MIRA INFORM REPORT

Report Date :

10.01.2011

IDENTIFICATION DETAILS

Name :	HIRANANDANI DEVELOPERS PRIVATE LIMITED
Registered Office :	514, Dalamal Towers, 211, F P J Marg, Nariman Point, Mumbai-400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.02.1991
Com. Reg. No.:	11-60350
CIN No.: [Company Identification No.]	U70100MH1991PTC060350
TAN No.: [Tax Deduction & Collection Account No.]	MUMH08290C
PAN No.: [Permanent Account No.]	AAACH1134K
Legal Form :	Private Limited Liability Company
Line of Business :	Real Estate Developer

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	----
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears to be some 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 with some caution.

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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY (GENERAL DETAILS )

Name :	Mr. Meera Bharati
Designation :	DGM Finance
Date :	08.01.2011

LOCATIONS

Registered Office :	514, Dalamal Towers, 211, F P J Marg, Nariman Point, Mumbai-400021, Maharashtra
Tel. No.:	91-22-25766847
Fax No.:	91-22-25706444
E-Mail :	papat.girish@hiranandani.net info@hiranandani.net hsecretarial@rediffmail.com sales@hiranandani.net
Website :	www.hiranandani.com
Location :	Owned
Head Office :	Olympia, Central Avenue, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra
Tel. No.:	91-22-25766724/29
Fax No.:	91-22-25706444
Location :	Owned
Site Office :	Hiranandani Estate, Thane Behind Municipal Commissioner's Bungalow, Patlipada, Off Ghodbunder Road, Thane (W)-400 607, Maharashtra Phone : 91- 22-2545 8001/ 2545 8760 / 63 Hiranandani Meadows, Thane Gladys Alwares Road, Off Pokhran Road No. 2, Thane (W)-400 607, Maharashtra Phone : 91-22-2171 5656 / 58

DIRECTORS

As on : 30.09.2010

Name :	Mr. Niranjan Hirnanadani
Designation :	Director
Address :	514, Dalamal Towers, 211, F P J Marg, Nariman Point, Mumbai-400021, Maharashtra, India
Date of Birth/Age :	08.03.1950
Date of Appointment :	18.02.1991
Name :	Mr. Surendra Hiranandani
Designation :	Director
Address :	Neptune Court, 60 L J Marg, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	30.12.1954
Date of Appointment :	18.02.1991
Name :	Dr. L H Hiranandani
Designation :	Director
Address :	5, Kanta, Little Gibbs Road, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	17.09.1917
Date of Appointment :	11.01.1994
Name :	Mrs. Kamal N Hiranandani
Designation :	Director
Address :	514, Dalamal Towers, 211, F P J Marg, Nariman Point, Mumbai-400021, Maharashtra, India
Date of Birth/Age :	08.12.1957
Date of Appointment :	11.01.1994

KEY EXECUTIVES

Name :	Mr. Mehul Kumar Patel
Designation :	Secretary
Address :	A 203, Crown Hiranandani Estates, Thane(W), Maharashtra, India
Date of Birth/Age :	22.07.1974
Date of Cessation :	02.05.2007
Name :	Ms. Meera Bharati
Designation :	DGM in Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 30.09.2010

Names of Shareholders	No. of Shares
Mr. Niranjan Hiranandani	180500
Mr. Surendra Hiranandani	179500
Mrs. Kamal Hiranandani	101000
Mr. Darshan Hiranandani	46000
Ms. Neha Hirnanandani	56668
Mr. Niranjan Hiranandani (HUF)	172500
Mr. Surendra Hiranandani (HUF)	263832
Total	1000000

As on : 30.09.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	0.00
Bodies corporate	0.00
Directors or relatives of Directors	56.37
Other top fifty shareholders	43.63
Total	100.00

BUSINESS DETAILS

Line of Business :	Real Estate Developer
Private Amenities :	v Bank Of Baroda v HDFC Bank v HSBC Bank v ICICI Bank v State Bank Of India v Axis Bank v Domino’s Pizza v Iqara Broadband v Monginis v Haiko Super Market v Rodas v Loft v Crossword
Terms :
Purchasing :	Cash, Credit (30 /60 / 90 days)
Selling :	Cash, Credit (30 /60 / 90 days)

GENERAL INFORMATION

Suppliers :

· J B Decors

· Lila Consulting Elec. Engineering

· Nandy Engineering Works

· Pragati Enterprises (K)

· S L Constructions

· Schindler India Pvt. Ltd.

