MIRA INFORM REPORT

Report No. :	505899
Report Date :	26.04.2018

IDENTIFICATION DETAILS

Name :	FORTUNA PROJECTS (INDIA) PRIVATE LIMITED
Registered Office :	# 212, 4th Floor, Above Hero Honda Show Room, Bellary Road, Sadashivanagar, Bangalore - 560080, Karnataka
Mobile No.:	91-7411000102 (Mr. Vuppu Padmaiah)
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	04.06.2007
Com. Reg. No.:	08-042995
Capital Investment / Paid-up Capital :	INR 5.000 Million
CIN No.: [Company Identification No.]	U45203KA2007PTC042995
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
IEC No.: [Import-Export Code No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
PAN No.: [Permanent Account No.]	AABCF1136C
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged into Construction Activity. [Registered Activity]
No. of Employees :	Not Divulged

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 88800
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2007 and it is engaged in construction activity. As per financials of March 2017, the company has registered decline in its revenue as compared to its previous year’s revenue and has reported minimal profit margin. Rating takes into consideration the company’s satisfactory track record of business operations marked by sound networth along with low solvency indicators and decent liquidity position. However, ratings strength is partially offset by sharp decline in its revenue and its presence in highly competitive along with huge working capital requirement construction industry. Payment seems to be slow but correct. In view of aforesaid, 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 26.04.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DECLINED BY

Name :	Mr. Vuppu Padmaiah
Designation :	Director
Contact No.:	91-7411000102
Date :	25.04.2018

[91-80-23613391/ 92/ 93] – Not Working

LOCATIONS

Registered Office :	# 212, 4th Floor, Above Hero Honda Show Room, Bellary Road, Sadashivanagar, Bangalore - 560080, Karnataka, India
Tel. No.:	Not Available
Mobile No.:	91-7411000102 (Mr. Vuppu Padmaiah)
Fax No.:	Not Available
E-Mail :	fortunaprojects@gmail.com
Website :	http://www.fortunaprojects.com/
Headquarter :	7, Old No.390 13th Cross, Bhashyam Circle, Sadashivnagar, Bangalore 560080, Karnataka, India
Tel. No.:	sales@fortunaprojects.com
Muscat Address :	P.O. Box 533, PC0117, Sultanet of Oman

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Vuppu Padmaiah

Designation :

Director

Address :

No 3159, 12th Main, Hal 2nd Stage, Indira Nagar, Bangalore 560038, Karnataka, India

Date of Birth/Age :

15.06.1977

Date of Appointment :

04.06.2007

PAN No.:

ADMPV7086J

DIN No.:

02404159

Other Directorship :

CIN/FCRN	Company Name	Begin Date	End Date
U45203KA2007PTC042995	FORTUNA PROJECTS (INDIA) PRIVATE LIMITED	04/06/2007	-
U70102KA2006PTC040707	FORTUNA CONSTRUCTIONS (INDIA) PRIVATE LIMITED	10/10/2006	-
U72200KA2006PTC038733	FORTUNA INNOVATIVE SOLUTIONS PRIVATE LIMITED	14/03/2006	-

Name :

Mrs. Dhanalakshmi Aswatha

Designation :

Additional Director

Address :

No 12, Lalitha Manor, Flat No 2-A, 14th Cross, AEC Sanjay Nagar, Bangalore 560094, Karnataka, India

Date of Appointment :

07.04.2016

DIN No.:

07543039

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2017

Names of Shareholders	No. of Shares	Percentage of Holding
Vuppu Padmaiah	250000	50.00
Dhanalakshmi Aswatha	250000	50.00
Total	500000	100.00

AS ON 30.09.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters – Individual/ Hindu Undivided Family – Indian	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged into Construction Activity. [Registered Activity]

Products :

ITC Code No.	Product Descriptions
99721129	Rental or leasing services involving own or leased non-residential property n.e.c.

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 (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

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

No. of Employees :

Not Divulged

Bankers :

· Bank of Baroda

Palace Orchards Branch, Old No.386, New No.3, 13th Cross, Near Bashyam Circle, Sadashivanagar, Bangalore - 560080, Karnataka, India

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Loan from Bank- Bank of Baroda	0.256	1.410
Total	0.256	1.410

Auditors :
Name :	S.R. and M.R. Associates Chartered Accountants
Address :	'E' Block, 2nd Stage, Rajajinagar, Bangalore – 560010, Karnataka, India
PAN No.:	AAEFS0042A
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	INR 10/- each	INR 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	INR 10/- each	INR 5.000 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.000	5.000	5.000
(b) Reserves & Surplus	26.078	33.625	33.408
(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)	31.078	38.625	38.408
(3) Non-Current Liabilities
(a) Long-term borrowings	0.256	1.410	5.626
(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	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.256	1.410	5.626
(4) Current Liabilities
(a) Short term borrowings	0.000	4.916	154.525
(b) Trade payables	13.578	23.361	14.763
(c) Other current liabilities	78.591	78.203	77.527
(d) Short-term provisions	12.731	9.879	11.598
Total Current Liabilities (4)	104.900	116.359	258.413
TOTAL	136.234	156.394	302.447
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	47.465	49.400	48.593
(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)	0.906	0.821	0.457
(d) Long-term Loan and Advances	3.862	3.863	3.563
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	52.233	54.084	52.613
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	12.132	12.132	12.132
(c) Trade receivables	25.320	38.753	76.297
(d) Cash and cash equivalents	3.534	6.888	5.733
(e) Short-term loans and advances	31.132	31.109	131.762
(f) Other current assets	11.883	13.428	23.910
Total Current Assets	84.001	102.310	249.834
TOTAL	136.234	156.394	302.447

