MIRA INFORM REPORT

Report Date :

25.05.2013

IDENTIFICATION DETAILS

Name :	CONTEMPORARY FURNITURES PRIVATE LIMITED
Registered Office :	5-6, Opposite Panji Ka Bera, Near Manchhapurna Balaji, Pal Road, Jodhpur – 342001, Rajasthan
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.08.2006
Com. Reg. No.:	17-022912
Capital Investment / Paid-up Capital :	Rs. 2.450 Millions
CIN No.: [Company Identification No.]	U36109RJ2006PTC022912
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Supplying of Wooden Handicrafts.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 40000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The company has performed well and wipe out it some accumulated losses during 2012. The external borrowing seems to be huge, which act as a threat to the liquidity. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great 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	A1	A1

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 :	5-6, Opposite Panji Ka Bera, Near Manchhapurna Balaji, Pal Road, Jodhpur – 342001, Rajasthan, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	roc.mda@gmail.com

DIRECTORS

As on: 29.09.2012

Name :	Mr. Dinesh Chhager
Designation :	Director
Address :	C-189,1st Extension, Kamla Nehru Nagar, Jodhpur, 342001, Rajasthan, India
Date of Birth/Age :	07.01.1975
Date of Appointment :	07.08.2006
DIN No.:	01539101
Name :	Mr. Madan Lal Jain
Designation :	Director
Address :	Kamla Nehru Nagar, Jodhpur, 342001, Rajasthan, India
Date of Birth/Age :	06.06.1963
Date of Appointment :	25.06.2007
DIN No.:	01539126

KEY EXECUTIVES

Name :	Ms. Neelam Bhandari
Designation :	Company Secretary
Address :	Mohan Niwas, Near Mumal Beauty, Parlour, 1^st B Road, Sardarpura Jodhpur, Rajasthan, India
Qualification :	B.Com., ACS

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Dinesh Chhager	35000
Madan Lal Jain	85000
Ratan Lal	123750
Ashok	1250
Total	245000

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 :

Manufacturing and Supplying of Wooden Handicrafts.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Baroda, Boranada Branch, Jodhpur - 342001, Rajasthan, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loans From Bank	12.689	11.795
Export Packing Credit	7.498	7.500
Total	20.187	19.295
(Term Loan secured by way of equitable mortgage of company land and building and first charge by way of hypothecation over entire Plant and Machinery and other immovable assets of the company along with personal guarantee of directors of the company) Term loan for warehouse godown repayable in 26 quarterly instalments of Rs.0.377 Million starting April 2010. The company is generally regular in repayment. Term loan for factory building and machines etc repayable in 77 monthly instalments of Rs.0.125 Million starting September 2011. The company is generally regular in repayment. (Export Limit Account Secured by way of Hypothecation over Stocks and Book Debts and other current assets of the company alongwith personal guarantee of directors of the company) and further collateral secured by mortgage of company's land and building.

Banking Relations :	--
Auditors :
Name :	H. B. Mertia and Company Chartered Accountants
Address :	Plot No. 155, Patrakar Colony, New Power House Road Circle, Jodhpur – 342003, Rajasthan, India
Tel. No.:	91-291-2623707/ 3299734
Fax No.:	91-291-2623707
E-Mail :	hmertia@gmail.com
PAN No.:	AHEPM1226F
Other Related Party:	Mahalaxmi Buildsquare Private Limited (Director is director in the company) Proprietary concern Relative of Director Mahalaxmi Industries Mahalaxmi Art Empex Mahalaxmi Timber Mart Chhajer Enterprises Mahalaxmi Hardware

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs. 7.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
245000	Equity Shares	Rs.10/- each	Rs. 2.450 Millions

The details of Shareholders holding more than 5% shares :

Name of the Shareholder	No. of Shares	% held
Dinesh Chhajer	35000	14.28
Madan Lal Jain	85000	34.69
Ratan Lal Jain	123750	50.51

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		2.450	2.450	5.250
2] Share Application Money		7.200	4.800	0.000
3] Reserves & Surplus		0.460	0.000	0.000
4] (Accumulated Losses)		0.000	(0.225)	(0.453)
NETWORTH		10.110	7.025	4.797
LOAN FUNDS
1] Secured Loans		20.187	19.295	9.814
2] Unsecured Loans		2.837	1.498	0.347
TOTAL BORROWING		23.024	20.793	10.161
DEFERRED TAX LIABILITIES		0.171	0.000	0
TOTAL		33.305	27.818	14.958
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		34.711	18.081	6.384
Capital work-in-progress		1.147	5.922	8.993
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.282	0.073
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.051	6.555	2.637
	Sundry Debtors	7.424	0.222	0.002
	Cash & Bank Balances	0.007	1.886	0.015
	Other Current Assets	2.891	4.832	0.000
	Loans & Advances	2.525	1.297	3.378
Total Current Assets		16.898	14.792	6.032
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	15.747	10.631
	Other Current Liabilities	3.487	0.601	6.555
	Provisions	0.217	0.027
Total Current Liabilities		19.451	11.259	6.555
Net Current Assets		(2.553)	3.533	(0.523)
MISCELLANEOUS EXPENSES		0.000	0.000	0.031
TOTAL		33.305	27.818	14.958

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	58.624	12.312	4.350
		Other Income	NA	NA	0.378
		TOTAL	NA	NA	4.728
Less	EXPENSES
		Manufacturing & Direct Expenses			6.135
		Increase In Stock	NA	NA	(2.637)
		Administrative & Selling Expenses			1.025
		TOTAL	NA	NA	4.523
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		NA	NA	0.205
Less	FINANCIAL EXPENSES		NA	NA	0.014
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		NA	NA	0.191
Less/ Add	DEPRECIATION/ AMORTISATION		NA	NA	0.134
	PROFIT BEFORE TAX		1.407	0.020	0.057
Less	TAX		NA	NA	0.000
	PROFIT AFTER TAX		NA	NA	0.057
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(0.453)	(0.510)
	BALANCE CARRIED TO THE B/S		NA	NA	(0.453)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	55.377	10.790	4.026
	TOTAL EARNINGS		55.377	10.790	4.026
	Earnings Per Share (Rs.)		NA	NA	(0.11)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	1.21
Net Profit Margin (PBT/Sales)	(%)	2.40	0.16	1.31
Return on Total Assets (PBT/Total Assets}	(%)	2.73	0.06	0.46
Return on Investment (ROI) (PBT/Networth)		0.14	0.00	0.01
Debt Equity Ratio (Total Debt /Networth)		2.28	2.96	2.12
Current Ratio (Current Asset/Current Liability)		0.87	1.31	0.92

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	Yes
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	No

NOTE:

The registered office of the company has been shifted from Heri Tage House, Umaid Bhawan Palace Koad, Ra Ka Bagm, Jodhpur – 342006, Rajasthan, India to present address w.e.f. 12.06.2008

UNSECURED LOAN

(Rs in Millions)

Particular	As on 31.03.2012	As on 31.03.2011
From Director and their Relatives (Loan repayable on Demand)	2.837	1.498
Total	2.837	1.498

FIXED ASSETS

• Land
• Computer
• Invertors
• Plant and Machinery
• Air Conditioner
• Compressor
• Dust Collector
• Lacquer Booth
• Warehouse Godown
• Factory Building

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. 55.61
UK Pound	1	Rs. 83.98
Euro	1	Rs. 71.94

INFORMATION DETAILS

Report Prepared by :

UDS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.