· Shapoorji Pallonji and Co. Ltd. (K)

· Shreyas Coatings

· Siddhivinayak Enterprises

· Sudhir Enterprises

Customers :

• Corporate
• End Users
• OEM’s
• Others

No. of Employees :

1250

Bankers :

v ICICI Bank, Nariman Point, Mumbai

v Indusind Bank Limited

v SBICIBL

v Axis Bank, Thane

v State Bank Of India (Uran)

v OBC-Interim Dividend 2003-04 (Fort)

v Standard Chartered Bank

Facilities :

Unsecured Loans	31.03.2010 (Rs. In Millions)	31.03.2009 (Rs. In Millions)
From Director
Kamal Hiranandani	44.389	52.404
Niranjan Hiranandani	--	8.846
Surendra Hiranandani	103.342	120.973
Total	147.731	182.223

Banking Relations :

--

Auditors :

Name :

SH Patrawala And Company

Chartered Accountant

Address :

513, Dalmal Towers, Nariman Point-400021, Maharashtra, India

Tel. No.:

91-22-22876060/61

Fax No.:

91-22-22832010

Associates/Subsidiaries :

Hav Los Group Company

CAPITAL STRUCTURE

As on : 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 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		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1.144	1.145	1.145
4] (Accumulated Losses)		(62.837)	(50.547)	(54.021)
NETWORTH		(51.693)	(39.402)	(42.876)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		147.731	182.223	186.457
TOTAL BORROWING		147.731	182.223	186.457
DEFERRED TAX LIABILITIES		1.719	1.719	0.000
Bank overdraft		0.000	0.218	0.000
TOTAL		97.757	144.758	143.581
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		35.614	42.277	48.831
Capital work-in-progress		0.000	0.000	0.000
Advance to contractors and suppliers		0.000	0.125	0.000
INVESTMENT		0.000	0.000	5.026
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	78.569	78.569	76.168
	Sundry Debtors	2.452	3.495	2.171
	Cash & Bank Balances	2.515	8.457	0.957
	Other Current Assets	11.292	44.250	47.716
	Loans & Advances	0.125	0.000	1.497
Total Current Assets		94.953	134.771	128.509
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	32.810	0.000	38.785
	Sundry Creditors	1.455	31.868	5.644
	Provisions	0.000	0.547	0.000
Total Current Liabilities		32.810	32.415	38.785
Net Current Assets		62.143	102.356	89.724
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		97.757	144.758	143.581

PROFIT & LOSS ACCOUNT

Particulars	31.03.2009	31.03.2008
Loss transfer to P and L Appropriation	6.604	15.534
Transfer to Reserves	Nil	Nil
Profit / (Loss) Trf to Balance Sheet (after all appropriations) (see Profit and Loss Appropriation A/c)	5.681	(54.021)

Particulars	31.03.2010
Sales Turnover	4.119

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	(3.49)	(5.45)	(5.25)
Current Ratio (Current Asset/Current Liability)	2.89	4.16	3.31

LOCAL AGENCY FURTHER INFORMATION

sundry Creditors details :

pARTICULARS	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
For goods	0.039	0.216	0.881
For Expenses	0.415	0.547	0.567
For Others	30.901	31.105	31.693
Total	31.355	31.868	33.141

Form 8:

Name of the company	Hiranandain Developers Private Limited
Presented By	Mr. Nirandan L Hiranandani
1) Date and description of instrument creating the change	Agreement for hypothecation of assets for cash credit/ OD Demand Loan facility between Hiranandani Developers of the one part and Oriental Bank of Commerce of the other part dated 15.10.1996
2) Amount secured by the charge/amount owing on the securities of charge	Rs.25.000 Millions
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 charge on entire block of building materials work in progress and all present and future receivables outstanding decrees moneys receivables claim bills contracts engagements securities investments bank deposits rogjts and other movable assets of the company in favour of the bank and there will be 25% Margin of the assets hypothecated by the company. The bank will have right of inspection take possession appointment of receiver sell dispose of or deal with all or any part of the hypothecated assets reserved in favour of the Bank.
4) Gist of the terms and conditions and extent and operation of the charge.	In consideration of the advances granted to be granted by the Bank to the company, the company have hypothecated and charged to the bank by way of security the properties mentioned against item No. 3 above. Interest at the rate of %p.a. over the PLR of Bank with a minimum of 13.27%p.a. on the debit balance with the bank on rate specified by the bank from time to time, shall be payable by entire advance is recalled by the Bank and or in case the account becomes irregular and is not regularized on demand then the bank can charge penal interest @2% p.a. with agreed rests over and above the agreed rate of interest.
5) Name and Address and description of the person entitled to the charge.	Oriental Bank Of Commerce Jash Chambers, Sir P M Road, Fort, Mumbai-400001, Maharashtra, India

Fixed Assets :

v Air Conditioner

v Computer

v Electric Equipment

v Furniture and Fixture

v Interior Equipment

v Office Premises

v Software

v Telephone Equipments

v Vehicles

v Wireless Equipment

v Xerox Machine

v Plant and Machinery

TRADE REFERENCES :

• Rajkiran Constructions
• Shapoorji Pallonji and Company Limited
• Hathway Cable and Datacom Private Limited

NoteS :

As confirmed by Ms. Meera Bharati (DGM in Finance) Hiranandani Developers Private Limited which has been started in 1991, there has been no activities, no projects done from last 10 year, so there is no turnover from last 10 year.

They are doing activities in Hiranandani group.

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. 45.37
UK Pound	1	Rs. 70.03
Euro	1	Rs. 58.93

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	No
--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		29

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.