MIRA INFORM REPORT

Report Date :

15^th May 2006

IDENTIFICATION DETAILS

Name :	GRANT HYATT -PROPRIETOR- JUNIPER HOTELS PRIVATE LIMITED
Registered Office :	Off. Western Express Highway, Santacruz (E), Mumbai-400055, Maharashtra, India
Country :	India
Financials (as on) :	31.05.2005
Date of Incorporation :	16^TH September, 1985
CIN No.:	U55101MH2005PTC152863 U65110WB1985PTC039484
Com. Reg. No.:	11-152863 (New) 39484 (Old)
TAN No.: (Tax Deduction & Collection Account No.)	MUMJ09685E / MUMJ09711C
PAN No.: (Permanent Account No.)	AAECS6336E
Legal Form :	Private Limited Liability Company
Line of Business :	Hotel Business

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :
Status :	Moderate
Payment Behaviour :	Slow and delayed
Litigation :	Exist
Comments :	Financial Position of the company is moderate. The company commenced business in 2004. It’s payments are slow and delayed. The company can be considered for any business dealings on safe and secured trade terms and conditions, initially.

LOCATIONS

Registered Office :	Off. Western Express Highway, Santacruz (E), Mumbai-400055, Maharashtra, India
Tel. No.:	91-22-56761000
Fax No.:	91-22-56761010
E-Mail :	hyatt@vsnl.com
Website :	http://www.hyatt.com

DIRECTORS

Name :	Radhe Shyam Saraf
Designation :	Director
Address :	RM D 20/F, Caine Mansion, 80/88 Caine Road, Mid-Level Hong Kong
Date of Birth/Age :	15/08/1930
Date of Appointment :	14/01/1999
Name :	Arun Kumar Saraf
Designation :	Director
Address :	Ratnalaya Sukhniwas, Vill-Gadaipur, Mehrauli, New Delhi-110030
Date of Birth/Age :	10/03/59
I.T.Pan :	ACTPS6880M
Date of Appointment :	01/07/98
Name :	Gangaram Nilacanta Iyer
Designation :	Director
Address :	703, Golden Castle, Sundarnagar Road, No 2, Kalina, Mumbai – 400098, Maharashtra
Date of Birth/Age :	22/09/1934
I.T.Pan :	AABPG0807E
Date of Appointment :	13/06/2001
Name :	Pallavi Shardul Shroff
Designation :	Director
Address :	S-270, Greater Kailash Part II, New Delhi-110048
Date of Birth/Age :	22/04/1956
I.T.Pan :	35 041 P2 5520
Date of Appointment :	13/06/2001
Name :	Umesh Saraf
Designation :	Director
Address :	S-294, Panchsheel park, New Delhi-110017
Date of Birth/Age :	27/12/1963
I.T.Pan :	ABHBS6562P
Date of Appointment :	14/06/2004
Name :	Habib Enayetullah
Designation :	Director
Address :	846 W aldine Unit I, Chicago IL 60657, USA
Date of Birth/Age :	01/05/1967
Date of Appointment :	14/06/2004
Name :	Bharat Pal Singh
Designation :	Director
Address :	11 Tiss Flats, Sion-Trombay Road, Deonar Mumbai, Maharashtra, India
Date of Birth/Age :	13/01/1952
I.T.Pan :	AHQPS6661Q
Date of Appointment :	16/04/2002
Name :	Richard Mcmillan
Designation :	Director
Address :	281, Selki RK Drive, Red Bay, Grand Cayman, Slands
Date of Birth/Age :	26/05/1966
Date of Appointment :	14/12/2002
Name :	Narendra Jamnadas Jhaveri
Designation :	Director
Address :	C-42, Samprat Residency Opp. Parivar Society, Bodakdev, Ahmedabad, Gujarat-380015
Date of Birth/Age :	09/08/1935
I.T.Pan :	AAAPJ2480M
Date of Appointment :	13/06/2001
Name :	Ratnesh Verma
Designation :	Director
Address :	14 Vikas Park, Jalpankhi Society, Juhu Tara Road, Mumbai-400049, Maharashtra
Date of Birth/Age :	08/06/1969
I.T.Pan :	ADDPV0218R
Date of Appointment :	14/06/2004
Name :	A. Srinivasan
Designation :	Secretary
Address :	5, Bethel Building, Chheda Nagar, Chembur, Mumbai-400089, Maharashtra
Date of Birth/Age :	29/12/1947
I.T.Pan :	AASPS2550B
Date of Appointment :	16/09/1998
Name :	Philip Philipose Cottagiri
Designation :	Director
Address :	Room No 7, Jnidb, Gachibowli, Hyderabad, Andhra Pradesh-500019
Date of Birth/Age :	20/04/1949
I.T.Pan :	AFGPP0874C
Date of Appointment :	03/08/2005

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares
Saraf Hotels Limited	71850000
Two Seas Holdings Limited	71850000
Industrial Development Bank of India	3000000

BUSINESS DETAILS

Line of Business :	Hotel Business
Products :	Hotel Business

GENERAL INFORMATION

Suppliers :

Ø Aarti Silverware Private Limited

Ø Catvision products Limited

Ø Dynamic Controls Private Limited

Ø FCML Projects

Ø KM Agarwal and Sons (HUF)

