MIRA INFORM REPORT

Report Date :

03.04.2012

IDENTIFICATION DETAILS

Name :	BAASHYAAM CONSTRUCTIONS PRIVATE LIMITED [w.e.f. 22.02.2012]
Formerly Known As :	BASHYAAM CONSTRUCTION PRIVATE LIMITED
Registered Office :	I Floor, II Gopalkrishnan Street, T. Nagar, Chennai-600017, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.05.2004
Com. Reg. No.:	18-053331
Capital Investment / Paid-up Capital :	Rs.0.400 Million
CIN No.: [Company Identification No.]	U45201TN2004PTC053331
Legal Form :	Private Limited Liability Company
Line of Business :	Construction Activity.
No. of Employees :	Not Available

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 :	USD 880000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge dip in the turnover of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. Due to erratic business conditions, 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 – 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 :	I Floor, II Gopalkrishnan Street, T. Nagar, Chennai-600017, Tamilnadu, India
Tel. No.:	91-44-42902345/46/47
Fax No.:	91-44-42902344
E-Mail :	info@bashyamgroup.in
Website :	http://wwwbashyamgroup.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Yuvaraajann Radhakrishnan

Designation :

Director

Address :

15/1, II Main Road, Kottur Gardens, Kotturpuram, Chennai-600085, Tamilnadu, India

Date of Birth/Age :

04.04.1957

Date of Appointment :

04.06.2004

Din No.:

00913647

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	U45201TN2004PTC053187	RAMESH RAJANN CONSTRUCTIONS PRIVATE LIMITED	Director	11-05-04	11-05-04	Active	NO
2	U45201TN2004PTC053331	BAASHYAAM CONSTRUCTIONS PRIVATE LIMITED	Director	04-06-04	04-06-04	Active	NO
3	U70109TN2005PTC055729	PRASATH RAJAN PROPERTIES PRIVATE LIMITED	Director	22-03-05	22-03-05	Active	NO
4	U14102TN2005PTC056753	B.R.GRANITES PRIVATE LIMITED	Director	28-06-05	28-06-05	Dormant	NO
5	U55101TN2005PTC056752	BHASHYAM HOTELS PRIVATE LIMITED	Director	28-06-05	28-06-05	Active	NO
6	U70109TN2007PTC062320	ETA STAR BASHYAM PROPERTIES PRIVATE LIMITED	Director	09-02-07	09-02-07	Active	NO
7	U70101TN2008PTC066476	BASHYAM PROPERTIES PRIVATE LIMITED	Director	15-02-08	15-02-08	Active	NO
8	U74900TN2008PTC066695	FLORA LANDSCAPE PRIVATE LIMITED	Director	05-03-08	05-03-08	Active	NO
9	U45200TN2008PTC067478	BASHYAAM REALTORS PRIVATE LIMITED	Director	24-04-08	24-04-08	Active	NO
10	U45200TN2008PTC070111	SRI BAASHYAAM CONSTRUCTIONS PRIVATE LIMITED	Director	10-12-08	10-12-08	Active	NO

Name :

Revathe Yuvaraajann Rajan

Designation :

Director

Address :

Old No. 27, New No. 15, 2^nd Main Road, Kotturgardens, Kooturpuram, Chennai-600085, Tamilnadu, India

Date of Birth/Age :

15.01.1960

Date of Appointment :

26.05.2004

Din No.:

01955125

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	U45201TN2004PTC053331	BAASHYAAM CONSTRUCTIONS PRIVATE LIMITED	Director	26-05-04	26-05-04	-	Active	NO
2	U70101TN2008PTC066476	BASHYAM PROPERTIES PRIVATE LIMITED	Director	15-02-08	15-02-08	16-02-08	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Revathe Yuvaraajann Rajan	29200
Yuvaraajann Radhakrishnan	3600
Y Abhinesh	3600
Y Bashyam	3600
Total	40000

As on 24.12.2011

Names of Allottees	No. of Shares
Revathe Yuvaraajann Rajan	4067200
Y Abhinesh	446400
Y Bashyam	446400
Total	4960000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Construction Activity.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Banks [Secured against the hypothecation of car and FD]	10.613	4.827
Total	10.613	4.827
Unsecured Loan
From Directors	0.307	1.354
From Others	0.000	1.390
Total	0.307	2.744

Banking Relations :	--
Financial Institution :	LIC Housing Finance Limited, Bombay Life Building, 2^nd Floor, 45/47, Veer Nariman Road, Mumbai-400001, Maharashtra, India
Auditors :
Name :	Vepa and Company Chartered Accountants
Address :	Rudraprasada, 93, Venkatachala Mudali Street, Mylapore-600004, Tamilnadu, India
Tel. No.:	91-44-24987789/24987735
Pan No.:	AAAFV0371K
Associates :	· Bashyam Hotels Private Limited · Prasath Rajan Properties Private Limited · Ramesh Rajan Constructions Private Limited · B R Granites Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

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
40000	Equity Shares	Rs.10/- each	Rs.0.400 Million

