MIRA INFORM REPORT

Report Date :

19.12.2011

IDENTIFICATION DETAILS

Name :	BOMBAY DYEING REAL ESTATE COMPANY LIMITED (w.e.f. 04.06.2009)
Formerly Known As :	WHITE HORSE REAL ESTATE LIMITED
Registered Office :	Neville House, J N Heredia Marg, Ballard Estate, Mumbai 400001, Maharashtra, India
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.06.2008
Com. Reg. No.:	183489
Capital Investment / Paid-up Capital :	Rs.0.500 million
CIN No.: [Company Identification No.]	U70102MH2008PLC183489
TAN No.: [Tax Deduction & Collection Account No.]	MUMW03440D
PAN No.: [Permanent Account No.]	AAACW8474H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Real Estates Business
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

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

Status :	Yet to Commence Business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	As per last available financials, the company has not started its commercial operation. Payment terms are unknown. The company can be considered for business dealings on a secured 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION DECLINED BY

Name :	Mr. Anand
Designation :	Accounts Manager

LOCATIONS

Registered Office :	Neville House, J N Heredia Marg, Ballard Estate, Mumbai 400001, Maharashtra, India
Tel. No.:	91-22-22618071
Fax No.:	91-22-22614520
E-Mail :	narayan.venkat@bombaydyeing.com
Website :	www.bombaydyeing.com
Sales Office:	Island City Center (ICC) (Bombay Dyeing), GD Ambekar Marg, Dadar (East), Mumbai – 400 014, Maharashtra, India
Tel. No.:	91-22-61912345 / 71912345
E-Mail :	sales@bombayrealty.in
Corporate Office:	C-1, Wadia International Center (Bombay Dyeing), Pandhurang Budhkar Marg, Worli, Mumbai - 400 025, Maharashtra, India

DIRECTORS

AS ON 21.09.2011

Name :	Mr. Nasli S Lawyer
Designation :	Director
Date of Birth/Age :	24.01.1974
Date of Appointment :	16.08.2008
DIN No.:	00174860

OTHER DIRECTORSHIP

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51900MH2000PTC129121	Boyztoyz Trading Company Private Limited	Director	27/12/2000	27/12/2000	-	Active	NO
2	U92140MH1999PTC122874	Paradiso Entertainment Private Limited	Director	21/11/2003	21/11/2003	-	Active	NO
3	U72900MH2001PTC133276	Trieste Trading Private Limited	Director	04/09/2006	04/09/2006	-	Active	NO
4	U70109MH2008PTC183484	Green Bird Real Estate Private Limited	Director	16/08/2008	16/08/2008	-	Active	YES
5	U70102MH2008PLC183489	Bombay Dyeing Real Estate Company Limited	Director	17/08/2009	16/08/2008	-	Active	NO

Name :	Mr. Rustom Lawyer
Designation :	Director
Date of Birth/Age :	12.01.1971
Date of Appointment :	16.08.2008
DIN No.:	02296085

OTHER DIRECTORSHIP

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U70109MH2008PTC183484	Green Bird Real Estate Private Limited	Director	16/08/2008	16/08/2008	-	Active	YES
2	U70102MH2008PLC183489	Bombay Dyeing Real Estate Company Limited	Director	17/08/2009	16/08/2008	-	Active	NO
3	U34300MH1979PTC021843	Rodal Investments Private Limited	Additional director	10/02/2010	10/02/2010	-	Under Process of Striking off	NO
4	U51900MH1981PTC024523	Ma Shri Karni Exports Pvt Ltd	Additional director	01/06/2010	01/06/2010	-	Under Process of Striking off	NO
5	U65990MH1974PTC017326	Nacosi Fabrics Private Limited	Additional director	01/06/2010	01/06/2010	-	Strike off	NO
6	U67120MH1992PTC067285	Manodaya Investments And Trading Company Private Limited	Additional director	01/06/2010	01/06/2010	-	Active	NO
7	U18100MH1977PTC019944	Sam Knits Private Limited	Additional director	01/06/2010	01/06/2010	-	Strike off	NO

Name :	Mr. Jairaj C Bham
Designation :	Director
Date of Birth/Age :	20.01.1950
Date of Appointment :	31.03.2010
DIN No.:	02806038

OTHER DIRECTORSHIP

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U70102MH2008PLC183489	Bombay Dyeing Real Estate Company Limited	Director	02/08/2010	31/03/2010	-	Active	NO
2	U65990MH1983PLC031492	Scal Services Limited	Director	28/09/2010	31/03/2010	-	Active	NO
3	U70102MH2007PTC175410	Bds Urban Infrastructures Private Limited	Director	24/07/2010	31/03/2010	-	Active	NO
4	U45200MH2007PTC172150	DB MIG Realtors And Builders Private Limited	Director	27/07/2010	24/05/2010	30/08/2010	Active	NO
5	U65993MH1988PLC048795	Damascus Investment And Trading Company Ltd	Additional director	10/02/2011	10/02/2011	-	Amalgamated	NO
6	U99999MH1946PLC004840	N W Exports Limited	Additional director	10/02/2011	10/02/2011	-	Active	NO
7	U74140MH1984PLC032697	Perman Project Supports Limited	Additional director	10/02/2011	10/02/2011	-	Amalgamated	NO
8	U65990MH1983PLC031125	Kalabakan Investments Company Limited	Additional director	10/02/2011	10/02/2011	-	Active	NO
9	U51900MH1944PLC004225	Nowrosjee Wadia And Sons Limited	Director	23/09/2011	10/02/2011	-	Active	NO
10	U24100MH1961PLC012031	Botanium Limited	Additional director	28/02/2011	28/02/2011	-	Active	NO
11	U65990MH1980PLC022589	Naperol Investments Limited	Additional director	28/02/2011	28/02/2011	06/04/2011	Active	NO
12	U24110GJ1981PTC004123	Citroflex Pvt Ltd	Director	28/09/2011	06/04/2011	-	Active	NO
13	U67120MH1980PLC023532	Gherzi Eastern Investments Limited	Additional director	05/09/2011	05/09/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Anand
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 21.09.2011

