MIRA INFORM REPORT

Report Date :

29.12.2011

IDENTIFICATION DETAILS

Name :	PARITOSH RESIDENCY PRIVATE LIMITED
Registered Office :	"NEEJANAND", Anand-Borsad National Highway No.228, Village Khandhali, Taluka and District Anand – 388 560, Gujarat
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.01.2006
Com. Reg. No.:	04-047523
Capital Investment / Paid-up Capital :	Rs.120.000 millions
CIN No.: [Company Identification No.]	U45200GJ2006PTC047523
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Hospitality Services
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

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 :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a safe and secured trade terms and conditions. Profit and loss account of the company is not available.

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. Bharat Gujjar
Designation :	Finance Manager
Date :	22.12.2011

LOCATIONS

Registered Office :	"NEEJANAND", Anand-Borsad National Highway No.228, Village Khandhali, Taluka and District Anand – 388 560, Gujarat, India
Tel. No.:	91-2692-656810/ 230524
Fax No.:	91-2692-283034/ 230628
E-Mail :	br_gajjar@yahoo.co.in info@neejanand.com
Website :	www.neejanand.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Yogendra Natvarbhai Patel

Designation :

Executive Director

Address :

Avichal, Shatri Marg, Vallabh Vidya Nagar, Anand – 388 120, Gujarat, India

Date of Birth/Age :

10.07.1946

Date of Appointment :

16.01.2006

DIN No.:

00343217

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U45200GJ2006PTC047523	Paritosh Residency Private Limited	Director	16-01-06	16-01-06	Active	NO
2	U22211GJ1994PTC023802	Avichal Press Private Limited	Director	14-08-06	14-08-06	Active	NO
3	U45202GJ2007PTC050329	Vrundavan Residency Private Limited	Director	23-03-07	23-03-07	Active	NO
4	U45201GJ2007PTC051316	Agneya Infrastructures Private Limited	Director	13-07-07	13-07-07	Active	NO
5	U45201GJ2007PTC051341	Agneya Properties Private Limited	Director	18-07-07	18-07-07	Active	NO
6	U24232KA2008PTC046953	Lowkal Healthcare Private Limited	Director	27-06-08	27-06-08	Active	NO

Name :

Mr. Vishal Jitendra Patel

Designation :

Director

Address :

202, Raj Palace, 56, Pritamnagar, E-Bridge, Ahmedabad – 380 006, Gujarat, India

Date of Birth/Age :

17.04.1980

Date of Appointment :

30.09.2010

DIN No.:

03064695

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U45200GJ2006PTC047523	Paritosh Residency Private Limited	Director	30-09-10	10-04-10	Active	NO
2	U22211GJ1994PTC023802	Avichal Press Private Limited	Director	27-09-10	16-04-10	Active	NO
3	U45202GJ2007PTC050329	Vrundavan Residency Private Limited	Director	30-09-10	30-04-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Bharat Gujjar
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Yogendra N. Patel	90800
Rameshbhai S. Patel Jointly with Jyotsnaben S. Patel	2364143
Tapan Barindra Patel	300000
Rutwig Barindra Patel	300000
Ninakshi Y. Patel	1635737
Vishal J. Patel	180000
Jitendra N. Patel (HUF)	180000
Coramandel Properties Limited, London	5043512
Harish Ishwarbhai Patel and Gita Harish Patel	1799808
Rameshbhai S. Patel Jointly with Jyotsnaben S. Patel	36000
Ninakshi Y. Patel	70000
Total	12000000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	98.66
Directors or relatives of directors	1.34
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Hospitality Services

GENERAL INFORMATION

Suppliers :

· Akshar Enterprise

B.C. Patel and Company

B.T. Water Treatment Private Limited

Coramandel Limited

Dilip Glasswares

D.G. Bhimani Associates

Gajjar Associates

Het Communication

Naik Environment Eng. Private Limited

Pramukh Hardware

Priya Advertising

Smruti Garden and Farms

Raja Stationers

Shraddha Construction

No. of Employees :

