MIRA INFORM REPORT

Report Date :

09.07.2012

IDENTIFICATION DETAILS

Name :	FLAGSHIP REALTY PRIVATE LIMITED
Registered Office :	A-1, 9^th Floor, Safal Profitaire, Off. S. G. Road, Near Prahalandnagar Garden, Ahmedabad-380 015, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.03.2006
Com. Reg. No.:	04-048001
Capital Investment / Paid-up Capital :	Rs.1.000 Millions
CIN No.: [Company Identification No.]	U45200GJ2006PTC048001
TAN No.: [Tax Deduction & Collection Account No.]	AHMF00375E
Legal Form :	Private Limited Liability Company
Line of Business :	Construction Activity
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to commence business activity
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Though the company was incorporated in 2006, they have not started with their commercial activity. As conformed with Mr. Sanjeev Pandit Chief Financial Officer of the company. Company will started their business activity with in Six Month. The company can be considered for business dealing on a secured 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.

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 :	A-1, 9^th Floor, Safal Profitaire, Off. S. G. Road, Near Prahalandnagar Garden, Ahmedabad-380 015, Gujarat, India
Tel. No.:	91-79-30450000
Fax No.:	Not Available
E-Mail :	kamleshtrivedi@navneet.com

DIRECTORS

As on 20.09.2011

Name :

Mr. Chimanlal Ramji Savla

Designation :

Director

Address :

Bhakti, 9, Keluskar Road, Shivaji Park, Mahim, Mumbai- 400 014, Maharashtra, India

Date of Birth/Age :

30.05.1951

Date of Appointment :

24.03.2006

DIN No.:

00010764

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U70101MH1987PTC043176	SILVER OAK DEVELOPERS PRIVATE LIMITED	Director	15/04/1987	15/04/1987	-	Active	NO
2	U29191MH1988PTC048075	SAVLA FOODS AND COLD STORAGE PRIVATE LIMITED	Director	13/07/1988	13/07/1988	-	Active	NO
3	U36100MH1988PTC048169	EUROTECH DESIGN SYSTEMS PRIVATE LIMITED	Director	14/12/1989	14/12/1989	-	Active	NO
4	U18101MH1993PTC072749	FASHION LIFESTYLES (INDIA) Private LIMITED	Director	08/07/1993	08/07/1993	-	Active	NO
5	U67120MH1994PTC076341	JANNAT INVESTMENT AND TRADING PRIVATE LIMITED	Director	15/03/1994	15/03/1994	-	Active	NO
6	U67120MH1994PLC083215	SANGHAVI SAVLA STOCK BROKERS LIMITED	Whole-time director	23/11/1994	23/11/1994	-	Active	NO
7	U51900MH1995PTC087419	ARENA LIFESTYLES PRIVATE LIMITED	Director	18/04/1995	18/04/1995	-	Active	NO
8	U67120GJ1994PTC065265	SOLO SECURITIES PRIVATE LIMITED	Director	05/06/1995	05/06/1995	01/10/2010	Active	NO
9	U80300MH1996PTC096198	YASH ACCOUNTING AND E-SERVICES PRIVATE LIMITED	Director	12/01/1996	12/01/1996	-	Active	NO
10	U51900MH1997PTC106925	BENZER DEPARTMENT STORES PRIVATE LIMITED	Director	27/03/1997	27/03/1997	-	Active	NO
11	U01200MH1997PTC107209	EASY RIDER THOROUGHBRED INVESTMENTS PRIVATE LIMITED	Director	10/04/1997	10/04/1997	-	Active	NO
12	U99999MH1997PLC110583	SANGHAVI BROTHERS BROKERAGE LIMITED	Director	10/09/1997	10/09/1997	-	Active	NO
13	U17219MH2001PTC130986	BENZER WORLD RETAIL PRIVATE LIMITED	Director	23/02/2001	23/02/2001	-	Active	NO
14	U45200MH1972PTC016182	RAJDEEP CONSTRUCTION PRIVATE LIMITED	Director	17/12/2002	17/12/2002	-	Active	NO
15	U51310MH2004PTC149812	BENZER RETAIL PRIVATE LIMITED	Director	03/12/2004	03/12/2004	-	Active	NO
16	U45200GJ2006PTC048001	FLAGSHIP REALTY PRIVATE LIMITED	Director	24/03/2006	24/03/2006	-	Active	NO
17	U52190MH2006PTC160788	VISIONSCAPE DEVELOPERS PRIVATE LIMITED	Director	28/03/2006	28/03/2006	26/02/2010	Active	NO
18	U15137MH2006PTC164433	EVOLUTION FOODS AND FOOD PROCESSING Private LIMITED	Director	09/09/2006	09/09/2006	-	Active	NO
19	U74950MH2006PTC164621	PLANET PACKAGING Private LIMITED	Director	15/09/2006	15/09/2006	-	Active	NO
20	U63011MH2008PTC183878	SAVLA INTEGRATED LOGISTICS PRIVATE LIMITED	Director	23/06/2008	23/06/2008	-	Active	NO
21	U92100MH2010PTC201335	FAT MAMA FILMS PRIVATE LIMITED	Director	26/03/2010	26/03/2010	-	Active	NO

