MIRA INFORM REPORT

Report Date :

24.04.2012

IDENTIFICATION DETAILS

Name :	INDIABULLS PROPERTIES PRIVATE LIMITED
Registered Office :	F-60, Malhota Building, 2^nd Floor, Connaught Place, New Delhi – 110001,
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.03.2005
Com. Reg. No.:	55-134232
Capital Investment / Paid-up Capital :	Rs.568.735 Millions
CIN No.: [Company Identification No.]	U45201DL2005PTC134232
TAN No.: [Tax Deduction & Collection Account No.]	DELI05323D MUMI07820B
PAN No.: [Permanent Account No.]	AABCI3417R
Legal Form :	Private Limited Liability Company
Line of Business :	Construction of Commercial and Residential Buildings
No. of Employees :	Information Declined by the Management

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 15000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of Indiabulls Group. It is an established company having moderate track. There appear some accumulated losses recorded by the company. Profitability of the company is under presume. However, Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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.

INFORMATION DENIED BY

Name :	Mr. Amit Malani
Designation :	Account Department
Contact No.:	91-22-61899691
Date :	23.04.2012

LOCATIONS

Registered Office :	F-60, Malhota Building, 2^nd Floor, Connaught Place, New Delhi – 110001, India
Tel. No.:	91-11-41523700 / 51523700
Fax No.:	91-11-41529071 / 51529071
E-Mail :	vkhandelwal@indiabulls.com ajisingh@undiabills.com
Website :	www.indiabulls.com
Head Office :	Indiabulls Finance Center, Tower 1, 12 Floor, S B Marg, Elphinstone West, Mumbai - 400013

DIRECTORS

As on 30.09.2011

Name :

Mr. Sharad Prakash Agarwal

Designation :

Director

Address :

1606, Shiv Srishti Towers, Building -1, Chandivalo Behind S.M. Shetty School, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

24.07.1973

Date of Appointment :

01.09.2010

DIN No.:

03201361

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	U45201DL2005PTC134232	INDIABULLS PROPERTIES PRIVATE LIMITED	Nominee director	30/09/2010	1/9/2010	-	Active	NO
2	U70200DL2010PLC208848	INDIABULLS BUILDTECH LIMITED	Director	30/09/2011	28/09/2010	-	Active	NO
3	U70109DL2006PLC151260	LUCINA LAND DEVELOPMENT LIMITED	Director	27/09/2011	5/3/2011	-	Active	NO

Name :

Mr. Venkataraman Sundar

Designation :

Nominee Director

Address :

19, B/1, Behind Liberty Cinemq, New Mkt, New Rohtak Road, New Delhi – 110005, India

Date of Birth/Age :

07.05.1972

Date of Appointment :

09.06.2008

DIN No.:

02102981

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	U45400DL2007PLC169505	ALBASTA CONSTRUCTIONS LIMITED	Director	16/08/2008	1/3/2008	-	Active	NO
2	U45200DL2007PLC169265	LENUS PROPERTIES LIMITED	Director	20/08/2008	1/3/2008	23/04/2010	Active	NO
3	U45200DL2007PLC169513	MARIANA PROPERTIES LIMITED	Director	21/08/2008	1/3/2008	-	Active	NO
4	U45400DL2007PLC169424	MARIANA CONSTRUCTIONS LIMITED	Director	20/08/2008	1/3/2008	-	Active	NO
5	U70109DL2007PLC171610	LENUS DEVELOPERS LIMITED	Director	22/08/2008	1/3/2008	-	Active	NO
6	U70102DL2007PLC169538	MARIANA INFRASTRUCTURE LIMITED	Director	21/08/2008	1/3/2008	-	Active	NO
7	U45400DL2007PLC169512	MARIANA REAL ESTATE LIMITED	Director	21/08/2008	1/3/2008	-	Active	NO
8	U45400DL2007PLC169425	MARIANA DEVELOPERS LIMITED	Director	21/08/2008	1/3/2008	-	Active	NO
9	U45200DL2007PLC169506	LENUS INFRASTRUCTURE LIMITED	Director	20/08/2008	1/3/2008	-	Active	NO
10	U45200DL2007PLC169267	LENUS REAL ESTATE LIMITED	Director	20/08/2008	1/3/2008	-	Active	NO
11	U45200DL2007PLC169258	LENUS CONSTRUCTIONS LIMITED	Director	20/08/2008	1/3/2008	-	Active	NO
12	U45400DL2007PLC169509	ALBASTA REAL ESTATE LIMITED	Director	16/08/2008	1/3/2008	-	Active	NO
13	U45400DL2007PLC169542	ALBASTA INFRASTRUCTURE LIMITED	Director	16/08/2008	1/3/2008	-	Active	NO
14	U45400DL2007PLC169508	ALBASTA DEVELOPERS LIMITED	Director	16/08/2008	1/3/2008	-	Active	NO
15	U45201DL2005PTC134232	INDIABULLS PROPERTIES PRIVATE LIMITED	Nominee director	9/6/2008	1/3/2008	-	Active	NO
16	U70200DL2010PTC201323	OLEANDER REAL ESTATE PRIVATE LIMITED	Director	8/4/2010	8/4/2010	7/3/2011	Active	NO
17	U70200DL2010PTC201320	MALLOW REAL ESTATE PRIVATE LIMITED	Director	8/4/2010	8/4/2010	7/3/2011	Active	NO
18	U70109DL2010PLC201396	INDIABULLS REALTY DEVELOPERS LIMITED	Director	30/09/2011	9/4/2010	-	Active	NO
19	U70200DL2010PLC201395	INDIABULLS PROPERTY BUILDTECH LIMITED	Director	30/09/2011	9/4/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shekhar Vishnoi
Designation :	Secretary
Address :	568, Tower – 11, Hewo Apartments – 11, Sector 56, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	11.04.1980
Date of Appointment :	22.08.2008
PAN NO.:	AEHPV1193G
Name :	Mr. Amit Malani
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Equity Share

