MIRA INFORM REPORT

Report Date :

21.06.2008

IDENTIFICATION DETAILS

Name :	VENUS INFRASTRUCTURE AND DEVELOPERS LIMITED
Registered Office :	801, Broad Way Business Center, Opp. Mayor’s Bunglow, Law Garden, Ellisebridge, Ahmedabad – 300 006, Gujarat
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	09.07.2002
Com. Reg. No.:	04-40945
CIN No.: [Company Identification No.]	U45201GJ2002PLC040945
TAN No.: [Tax Deduction & Collection Account No.]	AHMS07590C
PAN No.: [Permanent Account No.]	AAHCS6254J
Legal Form :	A Closely held public limited liability company
Line of Business :	Construction Activity (Commercial / Residential)

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 860000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company meeting its normal commitments timeously. General financial position is good. Fundamentals are strong and healthy. The company can be considered good for any normal business dealings. The company has not prepared or filed its 2006 financials with the Government departments and the management remained non-cooperative.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Manali
Designation :	Accountant
Date :	13.06.2008

LOCATIONS

Registered Office :	801, Broad Way Business Center, Opp. Mayor’s Bunglow, Law Garden, Ellisebridge, Ahmedabad – 300 006, Gujarat, India
Tel. No.:	91-79-26406262 / 26408686 / 26408787
Fax No.:	91-79-26409595
E-Mail :	info@venusinfrastructure.com
Website :	www.venusinfrastructure.com

DIRECTORS

Name :	Mr. Dilipkumar S. Lalwani
Designation :	Director
Address :	R – 765, New Rajendra Nagar, New Delhi – 110 060, India
Date of Birth/Age :	13.07.1960
Date of Appointment :	09.07.2002
Name :	Mr. Deepak B Vaswani
Designation :	Director
Address :	501, Sadphire, C. G. Road, Ahmedabad – 380 009, Gujarat, India
Date of Appointment :	09.07.2002
Name :	Mr. Rajesh S. Vaswani
Designation :	Director
Address :	10, Rajdeep Tilaknagar Society, Old Wadaj, Ahmedabad – 380 013, Gujarat, India
Date of Birth/Age :	02.11.1971
Date of Appointment :	01.07.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 15.06.2002)

Names of Shareholders	No. of Shares
Dilipkumar S. Lalwani	5000
Deepak B Vaswani	5000

Equity shares Breakup (percentage of total equity)

(As on 30.09.2007)

Category	Percentage
Directors or relatives of Director	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Construction Activity (Commercial / Residential)

GENERAL INFORMATION

Customers :	End Users
Bankers :	· Indian Bank · State Bank of India Paramsiddhi Complex, Nr. Mahakant Building, Ellisbridge, Ahmedabad – 380 006, Gujarat, India

Banking Relations :	Good
Auditors :	Pipara and Company (Gyan Pipara- Partner) Chartered Accountants 104, N. R. House, Near Popular House, Ahram Road, Ahmedabad – 380 009, Gujarat, India

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 million
	Total		Rs. 0.500 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 million
	Total		Rs. 0.500 million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007
SHAREHOLDERS FUNDS
1] Share Capital		0.500
2] Share Application Money		0.000
3] Reserves & Surplus		171.834
4] (Accumulated Losses)		0.000
NETWORTH		172.334
LOAN FUNDS
1] Secured Loans		93.009
2] Unsecured Loans		586.070
TOTAL BORROWING		679.079
DEFERRED TAX LIABILITIES		0.866
TOTAL		852.279
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14.262
Capital work-in-progress		584.003
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	103.764
	Other Current Assets	0.000
	Loans & Advances	385.697
Total Current Assets		489.461
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	145.234
	Provisions	90.225
Total Current Liabilities		235.459
Net Current Assets		254.002
MISCELLANEOUS EXPENSES		0.012
TOTAL		852.279

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2007
Sales Turnover		427.271
Other Income		0.006
Total Income		427.277
Profit/(Loss) Before Tax		259.961
Provision for Taxation		0.000
Profit/(Loss) After Tax		259.961
Expenditures :
	Raw Material Consumed	150.619
	Salaries, Wages, Bonus, etc.	0.736
	Managerial Remuneration	0.400
	Payment to Auditors	0.342
	Depreciation & Amortization	1.129
	Other Expenditure	14.090
Total Expenditure		167.316

KEY RATIOS

PARTICULARS		31.03.2007
PAT / Total Income	(%)	60.84
Net Profit Margin (PBT/Sales)	(%)	60.84
Return on Total Assets (PBT/Total Assets}	(%)	51.61
Return on Investment (ROI) (PBT/Networth)		1.51
Debt Equity Ratio (Total Liability/Networth)		5.31
Current Ratio (Current Asset/Current Liability)		2.08

LOCAL AGENCY FURTHER INFORMATION

Corporate identity number of the company	U45201GJ2002PLC040945
Name of the company	VENUS INFRASTRUCTURE AND DEVELOPERS LIMITED
Address of the registered office or of the principal place of business in India of the company	801, Broad Way Business Centre, Opp. Mayors Bungalow, Ahmedabad – 300 006, Gujarat, India
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	State Bank of India Paramsiddhi Complex, Nr. Mahakant Building, Ellisbridge, Ahmedabad – 380 006, Gujarat, India
Nature of instrument creating charge	Deed of English Mortgage
Date of instrument Creating the charge	15.01.2008
Amount secured by the charge	Rs.200.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	· Rate of Interest 1% below SBAR (floating) presently 11.75% p.a. payable at monthly rests. Rest as per Deed of English Mortgage. · Terms of repayment The Working Capital limit will be reduced progressively by Rs. 33.300 millions every qyarter starting from 30.06.2008. Accordingly, the limit will be nil on 30.09.2009, rest As per Deed of English Mortgage. · Margin 50% of gap (net of booking amount received) rest. As Per Deed of English Mortgage · Extent and operation of the charge As Per Deed of English Mortgage
Particulars of the property charged	Charge over Land and Building of the project constructed and to be constructed situated at final plot Nos. 23/2,33,31,57 and 58 situated, lying and being at Mouje Vejapur and Rest as per Deed of English Mortgage.

Web Details :

Projects

All their projects are developed on the lands fully owned and paid up for by them in full. None of the projects are developed on the joint venture formats.

Their group has been a instrumental in development of many buildings on the main commercial hub of Ahmedabad – CG ROAD. Their group is the leader in this segment in the entire city. It ranks amongst the leading builders of Gujarat. Customer Convenience is the main USP of all their projects.

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.42.97
UK Pound	1	Rs.84.75
Euro	1	Rs.66.72

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		72

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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