MIRA INFORM REPORT

Report No. :	328244
Report Date :	20.06.2015

IDENTIFICATION DETAILS

Name :	F AND F GLOBAL PRIVATE LIMITED

Registered Office :	37, Back Side, Pusa Road, New Delhi – 110005
Tel. No.:	91-11- 25711582 / 124-4632300

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	28.08.2006

Com. Reg. No.:	55-152622

Capital Investment / Paid-up Capital :	Rs.5.400 Million

CIN No.: [Company Identification No.]	U17299DL2006PTC152622

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 :	Importer and Trader of Kronotex Wooden Laminated Flooring, Wall to Wall Carpets, Rugs, Furnishing Items and Fabrics.

No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 78000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject was established in the year 2006 and engaged in the business of importing and trading of Kronotex wooden laminated flooring, wall to wall carpets, rugs, furnishing items and fabrics. It is an established company having moderate track record. The company has taken huge external borrowing, which acts as threatening to the liquidity position of the company. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing 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

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 DENIED BY

Name :	Mr. Dheeraj
Designation :	Manager
Contact No.:	91-124-4632300
Date :	18.06.2015

LOCATIONS

Registered Office :	37, Back Side, Pusa Road, New Delhi – 110005, India
Tel. No.:	91 – 11 – 25711582 / 124 – 4632300
Fax No.:	91-124 -5038198
E-Mail :	ca.dhiraj@gmail.com info@fandf.in
Website :	www.fandf.com

DIRECTORS

As on 29.09.2014

Name :

Mrs. Madhu Khandelwal

Designation :

Director

Address :

37, Back Side, Pusa Road, New Delhi – 110005, India

Date of Birth/Age :

08.03.1955

Date of Appointment :

26.03.2015

DIN No.:

00073353

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	U74899DL1991PTC044969	FLOOR AND FURNISHINGS INDIA PRIVATE LIMITED	Additional director	27/03/2015	12/04/2005	-	Active	NO
2	U17299DL2006PTC152622	F AND F GLOBAL PRIVATE LIMITED	Additional director	26/03/2015	28/08/2006	-	Active	NO

Name :

Mr. Subhash Khandelwal

Designation :

Director

Address :

37, Back Side, Pusa Road, New Delhi – 110005, India

Date of Birth/Age :

18.08.1955

Date of Appointment :

28.08.2006

DIN No.:

00073355

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	U74899DL1991PTC044969	FLOOR AND FURNISHINGS INDIA PRIVATE LIMITED	Managing director	21/07/1991	21/07/1991	-	Active	NO
2	U74999DL2002PTC115990	KRONOTEX (INDIA) PRIVATE LIMITED	Director	01/01/2006	01/01/2006	-	Strike off	NO
3	U17299DL2006PTC152622	F AND F GLOBAL PRIVATE LIMITED	Director	28/08/2006	28/08/2006	-	Active	NO
4	U52100HR2011PTC042741	F AND F ENTERPRISES PRIVATE LIMITED	Director	27/09/2013	24/04/2013	-	Active	NO

Name :

Mr. Vivek Khandelwal

Designation :

Director

Address :

37, Back Side, Pusa Road, New Delhi – 110005, India

Date of Birth/Age :

20.11.1976

Date of Appointment :

16.06.2009

DIN No.:

01070187

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	U74899DL1991PTC044969	FLOOR AND FURNISHINGS INDIA PRIVATE LIMITED	Director	01/04/1995	01/04/1995	-	Active	NO
2	U17299DL2006PTC152622	F AND F GLOBAL PRIVATE LIMITED	Director	16/06/2009	16/06/2009	-	Active	NO
3	U52100HR2011PTC042741	F AND F ENTERPRISES PRIVATE LIMITED	Director	25/04/2011	25/04/2011	-	Active	NO

Name :

Mr. Nakul Khandelwal

Designation :

Director

Address :

37, Back Side, Pusa Road, New Delhi – 110005, India

Date of Birth/Age :

11.06.1984

Date of Appointment :

16.06.2009

DIN No.:

01109374

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	U74899DL1991PTC044969	FLOOR AND FURNISHINGS INDIA PRIVATE LIMITED	Director	16/06/2009	16/06/2009	-	Active	NO
2	U17299DL2006PTC152622	F AND F GLOBAL PRIVATE LIMITED	Director	16/06/2009	16/06/2009	-	Active	NO
3	U52100HR2011PTC042741	F AND F ENTERPRISES PRIVATE LIMITED	Director	25/04/2011	25/04/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Dheeraj
Designation :	Manager

MAJOR SHAREHOLDERS

As on 29.09.2014

Names of Shareholders	No. of Shares	%age holding
Subhash Khandelwal	145800	27.00
Madhu Khandelwal	135000	25.00
Nakul Khandelwal	97200	18.00
Vivek Khandelwal	97200	18.00
Neeti Khandelwal	32400	6.00
Pooja Bishnoi	32400	6.00
Total	540000	100.00

As on 29.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Importer and Trader of Kronotex Wooden Laminated Flooring, Wall to Wall Carpets, Rugs, Furnishing Items and Fabrics.

Products :	Kronotex Wooden Laminated Flooring Wall to Wall Carpets Rugs Furnishing Items Fabrics

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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 :

Information declined by the management.

