MIRA INFORM REPORT

Report Date :

06.12.2014

IDENTIFICATION DETAILS

Name :	FALCON BUSINESS RESOURCES PRIVATE LIMITED (w.e.f 02.05.2003)
Formerly Known As :	DELHI SUPER TRADE PRIVATE LIMITED
Registered Office :	D-158-B, Okhla Industrial Area, Phase - I, New Delhi – 110020
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	29.11.1983
Com. Reg. No.:	55-017022
Capital Investment / Paid-up Capital :	Rs.11.281 Millions
CIN No.: [Company Identification No.]	U74899DL1983PTC017022
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	To carry on the business of information technology, telecom products and equipment and allied services, cellular services, Business Promotion Call Centre.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 246000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems drastic fall in the profit of the company during 2014. However, the general financial position of the company seems to be decent. Tarde relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered normal for business dealings at usual trade terms and conditions.

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating BBB-
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	November 14, 2013

Rating Agency Name	CRISIL
Rating	Short term rating A3
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	November 14, 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 31-03-2014.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Aditya
Designation :	Vice President
Contact No.:	91-9810225436
Date :	05.12.2014

LOCATIONS

Registered Office / Corporate Office :	D-158-B, Okhla Industrial Area, Phase - I, New Delhi – 110020, India
Tel. No.:	91-11- 66470001
Mobile No.:	91-9810225436 (Mr. Aditya)
Fax No.:	Not Available
E-Mail :	tskakkar_ca@yahoo.co.in Aditya@clay.co.in Finance2@clay.co.in
Website :	www.clay.co.in

DIRECTORS

As on 30.09.2014

Name :

Mr. Devendra Dhawan

Designation :

Managing Director

Address :

N-68, Greater Kailash, New Delhi – 110048, India

Date of Birth/Age :

13.04.1948

Date of Appointment :

04.11.2008

DIN No.:

00294230

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	U74899DL1983PTC017022	FALCON BUSINESS RESOURCES PRIVATE LIMITED	Managing director	04/11/08	29/11/83	-	Active	NO
2	U74899DL1986PTC023638	SHIVALIK DAIRIES PRIVATE LIMITED	Director	17/03/86	17/03/86	-	Active	NO
3	U64200DL2008PTC186066	CLAY TELEMATICS PRIVATE LIMITED	Director	22/12/08	22/12/08	-	Active	NO
4	U72900DL2012PTC235914	CLAY LOGIX (INDIA) PRIVATE LIMITED	Director	16/05/12	16/05/12	-	Active	NO

Name :

Mrs. Veena Dhawan

Designation :

Director

Address :

N-68, Greater Kailash, New Delhi – 110048, India

Date of Birth/Age :

21.12.1951

Date of Appointment :

26.04.2008

DIN No.:

02185760

Name :

Mr. Anuj Dhawan

Designation :

Director

Address :

N-68, Greater Kailash, New Delhi – 110048, India

Date of Birth/Age :

09.11.1977

Date of Appointment :

26.04.2008

DIN No.:

00348316

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	U45209DL1990PTC042065	CHANDRA HI.TECH ENGINEERS PRIVATE LIMITED	Director	05/10/04	05/10/04	02/01/10	Active	NO
2	U74899DL1983PTC017022	FALCON BUSINESS RESOURCES PRIVATE LIMITED	Director	26/04/08	26/04/08	-	Active	NO
3	U64200DL2008PTC186066	CLAY TELEMATICS PRIVATE LIMITED	Director	22/12/08	22/12/08	-	Active	NO

Name :

Mr. Gaurav Dhawan

Designation :

Director

Address :

N-68, Greater Kailash, New Delhi – 110048, India

Date of Birth/Age :

05.11.1978

Date of Appointment :

26.04.2008

DIN No.:

00293995

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	U45209DL1990PTC042065	CHANDRA HI.TECH ENGINEERS PRIVATE LIMITED	Director	05/10/04	05/10/04	02/01/10	Active	NO
2	U72200DL2005PTC133841	FALCON INFOCOMM PRIVATE LIMITED	Director	10/03/05	10/03/05	02/01/10	Active	NO
3	U74899DL1983PTC017022	FALCON BUSINESS RESOURCES PRIVATE LIMITED	Director	26/04/08	26/04/08	-	Active	NO
4	U64200DL2008PTC186066	CLAY TELEMATICS PRIVATE LIMITED	Director	22/12/08	22/12/08	-	Active	NO
5	U72900DL2012PTC235914	CLAY LOGIX (INDIA) PRIVATE LIMITED	Managing director	16/06/12	16/05/12	-	Active	NO
6	U72300DL2007PTC169063	MLOGICA INFOTECH SOFTWARE PRIVATE LIMITED	Director	14/01/13	14/01/13	14/11/14	Active	NO

