MIRA INFORM REPORT

Report Date :

30.11.2011

IDENTIFICATION DETAILS

Name :	AARONE DEVELOPERS PRIVATE LIMITED (w.e.f 22.09.2007 )
Formerly Known As :	VIDHI CONSTRUCTIONS PRIVATE LIMITED
Registered Office :	Select City Walk, 6^th Floor, A-3, District Centre, Saket, New Delhi – 110017
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.09.1988
Com. Reg. No.:	55-033120
Capital Investment / Paid-up Capital :	Rs. 13.978 Millions
CIN No.: [Company Identification No.]	U74899DL1988PTC033120
TAN No.: [Tax Deduction & Collection Account No.]	DELV00874G
PAN No.: [Permanent Account No.]	AAACV0276C
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of construction and houses, building or civil and construction works.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 999000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct ands as per commitments. The company can be considered normal for business dealings at usual 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

LOCATIONS

Registered Office :	Select City Walk, 6^th Floor, A-3, District Centre, Saket, New Delhi – 110017, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	yogiasct@vsnl.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Homendra Kumar Arora

Designation :

Director

Address :

19, Western Avenue, Sainik Farms, Khanpur, New Delhi – 110062, India

Date of Birth/Age :

06.06.1962

Date of Appointment :

09.09.1988

DIN No.:

01074257

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	U74899DL1988PTC033120	Aarone Developers Private Limited	Director	09-09-88	09-09-88	-	Active	NO
2	U74899DL1991PTC042812	Aarone Buildtech Private Limited	Director	06-03-92	06-03-92	-	Active	NO
3	U74899DL1985PTC022471	Durga Construction Company Private Limited	Director	03-06-92	03-06-92	23-03-10	Active	NO
4	U74899DL1995PTC064305	Select Buildcon Private Limited	Director	12-01-95	12-01-95	-	Active	NO
5	U74899DL1995PTC067643	Suvinys Developers Private Limited	Director	21-04-95	21-04-95	19-01-07	Active	NO
6	U74899DL1995PTC067622	Inventure India Private Limited	Director	21-04-95	21-04-95	10-06-08	Active	NO
7	U74899DL1995PTC064004	Aero Promoters Private Limited	Director	30-05-95	30-05-95	-	Active	NO
8	U55101DL1996PTC079386	Aarone Resorts Private Limited	Director	03-06-96	03-06-96	-	Active	NO
9	U74899DL1994PTC057918	Sundervan Plantations Private Limited	Director	01-12-98	01-12-98	-	Active	NO
10	U74899DL1994PTC057784	Shilpa Farms Private Limited	Director	01-12-98	01-12-98	-	Active	NO
11	U74899DL1994PTC057776	Vaishali Farms Private Limited	Director	01-12-98	01-12-98	-	Active	NO
12	U51109DL1999PTC099758	Aaron Supply Chain Private Limited	Director	13-05-99	13-05-99	-	Active	NO
13	U45201DL1999PTC099805	Aarone Infrastructure Private Limited	Director	04-03-02	04-03-02	-	Active	NO
14	U45201DL1993PTC122581	Aarone Holding Private Limited	Director	07-08-02	07-08-02	-	Active	NO
15	U72200DL2000PTC105742	Mellon Technologies Private Limited	Director	01-03-05	01-03-05	-	Active	NO
16	U45201DL2005PTC140168	Aarone Constructions Private Limited	Director	30-08-05	30-08-05	-	Active	NO
17	U00500DL2005PTC140216	Aarone Projects Private Limited	Director	31-08-05	31-08-05	-	Active	NO
18	U45201DL2006PTC147241	Solid Buildwell Private Limited	Director	08-03-06	08-03-06	01-08-09	Active	NO
19	U70109DL2006PTC150561	Citywalk Infrastructure Private Limited	Director	05-07-06	05-07-06	-	Active	NO
20	U45400DL2007PTC166207	Aarone Promoters Private Limited	Director	24-07-07	24-07-07	-	Active	NO
21	U45400DL2007PTC166416	Aarone Buildcon Private Limited	Director	30-07-07	30-07-07	-	Active	NO
22	U51909DL1995PTC176537	Cyberwalk Tech Park Private Limited	Director	01-08-07	01-08-07	-	Active	NO
23	U70109DL2006PTC150692	Himland Constructions Private Limited	Additional director	01-04-08	01-04-08	-	Active	NO
24	U65910DL1990PTC040062	Vedanta Infracon Private Limited	Director	08-08-08	08-08-08	-	Active	NO
25	U74999DL1979PTC009494	Select Infrastructure Private Limited	Director	29-09-09	08-05-09	-	Active	NO
26	U55101MP2010PTC023284	Aarone County Walk Clubs Private Limited	Director	26-03-10	26-03-10	-	Active	NO
27	U74899DL1988PTC033523	Lok Nath Farms Private Limited	Director	02-08-10	02-08-10	-	Active	NO
28	U45201UR2006PTC031333	A M Colonisers Private Limited	Director	22-11-10	22-11-10	-	Active	NO