Bankers :

Banker Name	Standard Chartered Bank
Branch Address	10, Parliament Street, New Delhi – 110001, 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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Standard Chartered Bank - Buyers' Credit A/c	10.063	5.027
Standard Chartered Bank - Cash Credit A/c (Secured against the hypothecation of stocks, Books Debts, Plant and Machinery and other current and fixed assets both present and future and personal guarantees of the promoters)	43.602	39.418
Total	53.665	44.445

Auditors :
Name :	J. B. and Associates Chartered Accountant
Address :	23/26, 1st Floor, East Patel Nagar, New Delhi – 110008, India
PAN No.:	AAAPA4461B

Memberships :	Not Available

Collaborators :	Not Available

Associates :	Floor and Furnishing (India) Private Limited F and F Enterprises Private Limited

Other Related Parties :	R. K. Furnishing Private Limited J. S. Furnishings Private Limited

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital:

No. of Shares	Type	Value	Amount

1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount

540000	Equity Shares	Rs.10/- each	Rs.5.400 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	5.400	5.400	5.400
(b) Reserves & Surplus	22.010	19.355	15.298
(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)	27.410	24.755	20.698

(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	0.045	0.044	0.045
(d) long-term provisions	2.164	2.653	2.586
Total Non-current Liabilities (3)	2.209	2.697	2.631

(4) Current Liabilities
(a) Short term borrowings	117.450	100.415	85.596
(b) Trade payables	14.253	14.840	8.494
(c) Other current liabilities	9.411	4.223	10.769
(d) Short-term provisions	2.500	1.840	1.450
Total Current Liabilities (4)	143.614	121.318	106.309

TOTAL	173.233	148.770	129.638

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.180	14.436	14.673
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.030	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.250	0.250	0.250
(c) Deferred tax assets (net)	0.921	1.136	1.048
(d) Long-term Loan and Advances	60.908	28.585	17.297
(e) Other Non-current assets	0.136	0.080	0.058
Total Non-Current Assets	77.425	44.487	33.326

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	50.551	54.833	56.884
(c) Trade receivables	18.889	21.753	14.257
(d) Cash and cash equivalents	2.405	2.892	0.801
(e) Short-term loans and advances	21.077	19.893	19.778
(f) Other current assets	2.886	4.912	4.592
Total Current Assets	95.808	104.283	96.312

TOTAL	173.233	148.770	129.638

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income
	Other Income
	TOTAL	128.505	128.567	118.341

Less	EXPENSES	121.982	122.196	113.728

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	6.523	6.371	4.613

Less/ Add	DEPRECIATION/ AMORTISATION	0.511	0.558	0.532

	PROFIT/ (LOSS) BEFORE TAX	6.012	5.813	4.081

Less	TAX	3.356	1.756	1.363

	PROFIT/ (LOSS) AFTER TAX	2.656	4.057	2.718

	Earnings / (Loss) Per Share (Rs.)	4.91	7.51	5.03

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Total Income)	(%)	2.07	3.16	2.30

Return on Total Assets (PBT/Total Assets}	(%)	3.49	3.94	3.18

Return on Investment (ROI) (PBT/Networth)		0.22	0.23	0.20

Debt Equity Ratio (Total Debt/Networth)		4.28	4.06	4.14

Current Ratio (Current Asset/Current Liability)		0.67	0.86	0.91

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	5.400	5.400	5.400
Reserves & Surplus	15.298	19.355	22.010
Net worth	20.698	24.755	27.410

long-term borrowings	0.000	0.000	0.000
Short term borrowings	85.596	100.415	117.450
Total borrowings	85.596	100.415	117.450
Debt/Equity ratio	4.135	4.056	4.285

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	118.341	128.567	128.505
		8.641	(0.048)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	118.341	128.567	128.505
Profit	2.718	4.057	2.656
	2.30%	3.16%	2.07%

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	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	Yes
18	Major suppliers	No
19	Major customers	No
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 three 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

Note:

Registered address of the company has been shifted from the 2213, Gurdwara Road, Karol Bagh, New Delhi – 110005, India, to the present address w.e.f. 16.08.2011.

BUSINESS ACTIVITIES

During the year the company has been able to maintain the sales and other income almost at the same level as in the preceding year but however the net profit has declined to Rs.2.655 Million as against Rs.4.057 Million in the preceding year due to higher staff and other cost.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans and Advances from related parties	63.785	55.970
Total	63.785	55.970

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10530709	25/09/2014	79,000,000.00	STANDARD CHARTERED BANK	10, PARLIAMENT STREET, NEW DELHI, Delhi - 110001, INDIA	C33274713
2	10530716	12/09/2014	3,000,000.00	STANDARD CHARTERED BANK	10, PARLIAMENT STREET, NEW DELHI, Delhi - 110001, INDIA	C33276874
3	10243854	14/09/2012 *	249,000,000.00	Standard Chartered Bank	10, PARLIAMENT STREET, NEW DELHI, Delhi - 110001, INDIA	B58324104
4	10166012	13/03/2014 *	87,500,000.00	STANDARD CHARTERED BANK	10, PARLIAMENT STREET, NEW DELHI, Delhi - 110001, INDIA	C04102778

* Date of charge modification

FIXED ASSETS

Air Conditioner
Building
Computer
Furniture and Fixture
Land
Office Equipment
Vehicle

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.63.81
UK Pound	1	Rs.101.25
Euro	1	Rs.72.35

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	RAS

Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		30

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.

MIRA INFORM REPORT

Unit