MIRA INFORM REPORT

Report No. :	338499
Report Date :	26.08.2015

IDENTIFICATION DETAILS

Name :	BUILDSTAR PROJECTS PRIVATE LIMITED
Registered Office :	No.130/1, Ulsoor Road, Bangalore – 560 042, Karnataka
Tel. No.:	91-80-41320101
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	26.09.2012
Com. Reg. No.:	08-066020
Capital Investment / Paid-up Capital :	Rs.10.300 million
CIN No.: [Company Identification No.]	U45200KA2012PTC066020
IEC No.:	0712022066
TAN No.: [Tax Deduction & Collection Account No.]	BLRB10670C
PAN No.: [Permanent Account No.]	AAFCB1849N
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is ion to the business of trading wholesale and retail in wooden flooring, sports flooring, artificial turf and other products.
No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 40300
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. For the financial year ended 2014, company possesses sound operational performance it has maintained fair profit margins during a year under a review. However, rating remain constrained on account of company’s moderate financial risk profile marked by low reserves along with huge borrowings and leverage balance sheet profile of the company. However, trade relations are reported as fair. Payments are reported to be slow but correct. In view of moderate balance sheet profile, 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 – 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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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

Management non-cooperative

(Tel. No.: 91-80-41320101)

LOCATIONS

Registered Office :	No.130/1, Ulsoor Road, Bangalore – 560 042, Karnataka, India
Tel. No.:	91-80-41320101/ 41320400/ 25588591
Fax No.:	91-80-25587881
E-Mail :	sunil.mody@modyworld.com info@buildstar.in
Website :	https://www.buildstar.in

DIRECTORS

AS ON 30.09.2014

Name :	Ms. Anuradha Ashok Mody
Designation :	Director
Address :	No.130/1, Ulsoor Road, Bangalore – 560 042, Karnataka, India
Date of Birth/Age :	03.06.1940
Date of Appointment :	26.09.2012
DIN No.:	05349537
Name :	Mr. Priyesh Ashok Mody
Designation :	Director
Address :	No.130/1, Ulsoor Road, Bangalore – 560 042, Karnataka, India
Date of Birth/Age :	06.07.1973
Date of Appointment :	26.09.2012
DIN No.:	05349544

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Anuradha Ashok Mody	515000	50.00
Priyesh Ashok Mody	515000	50.00
Total	1030000	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Subject is ion to the business of trading wholesale and retail in wooden flooring, sports flooring, artificial turf and other products.
Products :	Wooden Flooring Sports Flooring Acrylic Court Artificial Turf Engineering Wood Flush Doors, etc.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

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

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

Customers :

Reference :

Taj Residency

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

· Paul Residency

· Taj Mumbai Heritage

· Wipro EC

· C.M.R. Institutes

· Carl Zeiss India Private Limited

· Ontop Pharmaceuticals Limited

No. of Employees :

Information declined by the Management.

Bankers :

Banker Name	Kotak Mahindra Bank Limited
Branch Address	27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, 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)	Not Divulged

· HDFC Bank Limited

· Andhra Bank

· State Bank of India

Facilities :

Secured Loans	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG-TERM BORROWINGS
Term Loans
From HDFC Bank Limited – Secured by
(i) Hypothecation of Toyota Innova Vehicle	0.066	0.253
(ii) Hypothecation of Volkswagen Vehicle	0.275	0.442
(i) Hypothecation of Mercedes Benz Vehicle	2.302	0.000
SHORT-TERM BORROWINGS
Loans repayable on demand – From Kotak Mahindra Bank Limited (Secured by equitable mortgage of property in the joint names of the directors and personally guaranteed by the Directors.)	15.676	17.852
Total	18.319	18.547