Ø HPS Air Systems Private Limited

Ø Priadarshan Polythene Products

Ø Rateria Fabrics Private Limited

Ø Reliance Marketing

Ø Sagar Enterprises

Ø Shree Interior and Decorator

Ø Sigma Foodservices Technologies

Ø Sonar Electrical Ancillary

Ø Unidyne Energy Environment systems Private Limited

Ø Shreyas Electronics Private Limited

Bankers :

Ø UTI Bank Limited

Ø IDBI Limited

Ø Punjab National Bank

Ø ICICI Bank Limited

Facilities :

Secured Loan	(Rs in millions)
Debenture Optionally Fully Convertible Debenture	300.000
Term Loans From Banks
Rupee Loan	3573.059
Foreign Currency Loan	1017.983
Funded Interest Term Loan	172.400
Other Loans form Banks	64.181

Banking Relations :	Unknown
Auditors :	S.R. Batliboi and Company Chartered Accountants 6^th Floor, Express Towers, Nariman Point, Mumbai – 400021, India
Tel. No.:	91-22-22876485/6
Fax No.:	91-22-22876401
Associates/Subsidiaries :	Mahima Holding Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
190000000	Equity Shares	Rs. 10/- each	Rs. 1900.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
143700000	Equity Shares	Rs. 10/- each	Rs. 1437.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		1437.000	1242.000
2] Share Application Money		0.000	142.859
3] Reserves & Surplus		61.887	61.887
4] (Accumulated Losses)		(182.036)	(61.929)
NETWORTH		1316.851	1384.817
LOAN FUNDS
1] Secured Loans		5127.625	4686.745
2] Unsecured Loans		450.912	480.998
TOTAL BORROWING		5578.537	5167.743
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		6895.388	6552.560
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6978.982	1499.688
Capital work-in-progress		0.000	2827.828
INVESTMENT		0.120	0.114
Pre- operative Expenditure		0.000	2415.840
DEFERREX TAX ASSETS		195.897	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	67.979	9.965
	Sundry Debtors	74.311	1.539
	Cash & Bank Balances	15.623	42.704
	Other Current Assets	0.000	0.000
	Loans & Advances	92.220	59.778
Total Current Assets		250.133	113.986
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	519.288	298.544
	Provisions	10.456	6.352
Total Current Liabilities		529.744	304.896
Net Current Assets		(279.611)	(190.910)
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		6895.388	6552.560

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2005	31.03.2004
Sales Turnover [including other income]	497.294	--
Profit/(Loss) Before Tax	(120.106)	--
Provision for Taxation	--	--
Profit/(Loss) After Tax	(120.106)	--
Export Value	369.042	1.529
Import Value	9.732	90.519
Total Expenditure	356.316	--

KEY RATIOS

PARTICULARS		31.03.2005	31.03.2004
PAT / Total Income	(%)	(24.15)	--
Net Profit Margin (PBT/Sales)	(%)	(24.15)	--
Return on Total Assets (PBT/Total Assets}	(%)	(1.62)	--
Return on Investment (ROI) (PBT/Networth)		(0.09)	--
Debt Equity Ratio (Total Liability/Networth)		4.64	3.95
Current Ratio (Current Asset/Current Liability)		0.47	0.37

LOCAL AGENCY FURTHER INFORMATION

The company has shifted its Registered Office form Kolkata in the state of West Bengal to Mumbai in the State of Maharashtra, where the Hotel Project is located, effective 21^st April, 2005. after obtaining requisite approvals

Old Register office :

21/1, Jatindra Mohan Avenue, Calcutta – 6, w.e.f. 11/11/98 West Bengal, India

Fixed Assets :

Ø Land

Ø Hotel Building

Ø Ownership Flat

Ø Plant and Machinery

Ø Electrical Installations

Ø Furniture and Fixture

Ø Hotel Equipments

Ø Office Equipments

Ø Vehicles

Ø Computer

Business :

Trial runs of the company’s Delux five star Hotel 547 guest rooms, 147 Services Apartments and Shopping Mall of 1.05 lac sq.ft. is fully operational effective 17^th March, 2004. Before the Hotel could go into commercial operation it was essential to ensure.

Hotel did not nave a proper legal access to its main entrance road as the road formed the subject matter of a long drawn out litigation. The company had to fight its way through court, and until the City Civil Court, Mumbai finally disposed of the notice of motion in this regard in October, 2004, the company could not tar and use the road.

The hotel was eventually ready to commence commercial operations for December, 1, 2004. Accordingly its was decided to declare commercial operations on and from 1^st December, 2004.

The directors are pleased to inform that the trial runs of the Grand Hyatt Mumbai Hotel which commenced in March 2004 have been successfully completed in a phased manner. The Hotel with its complement of 547 Guest Rooms, 147 Services Apartments and Shopping Mall of 1.05 lac sq.ft. is fully operational effective 1^st December, 2004. An entertainment centre will also be established in the Hotel complex by the end of March 2006.

The company of the Hotel incurred a total expenditure of Rs. 7190 millions as of 31^st March 2005 on the Hotel Project as against its estimated capital cost of Rs. 6950 millions the overrun in the project csost is mainly due to the increase in preoperative interest and other charges, following the delay in project completing.

The operation of the hotel in the four month period December, 2004 to March 2005, have been

Satisfactory with encouraging occupancy levels. The Hotel is expected to achieved higher levels of performance during year 2005-2006 which will be the first year of operations.

Dividend

In view of the loss incurred, the directors are unable to recommend any dividend for the year under review.