Name :

Mrs. Asha Arora

Designation :

Director

Address :

19, Western Avenue, Sainik Farms, Khanpur, New Delhi – 110062, India

Date of Birth/Age :

02.10.1960

Date of Appointment :

11.09.189

DIN No.:

01044514

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	U74899DL1988PTC033120	Aarone Developers Private Limited	Director	11-09-89	11-09-89	-	Active	NO
2	U74899DL1991PTC042812	Aarone Buildtech Private Limited	Director	06-03-92	06-03-92	-	Active	NO
3	U74899DL1995PTC064305	Select Buildcon Private Limited	Director	12-01-95	12-01-95	-	Active	NO
4	U74899DL1987PTC028208	Poshtik Milk Products Private Limited	Director	01-02-02	01-02-02	-	Active	NO
5	U45201DL1999PTC099805	Aarone Infrastructure Private Limited	Director	04-03-02	04-03-02	-	Active	NO
6	U45201DL2005PTC140168	Aarone Constructions Private Limited	Director	30-08-05	30-08-05	-	Active	NO
7	U00500DL2005PTC140216	Aarone Projects Private Limited	Director	31-08-05	31-08-05	-	Active	NO
8	U45400DL2007PTC166207	Aarone Promoters Private Limited	Director	24-07-07	24-07-07	-	Active	NO
9	U45400DL2007PTC166416	Aarone Buildcon Private Limited	Director	30-07-07	30-07-07	-	Active	NO
10	U51909DL1995PTC176537	Cyberwalk Tech Park Private Limited	Director	10-09-07	10-09-07	-	Active	NO

Name :

Mr. Sanjeev Manchanda

Designation :

Director

Address :

E- 335, East of Kailash, New Delhi – 110065, India

Date of Birth/Age :

04.02.1960

Date of Appointment :

22.08.2005

DIN No.:

01105116

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	U74899DL1988PTC033120	Aarone Developers Private Limited	Director	22-08-05	22-08-05	-	Active	NO
2	L74994DL1980PLC010162	Webpulse Consulting India Company Limited	Director	30-09-10	12-10-09	-	Active	NO

Name :

Mr. Sanjay Pahwa

Designation :

Director

Address :

57, Race Course Road, Indore - 452001, Madhya Pradesh, India

Date of Birth/Age :

23.04.1969

Date of Appointment :

16.01.2006

DIN No.:

01146410

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	U74899DL1988PTC033120	Aarone Developers Private Limited	Director	16-01-06	16-01-06	-	Active	NO
2	U55101MP2010PTC023284	Aarone County Walk Clubs Private Limited	Director	26-03-10	26-03-10	-	Active	NO
3	U45200MP2011PTC025683	Rajrani Holding Private Limited	Director	29-03-11	29-03-11	-	Active	NO
4	U45200MH2007PTC173951	Jodhpur Entertainment World Developers Private Limited	Director	30-09-11	06-09-11	-	Active	NO
5	U93090MH2007PTC167340	Chandigarh Entertainment World Private Limited	Director	30-09-11	06-09-11	-	Active	NO
6	U92120MH2007PTC169886	Entertainment World Developers Amritsar Private Limited	Director	30-09-11	06-09-11	-	Active	NO

Name :

Mr. Ninish Arora

Designation :

Director

Address :

19, Western Avenue, Sainik Farms, Khanpur , New Delhi – 110062, India

Date of Appointment :

01.01.2001

DIN No.:

01982312

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	U45201DL1993PTC122581	Aarone Holding Private Limited	Director	01-01-08	01-01-08	-	Active	NO
2	U74899DL1988PTC033120	Aarone Developers Private Limited	Director	01-01-08	01-01-08	-	Active	NO
3	U74899DL1991PTC042812	Aarone Buildtech Private Limited	Director	01-01-08	01-01-08	-	Active	NO
4	U45201DL1999PTC099805	Aarone Infrastructure Private Limited	Director	10-04-08	10-04-08	-	Active	NO
5	U74899DL1995PTC067622	Inventure India Private Limited	Additional director	10-06-08	10-06-08	-	Active	NO
6	U45400DL2007PTC166207	Aarone Promoters Private Limited	Additional director	01-10-08	01-10-08	-	Active	NO
7	U55204DL2006PTC146834	Satvik Kitechen Art Private Limited	Additional director	10-01-09	10-01-09	-	Active	NO
8	U74899DL1987PTC028208	Poshtik Milk Products Private Limited	Director	21-01-09	21-01-09	-	Active	NO
9	U55101DL1996PTC079386	Aarone Resorts Private Limited	Director	02-02-09	02-02-09	-	Active	NO
10	U65910DL1990PTC040062	Vedanta Infracon Private Limited	Director	12-02-09	12-02-09	-	Active	NO
11	U70109DL2006PTC149261	Manjar Developers Private Limited	Director	19-03-09	19-03-09	-	Active	NO
12	U18101DL2001PTC111049	L Affaire Designs Private Limited	Director	01-07-09	01-07-09	-	Active	NO
13	U45201UR2006PTC031333	A M Colonisers Private Limited	Director	22-11-10	22-11-10	-	Active	NO
14	U74899DL1995PTC064004	Aero Promoters Private Limited	Director	21-01-11	21-01-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Homender Arora	11559
Sukrita Arora	4961
Yog Raj Arora	9172
Asha Arora	1935
Swati Arora	3700
Ram Pyari	800
Atam Prakash Arora HUF	51
Kritika Arora	9590
Reetika Arora	360
Prateek Arora	5750
Nimish Arora	9100
Sushil Dhingra	3685
Santosh Kumari	3601
Naraini Devi	2301
Meena Dua	1
Sanjeev Manchanda	98
Ketaki Sood	5000
Shreshta Properties Private Limited, India	720
Dalip Khosla	1
Aarone Holding Private Limited, India	46780
Prerna International Private Limited, India	5920
Umesh Batra	1340
Mohit Rana	2000
Mukuna and Swati Vasudevan	1000
Mohit Nandwani	9000
Rajeev Chanana	1
Anju Arora	1250
TOTAL	139676

As in 30.09.2011

Category	Percentage
Bodies Corporate	38.00
Directors or relatives of Directors	62.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of construction and houses, building or civil and construction works.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Housing Development Finance Corporation Limited, Ramon House, 169 Backbay Reclamation, H T Parekh Marg, Mumbai – 400020, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
HDFC Auto Loan		0.131
Citi Financial CFI Limited		5.425
Total	8.418	5.556
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors
Homender Arora	99.482	0.692
Asha Arora		3.500
Dalip Kumar Khosla		2.000
Meena Dua		0.902
Yog Raj Arora		0.000
Nimish Arora		0.403
Rajeev Channa		8.100
From Others		0.000
Garner Finance Securities Private limited		97.815
Sindhwani Metal Engineering Private Limited
Total	99.482	113.412

Banking Relations :	--
Auditors :
Name :	Sanjay and Deepak
Address :	A-13, Kailash Colony, New Delhi – 110048, India
E-Mail :	AABFS1429P

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
150000	Equity Share	Rs.100/- each	Rs. 15.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
139776	Equity Share	Rs.100/- each	Rs. 13.978 Millions

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		13.978	13.968	13.843
2] Share Application Money		0.000	0.350	7.500
3] Reserves & Surplus		235.756	201.115	174.943
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		249.734	215.433	196.286
LOAN FUNDS
1] Secured Loans		8.418	5.556	7.318
2] Unsecured Loans		99.482	113.412	77.630
TOTAL BORROWING		107.900	118.968	84.948
DEFERRED TAX LIABILITIES		0.811	0.592	0.473
TOTAL		358.445	334.993	281.707
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.555	16.725	17.090
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		8.101	5.864	5.864
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	579.400	171.535	136.876
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	89.947	72.404	6.566
	Other Current Assets	55.835	72.692	5.918
	Loans & Advances	230.429	203.611	196.264
Total Current Assets		955.611	520.242	345.624
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	627.826	9.262	2.146
	Other Current Liabilities		198.587	84.744
	Provisions	0.000	0.000	0.000
Total Current Liabilities		627.826	207.849	86.890
Net Current Assets		327.785	312.393	258.734
MISCELLANEOUS EXPENSES		0.004	0.011	0.019
TOTAL		358.445	334.993	281.707

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
PROFIT BEFORE TAX	52.436	30.675	1.165

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	5.36	5.71	0.32
Return on Investment (ROI) (PBT/Networth)		0.21	0.14	0.01
Debt Equity Ratio (Total Liability/Networth)		2.95	1.52	0.88
Current Ratio (Current Asset/Current Liability)		1.52	2.50	3.98

LOCAL AGENCY FURTHER INFORMATION

Notes:

The registered office address has been changed from E – 335, East of Kailash, New Delhi – 110065. India to present address w.e.f 20.11.2007

FINANCIAL RESULT

The company has earned profit before tax of Rs. 52.436 Millions during the year on comparison to the last year’s profit before tax Rs. 30.675 Millions. The provision for taxation amounts to Rs. 17.779 Millions.

0CMT 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.51.93
UK Pound	1	Rs.80.62
Euro	1	Rs.69.37

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		48

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

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.