Information declined by the management

Bankers :

Corporation Bank, S.P. University, Vallabh Vidyanagar – 388 120, Gujarat, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Corporation Bank TL A/c - 800001	12.252	10.477
Total	12.252	10.477

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Shareholders	2.950	0.000
Total	2.950	0.000

Banking Relations :	--
Auditors :
Name :	B.C. Patel and Company Chartered Accountants
Address :	Desai Building, Mayfair Road, Anand – 388 001, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AENPP3444E

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		120.000	114.124	59.500
2] Share Application Money		0.000	2.885	6.544
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(17.297)	(3.134)	0.000
NETWORTH		102.703	113.875	66.044
LOAN FUNDS
1] Secured Loans		12.252	10.477	24.983
2] Unsecured Loans		2.950	0.000	0.000
TOTAL BORROWING		15.202	10.477	24.983
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		117.905	124.352	91.027
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		112.990	118.731	82.165
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		3.472	1.833	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	2.189	6.197	3.910
	Other Current Assets	0.000	0.000	4.482
	Loans & Advances	0.567	0.678	1.009
Total Current Assets		2.756	6.875	9.401
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.010	4.169	1.072
	Other Current Liabilities	0.219	0.101	0.128
	Provisions	0.065	0.043	0.065
Total Current Liabilities		2.294	4.313	1.265
Net Current Assets		0.462	2.562	8.136
MISCELLANEOUS EXPENSES		0.981	1.226	0.726
TOTAL		117.905	124.352	91.027

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
NET PROFIT/ (LOSS)	(14.183)	(3.114)	NA

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	0.17	0.13	0.40
Current Ratio (Current Asset/Current Liability)	1.20	1.59	7.43

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered office of the company has been shifted from Vrindavan, Plot No.1880, Off University Road, Vallabh Vidyanagar – 388 120, Gujarat to the present address w.e.f. 04.02.2009.

PERFORMANCE:

During the year, the company had incurred net loss of Rs.14.183 millions. Directors are expecting better performance in the next year as the company has received inquiries for accommodations. Directors are taking measures to increase the occupancy rate.

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U45200GJ2006PTC047523
Name of the company	PARITOSH RESIDENCY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Vrindavan, Plot No.1880, Off University Road, Vallabh Vidyanagar – 388 120, Gujarat, India
Type of charge	Immovable Property
Particular of charge holder	Corporation Bank, S.P. University, Vallabh Vidyanagar – 388 120, Gujarat, India E-Mail: cb2060@corpbank.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum of deposit of title deeds
Date of instrument Creating the charge	22.02.2008
Amount secured by the charge	Rs.98.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: COBAR + 1.5 %. i.e. 14.75% p.a. at present. Terms of Repayment: Within 102 months after initial repayment holiday of 18 months from the date of disbursal of the loan in 84 monthly installments of Rs.0.571 million each. Last installment being 0.571 million. Interest to be paid separately as and when debited including during IRH period. Margin: Land : 50 % Building : 40 % Equipments, furniture and fixtures and electrification and others : 25 % Extent and Operation of the charge: To secure all monies upto a limit of Rs.98.000 millions besides interest, cost and other charges that may be payable by the company to the Bank.
Short particulars of the property charged	Khandhli RS. No. 135/1, 135/3, 135/2, 135/4, 135/9, 135/5, 135/6, and 135/8 to 9 at Anand - Borsad Highway, Villege Khandli, District Anand.

FIXED ASSETS:

· Land and Land Development

Garden

Building

Swimming Pool

Borewell

Electrical Installation

D.G. Set

Kitchen Equipments

Water Treatment Plant

Other Assets

Gym and Sports

Car (Ford)

Bajaj Motor Cycle

Computer and Software

Live Stock (Birds)

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 records 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.53.21
UK Pound	1	Rs.83.32
Euro	1	Rs.69.51

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--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		18

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.