Refinancing of term loans:

Simultaneous with the commencement of trial runs of the Hotel in March 2004, the company took up the exercise of refinancing the high cost debt availed from its lenders for the Hotel Products. As part of refinancing, UTI Bank Limited sanctioned a sum of Rs. 20.885 millions to the company at a lower interest rate. This amount was utilized to pay off part of high cost dent availed from th lender ICICI Bank Limited, IDBI Limited and Punjab National Bank. These lenders also subsequently reduced the rate of interest on the balance of their term loans to current market levels. Thus the company has been able to achieve appreciable reduction in its interests costs.

Name of the company	JUNIPER HOTELS PRIVATE LIMITED
Presented By	Mr. A. Srinivasan Sr. Vice President and Company Secretary
1) Date and description of instrument creating the change	25^th February, 2004, Hypothecation of assets to secure Funded interest term loan agreement executed by Juniper Hotel Private Limited (therein and hereafter referred to as JHPL or Borrower) in favour of Punjab National Bank (therein and hereinafter refer to as PNB) a copy of the said memorandum of Hypothecation is already field.
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 179.500 millions as funded interest term loan in respect of term loan account T/L and T/L read with the above memorandum of hypothecation dated 25^th February, 2004
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Under the said Hypothecation of movable assets the Borrower company created a first charge in favour of PNB to secure the funded interest term loan assistance availed to be availed by the borrower from PNB in terms of the agreement for funded inters 25^th February, 2004. entered into between the company and PNB and covers the amounted referred to therein over the whole of the plant and machinery installed or to be installed and spares relating thereto bother present and future whether now lying lose or in case or which are now laying or stored in or about or shall hereafter from time to time during continuance of the said term loan assistance be brought into or about or shall hereafter from time to time during continuance of the said term loan assistance about borrowers premises at Vakola, Santacruz (e) , Mumbai and godwn or in course of delivery on the order of the borrower.
4) Gist of the terms and conditions and extent and operation of the charge.	In consideration of PNB having entered into the funded term loan agreement deate3d 25.02.2004 for Rs. 179.500 millions and in term of the memorandum of hypothecation of dated 25.02.2004 the borrower has agreed viz : The borrower has hypothecated to the bank as security for payments of the balance due to the bank in respect of the above term loan assistance / facility, the assets described in general term in the schedule forming part of the Hypothecation of assets to secure term loan document. That it shall punctually pay to ensure punctual payment of all rents, rates taxes and out going of the premises where the hypothecated assets would be kept. That the borrower shall not except with the previous written consent of PNB sell or otherwise dispose of the hypothecated assets. That the PNB or its officers shall at any time be entitled to enter into and remain at any place where the hypothecated assets are kept. That the borrower shall insure the hypothecated assets as and when required by PNB in the name of PNB shall have the right to settle, adjust compromise or refer to arbitration any dispute in connection with or arising under any policy of insurance.
5) Name and Address and description of the person entitled to the charge.	Punjab National Bank Large Corporate Branch A-9, Cannaught Place New Delhi.
6) Date and brief description of instrument modifying the charge	15^th June 2005, no instrument was executed. A mortgage by deposit of title deeds was created by the company inter alia in favour of lender by deposit of title deeds in respect of all the immovable properties admeaduting 42270.80 sq. ft. or thereabout situate within the revenue village limited of Kole Kalyan, Vakola Registration Bombay in the State of Maharashtra together with all building nad structure constructed or erected thereon and all plant and machinery attached to the earth or permanently fastened to anything attached to the earth both present and future and more particularly fastened to anything attracting to the earth both present and future and more particularly described in the Annexure hereto inter for the due repayment and discharge by the company on first pari passy charge basis. To lender of its fended interest term loan 179.500 millions in terms oif its loan agreement dated 25^th February, 2004 and deed of hypothecation dated 25^th February, 2004 together with interest, compound interest, additional interest, compounded interest, additional interest, liquidated damages premia on prepayment or on redemption costs charge expenses and other moneis payable by the company to lender under the said loan agreement.
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Funded interest term loan of Rs. 179.500 millions together with intesrest, additional interest additional interest liquidated damages premia on prepayment or on redemption costs charge expenses and other monies payable by the company to PNB in terms of the said loan agreement which is secured by the said deed of hypothecation dated the 25^th February, 2004, being the original charges is now also secured by the said Mortgage by deposit of title deed created by the company on 15^th June 2005, inter alia in favour of lender as for pari passu charge basis.
Name of the company	JUNIPER HOTELS PRIVATE LIMITED
Presented By	Mr. A. Srinivasan Sr. Vice President and Company Secretary
1) Date and description of instrument creating the change	14^th January, 2005, Hypothecation of executed by the company in favour of Kotak Mahindra Bank a copy of the said memorandum of Hypothecation is already field.
2) Amount secured by the charge/amount owing on the securities of charge	The term loan facility of Rs. 95.000 millions agreed to be lent and advance by KMBL to the company together with interest, additional interest, liquidated damages premia on prepayment or on redemption costs charge expenses and other moneis payable by the company to lender in terms of the loan agreement dated 14^th January, 2005 between the company of the one part and KMBL of the other part.
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation by way of first exclusives charge on the present and future rent receivable due to the borrower for use and occupation of the following premises occupied by various occupants the premises at shop No. F2, F3,F4,F5,F9,FF10,F14,F15,F16,F17,F18,F19, F21,F22,F27,F28,F29,F30,F31,F34, G1,G2,G5,G6,G7,G10,G11,G12,G14, G15,G16,G17,G18,G19 and shop no. not occupied by blue costs hotel private limited at Grand Hyatt Mumbai shopping Plaza , Vakola, Sasntacruz (E) Mumbai 400055