As on 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 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		0.400	0.400	0.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		221.363	225.511	0.000
4] (Accumulated Losses)		0.000	0.000	(3.213)
NETWORTH		221.763	225.911	(2.813)
LOAN FUNDS
1] Secured Loans		10.613	4.827	27.270
2] Unsecured Loans		0.307	2.744	1.854
TOTAL BORROWING		10.920	7.571	29.124
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		232.683	233.482	26.311
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.974	8.643	1.582
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18.061	9.908	32.109
	Sundry Debtors	0.000	4.267	0.000
	Cash & Bank Balances	1.609	9.239	36.382
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	235.268	287.258	121.805
Total Current Assets		254.938	310.672	190.296
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	30.229	25.750	0.092
	Other Current Liabilities	0.000	10.083	165.425
	Provisions	0.000	50.000	0.050
Total Current Liabilities		30.229	85.833	165.567
Net Current Assets		224.709	224.839	24.729
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		232.683	233.482	26.311

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	10.056	316.138	4.463
Less	EXPENSES
		Office Expenses
		Administrative Expenses	13.325	37.414	5.209
		Advertising Expenses
		TOTAL	13.325	37.414	5.209
	PROFIT / (LOSS) BEFORE TAX		(3.269)	278.724	(0.746)
Less	TAX		0.878	50.000	0.057
	PROFIT / (LOSS) AFTER TAX		(4.147)	228.724	(0.803)
	Earnings / (Loss) Per Share (Rs.)		(103.69)	6968.10	(20.07)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(41.23)	72.35	(17.99)
Return on Total Assets (PBT/Total Assets}	(%)	(1.24)	87.29	(0.39)
Return on Investment (ROI) (PBT/Networth)		(0.01)	1.23	0.27
Debt Equity Ratio (Total Liability/Networth)		0.19	0.41	(69.21)
Current Ratio (Current Asset/Current Liability)		8.43	3.62	1.15

LOCAL AGENCY FURTHER INFORMATION

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10334608
Corporate identity number of the company	U45201TN2004PTC053331
Name of the company	BASHYAAM CONSTRRUCTIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	I Floor, II Gopalkrishnan Street, T. Nagar, Chennai-600017, Tamilnadu, India
Type of charge	Book Debts Immovable Property Others
Particular of charge holder	LIC Housing Finance Limited, Bombay Life Building, 2^nd Floor, 45/47, Veer Nariman Road, Mumbai-400001, Maharashtra, India
Email	lichousing@lichousing.com
Nature of description of the instrument creating or modifying the charge	Equitable Mortgage on the Assets of the Company called Happy Homes more detailedly below by deposit of Title Deeds on 3/01/2012
Date of instrument Creating the charge	03.01.2012
Amount secured by the charge	Rs.250.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 16.00% floating (payable monthly), linked to project LHPLR, current project LHPLR AT 16.00% Terms of Repayment 36 months from the date of first disbursement provided that there will be moratorium period of 18 months for the repayment of the principal amount. The first installment of repayment of the principal amount shall be payable in the 19th month from the date of first draw down. Interest accrued be paid when due in accordance with clause 2.2 of the loan agreement. The repayment together with interest shall be made in 17 monthly installments of the loan agreement. Margin Upfront investment of 50% of the promoter’s contribution. afterwards I. The disbursement of loan will be based on: 1. The progress of construction 2. In proportion to the promoters contribution. 3. As per norms for security cover, security of 2 times must be maintained at any point of time. Extent and Operation of the charge Loan for the purpose of construction of the project "happy windows", secured by equitable mortgage of the assets.
Short particulars of the property charged	EM of the builder's share in project land situated at SF No. 117, Kattupakkam Village, Ponammalle Taluk, Thiruvallur dist. Tamilnadu and structures there on. Negative lien on flats to the extent of 2.00 times of the loan amount. Hypothecation/assignment of the builder's share in the receivables from the project 'happy windows'. EM of the property of the company situated at 2/150, Mount Poonamallee High Road Comprised in Old Survey No. 216/1, New Survey No.216/17 of Kattupakkam Village, Poonamallee Taluk, Thiruvallur District Residential Flat Bearing No. 2, in the Ground Floor Front portion of the building measuring about 1310 sq. Ft. Constructed at new No. 11, Gopalakrishna Road, T. Nagar, Chennai -17 together with 9.5% undivided share out of the total extend of 2 grounds and 920 sq. Ft. Comprised in new t.s.no.4963, block no. 116 of T. Nagar Village, Mambalam-Guindy Taluk, Chennai District Personal guarantee of all partners/ promoters/ directors. A. Mr. R. Yuvaraajam B. Mrs. Revatherajan.
Particulars of the present modification	Additional Collateral Security has been provided for the earlier said loan.

FIXED ASSETS:

· Office Equipments

· Furniture and Fixtures

· Computer

· Two Wheeler

· Motor Car

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.51.15
UK Pound	1	Rs.81.80
Euro	1	Rs.68.34

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	YES
--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.