MIRA INFORM REPORT

Report Date :

11.01.2012

IDENTIFICATION DETAILS

Name :	JUNIPER HOTELS PRIVATE LIMITED (July 2004)
Formerly Known As :	SEAJULI PROPERTY AND VINIYOG PRIVATE LIMITED
Registered Office :	Off Western Express Highway, Santacruz (East), Mumbai – 400055, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.09.1985
Com. Reg. No.:	11-152863
Capital Investment / Paid-up Capital :	Rs.1437.000 Millions
CIN No.: [Company Identification No.]	U55101MH1985PTC152863
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in providing Hotel Services.
No. of Employees :	2500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 13800000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well 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.

INFORMATION DECLINED BY

Management Non Co-operative

LOCATIONS

Registered Office :	Off Western Express Highway, Santacruz (East), Mumbai – 400055, Maharashtra, India
Tel. No.:	91-22-66761234/ 66761000
Fax No.:	91-22-66761235/ 66761010
E-Mail :	radha.nambiar@hyattintl.com aiyers@juniperhotels.com India.reservations@hyatt.com
Head Office :	Vakola Pipeline, Santacruz (East), Mumbai – 400 055, Maharashtra, India
Tel. No.:	91-22-2619 5202
Corporate Office :	Dial Hospitality District, Hotel Hyatt, Delhi International Airport, Delhi – 110037, India

DIRECTORS

As on 26.09.2011

Name :

Mr. Radhe Shyam Saraf

Designation :

Chairman

Address :

D 20 F, Caine Mansion, 80-88, Caine Road, Mid-Levels, Hong Kong

Date of Birth/Age :

15.08.1930

Date of Appointment :

14.01.2001

DIN No.:

00017962

Other Directorship :

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
L55101DL1980PLC011037	Asian Hotels (North) Limited	Director	24/09/2008	6/12/1980	11/02/2010	Active	NO
U74899DL1994PLC058450	Unison Hotels Limited	Director	5/07/1995	5/07/1995	-	Active	NO
U55101MH1985PTC152863	Juniper Hotels Private Limited	Director	14/01/2001	14/01/2001	-	Active	NO
U55101DL2004PTC127088	Unison Hotels South Private Limited	Director	23/06/2004	23/06/2004	-	Active	NO
U15491WB1983PTC035826	Forex Finance Private Limited	Director	20/07/2004	20/07/2004	-	Active	NO
L15122WB2007PLC162762	Asian Hotels (East) Limited	Director	4/07/2008	26/04/2007	-	Active	NO
U55101WB2002PLC160608	GJS Hotels Limited	Additional director	31/10/2008	31/10/2008	2/03/2009	Active	NO

Name :

Mr. Arun Kumar Saraf

Designation :

Managing Director

Address :

Grand Hyatt Residents, Off Western Express highway , Santacruz (East), Mumbai – 400 055, Maharashtra, India

Date of Birth/Age :

10.03.1959

Date of Appointment :

01.07.1998

DIN No.:

00339772

Other Directorship :

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
U74899DL1993PLC054080	Vedic Hotels Limited	Director	17/06/1993	17/06/1993	27/07/2010	Active	NO
U74899DL1994PLC058450	Unison Hotels Limited	Director	18/04/1994	18/04/1994	-	Active	NO
U55209WB1996PTC082227	Resurgent Hotels Private Limited	Director	10/12/1996	10/12/1996	25/08/2008	Amalgamated	NO
U55101MH1985PTC152863	Juniper Hotels Private Limited	Managing director	1/07/1998	1/07/1998	-	Active	NO
U55101WB2002PLC160608	GJS Hotels Limited	Director	9/12/2002	9/12/2002	13/06/2007	Active	NO
L55101DL1980PLC011037	Asian Hotels (North) Limited	Alternate director	27/07/2009	8/01/2007	6/10/2009	Active	NO
U55101TN2007PTC062085	Robust Hotels Private Limited	Director	19/01/2007	19/01/2007	-	Active	NO
L15122WB2007PLC162762	Asian Hotels (East) Limited	Managing director	29/09/2010	26/04/2007	-	Active	NO
U55101MH1996PTC180473	Chartered Hotels Private Limited	Director	4/07/2007	4/07/2007	-	Active	NO
U40107MH2008PTC177850	Blue Energy Private Limited	Director	17/01/2008	17/01/2008	-	Active	NO
U65993WB2006PLC110571	Juniper Investments Limited	Director	28/04/2008	28/04/2008	-	Active	NO
U74120MH2010PTC210157	Footsteps of Buddha Hotels Private Limited	Director	17/11/2010	17/11/2010	-	Active	NO
U55204MH2011PTC220173	Chartered Hampi Hotels Private Limited	Director	26/07/2011	26/07/2011	-	Active	NO