4) Gist of the terms and conditions and extent and operation of the charge.	Term loan faciltiry of Rs. 95.000 millions under term loan agreement dated 147^th January 20052, agreed to be lend and advance by kotak mahindra bank limited
5) Name and Address and description of the person entitled to the charge.	Kotak Mahindra Bank Limited 36/38 A, Nariman Bhavan 227, Nariman Point Mumabi 400021
6) Date and brief description of instrument modifying the charge	15^th June 2005, no instrument was executed. A mortgage by deposit of title deeds was created by the company inter alia in favour of lender by deposit of title deeds in respect of all the immovable properties admeaduting 42270.80 sq. ft. or thereabout situate within the revenue village limited of Kole Kalyan, Vakola Registration Bombay in the State of Maharashtra together with all building nad structure constructed or erected thereon and all plant and machinery attached to the earth or permanently fastened to anything attached to the earth both present and future and more particularly fastened to anything attracting to the earth both present and future and more particularly described in the Annexure hereto inter for the due repayment and discharge by the company on first pari passy charge basis. To lender of its fended interest term loan 95.000 millions in terms oif its loan agreement dated 14^th January, 2005 and deed of hypothecation dated 14^th January, 2005 together with interest, compound interest, additional interest, compounded interest, additional interest, liquidated damages premia on prepayment or on redemption costs charge expenses and other moneis payable by the company to lender under the said loan agreement.
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Rs. 95.000 millions together with intesrest, additional interest additional interest liquidated damages premia on prepayment or on redemption costs charge expenses and other monies payable by the company to PNB in terms of the said loan agreement which is secured by the said deed of hypothecation dated the 25^th February, 2004, being the original charges is now also secured by the said Mortgage by deposit of title deed created by the company on 15^th June 2005, inter alia in favour of Kotak Mahindra Bank Limited .
Name of the company	JUNIPER HOTELS PRIVATE LIMITED
Presented By	Mr. A. Srinivasan Sr. Vice President and Company Secretary
1) Date and description of instrument creating the change	10^th March, 2005, Hypothecation of executed by the company in favour of UTI Bank Limited a copy of the said memorandum of Hypothecation is already field.
2) Amount secured by the charge/amount owing on the securities of charge	The term loan facility of Rs. 2088.500 millions agreed to be lent and advance by UTI Bank Limited to the company together with interest, additional interest, liquidated damages premia on prepayment or on redemption costs charge expenses and other moneis payable by the company to UTI Bank in terms of the Loan Agreements dated 30^th December, 2004, between the company of the one part and UTI bank of the other part.
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All the company machinery, fixtures, implements, fitting and installations, fritters both present and future situare at the Borrowers project site Grand Hyatt Vakola Santacruz (e) , Mumbai and godwn or in course of delivery on the order of the borrower.
4) Gist of the terms and conditions and extent and operation of the charge.	The charge operates as security, instralia for the due repayments by the company to UTI bank of its rupees term loan of Rs. 2088.500 millions together with interest, additional interest liquidated damages premia on prepayment or on redemption costs charge expenses and other moneis payable by the company to lender under the said loan agreement. Hypothecation by way of a first ranking pari passu charge all machinery, fixtures, implements, fitting and installations, fritters both present and future situare at the Borrowers project site Grand Hyatt Vakola Santacruz (e) , Mumbai and godwn or in course of delivery on the order of the borrower or in the course of transit to the borrower or in the save and except stock, book debts and other current assets charged for working capital finance Hypothecated by way of a second ranking pari passu charge all the Borrower present and future debts, stock and other current assets The company has undertaken to keep the goods hypothecat4ed in marketable and good condition at its own costs and to insure the same in the joint names of the company and UTI Bank All the goods hypothecated and all realized and insurance proceeds thereof and all documents in respect of the said security are to be kept distinguishable and held as the property of the UTI Bank . The security created under the said Memorandum of Hypothecation is to be a continuing security.
5) Name and Address and description of the person entitled to the charge.	UTI Bank limited Universal Insurance Building Dir P.M. Road, Fort, Mumbai 400001
6) Date and brief description of instrument modifying the charge	15^th June 2005, no instrument was executed. A mortgage by deposit of title deeds was created by the company inter alia in favour of lender by deposit of title deeds in respect of all the immovable properties admeaduting 42270.80 sq. ft. or thereabout situate within the revenue village limited of Kole Kalyan, Vakola Registration Bombay in the State of Maharashtra together with all building nad structure constructed or erected thereon and all plant and machinery attached to the earth or permanently fastened to anything attached to the earth both present and future and more particularly fastened to anything attracting to the earth both present and future and more particularly described in the Annexure hereto inter for the due repayment and discharge by the company on first pari passy charge basis. To lender of its fended interest term loan 288.500 millions in terms oif its loan agreement dated 30^th December, 2004 and deed of hypothecation dated 10^th March 2005 together with interest, compound interest, additional interest, compounded interest, additional interest, liquidated damages premia on prepayment or on redemption costs charge expenses and other moneis payable by the company to lender under the said loan agreement.
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Rs. 2088.500 millions together with interest, additional interest additional interest liquidated damages premia on prepayment or on redemption costs charge expenses and other monies payable by the company to PNB in terms of the said loan agreement which is secured by the said deed of hypothecation dated the 25^th February, 2004, being the original charges is now also secured by the said Mortgage by deposit of title deed created by the company on 15^th June 2005, inter alia in favour of UTI Bank .