Auditors :
Name :	Ram Pureswaran and Company Chartered Accountants
Address :	547, 17^th Main, Sector 4, HSR Layout, Bangalore – 560102, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AALPR6509A
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1050000	Equity Shares	Rs.10/- each	Rs.10.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1030000	Equity Shares	Rs.10/- each	Rs.10.300 million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	10.300	0.100
(b) Reserves & Surplus	3.794	0.706
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	14.094	0.806
(3) Non-Current Liabilities
(a) Long-term borrowings	36.090	39.949
(b) Deferred tax liabilities (Net)	0.116	0.011
(c) Other long term liabilities	0.606	5.706
(d) Long-term provisions	0.022	0.512
Total Non-current Liabilities (3)	36.834	46.178
(4) Current Liabilities
(a) Short term borrowings	15.676	17.852
(b) Trade payables	6.541	5.402
(c) Other current liabilities	11.187	8.870
(d) Short-term provisions	2.276	1.244
Total Current Liabilities (4)	35.680	33.368
TOTAL	86.608	80.352
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	8.187	5.978
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2.755	1.566
(e) Other Non-current assets	0.000	0.000
(f) Long-term Bank Deposits	0.458	0.450
Total Non-Current Assets	11.400	7.994
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	36.297	31.639
(c) Trade receivables	21.537	38.213
(d) Cash and cash equivalents	0.084	0.082
(e) Short-term loans and advances	17.290	2.424
(f) Other current assets	0.000	0.000
Total Current Assets	75.208	72.358
TOTAL	86.608	80.352

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Revenue from Operations	131.757	45.958
		Other Income	2.008	0.116
		TOTAL	133.765	46.074
Less	EXPENSES
		Cost of Products Sold	92.520	32.861
		Employee Benefit Expense	10.692	3.747
		Other Expenses	15.770	3.705
		Extraordinary Items - Loss on Sale of Asset	0.025	0.000
		TOTAL	119.007	40.313
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		14.758	5.761
Less	FINANCIAL EXPENSES		8.212	3.940
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		6.546	1.821
Less/ Add	DEPRECIATION/ AMORTISATION		1.898	0.529
	PROFIT/ (LOSS) BEFORE TAX		4.648	1.292
Less	TAX		1.560	0.586
	PROFIT/ (LOSS) AFTER TAX		3.088	0.706
	IMPORTS
		Trading Goods	51.012	13.320
	TOTAL IMPORTS		51.012	13.320
	Earnings/ (Loss) Per Share (Rs.)
	- Basic		3.00	70.55
	- Diluted		0.73	70.55

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013
Current maturities of long-term debt	NA	NA
Cash generated from operations	NA	NA
Net cash flows from (used in) operations	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	2.34	1.54
Operating Profit Margin (PBIDT/Sales)	(%)	11.20	12.54
Return on Total Assets (PBT/Total Assets}	(%)	5.40	1.62
Return on Investment (ROI) (PBT/Networth)		0.33	1.60
Debt Equity Ratio (Total Debt /Networth)		3.67	71.71
Current Ratio (Current Asset/Current Liability)		2.11	2.17

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Share Capital	0.100	10.300
Reserves & Surplus	0.706	3.794
Share Application money pending allotment	0.000	0.000
Net worth	0.806	14.094
Long-term borrowings	39.949	36.090
Short term borrowings	17.852	15.676
Total borrowings	57.801	51.766
Debt/Equity ratio	71.713	3.673

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Revenue from operations	45.958	131.757
		186.690

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million
Revenue from operations	45.958	131.757
Profit	0.706	3.088
	1.54%	2.34%

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
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	Yes
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 about one year and six months	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last about one year and six months	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

RESULTS OF OPERATIONS:

The Company is ion to the business of Trading Wholesale and Retail in wooden flooring, sports flooring, artificial turf and other products. The turnover of last year exceeded the target set by the Company which stood at Rs.133.765 million. The Company is in process of adding new products in the coming years which would help increase the turnover and profits.

The Directors are pleased to inform that as on March 31, 2014 the Company has earned a total income of Rs.133.765 million as against Rs.46.074 million earned during the previous year.

The Company has sustained a Maiden net profit of Rs.3.088 million during the second year of operations as against Rs.0.706 million earned during the previous year.

The Directors are confident that they will continue better performance and make a turn around to Profit in the coming years.

UNSECURED LOAN

Particulars	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG-TERM BORROWINGS
Term Loans
From Kotak Mahindra Bank Limited	32.847	38.654
Other Loans
From Director	0.600	0.600
Total	33.447	39.254

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	ADDRESS	Service Request Number (SRN)
1	10530189	26/09/2014	50,000,000.00	KOTAK MAHINDRA BANK LIMITED	27 BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA	C32944639
2	10388271	04/10/2012	74,700,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B62703319

CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR):

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Bank Guarantees
Kotak Mahindra Bank Limited	Nil	0.441

FIXED ASSETS:

· Computer

· Furniture and Fixtures

· Machine Tools and Equipments

· Motor Vehicles

· Office Appliances and 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.66.71
UK Pound	1	Rs.105.10
Euro	1	Rs.77.11

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.