MIRA INFORM REPORT

Report No. :	338051
Report Date :	24.08.2015

IDENTIFICATION DETAILS

Name :	M. MOSER DESIGN ASSOCIATES (INDIA) PRIVATE LIMITED (w.e.f. 17.12.2014)
Formerly Known As :	M. MOSER DESIGN AND ARCHITECTURE (INDIA) PRIVATE LIMITED
Registered Office :	38, Okhla Industrial Estate, Phase III, New Delhi-110020
Tel. No.:	91-11-40754500
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.12.2007
Com. Reg. No.:	55-171291
Capital Investment / Paid-up Capital :	Rs. 110.415 Million
CIN No.: [Company Identification No.]	U20296DL2007PTC171291
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAFCM3543A
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is in the business of Interior Designing and Decoration.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 335000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated during the year 2007 having a satisfactory track record. The company is continuously incurring losses from its two year of operation However, capital base of the company is strong. Balance sheet of the company is debt free. Further, the rating also takes into consideration favorable gap between trade payable and trade receivable. Trade relations are reported as fair. Business is active. Payment terms are reported to be slow but correct. In view of acceptable financial base, the company can be considered 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2013.

INFORMATION DECLINED BY

Name :	Mr. Pankaj
Designation :	Account Head
Contact No.:	91-9873523603
Date :	22.08.2015

LOCATIONS

Registered Office :	38, Okhla Industrial Estate, Phase III, New Delhi-110020, India
Tel. No.:	91-11-40754500
Mobile No.:	91-9873523603 (Mr. Pankaj)
Fax No.:	91-11-40754599
E-Mail :	nirmalm@mmoser.com pankaja@mmoser.com sabinar@mmoser.com delhi-enquiry@mmoser.com
Website :	http://www.mmoser.com

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Moira Marion Luk Moser

Designation :

Director

Address :

Sol Y Luna, Dd217 Lot 1126, Pak Sha Wan, Sai Kung, 00, Hong Kong

Date of Birth/Age :

19.06.1939

Date of Appointment :

11.12.2007

DIN No.:

01596182

Name :

Mr. Man Keung Joseph Luk

Designation :

Director

Address :

Sol Y Luna, Dd217 Lot 1126, Pak Sha Wan, Sai Kung, 00, Hong Kong

Date of Birth/Age :

13.06.1949

Date of Appointment :

11.12.2007

DIN No.:

01725582

Name :

Mr. John Merritt Sellery

Designation :

Director

Address :

House 2, Silver Strand Lodge, No. 6 Silver Cape Road, Clear Water Bay, Kowloon, Na, Hong Kong

Date of Birth/Age :

08.02.1957

Date of Appointment :

11.12.2007

DIN No.:

01596207

Name :

Mr. Yin Fung Mak

Designation :

Director

Address :

House 237, 555 Hong Xu Road, Hong Qiao, Shanghai, 201103, China

Date of Birth/Age :

21.12.1958

Date of Appointment :

11.12.2007

DIN No.:

01723156

Name :

Mr. Nirmal Mangal

Designation :

Whole-Time Director

Address :

A-302, 3rd Floor, Ariisto Sapphire, 2nd Hasnabad Lane, Santa Cruz We, Mumbai- 400052, Maharashtra, India

Date of Birth/Age :

11.09.1956

Qualification :

AIA, NCARB, M. Arch

Experience :

35 Years

Date of Appointment :

31.10.2013

PAN No.:

CCFPM4028K

DIN No.:

06573513

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	Company/ LLP Status	Defaulting status
1	U20296DL2007PTC171291	M.MOSER DESIGN ASSOCIATES (INDIA) PRIVATE LIMITED	Whole-time director	31-10-2013	09-05-2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Pankaj Arya
Designation :	Secretary
Address :	3164 A, Mahindra Park, Rani Bagh, New Delhi-110034, Delhi, India
Date of Birth/Age :	22.11.1977
Date of Appointment :	18.07.2014
PAN No.:	AGKPA2292G
Name :	Mr. Pankaj
Designation :	Account Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Man Keung Joseph Luk	8817400
Moira Marion Luk Moser	2498900
Moira Marion Luk Moser, Hon Chung Chan, Fred Moser, To Chan	50
Moira Morion Luk Moser, John Merritt Sellery, Fred Moser, Austin Sellery	50
Man Keung Joseph Luk, Nirmal Mangal, Gan Wing Luk, Shyam Nath Mangal	75
Man Keung Joseph Luk, Sabin A Reddy, Gan Wing Luk, Chimalavagu Narendra Reddy	25
Total	11316500

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is in the business of Interior Designing and Decoration.
Brand Names :	”M. Moser Associates”
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

· Basell China Limited

· Ascendas Land (Singapore) Pte Limited

· Eastern Air Products (Shanghai) Company Limited

· Caterpillar Shanghai Engine Company

· China Netcom Corporation Limited

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
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 A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· The Hong kong and Shanghai Bank Corporation Limited

Facilities :

--

Banking Relations :	--
Auditors :
Name :	AVA and Associates Chartered Accountants
Address :	4F, Gopala Tower, 25, Rajendra Place, New Delhi – 110008, India
Income-tax PAN of auditor or auditor's firm :	AAKFA1871D
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs. 150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11316500	Equity Shares	Rs. 10/- each	Rs. 113.165 Million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs. 150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11041500	Equity Shares	Rs. 10/- each	Rs. 110.415 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	110.415	79.960	49.960
(b) Reserves & Surplus	6.707	(40.174)	(13.685)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	20.000	0.000
Total Shareholders’ Funds (1) + (2)	117.122	59.786	36.275
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.721	2.700	1.763
Total Non-current Liabilities (3)	4.721	2.700	1.763
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	31.912	35.174	18.882
(c) Other current liabilities	9.945	11.644	6.542
(d) Short-term provisions	0.582	0.242	0.072
Total Current Liabilities (4)	42.439	47.060	25.496
TOTAL	164.282	109.546	63.534
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	43.166	15.961	6.842
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	28.290	14.734	5.744
(d) Long-term Loan and Advances	7.590	6.998	4.099
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	79.046	37.693	16.685
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	40.468	30.421	35.057
(d) Cash and cash equivalents	13.276	21.567	-0.141
(e) Short-term loans and advances	31.363	19.838	11.928
(f) Other current assets	0.129	0.027	0.005
Total Current Assets	85.236	71.853	46.849
TOTAL	164.282	109.546	63.534

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	298.633	214.062	NA
Less	EXPENSES
		TOTAL	331.806	246.288	NA
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(33.173)	(32.226)	5.311
Less/ Add	DEPRECIATION/ AMORTISATION		6.687	3.254	2.446
	PROFIT/ (LOSS) BEFORE TAX		(39.860)	(35.480)	2.865
Less	TAX		(13.556)	(8.990)	0.000
	PROFIT/ (LOSS) AFTER TAX		(26.304)	(26.490)	2.865
	Earnings Per Share (Rs.)		2.38	3.31	0.57

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(8.81)	(12.37)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(29.31)	(37.42)	4.96
Return on Investment (ROI) (PBT/Networth)		(0.34)	(0.59)	0.08
Debt Equity Ratio (Total Liability/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.01	1.53	1.84

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	49.960	79.960	110.415
Reserves & Surplus	(13.685)	(40.174)	6.707
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	20.000	0.000
Net worth	36.275	59.786	117.122
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

BUY BACK OF SHARE:

During the year, the company has not made any offer to buy back its shares.

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from B-41, Panchsheel Enclave, New Delhi, India to the present address w.e.f 30.05.2008

FIXED ASSETS:

Tangible Assets

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Other Equipments

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. 65.83
UK Pound	1	Rs. 103.39
Euro	1	Rs. 74.27

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	DIV
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	3
--CREDIT LINES	1~10	5
--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		42

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.