KEY EXECUTIVES

Name :	Mr. Aditya
Designation :	Vice President

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	%age
Devendra Dhawan	38564	34.19
Veena Dhawan	58244	51.63
Anuj Dhawan	8000	7.09
Gaurav Dhawan	8000	7.09
Total	112808	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	To carry on the business of information technology, telecom products and equipment and allied services, cellular services, Business Promotion Call Centre.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash, L/C and Credit
Purchasing :	Cash, L/C and Credit

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

End Users

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

200 (Approximately)

Bankers :

Banker Name	Union Bank Of India
Branch Address	Sme Okhla Branch, New Delhi, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name Of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year Of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If Any)	Not Divulged
Account Operation	Not Divulged
Remarks (If Any)	--

· Union Bank of India, 173-174 D.S.D.C. Shed, Okhla Industrial Area, Phase-1, New Delhi - 110020, India

· Union Bank of India, Overseas Branch, 26-28D, Connaught Circus, New Delhi - 110001, India

Facilities :

--

Auditors :
Name :	T. S. Kakkar Chartered Accountant
Address :	H-7, Kirti Nagar, New Delhi – 110015, India
Tel. No. :	91-11-25191605 / 25191606
Fax No. :	91-11-25168754
E-Mail :	tskakkar.ca@yahoo.co.in
PAN No. :	ANQPK0250K
Memberships :	--
Collaborators :	--
Associates / Subsidiaries :	v Clay Telematics Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
112808	Equity Shares	Rs.100/- each	Rs.11.281 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	11.281	11.281	11.281
(b) Reserves & Surplus	75.062	69.182	55.309
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	86.343	80.463	66.590
(3) Non-Current Liabilities
(a) long-term borrowings	35.759	36.560	51.726
(b) Deferred tax liabilities (Net)	0.459	0.521	0.380
(c) Other long term liabilities	0.133	0.133	0.133
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	36.351	37.214	52.239
(4) Current Liabilities
(a) Short term borrowings	93.929	70.015	16.706
(b) Trade payables	51.698	71.037	55.784
(c) Other current liabilities	22.860	23.853	33.309
(d) Short-term provisions	9.973	6.473	5.399
Total Current Liabilities (4)	178.460	171.378	111.198
TOTAL	301.154	289.055	230.027
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	28.412	35.843	26.369
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	26.628	27.386	25.786
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6.580	6.974	11.092
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	61.620	70.203	63.247
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.260	0.301	0.000
(c) Trade receivables	142.543	107.106	84.130
(d) Cash and cash equivalents	84.030	102.893	76.835
(e) Short-term loans and advances	12.701	8.552	5.815
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	239.534	218.852	166.780
TOTAL	301.154	289.055	230.027

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	455.933	417.695	377.999
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	436.093	389.185	352.388
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		19.840	28.510	25.611
Less/ Add	DEPRECIATION/ AMORTISATION		10.522	8.496	7.230
	PROFIT/ (LOSS) BEFORE TAX		9.318	20.014	18.381
Less	TAX		3.438	6.141	5.673
	PROFIT/ (LOSS) AFTER TAX		5.880	13.873	12.708
	EARNINGS IN FOREIGN CURRENCY
		Sale	50.431	52.601	62.289
	TOTAL EARNINGS		50.431	52.061	62.289
	Earnings / (Loss) Per Share (Rs.)		52.12	122.98	112.65

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	3.39	7.65	9.00
Return on Investment (ROI) (PBT/Networth)		0.11	0.25	0.28
Debt Equity Ratio (Total Debt/Networth)		1.50	1.32	1.03
Current Ratio (Current Asset/Current Liability)		1.34	1.28	1.50

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	11.281	11.281	11.281
Reserves & Surplus	55.309	69.182	75.062
Net worth	66.590	80.463	86.343
long-term borrowings	51.726	36.560	35.759
Short term borrowings	16.706	70.015	93.929
Total borrowings	68.432	106.575	129.688
Debt/Equity ratio	1.028	1.325	1.502

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	377.999	417.695	455.933
		10.502	9.155

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	377.999	417.695	455.933
Profit	12.708	13.873	5.880
	3.36%	3.32%	1.29%

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	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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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	Yes

NOTE:

The registered address of the company has been shifted from 13 B, ATMA Ram House 1 Tolstoy Marg, New Delhi – 110001, India to the present address w.e.f 11.10.2010

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10132609	21/02/2014 *	83,200,000.00	Union Bank of India	173-174 D.S.D.C. SHED, OKHLA INDUSTRIAL AREA, PHASE-1, NEW DELHI, Delhi - 110020, INDIA	B96842182

* Date of charge modification

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.61.85
UK Pound	1	Rs.96.73
Euro	1	Rs.76.53

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--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		47

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.