MIRA INFORM REPORT

Report Date :

27.02.2012

IDENTIFICATION DETAILS

Name :	CITY VIEW BANGALORE PROPERTIES PRIVATE LIMITED (w.e.f. 22.05.2008)
Formerly Known As :	ETA STAR CITI CENTRE BANGALORE PRIVATE LIMITED (w.e.f. 02.11.2007) ETA STAR CITI CENTRE BANGALORE LIMITED
Registered Office :	Flat No.854, Second Floor, Pocket B and C, Sector A, Vasant Kunj, New Delhi-110070
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.08.2007
Com. Reg. No.:	08-228691
Capital Investment / Paid-up Capital :	Rs.1049.930 Millions
CIN No.: [Company Identification No.]	U45202DL200PTC228691
Legal Form :	Private Limited Liability Company
Line of Business :	The company engaged in construction activities.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 16000000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. 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 :	Flat No.854, Second Floor, Pocket B and C, Sector A, Vasant Kunj, New Delhi-110070, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	rakesh.sharma@westcourtre.com

DIRECTORS

As on 28.09.2011

Name :

Mr. Neil Kapoor

Designation :

Director

Address :

M-36, Greater Kailash, II, New Delhi-110048, India

Date of Birth/Age :

27.03.1978

Date of Appointment :

12.11.2007

DIN No.:

00212174

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	U51909DL1998PTC096665	NEIL MANIMPEX PRIVATE LIMITED	Director	1/6/2005	1/6/2005	-	Active	NO
2	U45201DL1996PTC078550	FIRSTCITY DEVELOPMENTS PRIVATE LIMITED	Director	1/6/2005	1/6/2005	-	Active	NO
3	U70101DL2006PTC153941	CITY LINE DEVELOPERS PRIVATE LIMITED	Director	16/09/2006	16/09/2006	-	Active	NO
4	U45200DL2007PTC159157	Westcourt Real Estate Private Limited	Director	12/2/2007	12/2/2007	30/10/2007	Active	NO
5	U70102DL2007PTC167143	Studio u plus a NORR Architects Private Limited	Director	20/08/2007	20/08/2007	14/11/2008	Active	NO
6	U45202DL2007PTC228691	CITY VIEW BANGALORE PROPERTIES PRIVATE LIMITED	Director	2/12/2008	12/11/2007	-	Active	NO
7	U45202KA2007PTC043426	LAHARI TECHNOPOLIS PRIVATE LIMITED	Director	15/12/2008	16/02/2008	-	Active	NO

Name :

Mr. Ravindra Panemangalore Pai

Designation :

Director

Address :

# 25, Farm House Bellary Road, Byatarayanpur, Bangalore-560092, Karnataka

Date of Birth/Age :

10.5.1976

Date of Appointment :

12.11.2011

DIN No.:

01516428

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	U31909KA1988PTC008879	PAI ELECTRONICS SYSTEMS PRIVATE LIMITED	Director	16/10/2003	16/10/2003	-	Active	NO
2	U45202KA1973PTC002442	CENTURY BUILDING INDUSTRIES PRIVATE LIMITED	Director	16/10/2003	16/10/2003	-	Active	NO
3	U01549KA2003PTC032880	SKANDA CENTURY FOODS PRIVATE LIMITED	Director	18/11/2003	18/11/2003	-	Active	NO
4	U05190KA2004PTC034731	RETINA MARKETING AND COMMUNICATIONS PRIVATE LIMITED	Director	21/09/2004	21/09/2004	-	Strike off	NO
5	U55101KA2002PTC030183	MANIPAL RESORTS COMPANY PRIVATE LIMITED	Director	28/01/2005	28/01/2005	-	Active	NO
6	U65993KA1994PLC016000	AKJ CREDIT LIMITED	Director	21/02/2005	21/02/2005	-	Strike off	NO
7	U66000KA1989PLC010453	VULCAN INTERNATIONAL INSURANCE BROKERS LIMITED	Director	30/06/2005	30/06/2005	-	Active	NO
8	U65991KA1995PLC030034	VULCAN BENEFIT FUND LIMITED	Director	28/09/2005	28/09/2005	-	Active	NO
9	U70102KA2006PTC038550	INDILAND DEVELOPERS BANGALORE PRIVATE LIMITED	Director	21/02/2006	21/02/2006	-	Active	NO
10	U85320KA2006PTC038972	CENTURY RETIREMENT LIVING PRIVATE LIMITED	Director	10/4/2006	10/4/2006	-	Active	NO
11	U05510KA1999PTC025690	CENTURY HOSPITALITY HOLDINGS PRIVATE LIMITED	Director	2/5/2006	2/5/2006	-	Active	NO
12	U45201KA2003PLC033023	MANIPAL ETA INFOTECH LIMITED	Director	28/12/2006	28/12/2006	-	Active	NO
13	U70101KA2007PTC042078	CENTURY REAL ESTATE HOLDINGS PRIVATE LIMITED	Managing director	1/7/2008	13/03/2007	-	Active	NO
14	U70102KA2006PTC038971	CENTURY PROPERTY MANAGEMENT COMPANY PRIVATE LIMITED	Director	24/08/2007	24/08/2007	-	Active	NO
15	U45201KA2007PTC043960	CENTURY PRAKRUTI INFRA PROJECTS PRIVATE LIMITED	Director	25/09/2007	25/09/2007	-	Active	YES
16	U45202DL2007PTC228691	CITY VIEW BANGALORE PROPERTIES PRIVATE LIMITED	Director	2/12/2008	12/11/2007	-	Active	NO
17	U45202KA2008PTC045537	CENTURY BANGALORE CITY CENTRE PRIVATE LIMITED	Additional director	31/03/2008	31/03/2008	-	Active	YES
18	U51101KA1965PTC001585	HAJEES ENTERPRISES PRIVATE LIMITED	Director	1/10/2009	1/10/2009	-	Active	NO
19	U45201WB2003PTC097314	SURUCHI PROPERTIES PRIVATE LIMITED	Director	28/07/2010	28/07/2010	-	Active	NO
20	U80301KA1999PTC024775	GEETANJALI EFFECTIVE REALTY SOLUTIONS PRIVATE LIMITED	Director	15/05/2011	15/05/2011	-	Active	NO
21	U80211KA2011PTC059613	MANASA EDUCATIONAL ACADEMY PRIVATE LIMITED	Director	18/07/2011	18/07/2011	-	Active	NO

Name :

Mr. Chiang Ling Ng

Designation :

Director

Address :

33, Oxley Rise # 10 – 01, Singapore-28710

Date of Birth/Age :

04.10.1973

Date of Appointment :

25.05.2011

DIN No.:

03522826

Name :

Mr. Steven Douglas Sears

Designation :

Director

Address :

2203, Motoazabu Hills, 1-3-1, Motoazabu Minato-Ku-Tokyo, Tokyo -1060046, Japan

Date of Birth/Age :

11.04.1955

Date of Appointment :

21.07.2011

DIN No.:

03577379

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	U45202DL2007PTC228691	CITY VIEW BANGALORE PROPERTIES PRIVATE LIMITED	Director	28/09/2011	21/07/2011	-	Active	NO
2	U45202KA2007PTC043426	LAHARI TECHNOPOLIS PRIVATE LIMITED	Additional director	10/2/2012	10/2/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Hemant Kumar Singh
Designation :	Secretary
Address :	G.324, Ground Floor, Sushant Lok II, Sector 56, Gurgaon-122001, Haryana, India
Date of Birth/Age :	16.04.1979
Date of Appointment :	16.08.2011
PAN No. :	BAKPS0636K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Equity Share

Names of Shareholders	`	No. of Shares
Century Real Estate Holdings Private Limited, India		27000000
WWD Pearl Limited, Mauritius		73000000
Total		100000000

Preference Share

Names of Shareholders	`	No. of Shares
Century Real Estate Holdings Private Limited, India		4993000
Total		4993000

As on 28.09.2011

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	73.00
Other top fifty shareholders	27.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company engaged in construction activities.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans secured	501.000	0.000
Interest accrued due secured loans	5.008	0.000
Total	506.008	0.000
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Fully convertible debentures unsecured	1740.000	1440.000
Other debt unsecured	0.000	50.000
Total	1740.000	1490.000