Name :

Mr. Kamlesh Bhupendra Trivedi

Designation :

Director

Address :

29, Bhavna Society, Geetamandir Road, Ahmedabad- 380 022, Gujarat, India

Date of Birth/Age :

27.09.1956

Date of Appointment :

01.04.2006

DIN No.:

00347454

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U92490GJ1996PTC029416	BASANT BAHAR GYMKHANA PRIVATE LIMITED	Director	01/04/2006	01/04/2006	04/10/2010	Active	NO
2	U45200GJ2006PTC048001	FLAGSHIP REALTY PRIVATE LIMITED	Director	01/04/2006	01/04/2006	-	Active	NO
3	U36991GJ1993PTC018973	GALA LANDMARKS PRIVATE LIMITED	Director	01/04/2006	01/04/2006	-	Active	NO
4	U22190GJ1984PTC006776	NEMI PUBLICATIONS Private LIMITED	Director	16/06/2007	16/06/2007	-	Active	NO
5	U45201GJ2007PTC052377	GALA INFRASTRUCTURE PRIVATE LIMITED	Director	18/12/2007	18/12/2007	-	Active	NO
6	U31900GJ2007PTC051968	MULTIMEDIA TECHNOLOGIES PRIVATE LIMITED	Director	30/09/2008	15/01/2008	-	Active	NO
7	U67120MH1991PTC060624	ACCORD HOLDINGS PRIVATE LIMITED	Director	29/08/2009	29/08/2009	-	Active	NO
8	U45400MH2008PTC183354	SAMPOORNA REALTORS & LOGISTICS PRIVATELIMITED	Director	18/01/2010	18/01/2010	-	Active	NO
9	U45201GJ2010PTC059471	ARSHI CONSTRUCTION PRIVATE LIMITED	Additional director	12/10/2010	12/10/2010	-	Converted to LLP and dissolved	NO
10	AAA-4872	MADHUKAR ARCADE LLP	Body corporate as Designated Partner	19/05/2011	19/05/2011	-	Active	NO

Name :

Mr. Sandeep Shantilal Gala

Designation :

Directors

Address :

Sandeep Bunglow, Udyan Marg, Ellisebridge, Ahmedabad- 380 006, Gujarat, India

Date of Birth/Age :

20.08.1972

Date of Appointment :

24.03.2006

DIN No.:

01737674

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45200GJ2006PTC048001	FLAGSHIP REALTY PRIVATE LIMITED	Director	24/03/2006	24/03/2006	-	Active	NO
2	U31900GJ2007PTC051968	MULTIMEDIA TECHNOLOGIES PRIVATE LIMITED	Director	30/09/2010	12/08/2010	-	Active	NO
3	AAA-5441	SWING COMMERCIALS LLP	Designated Partner	05/07/2011	05/07/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sanjeev Pandit
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2011

Names of Shareholders	No. of Shares
Sandeep Shantilal Gala	1200
Chimanlal Ramji Salva	25000
Amarchand Ramjibhai Gala	2850
Bipin Amarchand Gala	2100
Ketan Bipin Gala	1200
Dungarshi Ramjibhai Gala	2850
Anil Dungarshi Gala	2100
Ganesh Dungarshi Gala	2100
JItendra Laljibhai Gala	2700
Shailendra Jitendra Gala	1200
Sanjeev Jitendra Gala	1200
Harakhachand Ranjibhai Gala	2850
Shri Raju Harakhachand Gala	2100
Kalpesh Harakhachand Gala	1200
Vimlaben Shantilal Gala	2850
Navinbhai Nanjibhai Shah	1500
Vallabhji B. Gada	5118
Ketan Vallabhji Gada	5118
Rohit Vallabhji Gada	4764
Vasant Ramji Savala	3000
Hiruben Lalji Savla	7000
Lalitkumar J. Grover	10000
Bhanukant Lalji Thakkar	5000
Ramesh Bhanukant Thakkar	5000
Total	100000

