RV (Director)	20.000
Total	26.290

COMPANY OVERVIEW

The Company is in the business of construction of Residential Apartments and selling them on ought right basis to various customers.

OVERVIEW OF FINANCIAL AND OPERATIONAL PERFORMANCE

The financial year 2011-12 is the First year of operation consisting of 2 months. During this financial year, the company has continued its activity.

The company for financial year of operation has achieved a total income (by way of Closing Work-in-progress) of Rs. 57.593 Millions as against and expenditure of Rs. 56.730 Millions resulting in Net Profit of Rs. 0.568 Million after providing for the Depreciation of Rs. 0.004 Million.

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. 54.44
UK Pound	1	Rs. 81.33
Euro	1	Rs. 70.50

INFORMATION DETAILS

Information Gathered by :	PLK

Report Prepared by :	BVA

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.

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