MIRA INFORM REPORT

Report No. :	324375
Report Date :	29.05.2015

IDENTIFICATION DETAILS

Name :	SPACE N STYLE
Registered Office :	153-A, Varun Complex, Bhandarkar Road Erandwana, Pune – 411004, Maharashtra
Tel. No.:	91-02565-2224/2307
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation:	04.01.2000
Capital Investment / Paid-up Capital :	Rs.20.475 Million
TIN No.:	Not Available
IEC No.:	3196005780
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAK452265H
Legal Form :	Partnership Concern with an Unlimited Liability of the Partner.
Line of Business :	Manufacturer of Modular Furniture.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 59000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established partnership concern having satisfactory track record. General financial position of the concern is sound and healthy. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct and as per commitment. The concern can 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 – 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 31-03-2014.

.

INFORMATION PARTED BY

Name :	Mr. Mahesh Ghatekar
Designation :	Admin Head
Contact No.:	91-9552527117
Date :	25.05.2015

LOCATIONS

Registered Office :	153-A, Varun Complex, Bhandarkar Road, Pune – 411004, Maharashtra, India
Tel. No.:	91-20-25652224/2307
Mobile No.:	91-9552527117 (Mr. Mahesh Ghatekar)
Fax No.:	91-20-25653997
E-Mail :	spacenstyle09@gmail.com
Website :	http://www.spacenstyle.com
Location :	Rented
Locality:	Commercial
Factory :	Plot No.2, Gat-No.281/1, Kasar Amoli, Post Amber-Vet, Tal Mulshi, District, Pune, Maharashtra, India
Tel. No.:	91-20-22922262
Fax No.:	91-20-22922765

PARTNERS

Name :	Mr. Vasant Jaywant Divekar
Designation :	Partner
PAN No.:	AAOPD8780C
Name :	Mrs. Supriya Ajit Divekar
Designation :	Partner
Name :	Mr. Mangesh Dipesh Devekar
Designation :	Partner

KEY EXECUTIVES

Name :	Mr. Mahesh Ghatekar
Designation :	Admin Head

BUSINESS DETAILS

Line of Business :	Manufacturer of Modular Furniture.
Products :	Modular Furniture
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Kuwait
Imports :
Products :	Raw Material
Countries :	Spain Germany
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

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 :	Not Divulged
Remark:	Not Divulged

Customers :

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 :	Not Divulged
Remark:	Not Divulged

No. of Employees :

30 (Approximately)

Bankers :

Bank Name	Bank of Maharashtra
Branch	Paud Phata, Pune, Branch
Person Name (With Designation)	Mr. Gopal Singh (Depty Manage)
Contact Number	91-20-25433099
Name of Account Holder	Space N Style
Account Number	20003215551
Account Since (Date/Year of Account Opening)	27.08.2005
Average Balance Maintained (If Possible)	5.000 Million
Credit Facilities Enjoyed (If any)	Cash Credit- Rs.9.000 Million and Term Loan – Rs.2.000 Million
Account Operation	Not Available
Remarks (If any)	Mr. Gopal Informed that they have satisfactory track record with banker.

• Saraswat Co-Operative Bank Limited

Auditors :

Name :

G N Angal and Company

Chartered Accountants

Memberships :

Not Available

Collaborators :

Not Available

Sister Concern 1:

• Cozy Interiors

Address:

153-A, Varun Complex, Bhandarkar Road, Pune – 411001, Maharashtra, India

Tel No.:

91-20-25652224/ 25652307

Fax No.

91-20-25653997

Sister Concern 2:

• Divekar Associates

Address:

Varun Complex, 153-A, Bhandarkar Road, Next Gazelle, Pune – 411004, Maharashtra, India

Tel No.:

91-20-25652224/ 25652307

Fax No.:

91-20-25653997

CAPITAL STRUCTURE

Partners Capital Account:	31.03.2014 (Rs. In Million)
Mr. Vasant Divekar	(1.715)
Mrs. Supriya A. Divekar	3.476
Mr. Mangesh D. Divokar	1.760
Factory Premises Revolution Reserve	16.954
Total	20.475

FINANCIAL DATA

[all figures are in Rupees Million]

The above information has been parted by Mr. Mahesh Ghatekar (Admin Head)

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2014	31.03.2013
SHAREHOLDERS FUNDS
1] Partner’s Capital		20.475	20.525
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		20.475	20.525
LOAN FUNDS
1] Secured Loans		10.629	11.478
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		10.629	11.478
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		31.104	32.003
APPLICATION OF FUNDS		0.000	0.000
FIXED ASSETS [Net Block]		23.355	23.103
Capital work-in-progress		0.000	0.000
INVESTMENT		2.102	3.410
DEFERRED TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4.270	7.434
	Sundry Debtors	9.559	10.476
	Cash & Bank Balances	0.331	0.622
	Other Current Assets	1.923	1.418
	Advance to Supplier	0.892	1.204
	Loans & Advances	0.000	0.000
	Sundry Deposits & Advances	1.175	1.123
Total Current Assets		18.150	22.277
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.133	4.955
	Other Current Liabilities	7.819	11.300
	Provisions	0.551	0.532
Total Current Liabilities		12.503	16.787
Net Current Assets		5.647	5.490
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		31.104	32.003

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014
	SALES
	Income	39.894
	Other Income	0.221
	TOTAL	40.115
Less	EXPENSES
	Cost of Goods Sold	3.164
	Material Purchases	22.884
	Job Work Charges	2.261
	Factory Wages	1.484
	Carriage Inward	0.132
	Power Charges	0.269
	Staff and Labour Expenses	1.788
	Other Administrative Expenses	3.179
	Interest Paid	1.494
	TOTAL	36.655
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	3.460
Less	DEPRECIATION/ AMORTISATION	0.894
	PROFIT/ (LOSS) BEFORE TAX	2.566
Less	TAX	1.600
	PROFIT/ (LOSS) AFTER TAX	0.966

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	2.41	NA
Operating Profit Margin (PBIDT/Sales)	(%)	6.43	NA
Return on Total Assets (PBT/Total Assets}	(%)	14.14	NA
Return on Investment (ROI) (PBT/Networth)		0.13	NA
Debt Equity Ratio (Total Debt /Networth)		0.51	0.57
Current Ratio (Current Asset/Current Liability)		NA	NA

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	20.525	20.475
Reserves & Surplus	0.000	0.000
Money received against share warrants	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	20.525	20.475
long-term borrowings	10.629	11.478
Short term borrowings	0.000	0.000
Total borrowings	10.629	11.478
Debt/Equity ratio	0.518	0.561

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	No
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)	Yes
16	No. of employees	Yes
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 one year	Yes
30	Major shareholders, if available	No
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

Fixed Assets

Tangible Assets

• Land
• Land Development, Factory Premises
• Plant and Machinery
• Tools and Equipment
• Office Equipment
• Electrical Installation
• Computer
• Office Furniture
• Mahindra Utility
• Tata Indica
• Mobile Phone
• Santro Car
• Die
• Skoda Octovia
• Tata Indigo
• Mahindra Balero
• Tata Manza
• Skoda Rapid

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 records 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.63.90
UK Pound	1	Rs.98.16
Euro	1	Rs.69.74

INFORMATION DETAILS

Information Gathered by :	GAY
Analysis Done by :	DIV
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.