MIRA INFORM REPORT

Report Date :

07.04.2014

IDENTIFICATION DETAILS

Name :	URBAN LADDER HOME DECOR SOLUTIONS PRIVATE LIMITED (w.e.f. 28.02.2013)
Formerly Known As :	URBAN LADDER HOME DECOR ONLINE PRIVATE LIMITED
Registered Office :	Cropexium 83, LRDE Layout, Karthik Nagar, Marathahalli Outer Ring Road, Bangalore – 560037, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	17.02.2012
Com. Reg. No.:	08-062610
Capital Investment / Paid-up Capital :	Rs.1.200 Millions
CIN No.: [Company Identification No.]	U74999KA2012PTC062610
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of home furnishers through online.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 110000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a relatively new company having moderate track record. The company has incurred loss from its operation in its first year of business operation. However, trade relations are improving. Business is active. Payment terms are slow. 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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 :	Ms. Bopana
Designation :	Accounts Executive
Contact No.:	91-9243767667
Date :	05.04.2014

LOCATIONS

Registered Office :	Cropexium 83, LRDE Layout, Karthik Nagar, Marathahalli Outer Ring Road, Bangalore – 560037, Karnataka, India
Tel. No.:	Not Available
Mobile No.:	91-9243767667 (Ms. Bopana)
Fax No.:	Not Available
E-Mail :	rajiv@urbanladder.com
Website:	www.urbanladder.com

DIRECTORS

As on 14.08.2013

Name :

Vani Kola

Designation :

Director

Address :

7142, Prestige Shanitiketan, ITPL Main Road, Whitedield, Mahadevpura Post, Bangalore – 560048, Karnataka, India

Date of Birth/Age :

23.01.1964

Date of Appointment :

18.06.2012

DIN No.:

01827653

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	U63040KA2007PTC041672	FLIGHT RAJA TRAVELS PRIVATE LIMITED	Director	04/08/2008	14/05/2007	-	Active	NO
2	U85110AP2006PTC051845	MEDPLUS HEALTH SERVICES PRIVATE LIMITED	Director	22/09/2008	27/09/2007	04/03/2011	Active	NO
3	U67190KA2006PTC039598	KALAARI CAPITAL ADVISORS PRIVATE LIMITED	Director	29/10/2007	29/10/2007	-	Active	NO
4	U72300KA2007PTC041799	MYNTRA DESIGNS PRIVATE LIMITED	Director	17/04/2013	20/10/2008	05/12/2013	Active	NO
5	U72300DL2007PTC168097	JASPER INFOTECH PRIVATE LIMTED	Nominee director	16/09/2009	16/09/2009	-	Active	NO
6	U64203AP2005PTC047908	APALYA TECHNOLOGIES PRIVATE LIMITED	Director	29/08/2011	03/01/2011	19/02/2013	Active	NO
7	U72900TN2004PTC052876	MERCADO ONLINE PRIVATE LIMITED	Director	19/02/2011	19/02/2011	03/12/2012	Active	NO
8	U64200MH2008PTC187859	APPSDAILY SOLUTIONS PRIVATE LIMITED	Nominee director	05/07/2011	05/07/2011	-	Active	NO
9	U93000DL2011PTC219498	LAPIS MARKETING SERVICES PRIVATE LIMITED	Nominee director	18/01/2012	23/08/2011	30/09/2013	Active	NO
10	U51101MH2011PTC218565	ACTOSERBA ACTIVE WHOLESALE PRIVATE LIMITED	Director	12/12/2012	16/03/2012	-	Active	NO
11	U74999KA2012PTC062610	URBAN LADDER HOME DECOR SOLUTIONS PRIVATE LIMITED	Director	18/06/2012	25/05/2012	-	Active	NO
12	U74900HR2009PTC039529	INDUSLYNK TRAINING SERVICES PRIVATE LIMITED	Nominee director	02/07/2012	30/06/2012	-	Active	NO
13	U74900DL2012PTC230723	BEBB INDIA PRIVATE LIMITED	Nominee director	19/12/2012	19/12/2012	-	Active	NO

Name :

Mr. Deepak Gaur

Designation :

Nominee director

Address :

Tower 5 , Flat No.: 1002, Vipul Belmonte, Golf Course Road, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

02.08.1977

Date of Appointment :

27.06.2013

DIN No.:

02909570

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	L55101WB1999PLC090672	SPECIALITY RESTAURANTS LIMITED	Alternate director	04/02/2011	04/02/2011	09/02/2011	Active	NO
2	U93091DL2006PLC149705	TV18 HOME SHOPPING NETWORK LIMITED	Director	03/08/2011	29/04/2011	-	Active	NO
3	U92200AP2003PTC040633	IVISION MEDIA INDIA PRIVATE LIMITED	Director	26/09/2013	10/09/2012	-	Active	NO
4	U74999KA2012PTC062610	URBAN LADDER HOME DECOR SOLUTIONS PRIVATE LIMITED	Nominee director	27/06/2013	27/06/2013	-	Active	NO

Name :

Mr. Ashish Goel

Designation :

Director

Address :

P-2/22, Block – 15, Kailash Dham Apartments, Plot E -1, Sector – 50, G B Nagar, Noida – 201303, Uttar Pradesh, India

Date of Birth/Age :

25.10.1978

Date of Appointment :

20.03.2012

DIN No.:

03067864

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	U99999MH1980PLC023420	I B H BOOKS AND MAGAZINES DISTRIBUTORS LIMITED	Director	24/09/2010	06/05/2010	17/12/2011	Active	NO
2	U22211MH2011PTC215430	ACK EAGLEMOSS COLLECTIBLES PUBLISHING PRIVATE LIMITED	Director	28/03/2011	28/03/2011	18/06/2012	Active	NO
3	U74999KA2012PTC062610	URBAN LADDER HOME DECOR SOLUTIONS PRIVATE LIMITED	Director	20/03/2012	17/02/2012	-	Active	NO

Name :

Mr. Koyambedu Ravi Rajiv Srivatsa

Designation :

Director

Address :

RC-402, Purva Riviera, Marathahalli, Bangalore – 560037, Karnataka, India

Date of Birth/Age :

14.08.1978

Date of Appointment :

20.03.2012

DIN No.:

03635586

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	U74999KA2012PTC062610	URBAN LADDER HOME DECOR SOLUTIONS PRIVATE LIMITED	Director	20/03/2012	17/02/2012	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Bopana
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 14.08.2013

Names of Shareholders (Equity Shares)	No. of Shares
Ashish Goel	5000
Koyambedu Ravi Rajiv Srivatsa	5000
Kalaari Capital Partners II, LLC, Mauritius	100
Total	10100

Names of Shareholders (Preference Shares)	No. of Shares
Kalaari Capital Partners II, LLC, Mauritius	5493
Total	5493

As on 24.10.2013

Names of Allottees (Equity Shares)	No. of Shares
Saif Partners India IV Limited, Mauritius	100
Total	100

Names of Allottees (Preference Shares)	No. of Shares
Kalaari Capital Partners II, LLC, Mauritius	7971
Total	7971

As on 12.11.2013

Names of Allottees (Equity Shares)	No. of Shares
Kalaari Capital Partners II, LLC, Mauritius	1730
Total	1730

Equity Share Break up (Percentage of Total Equity)

As on 14.08.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	1.00
Directors or relatives of Directors	99.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of home furnishers through online.
Export:	Not Divulged
Import:	Not Divulged

GENERAL INFORMATION

Supplier:	Not Divulged
Customer:	Not Divulged
No. of Employees :	Information declined by the management
Bankers :	Not Divulged
Facilities :	--

Banking Relations :
Auditors :
Name :	PRV and Company Chartered Accountants
Address :	No. 610, 3rd Floor, 80 Feet Road, 6th Block, Koramangala, Bangalore – 560095, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAJFP6122B

CAPITAL STRUCTURE

AFTER 14.08.2013

Authorised Capital : Rs.3.620 Millions

Issued, Subscribed & Paid-up Capital : Rs.3.487 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
12140	Equity Shares	Rs.10/- each	Rs. 0.121 Million
5493	Preference Shares	Rs.200/- each	Rs. 1.099 Millions
	Total		Rs. 1.220 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10100	Equity Shares	Rs.10/- each	Rs. 0.101 Million
5493	Preference Shares	Rs.200/- each	Rs. 1.099 Millions
	Total		Rs. 1.200 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1.200
(b) Reserves & Surplus	27.141
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	28.341
(3) Non-Current Liabilities
(a) long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	0.000
Total Non-current Liabilities (3)	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	1.758
(c) Other current liabilities	5.010
(d) Short-term provisions	0.000
Total Current Liabilities (4)	6.768
TOTAL	35.109
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.412
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	0.000
(e) Other Non-current assets	0.000
Total Non-Current Assets	1.412
(2) Current assets
(a) Current investments	0.000
(b) Inventories	11.104
(c) Trade receivables	1.448
(d) Cash and cash equivalents	18.591
(e) Short-term loans and advances	2.554
(f) Other current assets	0.000
Total Current Assets	33.697
TOTAL	35.109

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013
	SALES
		Income	25.453
		Other Income	2.208
		TOTAL	27.661
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	50.610
	PROFIT / (LOSS) BEFORE TAX		(22.949)
Less	TAX		0.000
	PROFIT / (LOSS) AFTER TAX		(22.949)
	Earnings Per Share (Rs.)		(24.19)

KEY RATIOS

PARTICULARS		31.03.2013
PAT / Total Income	(%)	82.97
Net Profit Margin (PBT/Sales)	(%)	90.16
Return on Total Assets (PBT/Total Assets}	(%)	65.37
Return on Investment (ROI) (PBT/Networth)		0.81
Debt Equity Ratio (Total Debt /Networth)		0.00
		4.98
Current Ratio (Current Asset/Current Liability)

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	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FINANCIAL AND OPERATIONAL PERFORMANCE

During the period under report, the Company’s revenue was Rs.27.661 Millions and the expenses amounted to Rs.50.610 Millions. The company incurred loss of Rs.22.949 Millions during the reporting period.

As this is the initial period of operation, loss was sustained due to increased expenditure. However, the directors are confident in achieving higher revenue and profits in the coming years as the opportunities are huge and your Company is capable of exploring the same productively and aggressively working towards setting up customer base and catering to the depth of these markets.

FIXED ASSETS

• Furniture and Fixtures
• Office Equipment’s
• Computer and Peripherals

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 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.60.32
UK Pound	1	Rs.100.84
Euro	1	Rs.82.65

INFORMATION DETAILS

Information Gathered by :	KAR
Analysis Done by :	PLK
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	--
--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	NO
--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		26

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%)

7

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.