Banking Relations :	---
Financial Institute :	Axis Trustee Services Limited, Maker Towers 'F', 13th Floor, Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	5^th Floor, Tower D, The Millenia, 1 and 2 Murply Road, Ulsoor, Bangalore-560008, Karnataka, India
PAN No.:	AADFP9359C
Ultimate Holding Enterprise :	Goldman Sachs Developing Markets Real Estate Coopertief U.A, The Netherlands
Intermediate Holding Companies :	India Investments Holdings (Cayman) Limited, Cayman Islands WWD Investment Holdings Limited, Mauritius WWDI Investments Limited, Mauritius
Immediate Holding Company :	WWD Pearl Limited, Mauritius
Fellow Subsidiary :	Green Banatelis Limited, Cyprus
Related Parties :	Center Real Estate Holding Private limited, India Center Building Industries Private Limited, India

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Millions
10000000	Preference Shares	Rs.10/- each	Rs.100.000 Millions
	Total		Rs.1100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.1000.000 Millions
4993000	Preference Shares	Rs.10/- each	Rs.49.930 Millions
	Total		Rs.1049.930 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		1049.930	1049.930	1049.930
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3109.096	3109.097	3264.110
4] (Accumulated Losses)		(105.461)	(43.685)	(31.657)
NETWORTH		4053.565	4115.342	4282.383
LOAN FUNDS
1] Secured Loans		506.008	0.000	0.000
2] Unsecured Loans		1740.000	1490.000	1368.352
TOTAL BORROWING		2246.008	1490.000	1368.352
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		6299.573	5605.342	5650.735
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4509.402	4509.329	4676.029
Capital work-in-progress		741.155	522.603	388.691
INVESTMENT		0.000	0.000	82.117
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	875.061	785.751	714.844
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	471.899	33.058	32.958
	Other Current Assets	16.314	3.106	3.279
	Loans & Advances	153.539	50.619	31.235
Total Current Assets		1516.813	872.534	782.316
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	28.836	17.965	6.304
	Other Current Liabilities	438.961	281.046	271.810
	Provisions	0.000	0.113	0.304
Total Current Liabilities		467.797	299.124	278.418
Net Current Assets		1049.016	573.410	503.898
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6299.573	5605.342	5650.735

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
		TOTAL INCOME	0.290	0.977	3.850
		TOTAL EXPENSES	61.266	13.005	13.967
	PROFIT BEFORE TAX		(60.976)	(12.028)	(10.117)
Less	TAX		(0.800)	0.000	(1.190)
	PROFIT AFTER TAX		(61.776)	(12.028)	(11.307)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(43.685)	(31.657)	(20.350)
	BALANCE CARRIED TO THE B/S		(405.461)	(43.685)	(31.657)
	Earnings Per Share (Rs.)		(0.62)	(0.12)	(0.11)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(21302.07)	(1231.12)	(293.69)
Return on Total Assets (PBT/Total Assets}	(%)	(1.01)	(0.22)	(0.19)
Return on Investment (ROI) (PBT/Networth)		(0.02)	(0.00)	(0.00)
Debt Equity Ratio (Total Liability/Networth)		0.67	0.43	0.38
Current Ratio (Current Asset/Current Liability)		3.24	2.92	2.81

LOCAL AGENCY FURTHER INFORMATION\

REVIEW OF OPERATIONS

The Company has achieved a total income of Rs.0.289 Million for the year ended March 31, 2011 as against Rs.0.977 Million achieved during the previous year ended March 31, 2010. Net Loss of the Company for the year ended March 31, 2011 stood at Rs.61.776 millions as against Net Loss of Rs.12.028 Millions for the previous year.

CONTINGENT LIABILITIES:

Rs. In Millions

Particular	31.03.2011	31.30.2010	31.03.2009
Cumulative dividend on OCPS	94.451	92.379	90.606

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.49.07
UK Pound	1	Rs.77.18
Euro	1	Rs.65.57

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--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		27

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.