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations	21.932	51.770	153.795
		Other Income	6.906	10.179	3.872
		TOTAL (A)	28.838	61.949	157.667
Less	EXPENSES
		Purchases of Stock-in-Trade	21.993	52.140	139.512
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.000	0.000	(0.366)
		Employees benefits expense	2.235	3.164	3.143
		Other expenses	1.920	2.394	5.108
		TOTAL (B)	26.148	57.698	147.397
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.690	4.251	10.270
Less	FINANCIAL EXPENSES (D)		0.101	0.371	0.739
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.589	3.880	9.531
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.935	3.279	2.833
	PROFIT BEFORE TAX (E-F) (G)		0.654	0.601	6.698
Less	TAX (H)		0.573	0.384	2.202
	PROFIT AFTER TAX (G-H) (I)		0.081	0.217	4.496
	Earnings Per Share (INR)		0.16	0.43	8.99

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	6.181	10.271	NA
Net Cash from operating activities	(2.200)	9.457	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	421.38	273.22	181.07
Account Receivables Turnover (Income / Sundry Debtors)	0.87	1.34	2.02
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	225.34	163.54	38.62
Inventory Turnover (Operating Income / Inventories)	0.22	0.35	0.85
Asset Turnover (Operating Income / Net Fixed Assets)	0.06	0.09	0.21

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.77	0.75	0.87
Debt Equity Ratio (Total Liability / Networth)	0.01	0.16	4.17
Current Liabilities to Networth (Current Liabilities / Net Worth)	3.38	3.01	6.73
Fixed Assets to Networth (Net Fixed Assets / Networth)	1.53	1.28	1.27
Interest Coverage Ratio (PBIT / Financial Charges)	26.63	11.46	13.90

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	0.37	0.42	2.92
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.06	0.14	1.49
Return on Investment (ROI) ((PAT / Networth) * 100)	%	0.26	0.56	11.71

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.80	0.88	0.97
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.69	0.77	0.92
G-Score Ratio Financial (Networth / Total Assets)	0.23	0.25	0.13
G-Score Ratio Debt (Debts / Equity Capital)	0.05	1.27	32.03
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.80	0.88	0.97

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

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particulars	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	5.000	5.000	5.000
Reserves & Surplus	33.408	33.625	26.078
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	38.408	38.625	31.078
long-term borrowings	5.626	1.410	0.256
Short term borrowings	154.525	4.916	0.000
Total borrowings	160.151	6.326	0.256
Debt/Equity ratio	4.170	0.164	0.008

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	153.795	51.770	21.932
		-66.338	-57.636

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	153.795	51.770	21.932
Profit	4.496	0.217	0.081
	2.92%	0.42%	0.37%

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	No
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

INDEX OF CHARGES

CHARGES REGISTERED
SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	B92480284	10467446	BANK OF BARODA	28/11/2013	-	-	2485000.0	PALACE ORCHARDS BRANCH, OLD NO.386, NEW NO.3,13TH CROSS, NEAR BASHYAM CIRCLE, SADASHIVANAGARBANGALOREKA560080IN
2	B58828997	10378288	BANK OF BARODA	10/08/2012	-	-	2487000.0	PALACE ORCHARDS BRANCH, NO.3, OLD NO.38613TH CROSS, NEAR BASHYAM CIRCLE, SADASHIVNAGARBANGALOREKA560080IN
3	B34422162	10340802	BANK OF BARODA	18/01/2012	-	-	1000000.0	PALACE ORCHARDS BRANCH, NO.3, OLD NO.38613TH CROSS, NEAR BASHYAM CIRCLE, SADASHIVNAGARBANGALOREKA560080IN
4	B08202962	10272550	BANK OF BARODA	02/02/2011	-	-	2975000.0	PALACE ORCHARDS BRANCH, NO.3, OLD NO.38613TH CROSS, NEAR BASHYAM CIRCLE, SADASHIVNAGARBANGALOREKA560080IN

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
SHORT TERM BORROWINGS
Fortuna Urbanscape Private Limited	0.000	2.401
Fortuna Buildcon (India) Private Limited	0.000	2.515
Total	0.000	4.916

BACKGROUND:

Subject was incorporated in June 2007. The main object of the Company is to carry on the business of Development of Residential and Commercial Properties.

FIXED ASSETS:

· Computers

Furniture and Fixture

Machinery and Equipments

Mobile Equipment

Printers

Vehicles

Electrical Installations

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	INR 66.70
UK Pound	1	INR 93.14
Euro	1	INR 81.43

INFORMATION DETAILS

Information Gathered by :	PNM
Analysis Done by :	VIV
Report Prepared by :	BVA

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.