MIRA INFORM REPORT

Report Date :

14.04.2012

IDENTIFICATION DETAILS

Name :	ROMELL REAL ESTATE PRIVATE LIMITED
Registered Office :	101, Wing – B, Gharkul Co-operative Society, Near Railway Crossing, Azad Road, Misquitta Street, Vile Parle (East), Mumbai – 400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.11.1995
Com. Reg. No.:	11-094736
Capital Investment / Paid-up Capital :	Rs.50.000 Millions
CIN No.: [Company Identification No.]	U70100MH1995PTC094736
TAN No.: [Tax Deduction & Collection Account No.]	MUMR07655E
PAN No.: [Permanent Account No.]	AAACR2503C
Legal Form :	Private Limited Liability Company
Line of Business :	Service Provider of Construction and Residential
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1410000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There appears some dip in turnover and profitability of the company. However, networth appears to be sound. 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 for business dealings with some cautions.

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 :	101, Wing – B, Gharkul Co-operative Society, Near Railway Crossing, Azad Road, Misquitta Street, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-26144635
Fax No.:	91-22-26104635
E-Mail :	finance@romellgroup.com property@romellgroup.com
Website :	http://www.romellgroup.com

DIRECTORS

As on 28.09.2011

Name :

Jude Boniface Romell

Designation :

Director

Address :

32/A, Bethlehm Apartment, SVP Road, Borivali (West), Mumbai – 400103, Maharashtra, India

Date of Appointment :

23.11.1995

DIN No.:

00855915

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	U70100MH1995PTC094736	ROMELL REAL ESTATE PRIVATE LIMITED	Director	23-11-95	23-11-95	-	Active	NO
2	U45200MH1999PTC120026	ROMELL PROPERTIES PRIVATE LIMITED	Director	25-09-99	25-09-99	-	Active	NO
3	U70101MH2003PTC139842	HI - FI CONSTRUCTION PRIVATE LIMITED	Director	01-04-03	01-04-03	-	Strike off	NO
4	U70102MH2003PTC140780	ROMELL HOMEMAKERS PRIVATE LIMITED	Director	06-06-03	06-06-03	-	Strike off	NO
5	U45400MH2009PTC195463	RAZAK DEVELOPERS PRIVATE LIMITED	Director	03-09-09	03-09-09	-	Strike off	NO

Name :

Domnic Savio Romell

Designation :

Director

Address :

3, Silver Shell, I C Colony, Borivali (West), Mumbai – 400103, Maharashtra, India

Date of Appointment :

23.11.1995

DIN No.:

00855945

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	U70100MH1995PTC094736	ROMELL REAL ESTATE PRIVATE LIMITED	Director	23-11-95	23-11-95	-	Active	NO
2	U45200MH1999PTC120026	ROMELL PROPERTIES PRIVATE LIMITED	Director	25-09-99	25-09-99	-	Active	NO
3	U70101MH2003PTC139842	HI - FI CONSTRUCTION PRIVATE LIMITED	Director	01-04-03	01-04-03	-	Strike off	NO
4	U70102MH2003PTC140780	ROMELL HOMEMAKERS PRIVATE LIMITED	Director	06-06-03	06-06-03	-	Strike off	NO
5	U72900MH2003PLC140182	TEJORA TECHNOLOGIES LIMITED	Director	28-03-05	28-03-05	27-02-09	Active	NO
6	U45400MH2007PTC169761	MAGICVIEW DEVELOPERS PRIVATE LIMITED	Director	09-04-07	09-04-07	-	Active	NO
7	U45202KA2007PTC044131	ROMELL INFRASTRUCTURE PRIVATE LIMITED	Director	16-10-07	16-10-07	-	Active	NO
8	U45200MH2009PTC193674	DCUBE VENTURES AND DEVELOPERS PRIVATE LIMITED	Director	30-06-09	30-06-09	-	Active	NO
9	U45400MH2009PTC195463	RAZAK DEVELOPERS PRIVATE LIMITED	Director	03-09-09	03-09-09	-	Strike off	NO

Name :

Marceline John Romell

Designation :

Director

Address :

32/A, Bethlehm Apartment, SVP Road, Borivali (West), Mumbai – 400103, Maharashtra, India

Date of Appointment :

23.11.1995

DIN No.:

00497890

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	U70100MH1995PTC094736	ROMELL REAL ESTATE PRIVATE LIMITED	Director	23-11-95	23-11-95	-	Active	NO
2	U45200MH1999PTC120026	ROMELL PROPERTIES PRIVATE LIMITED	Director	25-09-99	25-09-99	-	Active	NO
3	U45202KA2007PTC044131	ROMELL INFRASTRUCTURE PRIVATE LIMITED	Director	16-10-07	16-10-07	-	Active	NO

Name :

Thelma Margred Romell

Designation :

Director

Address :

32/A, Bethlehm Apartment, SVP Road, Borivali (West), Mumbai – 400103, Maharashtra, India

Date of Appointment :

23.11.1995

DIN No.:

00855875

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	U70100MH1995PTC094736	ROMELL REAL ESTATE PRIVATE LIMITED	Director	23-11-95	23-11-95	-	Active	NO
2	U45200MH1999PTC120026	ROMELL PROPERTIES PRIVATE LIMITED	Director	25-09-99	25-09-99	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders	No. of Shares
Jude Boniface Romell	1526261
Domnic Savio Romell	3089810
Marceline John Romell	383929
TOTAL	5000000