Names of Shareholders	No. of Shares
M Holdco 2 Limited, Mauritius	1144197
Rajiv Rattan	1
Ashok Sharma	1
Tejinderpal Singh Miglani	1
Naresh Bansal	1
Satish Chand	1
Fim Holdco Limited, Mauritius	1344462
Ariston Investments Sub a Limited, Mauritius	371870
Total	2860534

Preference Share

Names of Shareholders	No. of Shares
Fim Holdco Limited, Mauritius	54012939
Total	54012939

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Construction of Commercial and Residential Buildings

Products :

Product Description	ITC Code
Construction and Development of Real Estate	500

GENERAL INFORMATION

No. of Employees :

Information Declined by the Management

Bankers :

Not Divulged

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans secured	13511.627	1881.562
Total	13511.627	1881.562
Note Secured against immoveable properties both present and future, exclusive mortgage / assignment by way of security of all rights, title, interest, claims, benefits and demands under the project documents. Loan to extent of Rs.4942.700 Millions is further secured by irrevocable and unconditional corporate guarantee of Indiabulls Real Estate Limited
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Fully convertible debentures unsecured	4278.851	1246.537
Rupee term loans others unsecured	0.000	1594.209
Share unsecured loans joint ventures	60.993	3281.308
Total	4339.844	6122.054
(A) 1,246,537, 15% compulsorily convertible debentures of face value of Rs.1,000 each (Note v) Rs,1246.537 Millions Rs.3.032 Millions, 14.75% compulsorily convertible debentures of face value of Rs.1,000 each (Note v) Rs.3032.314 Millions Note v : Convertible at any time prior to their maturity dates for an amount equal to the outstanding principal. (B) 1,246,537, 15% compulsorily convertible debentures of face value of Rs.1,000 each Note v : Convertible at any time prior to their maturity dates for an amount equal to the outstanding principal. (C) Note vi : Repayable within one year Rs. Nil (D) Interest accrued on compulsory convertible debentures Note vi : Repayable within one year Rs. Nil (E) Debenture application money Rs.3032.314 Millions Interest accrued on compulsory convertible debentures (Note vi) Rs.248.994 Millions Note vi : Repayable within one year Rs. Nil

Banking Relations :	--
Auditors :
Name :	S.R.Batliboi and Company Chartered Accountants
Address :	14th Floor, The Ruby, Senapati Bapat Marg, Dadar (West), Mumbai 400028, Maharashtra, India
PAN.:	AALFS0506L
Holding Company :	Indiabulls Properties Investment Trust, Singapore
Subsidiaries :	Navilith Holdings Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions
55000000	Preference Shares	Rs.10/- each	Rs.550.000 Millions
	Total		Rs.580.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2860534	Equity Shares	Rs.10/- each	Rs.28.605 Millions
54012939	Preference Shares	Rs.10/- each	Rs.540.129 Millions
	Total		Rs.568.734 Millions

Note:

• Of the above, 750,462 equity shares of Rs.10 each fully paid up have been issued on conversion of 568,572 redeemable convertible cumulative preference shares.