As on 20.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	63.50
Other top fifty shareholders	36.50
Total	100.00

BUSINESS DETAILS

Line of Business :	Real Estate Agent
Products :	Construction

GENERAL INFORMATION

Suppliers :

Ø Vaibhav N. Shah and Company

No. of Employees :

Not Available

Bankers :

Ø Bank of India, Memnagar, Ahmedabad, Gujarat, India

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Directors	0.678	0.540
From Share Holders and Relatives	55.922	44.460
Total	56.600	45.000

Banking Relations :	--
Auditors :
Name :	J. T. Shah and Company Chartered Accountants
Address :	201/202, Lalita Complex, 352/3, Rasala Marg, Navrangpura, Ahmedabad-380 009, Gujarat, India
Tel. No.:	91-79-26444420 / 26444430 / 26444440
Fax No.:	91-79-26560440
E-Mail :	info@jtshahco.com
PAN.:	AABFJ6616J
Enterprise owned or significantly influenced by key management personnel or their relatives:	Ø Gala Infrastructure Private Limited

CAPITAL STRUCTURE

As on 20.09.2011

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
100000	Equity Shares	Rs.10/- each	Rs.1.000 Million

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		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.079	0.209	0.258
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1.079	1.209	1.258
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		56.600	45.000	50.000
TOTAL BORROWING		56.600	45.000	50.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		57.679	46.209	51.258
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.008	0.000	0.000
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	123.848	45.346	45.191
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	3.515	0.778	0.978
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.977	0.011	4.929
Total Current Assets		128.340	46.135	51.098
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.396	0.001	0.000
	Other Current Liabilities	69.273	0.012	0.015
	Provisions	0.000	0.000	0.000
Total Current Liabilities		71.669	0.013	0.015
Net Current Assets		56.671	46.122	51.083
MISCELLANEOUS EXPENSES		0.000	0.087	0.175
TOTAL		57.679	46.209	51.258

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.125	0.038	0.034
		Closing Work In Progress	123.848	45.345	0.000
		TOTAL	123.973	45.383	0.034
Less	EXPENSES
		Opening Work In Progress	45.346	45.191	0.000
		Indirect Expenses	0.038	0.000	0.000
		During the year project Expenses	78.503	0.154	0.000
		Preliminary Expenses Written Off	0.087	0.087	0.087
		TOTAL	123.974	45.432	0.087
	PROFIT BEFORE DEPRECIATION AND TAX		(0.001)	(0.049)	(0.053)
Less	DEPRECIATION		0.129	0.000	0.000
	PROFIT BEFORE TAX		(0.130)	(0.049)	(0.053)
Less	TAX		0.000	0.000	0.000
	PROFIT AFTER TAX		(0.130)	(0.049)	(0.053)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.209	0.258	0.311
	BALANCE CARRIED TO THE B/S		0.079	0.209	0.258
	Earnings Per Share (Rs.)		(1.30)	(0.49)	(0.53)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(0.10)	(0.11)	(155.88)
Return on Total Assets (PBT/Total Assets}	(%)	(0.10)	(0.11)	(0.10)
Return on Investment (ROI) (PBT/Networth)		(0.12)	(0.04)	(0.04)
Debt Equity Ratio (Total Liability/Networth)		118.88	37.23	39.76
Current Ratio (Current Asset/Current Liability)		1.79	3548.85	3406.53

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	Yes
17) Major suppliers	Yes
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: Registered office of the company has been shifted from Gala Lounge, Gala Gymkhana Road, Off. S.P. Ring Road, South Bopal, Bopal, Ahmedabad-380 058, Gujarat, India to the present address w.e.f. 01.06.2012.

FIXED ASSETS:

Ø Computer and Peripherals

Ø Furniture and Fixture

Ø Furniture and Fixture

Ø Plant and Machinery

Ø Equipments

Ø Office Equipments

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 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. 55.42
UK Pound	1	Rs. 86.04
Euro	1	Rs. 68.60

INFORMATION DETAILS

Report Prepared by :

DPTP

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	1
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	2
--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		13

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.