MIRA INFORM REPORT

Report Date :

25.10.2011

IDENTIFICATION DETAILS

Name :	PROVIEW CONSTRUCTIONS LIMITED
Registered Office :	190, Saini Enclave, New Delhi-110092
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	10.12.2004
Com. Reg. No.:	55-131181
Capital Investment / Paid-up Capital :	Rs. 19.000 Millions
CIN No.: [Company Identification No.]	U45201DL2004PLC131181
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in Real Estate and Construction Business.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and 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 :	190, Saini Enclave, New Delhi-110092, India
Tel. No.:	91-120-4371050
Fax No.:	91-120-4371070
E-Mail :	carishikapoorroc@yahoo.co.in
Website :	www.proviewbuilders.com
Head Office :	Gyan Khand-IV/3, Indirapuram Ghaziabad-201010, Uttar Pradesh, India
Tel. No.:	91-120-5527595
Fax No.:	91-120-2605767
E-Mail :	Rajeev@proviewbuilders.com
Corporate Office :	B-66, Sector-63, Noida-201301, Uttar Pradesh, India
Tel. No.:	91-120-4345530

DIRECTORS

(AS ON 30.09.2010 )

Name :

Mr. Rajeev K Arora

Designation :

Director

Address :

190, Saini Enclave, New Delhi-110092, India

Date of Appointment :

10.12.2004

DIN No.:

00487573

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	U45201DL2004PLC131181	Proview Constructions Limited	Director	10/12/2004	10/12/2004	-	Active	NO
2	U45201DL2006PLC145508	Sanjeev Arora And Company Infrastructure Limited	Director	27/01/2006	27/01/2006	-	Active	NO
3	U45200DL2008PTC180512	Proview Infrastructure Private Limited	Director	04/07/2008	04/07/2008	-	Active	NO
4	U70200DL2010PTC200718	MR Proview Real Tech Private Limited	Director	25/03/2010	25/03/2010	-	Active	NO
5	U45400DL2011PLC222982	M R Realtech Limited	Director	21/08/2011	21/08/2011	-	Active	NO
6	U45206DL2011PTC225688	Proview Infratech Private Limited	Director	29/09/2011	29/09/2011	-	Active	NO
7	U45400DL2011PTC225744	Proview Infrahome Private Limited	Director	30/09/2011	30/09/2011	-	Active	NO
8	U45200DL2011PTC225754	Proview Realtech Private Limited	Director	03/10/2011	03/10/2011	-	Active	NO

Name :

Mrs. Priti Sharma

Designation :

Director

Address :

161, Chitra Vihar, Delhi-110092, India

Date of Appointment :

10.12.2004

DIN No.:

00487579

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	U45201DL2004PLC131181	Proview Constructions Limited	Director	10/12/2004	10/12/2004	-	Active	NO
2	U45200DL2008PTC180512	Proview Infrastructure Private Limited	Director	04/07/2008	04/07/2008	-	Active	NO
3	U70200DL2010PTC200718	MR Proview Real Tech Private Limited	Director	25/03/2010	25/03/2010	-	Active	NO
4	U45200DL2011PTC217199	Uttam Griha Consulting Private Limited	Director	07/04/2011	07/04/2011	-	Active	NO
5	U45201DL2006PLC145508	Sanjeev Arora And Company Infrastructure Limited	Director	30/05/2011	30/05/2011	-	Active	NO
6	U45400DL2011PLC222982	M R Realtech Limited	Director	21/08/2011	21/08/2011	-	Active	NO
7	U51909DL2011PTC224033	Dasmaya Export Import Private Limited	Director	23/08/2011	23/08/2011	-	Active	NO
8	U45206DL2011PTC225688	Proview Infratech Private Limited	Director	29/09/2011	29/09/2011	-	Active	NO
9	U45200DL2011PTC225754	Proview Realtech Private Limited	Director	03/10/2011	03/10/2011	-	Active	NO

Name :

Mr. Om Prakash Arora

Designation :

Director

Address :

B-202, Vivek Vihar Ph-1, Delhi-110092, India

Date of Appointment :

01.04.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010 )

Names of Shareholders	No. of Shares
Rajeev Kumar Arora	782000
Rachna Arora	400000
Om Prakash Arora	71000
Priti Sharma	5000
Simmi Arora	56000
Sunil Arora	30000
Ajay Arora	5000
Sanjeev Arora	1000
Kirpa Finvest Private Limited	550000
Total	1900000

Equity Share Breakup (Percentage of Total Equity)

(AS ON 30.09.2010 )

Category	Percentage
Bodies corporate	29.00
Directors or relatives of directors	71.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Real Estate and Construction Business.