As per website

GLOBAL HYATT CORPORATION

There are 215 Hyatt hotels and resorts (over 90,000 rooms) in 44 countries around the world, operating under the Hyatt®, Hyatt Regency®, Grand Hyatt®, and Park Hyatt® brands. Currently, there are an additional 38 Hyatt hotels and resorts under development, including 13 new hotels in China. Hyatt Corporation (domestic U.S., Canada and Caribbean hotels) and Hyatt International Corporation (international properties) are subsidiaries of Chicago-based Global Hyatt Corporation. Global Hyatt Corporation is also the owner of Hyatt Vacation Ownership, Inc. (timeshare), Hyatt Equities, L.L.C. (hotel ownership), and U.S. Franchise Systems, Inc. (which franchises Hawthorn Suites, Microtel and America's Best Inns).

In January 2005, Global Hyatt Corporation also added an additional 143 U.S. properties to its growing portfolio with the acquisition of the upscale, limited service AmeriSuites hotel chain. These properties will be renovated and repositioned under the new Hyatt Place select service brand in 2006.

HISTORY OF HYATT CORPORATION

Hyatt Corporation opened its first hotel on September 27, 1957. Hyatt's first property at Los Angeles International Airport was originally named Hyatt House. The owner of Hyatt House was a local entrepreneur by the name of Hyatt R. von Dehn. Hyatt hotels expanded aggressively along the West Coast during the next decade. However, it wasn't until 1967, when Hyatt Corporation opened the world's first atrium hotel that the Hyatt® name became known worldwide. The hotel's 21-story atrium tower lobby and dramatic departure from traditional hotel architecture changed the course of the lodging industry. The challenge to hotel architects was no longer to eliminate extra space; rather, to create grand, wide-open public spaces.

By 1969, there were 13 Hyatt® hotels in the United States. That year, a subsidiary of the newly formed Hyatt International Corporation opened the first international hotel, the Hyatt Regency Hong Kong.

Hyatt Regency® hotels are the core brand of Hyatt Hotels & Resorts®, offering guests opportunities to broaden their horizons and rejuvenate. Lobbies and rooms are designed to reflect the best of the local cultures, the food and beverage outlets are inventive, and exceptional technology, meeting, and fitness facilities are available.

The Grand Hyatt® and Park Hyatt® brands were introduced in 1980 to further identify and market the diverse types of Hyatt Hotels & Resorts® worldwide. Grand Hyatt® hotels serve culturally rich destinations that attract leisure and business travelers as well as large-scale meetings and conventions. The hotels, reflecting a grand scale and refinement, include features such as state-of-the-art technology, sophisticated business and leisure facilities, banquet and conference facilities of world-class standard, and specialized programs that cater to discriminating business and vacation guests.

Park Hyatt® hotels are the company's smaller, luxury hotels designed to cater to the discriminating individual traveler seeking the privacy, personalized service and elegance of a small European hotel. They offer a sense of sanctuary and luxury. In addition to state-of-the-art technology, Park Hyatt® hotels offer exceptional food and beverage facilities, intimate, understated surroundings, and 24-hour personalized service.

Since the opening of Hyatt Regency Maui in 1980, Hyatt Hotels & Resorts® has become known as a leader in the creation and operation of dramatic luxury resorts as well. These include, for example, Hyatt Regency Kauai in Hawaii; Hyatt Regency La Manga in southern Spain; Bali Hyatt and Grand Hyatt Bali in Indonesia; Hyatt Regency Cheju on the southern coast of Korea; Hyatt Regency Sanctuary Cove and Hyatt Regency Coolum Spa & Resort in Australia's Queensland state; Hyatt Regency Guam in Micronesia; Hyatt Regency Thessaloniki in Greece, Hyatt Regency Kathmandu, Nepal, and Hyatt Regency Hua Hin in Thailand.

Today, Hyatt Hotels & Resorts® specialize in deluxe hotels with meeting facilities and special services for the business traveler, operates hotels in major and secondary cities, airport locations, and leading resort areas throughout the world. In many cities Hyatt Hotels & Resorts® has made a significant contribution to revitalizing the area and spurring business and population growth.

PRESS RELEASES

Hyatt Announces a Limited Time Exclusive Partnership with Verified Identity Pass

Hyatt Hotels & Resorts today announced a limited time exclusive partnership with Verified Identity Pass, Inc. (“Verified ID”), becoming the first hotel chain to make a substantial purchase for select customers of complimentary memberships in Verified ID’s much heralded Clear service, the nation’s leading registered traveler program.  Currently available at Orlando International Airport with implementation planned at other major U.S. airports this spring and summer, Clearä enables members to receive expedited processing at airport security checkpoints.

Hyatt will extend to its Gold Passport Diamond tier members the opportunity to receive a Clear membership on a complimentary basis.  In addition, Hyatt plans to make the Clear membership available to other Hyatt guests through exclusive promotional offers later this year.  As Clear rolls out to airports across the country in accordance with the U.S. Transportation Security Administration’s (TSA) national plans, Hyatt and Verified ID expect to arrange for Clearä enrollment stations to be set up in select Hyatt hotels as a further convenience for Hyatt guests. 