Name :

Mr. Umesh Saraf

Designation :

Director

Address :

W-120, Greater Kailash, New Delhi – 110048, India

Date of Birth/Age :

27.12.1963

Date of Appointment :

14.06.2004

DIN No.:

00017985

Other Directorship :

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
U74899DL1982PTC013484	Samra Importex Private Limited	Director	22/07/1987	22/07/1987	14/01/2008	Active	NO
U74899DL1981PTC012009	Asian Holdings Private Limited	Director	1/02/1990	1/02/1990	16/01/2010	Active	NO
U74899DL1993PLC054080	Vedic Hotels Limited	Director	17/06/1993	17/06/1993	-	Active	NO
U74899DL1994PLC058450	Unison Hotels Limited	Managing director	1/12/2007	12/12/1994	-	Active	NO
U74899DL1995PLC064970	Unison Power Limited	Director	2/02/1995	2/02/1995	-	Active	NO
U55209WB1996PTC082227	Resurgent Hotels Private Limited	Director	10/12/1996	10/12/1996	31/03/2008	Amalgamated	NO
U55101MH1985PTC152863	Juniper Hotels Private Limited	Director	14/06/2004	14/06/2004	-	Active	NO
U55101DL2004PTC127088	Unison Hotels South Private Limited	Director	23/06/2004	23/06/2004	-	Active	NO
L55101DL1980PLC011037	Asian Hotels (North) Limited	Whole-time director	7/07/2005	7/07/2005	11/02/2010	Active	NO
U55101TN2007PTC062085	Robust Hotels Private Limited	Director	19/01/2007	19/01/2007	24/05/2007	Active	NO
L15122WB2007PLC162762	Asian Hotels (East) Limited	Managing director	29/09/2010	26/04/2007	-	Active	NO
U55101WB2002PLC160608	GJS Hotels Limited	Director	18/09/2007	23/05/2007	-	Active	NO
L55101DL2007PLC157518	Asian Hotels (West) Limited	Director	4/07/2008	12/07/2007	11/02/2010	Active	NO
U74140DL2007PTC163275	Aria Hotels and Consultancy Services Private Limited	Director	4/07/2008	24/09/2007	25/02/2010	Active	NO
U74899WB1994PLC160633	Regency Convention Centre And Hotels Limited (Transfer Company-Pondicherry to Delhi)	Director	4/07/2008	11/03/2008	-	Active	NO
U11100WB2011PLC161021	Sankalp Oil and Natural Resources Limited	Director	22/03/2011	22/03/2011	-	Active	NO
U45400DL2007PTC228325	Triumph Realty Private Limited	Additional director	24/05/2011	24/05/2011	-	Active	NO
U32109DL2010PTC207076	Gfive International (India) Private Limited	Director	11/11/2011	11/11/2011	-	Active	NO

Name :

Ms. Pallavi Shroff

Designation :

Director

Address :

S-270, Greater Kailash, Part – II, New Delhi – 110048, India

Date of Birth/Age :

22.04.1956

Date of Appointment :

13.06.2001

DIN No.:

00013580

Other Directorship :