Names of Shareholders	No. of Shares
The Bombay Dyeing and Manufacturing. Company Limited, Mumbai	19994
Mr. Durgesh Mehta, Jtiy. With The Bombay Dyeing and Manufacturing Company Limited	1
Mr. R. Chandrasekharan, Jtiy. With The Bombay Dyeing and Manufacturing Company Limited	1
Mr. Kaushik Khona, Jtiy. With The Bombay Dyeing and Manufacturing Company Limited	1
Mr. P. Govindan, Jtiy. With The Bombay Dyeing and Manufacturing Company Limited	1
Mr. Vineet Poddar, Jtiy. With The Bombay Dyeing and Manufacturing Company Limited	1
Pentafil Textile Dealers Limited, Mumbai	20000
SCAL Services Limited, Mumbai	5000
Archway Investment Company Limited, Mumbai	5000
Mr. J. C. Bham, Jtiy. With The Bombay Dyeing and Manufacturing. Company Limited	1
Total	50000

AS ON 21.09.2011

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		99.99
Other top fifty shareholders		0.01
	Total	100.00

BUSINESS DETAILS

Line of Business :

Real Estates Business

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· ICICI Bank

· HDFC Bank

· IDBI Bank

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2011	31.03.2010
ICICI Bank Limited	0.000	1000.000
Total	0.000	1000.000
UNSECURED LOAN
Archway Investments Company Limited	0.000	247.868
Total	0.000	247.868

Banking Relations :	--
Auditors :
Name :	S. Ganesh and Associates Chartered Accountant
Address :	No. 5, Aneesh Apartments, Azad Street, Near Shoppers Stop, Off S V Road, Andheri (West), Mumbai 400058, Maharashtra, India
Name :	Harish Chopra and Company Chartered Accountant
Address :	4, Vasudeva, 16^th Road, Bandra (West), Mumbai 400050, Maharashtra, India

CAPITAL STRUCTURE

AS ON 21.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 10 each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		0.500	0.500	0.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5.970	0.000	0.000
4] (Accumulated Losses)		0.000	(0.307)	(0.158)
NETWORTH		6.470	0.193	0.342
LOAN FUNDS
1] Secured Loans		0.000	1000.000	0.000
2] Unsecured Loans		0.000	247.868	76.717
TOTAL BORROWING		0.000	1247.868	76.717
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		6.470	1248.061	77.059
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		0.000	2304.541	419.551
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	4496.373	1933.443
	Sundry Debtors	8.660	0.000	0.000
	Cash & Bank Balances	0.443	23.058	0.311
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.000	0.392	0.000
Total Current Assets		9.103	4519.823	1933.754
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.020	5023.383	2275.828
	Other Current Liabilities	2.654	552.981	0.500
	Provisions	0.000	0.000	0.000
Total Current Liabilities		2.674	5576.364	2276.328
Net Current Assets		6.429	(1056.541)	(342.574)
MISCELLANEOUS EXPENSES		0.041	0.061	0.082
TOTAL		6.470	1248.061	77.059

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Compensation	230.169	0.000	0.000
		Interest Receivable	0.108	0.000	0.000
		TOTAL (A)	230.277	0.000	0.000
Less	EXPENSES
		ROC Filing Fees	0.031	0.026	0.122
		Cost of Finance and Others	221.254	0.000	0.000
		Audit Fees	0.020	0.010	0.011
		Local Conveyance	0.000	0.045	0.000
		Printing and Stationer	0.000	0.030	0.000
		Preliminary Expenses W/off	0.020	0.020	0.020
		TOTAL (B)	221.325	0.131	0.153
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8.952	(0.131)	(0.153)
Less	FINANCIAL EXPENSES (D)		0.020	0.017	0.005
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.932	(0.148)	(0.158)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.000	0.000
	PROFIT BEFORE TAX (E-F) (G)		8.932	(0.148)	(0.158)
Less	TAX (H)		2.655	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		6.277	(0.148)	(0.158)
	Earnings Per Share (Rs.)		--	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.72	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	3.88	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	98.12	(0.00)	(0.00)
Return on Investment (ROI) (PBT/Networth)		1.38	(0.76)	(0.46)
Debt Equity Ratio (Total Liability/Networth)		0.41	35358.71	6880.24
Current Ratio (Current Asset/Current Liability)		3.40	0.81	0.84

LOCAL AGENCY FURTHER INFORMATION

COMPANY RESULTS:

The Company earned Profit Before Tax of Rs. 8.931 millions during the year ended 31.03.2011 compared to a loss of Rs. 0.148 million for the previous year ended 31^st March, 2010, mainly on account of the surplus remaining from the compensation of Rs. 230.200 millions received from The Bombay Dyeing and Manufacturer Company Limited on sale of the commercial building and after adjusting the Company's and other expenses.

NOTE:

Registered office of the company has been shifted from 209-A, Pandya Mansion 625, J S S Road, Near Kalbadevi H P O Mumbai, Maharashtra, India to the present address w.e.f. 01.01.2009

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.52.81
UK Pound	1	Rs.82.00
Euro	1	Rs.68.81

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	--
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	2
--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		13

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.