“Hyatt sees the potential of the Clear program to greatly improve the airport experience of frequent travelers,” said Thomas F. O’Toole, senior vice president, strategy and systems of Global Hyatt Corporation.  “We want our Gold Passport members to be the first to enjoy this improved experience as it becomes available and thus are pleased to be the first hotel partner of Verified ID.”

"With this bold, creative move Hyatt has not only demonstrated its longstanding commitment to its tens of thousands of loyal customers but also its belief that Clear is fast becoming synonymous with cutting edge travel services," said Verified Identity Pass founder and CEO Steven Brill. "We're honored and delighted to be partnering with Hyatt as we begin our rollout at airports across the country later this year."

"The combined marketing plan we have developed with Hyatt is a partnership in the best sense of the word,” said Verified ID Senior Vice President of Sales Fred Fischer.  “Hyatt benefits by being able to offer Clearä to its loyal guests, while Clear benefits from linking our emerging brand with one of the world’s most respected hotel brands.”

Clear has been operational since July 2005 and currently has over 15,000 members in Orlando. Metrics kept by Clear indicate that the average wait time for members in the ClearLane is 14 seconds, saving travelers up to 29 minutes in security lines at Orlando International Airport.  Clear members currently pay an annual fee of $79.95 to enroll. 

About Global Hyatt Corporation

There are 215 Hyatt branded hotels and resorts (over 90,000 rooms) in 43 countries around the world, operating under the HyattÒ, Hyatt RegencyÒ, Grand HyattÒ and Park HyattÒ brands. Currently, there are an additional 30 Hyatt hotels and resorts under development, including 11 new hotels in China.   Hyatt Corporation (domestic U.S., Canada and Caribbean hotels) and Hyatt International Corporation (international properties) are subsidiaries of Chicago-based Global Hyatt Corporation.  Global Hyatt Corporation is also the owner of Hyatt Vacation Ownership, Inc. operators of the Hyatt Vacation Club (timeshare and fractional residential product), Hyatt Equities, L.L.C. (hotel ownership), Select Hotel Group L.L.C. (which owns, operates and franchises AmeriSuites hotels, Hyatt Place and Summerfield Suites hotels) and U.S. Franchise Systems, Inc. (which franchises Hawthorn Suites, and Microtel Inns and Suites).

From the U.S. and Canada, reservations for any Hyatt hotel worldwide may be obtained by calling 1-800-233-1234 or logging onto www.hyatt.com

About Verified Identity Pass and Clear

Verified Identity Pass, Inc. was founded in 2003 by journalist and entrepreneur Steven Brill. The company’s voluntary credentialing program, Clear, is the first and only privately run Registered Traveler program operating at a U.S. airport.  For more information, please visit www.verifiedidpass.com.

Clear has been operational since July 19, 2005 at Orlando International Airport. Open to all travelers at a fee of $79.95 per year, enrollees begin an application online at www.flyclear.com and then submit biometric data (fingerprint and iris images) at the ClearSpace enrollment stations in the airport. Once approved by TSA, members use the specially designated ClearLanes upon arrival at the airport's security checkpoints

PRESS RELEASES

Global Hyatt Corporation and JER Partners to Acquire London's Great Eastern Hotel

Global Hyatt Corporation and JER Partners today announced the joint acquisition of London’s Great Eastern Hotel from Conran Holdings and the Blackstone Group for an undisclosed price.  The transaction is expected to close in March.

The hotel will continue to operate as the Great Eastern through December 31, 2006 and, in January 2007, will be rebranded under the Hyatt Regency name.  It is anticipated that Conran Holdings will continue to provide advisory services on all restaurant and private dining operations following the acquisition.

Located in the City of London, the capital’s financial hub, the historic, 267-room Great Eastern Hotel sits adjacent to Liverpool Street Station. Originally opened in two phases in 1884 and 1901 respectively, the stunning Victorian hotel was fully renovated and reopened in February 2000.  Today, it boasts four restaurants, five bars and 12 private dining and event rooms.

About Global Hyatt Corporation

There are 215 Hyatt hotels and resorts (over 90,000 rooms) in 43 countries around the world, operating under the Hyatt®, Hyatt Regency®, Grand Hyatt® and Park Hyatt® brands. Currently, there are an additional 30 Hyatt hotels and resorts under development, including 11 new hotels in China.   Hyatt Corporation (domestic U.S., Canada and

Caribbean hotels) and Hyatt International Corporation (international properties) are subsidiaries of Chicago-based Global Hyatt Corporation.  Global Hyatt Corporation is also the owner of Hyatt Vacation Ownership, Inc. operators of the Hyatt Vacation Club (timeshare and fractional residential product), Hyatt Equities, L.L.C. (hotel ownership), Select Hotel Group L.L.C. (which owns, operates and franchises AmeriSuites hotels, Hyatt Place and Summerfield Suites hotels) and U.S. Franchise Systems, Inc. (which franchises Hawthorn Suites, and Microtel Inns and Suites).

From the U.S. and Canada, reservations for any Hyatt hotel worldwide may be obtained by calling 1-800-233-1234 or logging onto www.hyatt.com

About JER Partners

JER Partners is the private equity investment arm of J.E. Robert Companies, a real estate investment management company with 25 years of experience in sourcing, underwriting and managing a broad spectrum of real estate, debt products and equity.

JER Partners has been active in Europe since 1995.   As European President of JER Partners, Malcolm Le May heads a team of 25, based at Berkeley Square, London.