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
U74899DL1994PTC062240	Amarchand Mangaldas Properties Private Limited	Director	20/03/2001	20/03/2001	-	Active	NO
U55101MH1985PTC152863	Juniper Hotels Private Limited	Director	13/06/2001	13/06/2001	-	Active	NO
U45201DL2001PTC111336	First Commercial Services India Private Limited	Director	19/06/2001	19/06/2001	-	Active	NO
U45201DL2001PTC111338	Amarchand Towers Property Holdings Private Limited	Director	19/06/2001	19/06/2001	-	Active	NO
U74140DL2001PTC111337	First Full Services Private Limited	Director	19/06/2001	19/06/2001	-	Active	NO
U66030MH2000PLC128503	Kotak Mahindra Old Mutual Life Insurance Limited	Director	17/08/2001	17/08/2001	29/07/2011	Active	NO
L99999PB1990PLC010307	Trident Limited	Director	28/03/2002	28/03/2002	-	Active	NO
U45201DL2003PTC123469	Baghbaan Properties Private Limited	Director	11/12/2003	11/12/2003	-	Active	NO
U45201DL2003PTC123470	Psnss Properties Private Limited	Director	11/12/2003	11/12/2003	-	Active	NO
L74899DL1993PLC051841	B.A.G. Films and Media Limited	Director	26/05/2004	26/05/2004	26/06/2008	Active	NO
L34103DL1981PLC011375	Maruti Suzuki India Limited	Director	9/09/2005	9/09/2005	-	Active	NO
L65191PN1994PLC076333	Indusind Bank Limited	Director	13/06/2006	13/06/2006	9/09/2009	Active	NO
U33111DL2005PLC144156	Artemis Health Sciences Limited	Director	23/07/2008	8/05/2008	-	Active	NO
U85110DL2004PLC126414	Artemis Medicare Services Limited	Director	23/07/2008	8/05/2008	-	Active	NO
L25111KL1959PLC009300	PTL Enterprises Limited	Director	17/07/2008	9/05/2008	-	Active	NO
U65993GJ2008PLC053818	Gift Collective Investment Management Company Limited	Additional director	17/05/2008	17/05/2008	4/06/2009	Active	NO
U74220DL2011PTC217904	UVAC Centre (India) Private Limited	Director	20/04/2011	20/04/2011	-	Active	NO
U74140DL2011PTC218144	First Universal Virtual International Arbitration Centre Private Limited	Director	27/04/2011	27/04/2011	-	Active	NO

Name :

Mr. Rakesh Kumar Sarna

Designation :

Nominee Director

Address :

737, Washington Building, Unit 1204, Chicago

Date of Birth/Age :

29.03.1957

Date of Appointment :

12.09.2007

DIN No.:

01875340

Name :

Mr. Ganga Ram Niacanta Iyer

Designation :

Director

Address :

703, Golden Castle Sundarnagar Kalina, Mumbai-400098, Maharashtra, India

Date of Birth/Age :

22.09.1934

Date of Appointment :

13.06.2001

DIN No.:

00001246

Other Directorship :

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
U74952MH1994FLC078296	Positive Packaging Industries Limited	Director	21/05/1996	21/05/1996	-	Active	NO
L35921TN1992PLC022845	TVS Motor Company Limited	Director	28/03/2001	28/03/2001	10/03/2009	Active	NO
U55101MH1985PTC152863	Juniper Hotels Private Limited	Director	13/06/2001	13/06/2001	-	Active	NO
U65922TN1999PLC042759	Sundaram BNP Paribas Home Finance Limited	Director	28/10/2005	28/10/2005	-	Active	NO
L24297TN1983PLC072409	Chemfab Alkalis Limited	Director	7/05/2010	4/07/2009	-	Active	NO

Name :

Mr. Charles Lemont Ephraim

Designation :

Director

Address :

2130, Sheridan Road, Highland Park, USA - 60035

Date of Birth/Age :

03.06.1952

Date of Appointment :

12.09.2007

DIN No.:

01875357

Name :

Mr. Peter Fulton

Designation :

Director

Address :

A, Hamid Amhed Qasim Seddiqi,

Date of Birth/Age :

15.07.1957

Date of Appointment :

05.12.2008

DIN No.:

02227963

Other Directorship :

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
U74999DL2001PTC112253	Hyatt Services India Private Limited	Director	25/09/2008	15/03/2008	-	Active	NO
U55101MH1985PTC152863	Juniper Hotels Private Limited	Director	5/12/2008	5/12/2008	-	Active	NO

Name :

Mr. Narendra Jamnadas Jhaveri

Designation :

Director

Address :

C-42, Samprat Residency, Opposite Parivar Society, Bodakdev, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

09.08.1935

Date of Appointment :

13.06.2001

DIN No.:

00198912

Other Directorship :