GENERAL INFORMATION

Bankers :

· Oriental Bank of Commerce SSI Branch, Site-IV, Industrial Area, Sahibabad, Ghaziabad-201001, Uttar Pradesh, India · Syndicate Bank, Maliwara Chowk Branch, Maliwara Chowk, Gaziabad-201001, Uttar Pradesh, India

Banking Relations :	--
Auditors :
Name :	Rishi Kapoor and Company Chartered Accountant
Address :	9 and 10, Advocate Chamber, Opposite Telephone Exchange, RDC Raj Nagar, Ghaziabad-201001, Uttar Pradesh, India
PAN No.:	AEFPK6932G

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Share	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1900000	Equity Share	Rs. 10/- each	Rs. 19.000 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		19.000	19.000	19.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		56.284	44.022	20.331
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		75.284	63.022	39.331
LOAN FUNDS
1] Secured Loans		0.936	25.079	42.211
2] Unsecured Loans		2.505	2.705	3.459
TOTAL BORROWING		3.441	27.784	45.670
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		78.725	90.806	85.001
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.639	1.425	0.647
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		9.655	2.500	2.500
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	241.686	148.054	92.899
	Sundry Debtors	794.987	589.725	31.119
	Cash & Bank Balances	34.388	61.386	34.369
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	129.956	52.942	22.993
Total Current Assets		1201.017	852.107	181.380
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1129.347	760.963	99.533
	Other Current Liabilities
	Provisions	5.239	4.263
Total Current Liabilities		1134.586	765.226	99.533
Net Current Assets		66.431	86.881	81.847
MISCELLANEOUS EXPENSES		0.000	0.000	0.007
TOTAL		78.725	90.806	85.001

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	203.431	213.563	90.429
		Other Income (Work in progress)		148.054	92.899
		TOTAL (A)	203.431	361.617	183.328
Less	EXPENSES
		Opening Stock		92.899	0.675
		Cost of Land and Building Construction		223.704	166.835
		Administrative Expenses	185.293	8.944	3.626
		Selling and Distribution Expenses		3.869	2.786
		Directors’ Remuneration		1.200	0.960
		TOTAL (B)	185.293	330.616	174.882
			(Including Financial Charges)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			31.001	8.446
Less	FINANCIAL EXPENSES (D)			2.752	2.142
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		18.138	28.249	6.304
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.432	0.261	0.040
	PROFIT BEFORE TAX (E-F) (G)		17.706	27.988	6.264
Less	TAX (I)		5.443	4.297	2.087
	PROFIT AFTER TAX (G-I) (J)		12.263	23.691	4.177
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	10.331	6.154
	BALANCE CARRIED TO THE B/S		NA	34.022	10.331
	Earnings Per Share (Rs.)		6.45	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	6.21	6.55	2.28
Net Profit Margin (PBT/Sales)	(%)	NA	13.11	6.93
Return on Total Assets (PBT/Total Assets}	(%)	1.47	3.28	3.44
Return on Investment (ROI) (PBT/Networth)		0.24	0.44	0.16
Debt Equity Ratio (Total Liability/Networth)		15.12	12.58	3.69
Current Ratio (Current Asset/Current Liability)		1.06	1.11	1.82

LOCAL AGENCY FURTHER INFORMATION

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U45201DL2004PLC131181
Name of the company	PROVIEW CONSTRUCTIONS LIMITED
Address of the registered office or of the principal place of business in India of the company	190, Saini Enclave, New Delhi-110092, India
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Syndicate Bank, Maliwara Chowk Branch, Maliwara Chowk, Gaziabad-201001, Uttar Pradesh, India virendradel@gmail.com
Nature of description of the instrument creating or modifying the charge	Composite Hypothecation Agreement
Date of instrument Creating the charge	09.02.2009
Amount secured by the charge	Rs. 12.200 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest on SOD shall be charged @ 1% over SB’s PLR, subject to a minimum of 14.00% p.a. with monthly rest or at such other rates as may be specified by the bank from time to time. Terms of Repayment Payable on demand Margin As may be specified by the bank from time to time Extent and Operation of the charge 100 percent
Short particulars of the property charged	Hypothecation of the following:- a) Stock of construction materials, machines and equipments, stores/ installed at the borrower’s premises and / or at various construction sites of the borrower. b) All the borrower’s present and future book-debts, outstanding, moneys receivables, claims bills, contracts etc.

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.49.87
UK Pound	1	Rs.79.73
Euro	1	Rs.69.53

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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		45

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.