In Europe, JER Partners has invested in the United Kingdom, France, Germany, Sweden and Finland.  Through its second pan-European real estate fund, JER Partners has made five investments in regional offices in the United Kingdom In France, JER has acquired a hotel in Paris. In Germany, JER has made four investments, one portfolio of offices and three residential portfolios.  In Sweden, JER has bought and subsequently sold a portfolio of supermarkets across the country.  In Finland, JER has so far acquired two commercial assets.

For more information on JER, please visit www.jer.com

Program Name

Miles Per Stay

Aeromexico® Club Premier®	1,000 Kilometers
Air Canada Aeroplan	500 Miles
Alaska Airlines Mileage Plan	500 Miles
Alitalia MilleMiglia	600 Miles
All Nippon Airways Mileage Club	500 Miles
American Airlines® AAdvantage®	500 Miles
America West Airlines® FlightFund®	500 Miles
Cathay Pacific Airways Asia Miles	500 Miles
British Airways Executive Club	500 Miles
China Airlines Dynasty Flyer	500 Miles
Continental Airlines OnePass®	500 Miles
Delta Air Lines Sky Miles®	500 Miles
Emirates Skywards	500 Miles
Jet Airways Jet Privilege	500 Miles
KLM Flying Dutchman	500 Points
Korean Air SKYPASS	500 Points
LanChile LanPass	1,000 kilometers
Lufthansa Miles & More®	500 Miles
Mexicana Frecuenta Program	625 Miles
Midwest Miles	500 Miles
Northwest Airlines® WorldPerks®	500 Miles
Qantas Frequent Flyer	600 Pts outside Aust./New Zealand 1,000 inside Aust./New Zealand
Royal Brunei Airlines Royal Skies	500 Miles
Singapore Airlines KrisFlyer	500 Miles
SN Brussels Airlines	500 Miles
South African Airways Voyager Programme	500 Miles
Southwest Airlines Rapid Rewards®	0.5 credits
Swiss International Air Lines TravelClub	500 Miles
Thai Airways International Royal Orchid Plus	500 Miles
United Airlines Mileage Plus®	500 Miles
US Airways® Dividend Miles®	500 Miles
Virgin Atlantic Flying Club	750 Miles

OVERVIEW

Welcome to the Hyatt.com Affiliate Program. This program enables you to team up with Hyatt, a brand name synonymous with luxury accommodations and excellent service, while taking advantage of the rapidly growing online travel industry. If you have a web site then you can apply to join the Hyatt Affiliate Program and start making money with one of the premier hotel companies in the world.

How it Works

It's easy. We provide you with all the tools to become an affiliate. You can add links to your site and access reports online to see how well you’re doing. We handle the orders and billing. Just place the link on your site and make money! There are three basic steps:

1. Send visitors to Hyatt.com
   Place provided links (banners, text, etc.) on your site to give visitors the opportunity to take advantage of booking online through Hyatt.com.
2. Visitors book a room and/or register for Gold Passport
   Once they've clicked through to Hyatt.com from your site and booked a stay or registered for Gold Passport (or returned within 10 days to do so) - you earn a commission: $3 for every hotel reservation and $3 for every Gold Passport registration.
3. How you are paid
   At the end of each month if you've earned $25.00 in commissions, we will send you a check. If you haven’t reached $25.00, your balance will simply carry over to the next month. There’s also access to reports for your web site's performance, the latest creative links Hyatt has to offer, and access to our program manager who can help with all your needs.

REGENCY CLUB

Our exclusive "hotel within a hotel" is a refreshing oasis for guests who desire a higher level of service and privacy. Spacious guest rooms reflect heightened refinement, with additional features such as bathrobes and hair dryers. Continental breakfast, newspaper and evening hors d'oeuvres are provided daily. The private Regency Club lounge offers the ideal setting for casual social gatherings. A dedicated concierge staff is available at all times to provide personalized service.

ASIA/PACIFIC

Australia
Telephone Number: 13 1234
Facsimile Number: (61)(3) 8843 1300

Hong Kong
Telephone Number: 1 800 228 001
Facsimile Number: (852) 2956 2151

India
Telephone Number: (91) (22) 5693 1234
Facsimile Number: (91) (22) 5696 1275
Toll-Free: 1800 228 001

Indonesia
Telephone Number: (62) (21) 315 1234
Facsimile Number: (62) (21) 3193 5493

Japan
Telephone Number: (81) (3) 3288 1234
Facsimile Number: (81) (3) 3222 0430

(except Tokyo 03 area)
Telephone Number: 0120 51-2343 (toll-free)
Facsimile Number: (81) (3) 3222 0430

Korea
Telephone Number: (82) (2) 795 8033
Facsimile Number: (82) (2) 793 6613

Malaysia
Telephone Number: 1 800 80 1085
Facsimile Number: (65) 6732 6921

New Zealand
Telephone Number: 0800 44 1234 (toll-free)
Facsimile Number: (61)(3) 8843 1300

People's Republic of China

Beijing, Tianjin, Xian, Northern Provinces
Telephone Number: 10 800 852 0230 (toll-free)
Facsimile Number: 10 800 852 0231

Shanghai, Guangzhou, Southern Provinces
Telephone Number: 10 800 152 0230 (toll-free)
Facsimile Number: 10 800 152 0231

Singapore
Telephone Number: (65) 6735 1234
Facsimile Number: (65) 6732 6921

Taiwan
Telephone Number: 00801 85 3888 (toll free)
Facsimile Number: 00801 85 3168 (toll free)

Thailand
Telephone Number: (66) (2) 254 1234
Facsimile Number: (66) (2) 254 6336

Hotel Overview

Grand Hyatt Mumbai

Off Western Express Highway, Santacruz (East),
Mumbai, India 400 055
Tel: + 91 22 6676 1234    Fax: + 91 22 6676 1235
Email: india.reservations@hyattintl.com
Maps & Directions

Hotel, Air & Car
Book all your travels together and save.