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
U27203WB1938PLC009515	Indian Aluminium Company Limited	Director	26/10/1991	26/10/1991	-	Amalgamated	NO
U45200MH1976PLC019335	Afcons Infrastructure Limited	Director	22/03/1996	22/03/1996	-	Active	NO
L31400WB1986PLC091621	Usha Martin Limited	Director	29/03/1996	29/03/1996	28/07/2010	Active	NO
L24100MH1969PLC014336	Pidilite Industries Limited	Director	18/06/1996	18/06/1996	-	Active	NO
U67120MH1995PLC095642	National Securities Depository Limited	Director	18/10/1996	18/10/1996	9/08/2007	Active	NO
L29308MH1954PLC009371	Voltas Limited	Director	10/08/1998	10/08/1998	9/08/2010	Active	NO
L29130MH1961PLC011980	SKF India Limited	Director	10/02/2000	10/02/2000	5/03/2011	Active	NO
L28920MH1957PLC010839	Siemens Limited	Director	9/11/2000	9/11/2000	-	Active	NO
U55101MH1985PTC152863	Juniper Hotels Private Limited	Director	13/06/2001	13/06/2001	-	Active	NO
U99999MH1986PLC093854	Siemens Information Systems Limited	Director	1/04/2005	1/04/2005	26/09/2009	Active	NO
L21011WB1936PLC008726	Star Paper Mills Limited	Director	30/05/2005	30/05/2005	22/05/2007	Active	NO
L40200GJ1998SGC035188	Gujarat State Petronet Limited	Director	28/09/2006	1/10/2005	2/02/2009	Active	NO
L27020MH1958PLC011238	Hindalco Industries Limited	Director	30/01/2006	30/01/2006	-	Active	NO
U85110KA1999PTC024701	Manipal Health Systems Private Limited	Director	17/05/2006	17/05/2006	8/03/2008	Active	NO
L26940MH2000PLC128420	Ultratech Cement Limited	Director	20/07/2007	16/10/2006	-	Active	NO
L85910GJ1974PLC002595	Siemens Healthcare Diagnostics Limited	Additional director	30/04/2007	30/04/2007	-	Amalgamated	NO
U67190MH2007PTC168303	Phoenix ARC Private Limited	Director	2/09/2008	29/06/2007	-	Active	NO
L99999MH1995PLC094641	Edelweiss Financial Services Limited	Director	12/09/2007	21/07/2007	-	Active	NO
U65923GJ1990PLC013966	GVFL Limited	Director	23/09/2008	6/12/2007	-	Active	NO
U67110AP1993PLC052266	Edelweiss Securities Limited	Director	10/07/2008	14/01/2008	-	Active	NO
L26959GJ2009PLC058011	Samruddhi Cement Limited	Director	24/07/2010	18/05/2010	-	Amalgamated	NO

Name :

Mr, Tilakraj Bajalia

Designation :

Nominee Director

Address :

World Trade Centre, Cuffee Parade, Mumbai – 400005, Maharashtra, India

Date of Birth/Age :

25.12.1953

Date of Appointment :

01.11.2010

DIN No.:

02291892

Other Directorship :

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
L74999MH1994PLC077041	JSW Energy Limited	Nominee director	31/07/2008	31/07/2008	-	Active	NO
U55101MH1985PTC152863	Juniper Hotels Private Limited	Nominee director	1/11/2010	1/11/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Subramanian Naganath Iyer
Designation :	Secretary
Address :	A-603, Twin Towers, Aundh, Pune – 411007, Maharashtra, India
Date of Birth/Age :	19.07.1958
Date of Appointment :	25.02.2010
Pan No.:	AABPI5956J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2011

Names of Shareholders	No. of Shares
Saraf Hotels Limited, Mauritius	71850000
Two Seas Holdings Limited, Mauritius	71850000
Total	143700000

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2011

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 :

Subject is engaged in providing Hotel Services.

GENERAL INFORMATION

No. of Employees :

2500 (Approximately)

Bankers :

· Kotak Mahindra Bank Limited, 36-38A, Nariman Point, Mumbai-400021, Maharashtra, India

· Punjab National Bank, Large Corporate Branch, A-9, Connaught Place, New Delhi, India

· Central Bank of India

· ICICI Bank Limited

· State Bank of India

· Axis Bank Limited, Universal Insurance Building Sir P. M. Road, Fort, Mumbai-400001, Maharashtra, India

· IDBI Bank Limited

· Jammu and Kashmir Bank Limited

· Axis Bank Limited, Corporate Banking Branch, Axis Bank, Bombay Dyeing, Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Fully Convertible Debentures	240.000	280.000
Term Loans Banks Secured	4983.681	4337.407
Working Capital Loans Secured	89.587	101.113
Loans taken for Vehicles	8.315	12.000
Total	5321.583	4730.520