Equity Share Break up (Percentage of Total Equity)

As on 28.09.2011

Category	Percentage
Directors or relatives of Directors
Total	100.00

BUSINESS DETAILS

Line of Business :

Service Provider of Construction and Residential

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Citizencredit Co-operative Bank Limited, Borivali West Branch, Rosario Apartments, I C Colony Road, Boriwali (West), Mumbai – 400103, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	1982.590	174.900
Rupee term loans financial institutions secured	0.000	2.556
Interest accrued due other debt secured	0.000	1.686
Total	1982.590	179.142
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans others unsecured	211.000	210.778
Loans directors unsecured	0.000	17.901
Total	211.000	228.679

Banking Relations :	--
Auditors :
Name :	Francisca Rosario Chartered Accountant
Address :	A-7, Vaibhav Apartments, Opp-Warehouse, Sahar Pipr Line Andheri (East), Mumbai-400099, Maharashtra, India
PAN.:	AGSPR2912G

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 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		50.000	50.000	50.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		301.954	294.345	149.785
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		351.954	344.345	199.785
LOAN FUNDS
1] Secured Loans		1982.590	179.142	409.473
2] Unsecured Loans		211.000	228.679	106.996
TOTAL BORROWING		2193.590	407.821	516.469
DEFERRED TAX LIABILITIES		8.849	0.000	0.047
TOTAL		2554.393	752.166	716.301
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1056.928	15.061	12.976
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.020	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	549.040	1191.455	1413.839
	Sundry Debtors	4.304	20.759	20.145
	Cash & Bank Balances	617.152	3.281	4.941
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1266.953	438.208	454.891
Total Current Assets		2437.449	1653.703	1893.816
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	87.488	202.839	257.331
	Other Current Liabilities	726.566	609.991	874.066
	Provisions	125.930	103.788	59.094
Total Current Liabilities		939.984	916.618	1190.491
Net Current Assets		1497.465	737.085	703.325
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2554.393	752.166	716.301

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	130.230	668.449	56.807
		Other Income
		TOTAL	130.230	668.449	56.807
Less	EXPENSES
		Office Expenses	93.572	448.955	18.363
		Administrative Expenses
		Advertising Expenses
		TOTAL	93.572	448.955	18.363
	PROFIT BEFORE TAX		36.478	219.494	38.444
	TAX		20.000	75.000	6.107
	PROFIT AFTER TAX		7.609	144.559	33.337
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		294.345	149.785	116.448
	BALANCE CARRIED TO THE B/S		301.954	294.345	149.785
	Earnings Per Share (Rs.)		1.52	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.84	21.63	58.68
Return on Total Assets (PBT/Total Assets}	(%)	1.04	1.32	2.02
Return on Investment (ROI) (PBT/Networth)		0.10	0.64	0.19
Debt Equity Ratio (Total Liability/Networth)		8.90	3.85	8.54
Current Ratio (Current Asset/Current Liability)		2.59	1.80	1.59

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Note: The registered office address has been changed from Shop No. 6, Shailesh Aprtments, Mandepshwar Road, Borivali (West), Mumbai – 400103, Maharashtra, India present address w.e,f 31.10.2009

FORM 8

Corporate identity number of the company	U70100MH1995PTC094736
Name of the company	ROMELL REAL ESTATE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	101, Wing – B, Gharkul Co-operative Society, Near Railway Crossing, Azad Road, Misquitta Street, Vile Parle (East), Mumbai – 400057, Maharashtra, India Email: finance@romellgroup.com
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	Citizencredit Co-operative Bank Limited, Borivali West Branch, Rosario Apartments, I C Colony Road, Boriwali (West), Mumbai – 400103, Maharashtra, India Email: glen.office@gmail.com
Nature of instrument creating charge	Memorandum of Entry for Equitable Mortgage agreements
Date of instrument Creating the charge	14.10.2011
Amount secured by the charge	Rs.250.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @ 14.50% p.a., payable monthly (At Bank PLR +2%, subject to change at the Bank's discretion) Terms of Repayment To repay Term loan of Rs.250.000 millions in 4 equal quarterly installments of Rs.62.500 millions each, after a moratorium of 12 months from the date of 1st disbursement. Margin As per sanction terms Extent and Operation of the charge Repayment of Term loan of Rs.250.000 millions in 4 equal quarterly installments of Rs.62.500 millions each, after a moratorium of 12 months from the date of 1st disbursement.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	34 Flats and 4 Shops in Bldg.No.7 to be constructed on Plot B bearing CTS No.175/8 to 175/13,Village Pahadi, Hickson and Dadajee Compound, Goregaon (East), Mumbai 11 Flats in ground floor and 1st floor and 10 flats (504,505,506,602,604,701,702,704,705 and 706) on 5th, 6th and 7th floor in B-wing, Gharkul CHSL, Azad Road, Vile Parle (East), Mumbai-57

FIXED ASSETS

• Freehold Land
• Construction Equipment
• Office Equipment
• Furniture and Fixture
• Air Conditioner
• Computer
• Vehicle

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.51.41
UK Pound	1	Rs.81.09
Euro	1	Rs.67.39

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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		46

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.