Rooms & Amenities

· 547 Rooms & Suites

· 147 Apartments for Long Stay Guests

· Grand Club®

· High Speed Internet

Guest Services

· Business Centre

· Travel Desk

· Airport Shuttle Service

· Undergound Car Park

Dining & Entertainment

· Soma, Indian Restaurant

· Celini Italian Restaurant

· M Grill Restaurant

· Grand Café All Day Dining

Activities

· Club Oasis Fitness Centre and Spa

· Outdoor Swimming Pool

· Sun Deck

· Tennis Courts

Local Attractions

· Gateway of India Arch

· Prince of Wales Museum

· Juhu Beach

· Haji Ali Shrine

Meetings & Events

· Grand Ballroom

· 7 Meeting Rooms 

· Latest Audio-Visual

· Wi-Fi High-Speed Internet

Activities

The hotel's exceptional facilities include Club Oasis Fitness Centre & Spa offering a state-of-the-art gym, numerous relaxation treatments, a pool and tennis. Grand Hyatt Mumbai also offers a multilevel shopping mall and Entertainment Centre.

DIVERSITY

Hyatt's commitment to Diversity is best evidenced by our focus on company-wide diversity initiatives. Our diversity initiatives, which fall into five key elements: Commitment, Accountability, Training, Measurement and Communication maintain and enhance Hyatt’s image as an Employer of Choice, Business Partner, and Community Ally throughout the communities we serve.

Diversity is one of Hyatt's Core Values. Hyatt's goal for Diversity is "To lead our industry by being an employer and hospitality company of choice for an increasingly diverse population."

Please email inquiries to mélange@corphq.hyatt.com

Awards and Recognition

Hyatt continues to receive recognition as one of America's best companies for our diverse population in rankings based on information about recruiting and employment practices.

· The "2006 Best Places to Work" Human Rights Campaign (HRC) list which lists the top companies that support equality for gay, lesbian, bisexual and transgender (GLBT) employees. This list is based on HRC’s annual report, the Corporate Equality Index, which rates corporate America's treatment of GLBT employees. Hyatt received a perfect score in demonstrating our commitment to equality.

· The Hispanic Network Magazine (a Latino Lifestyle Business & Employment Magazine), recognized Hyatt on their "Best of the Best 2005 - Best Companies for Supplier Diversity" list and their "Best of the Best 2005 -Best Hotels & Hospitality Companies". The lists appeared in their Volume 17 Issue IV 2005 magazine.

· The Pailin Group (Professional Search Consultants), ranked Hyatt number 18 on the "Diversity Dynamos - Top 20 Companies Taking the Lead in Diversity" list. The List appeared in the February/March 2005 issue of Jungle magazine.

· Essence Magazine recognized Hyatt in their 2005 "Great Companies to Work" list.

· Vista Magazine recognized Hyatt as one of "America's Top Family Friendly Companies for Hispanics" in 2005.

· Hispanic Magazine recognized Hyatt in their "Corporate 100 - The One Hundred Companies Providing the Most Opportunities for Hispanics" list.

· Black Collegian Magazine rated Hyatt number 49 in their 2005 "Top 100 Employers" list.

· Advocate Magazine named Hyatt as one of ten companies to their list of top gay-friendly employers in the country.

· DiversityInc.com rated Hyatt as one of the "Top 50 companies for Diversity", "Top Companies for Gay, Lesbian, Bisexual, Transgender Employees", and "Top 10 Companies for Latinos" in 2003.

· DiversityInc.com rated Hyatt as one of the "20 Noteworthy Companies" in 2004.

· Savoy Professional Magazine highlighted Hyatt as one of ten companies in their article: "Mixed Company: A Short, Hard Look At Corporate Diversity".

· The National Association for the Advancement of Colored People presented Hyatt with an Exhibitor's Award for our exemplary efforts and continued commitment to the organization.

· Child Magazine - recognized Hyatt as one of the "Best Hotels for Families" in 2003.

· Fortune Magazine named Hyatt as one of "America's 50 Best Companies for Minorities", for a sixth straight year in 2004. Hyatt ranked #18 overall on the list. In 2003, Fortune noted that Hyatt had the fifth most diverse workforce on the list. In addition, Hyatt was ranked second in managerial diversity among all companies.

· Hispanic Engineer & US Black Engineer magazines profiled Hyatt's diversity program as part of their respective stories on "Great Companies for Hispanics" and "Great Companies for African Americans," commending companies "that have…reached out to the minority institutions to obtain top talent."

· In addition, Careers and the disABLED, The Center for Responsibility in Business and Out and About -an internet based organization advising gay and lesbian travelers- have all recognized Hyatt for our diversity efforts.

· AARP recognized Hyatt as one of only 11 companies as a Top Employer for Older Americans.

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. 45.48
UK Pound	1	Rs. 85.55
Euro	1	Rs. 57.58

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	-
--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
TOTAL		25

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		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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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

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