Notes :

a) Term Loans of Grand Hyatt Mumbai and EPCG Bank Guarantee are secured by: i) Joint equitable mortgage by deposit of title deeds of freehold land admeasuring 42,270.80 square meters or thereabout situated at Vakola, Mumbai, together with all buildings and structures constructed or erected thereon and all the plant and machinery both present and future installed / to be installed therein on first pari passu charge. The title deeds are deposited with IDBI, acting for itself and on behalf of other lenders with their consent; ii) Assignment of lease rental receivables from shops/offices contained in Grand Hyatt Plaza; iii) Hypothecation of all present and future movable assets; and iv) Second pari-passu charge on the book debts and stocks of the Company. b) Optionally Fully Convertible Debentures (OFCD) of Rs.240.000 Millions (Previous Year Rs.280.000 Millions) are secured by legal mortgage of the above freehold land together with all buildings and structures constructed or erected thereon, all plant and machinery and all other movables, both present and future installed/to be installed therein on first pari passu charge in favour of IDBI Trusteeship Services Limited., who are Trustees for the Debenture holders, namely IDBI Bank Limited. The option of conversion of debentures lapsed on April 30, 2005 as the Debenture holders did not exercise their option of conversion into equity shares of the Company. c) The Working Capital facility is secured by way of charge on movable assets of the Company including book debts and the car loan by hypothecation of the cars. d) Term Loan for Ahmedabad and Delhi Projects : i) First Pari passu mortgage and charge on all the immovable properties of Ahmedabad and Delhi Projects both present and future except on asset area no.1 i.e. land of Delhi hotel), ii) First Pari passu hypothecation charge on entire movable assets (present and future) of Ahmedabad and Delhi projects, iii) First Pari passu charge on the entire current assets, present and future of Ahmedabad and Delhi projects, iv) Assignment of all rights and entitlements related to project documents, LC, guarantees and performance bond for the project, both present and future.

Banking Relations :	--
Auditors :
Name :	S R Batliboi and Company Chartered Accountants
Address :	6^th Floor, Express Towers, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-66579200
Fax No.:	91-22-22876401
PAN.:	AALFZS0506L
Subsidiary Company:	Mahima Holding Private Limited CIN No.: U67120MH1996PTC098688
Others :	· Saraf Hotels Limited · Two Seals Holding Limited
Enterprises which are owned, or have significant influence of or are partners with Key Management personnel and their relatives :	· Asian Hotels (East) Limited CIN No.: L15122WB2007PLC162762 · Blue Energy Private Limited CIN No.: U40107MH2008PTC1778550 · Chatered Hotels Private Limited · CIN No.: U55101MH1996PTC180473 · Yak and Yeti Hotel Limited · Taragaon Regency Hotels Limited · Robust Hotels Private Limited CIN No.: U55101TN2007PTC062085

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
190000000	Equity Shares	Rs.10/- each	Rs.1900.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
143700000	Equity Shares	Rs.10/- each	Rs.1437.000 Millions

Notes: of the above 94500000 (Previous Year 94500000) Equity shares of Rs.10 each were allotted as fully paid up bonus shares by way of capitalization of revaluation reserve during 2000-2001.

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		1437.000	1437.000	1437.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2014.134	1692.984	1514.256
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3451.134	3129.984	2951.256
LOAN FUNDS
1] Secured Loans		5321.583	4730.520	3491.722
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		5321.583	4730.520	3491.722
DEFERRED TAX LIABILITIES		376.287	351.506	348.204
TOTAL		9149.004	8212.010	6791.182
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6177.371	6342.444	6584.075
Capital work-in-progress		1782.831	806.002	36.517
INVESTMENT		51.720	121.720	121.720
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	88.425	92.934	104.055
	Sundry Debtors	130.858	172.281	179.056
	Cash & Bank Balances	128.107	64.462	165.750
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1523.086	1228.579	110.607
Total Current Assets		1870.476	1558.256	559.468
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	324.578	253.662	252.809
	Other Current Liabilities	411.581	402.588	360.989
	Provisions	60.563	34.121	25.916
Total Current Liabilities		796.722	690.371	639.714
Net Current Assets		1073.754	867.885	(80.246)
MISCELLANEOUS EXPENSES		63.328	73.959	129.116
TOTAL		9149.004	8212.010	6791.182