• "Of the above, 53,472,810 redeemable/ convertible, cumulative preference shares of Rs.10 each fully paid up have been issued as bonus shares by capitalisation of securities premium account."

• The preference shares are redeemable at the outstanding face value along with the accrued and unpaid dividends, at the end of the 5th year commencing from 22 November 2006. At any time and from time to time during the preference shares term, preference shareholders shall have the right to convert all or any amount of the face value of the outstanding preference shares into the number of ordinary shares determined by dividing such amount by a conversion price fixed under the agreement.

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		568.734	568.734	568.735
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3705.325	2705.325	3705.325
4] (Accumulated Losses)		(287.180)	(184.176)	(100.017)
NETWORTH		3986.879	4089.883	4174.043
LOAN FUNDS
1] Secured Loans		13511.627	1881.562	4050.271
2] Unsecured Loans		4339.844	6122.054	1317.135
TOTAL BORROWING		17851.471	8003.616	5367.406
DEFERRED TAX LIABILITIES
Others (Security Deposits received form customers		919.955	669.852	1058.440
TOTAL		22758.305	12763.351	10599.889
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8466.174	8198.066	4560.687
Capital work-in-progress		6246.590	1297.473	6173.250
INVESTMENT		0.000	170.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8675.911	3483.272	0.000
	Sundry Debtors	357.049	87.249	5.311
	Cash & Bank Balances	272.369	88.968	61.473
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	753.976	393.528	285.456
Total Current Assets		10059.305	4053.017	352.240
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	432.615	317.541	438.364
	Other Current Liabilities	1581.146	637.664	47.924
	Provisions	0.000	0.000	0.000
Total Current Liabilities		2013.764	955.205	486.288
Net Current Assets		8045.541	3097.812	(134.048)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		22758.305	12763.351	10599.889

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		680.504	8.660
		Other Income		277.489	3.720
		TOTAL (A)		957.993	12.380
Less	EXPENSES
		Personnel Cost		9.165	3.848
		Administrative Expenses		321.543	21.766
		TOTAL (B)		330.708	25.614
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			627.285	(13.234)
Less	FINANCIAL EXPENSES (D)			587.185	6.625
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	40.100	(19.859)
Less/ Add	DEPRECIATION/ AMORTISATION (F)			54.291	1.645
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)			(14.191)	(21.504)
Less	TAX (H)			69.968	0.437
	PROFIT / (LOSS) AFTER TAX (G-H) (I)			(84.159)	(21.941)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			(100.016)	(78.075)
	BALANCE CARRIED TO THE B/S			(184.175)	(100.016)
	IMPORTS
		Capital Goods	123.751	37.046	129.580
	TOTAL IMPORTS		123.751	37.046	129.580
	Earnings Per Share (Rs.)		(66.94)	(60.35)	(44.71)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	(8.78)	(177.23)
Net Profit Margin (PBT/Sales)	(%)	NA	(2.09)	(248.31)
Return on Total Assets (PBT/Total Assets}	(%)	NA	(0.12)	(0.44)
Return on Investment (ROI) (PBT/Networth)		NA	0.00	(0.01)
Debt Equity Ratio (Total Liability/Networth)		4.98	2.19	1.40
Current Ratio (Current Asset/Current Liability)		5.00	4.24	0.72

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	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two 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	Yes
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	No
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

Details of Sundry Creditors

Rs. In Millions

Particular	31.03.2011	31.03.2010	31.30.2009
Creditors due others	432.615	317.541	438.364
Total	432.615	317.541	0.000

BACKGROUND

The Company was incorporated on 18 March 2005. The Company is into the business of purchasing, selling, developing, constructing, acquiring on lease/ hire purchase and dealing in real estate/ properties.

FINANCIAL RESULTS

During the year, the Company has incurred net loss of Rs.103.004 Millions.

CONTINGENT LIABILITIES NOT PROVIDED FOR

Arrears of cumulative dividend on 14% redeemable/ convertible, cumulative preference shares as at 31 March 2011 amounts to Rs.407.843 Millions (including corporate dividend tax of Rs.59.244 Millions) previous year Rs.319.374 Millions (including corporate dividend tax of Rs.46.393 Millions).

Fixed Assets

• Land
• Temporary Structures at site
• Building
• Plant and Machinery
• Furniture and Fixtures
• Office Equipments
• Computer
• Vehicles

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.52.23
UK Pound	1	Rs.84.16
Euro	1	Rs.68.84

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		33

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.