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		SALES AND OTHER INCOME	3040.700	2759.400	3320.300
		TOTAL (A)	3040.700	2759.400	3320.300
Less	EXPENSES
		Office Expenses	1881.100	1696.900	1688.400
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	1881.100	1696.900	1688.400
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1159.600	1062.500	1631.900
Less	FINANCIAL EXPENSES (D)		435.100	466.600	394.100
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		724.500	595.900	1237.800
Less/ Add	DEPRECIATION/ AMORTISATION (F)		227.500	318.900	368.700
	PROFIT BEFORE TAX (E-F) (G)		497.000	277.000	869.100
Less	TAX (H)		175.800	98.300	261.800
	PROFIT AFTER TAX (G-H) (I)		321.200	178.700	607.300
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1511.100	1362.400	785.100
Less	APPROPRIATIONS
		Transfer to Debenture Redemption Reserve	30.000	30.000	30.000
	BALANCE CARRIED TO THE B/S		1802.300	1511.100	1362.400
	EARNINGS IN FOREIGN CURRENCY		1123.900	1138.803	1351.394
	IMPORTS
		Capital Goods	NA	NA	23.526
		Food, Beverage, Wines, Liquors and Others	NA	NA	18.463
	TOTAL IMPORTS		NA	NA	41.989
	Earnings Per Share (Rs.)		2.24	1.24	4.23

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	10.56	6.48	18.29
Return on Total Assets (PBT/Total Assets}	(%)	6.17	3.51	13.36
Return on Investment (ROI) (PBT/Networth)		0.14	0.09	0.29
Debt Equity Ratio (Total Liability/Networth)		1.77	1.73	1.39
Current Ratio (Current Asset/Current Liability)		2.35	2.26	0.87

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	324.578	253.662	252.809
Total	324.578	253.662	252.809

PERFORMANCE OF THE HOTEL

During the year, Grand Hyatt Mumbai completed its Sixth full year of operation. The Hotel achieved a total turnover of Rs.3040.700 Millions (Rs.2759.400 Millions in 2009-10) on which it made profit before tax of Rs.497.000 Millions (Rs.277.000 Millions in the previous year) After accounting for total tax provision of Rs.175.800 Millions, the Company’s net profit after tax for the year amounted to Rs.321.200 Millions as against Rs.178.700 Millions in 2009-10. The rise in the turnover and profitability of the Company as compared to the previous year was generally due to some improvement in ARR and room occupancy. More specifically, depreciation provision for the year was lower and further, with the repayment of certain loans, there was reduction in interest costs.

Although competition from other comparable hotels in its area of operation is on the rise, the Company hopes to improve upon its growth and profitability in the current year, cashing in on its known and established brand name.

NEW PROJECTS

The Company’s new 5 Star Hotel Projects in Ahmedabad and New Delhi are making satisfactory progress. The requisite statutory and other approvals for the establishment of the Hotels have been received and project work is under way. According to present indications, the Ahmedabad Hyatt Regency Project with about 275 rooms will be completed by February 2013 and the Delhi DIAL Project with about 384 rooms and 145 apartments by July 2013, both as per schedule and within the estimated capital cost.

FORM 8

Corporate identity number of the company	U55101MH1985PTC152863
Name of the company	JUNIPER HOTELS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Off Western Express Highway, Santacruz (East), Mumbai – 400055, Maharashtra, India Email Id : aiyers@juniperhotels.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Axis Bank Limited, Corporate Banking Branch, Axis Bank, Bombay Dyeing, Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India Email Id : SHILPA.MEHTA@AXISBANK.COM
Nature of instrument creating charge	Deed of hypothecation of the movable properties of the borrower of its hotel projects at Ahmedbad and New Delhi
Date of instrument Creating the charge	14.06.2011
Amount secured by the charge	Rs.3000.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base rate + 3.25% pa payable monthly Terms of repayment Repayable in 40 quarterly stepped up installments beginning from 28th February 2015 Margin 35.71% Extent and operation of the charge The loans together with all interest, costs , expenses and other monies whatsoever stipulated in this agreement shall be secured by first pari passu charge on all the current assets and immovable and movable fixed assets of the company located at New Delhi and Ahmedbad on pari passu basis with other project lenders
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All the current and movable assets located at the following addresses. Asset Area No: 1, Hospitality District, Delhi International Airport, New Delhi - 110 037, India Opposite Gujarat Vidyapith, Ashram Road, Ahmedbad - 380 014, Gujarat, India

FIXED ASSETS

TANGIBLE ASSETS

● Hotel building

● Land (Free hold)

● Plant and Machinery

● Electrical Installations

● Furniture and Fixture

● Hotel Equipment

● Office Equipment

● Vehicle

● Computer

INTANGIBLE ASSETS

● Computer Software

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.52.22
UK Pound	1	Rs.80.84
Euro	1	Rs.66.80

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.