MIRA INFORM REPORT

Report Date :

06.06.2012

IDENTIFICATION DETAILS

Name :	ALFARA’A PROPERTIES PRIVATE LIMITED (w.e.f. 27.06.2007)
Formerly Known As :	ALFARA'A DEVELOPERS PRIVATE LIMITED
Registered Office :	703/701, Midas Building, 7^th Floor, Sahar Plaza, J B Nagar, Andheri-Kurla Road, Andheri (East), Mumbai – 400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	29.03.2007
Com. Reg. No.:	11-169369
Capital Investment / Paid-up Capital :	Rs.50.000 Millions
CIN No.: [Company Identification No.]	U45400MH2007PTC169369
PAN No.: [Permanent Account No.]	AAGCA2358G
Legal Form :	Private Limited Liability Company
Line of Business :	Property and Building Construction Services.
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 180000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appear some accumulated losses recorded by the company. 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 :	703/701, Midas Building, 7^th Floor, Sahar Plaza, J B Nagar, Andheri-Kurla Road, Andheri (East), Mumbai – 400057, Maharashtra, India
Tel. No.:	91-22-28375555
Fax No.:	91-22-28351234
E-Mail :	bkcmumbai@gmail.com Indian@alfaraaproperties.com
UAE Office :	Office 3, Crystal Tower, Business Bay, Dubai UAE, PO Box 27832, Dubai
Tel. No.:	+971 4 328 4344
Fax No.:	+971 4 328 4348

DIRECTORS

(AS ON 30.09.2011)

Name :

Mrs. Lachmi Rijhumal Gangaramani

Designation :

Director

Address :

B-1-191, Snehdhara Co-operative Society, Daobhal, Cross Road, No.3, Vile Parle (West), Mumbai- 400056, Maharashtra, India

Date of Birth/Age :

01.01.1931

Date of Appointment :

10.04.2007

DIN No.:

01411021

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U45400MH2007PTC169369	ALFARA'A PROPERTIES PRIVATE LIMITED	Director	30/09/2008	10/4/2007	Active	NO
2	U45200MH2007PTC169368	ALFARA'A GENERAL CONTRACTING PRIVATE LIMITED	Director	30/09/2008	10/4/2007	Active	NO
3	U74200MH2007PTC171111	WILLIAMS AND JONES ENGINEERING CONSULTANTS PRIVATE LIMITED	Director	30/09/2008	16/06/2007	Active	NO
4	U27203MH2007PTC172488	BELGIUM ALUMINIUM AND GLASS INDUSTRIES PRIVATE LIMITED	Director	24/09/2007	24/09/2007	Active	NO

Name :

Mrs. Natasha Jawaharlal Gangaramani

Designation :

Director

Address :

B-1-191, Snehdhara Co-operative Society, Daobhal, Cross Road, No.3, Vile Parle (West), Mumbai- 400056, Maharashtra, India

Date of Birth/Age :

28.05.1982

Date of Appointment :

29.03.2007

DIN No.:

01293705

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U45200MH2007PTC169368	ALFARA'A GENERAL CONTRACTING PRIVATE LIMITED	Director	29/03/2007	29/03/2007	Active	NO
2	U45400MH2007PTC169369	ALFARA'A PROPERTIES PRIVATE LIMITED	Director	29/03/2007	29/03/2007	Active	NO
3	U74200MH2007PTC171111	WILLIAMS AND JONES ENGINEERING CONSULTANTS PRIVATE LIMITED	Director	23/05/2007	23/05/2007	Active	NO
4	U27203MH2007PTC172488	BELGIUM ALUMINIUM AND GLASS INDUSTRIES PRIVATE LIMITED	Director	19/07/2007	19/07/2007	Active	NO

Name :

Mrs. Usha Jawaharlal Gangaramani

Designation :

Director

Address :

B-1-191, Snehdhara Co-operative Society, Daobhal, Cross Road, No.3, Vile Parle (West), Mumbai- 400056, Maharashtra, India

Date of Birth/Age :

16.03.1957

Date of Appointment :

29.03.2007

DIN No.:

01413085

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U45200MH2007PTC169368	ALFARA'A GENERAL CONTRACTING PRIVATE LIMITED	Director	29/03/2007	29/03/2007	Active	NO
2	U45400MH2007PTC169369	ALFARA'A PROPERTIES PRIVATE LIMITED	Director	29/03/2007	29/03/2007	Active	NO
3	U74200MH2007PTC171111	WILLIAMS AND JONES ENGINEERING CONSULTANTS PRIVATE LIMITED	Director	23/05/2007	23/05/2007	Active	NO
4	U27203MH2007PTC172488	BELGIUM ALUMINIUM AND GLASS INDUSTRIES PRIVATE LIMITED	Director	19/07/2007	19/07/2007	Active	NO
5	U45400MH2011PTC212453	ALFARA'A INFRAPROJECTS PRIVATE LIMITED	Director	18/01/2011	18/01/2011	Active	NO
6	U26960MH2011PTC212600	UNIBETON READY MIX PRIVATE LIMITED	Director	20/01/2011	20/01/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Usha Gangaramani	2499800
Natasha Jawaharlal Gangaramani	2499800
Rijhu Ranmchand Gangaramani	100
Lachmi Rijhumal Gangaramani	100
Jawaharlal Rijhumal Gangaramani	100
C. R. Gangaramani	100
Total	5000000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Property and Building Construction Services.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loan Directors Unsecured	2.983	2.983
Other Debt Unsecured	110.625	110.525
Total	113.608	113.508

Banking Relations :	--
Auditors :
Name :	Gautam Shah and Associates Chartered Accountant
Address :	A 11, Alka, 1st Floor, Dadabhai Road Next To Flyover, Near CNMS School, Vile Parle (West), Mumbai- 400056, Maharashtra, India
PAN No.:	AAFFG2080F
Parties where control exists:-	· Williams and Jones Engineering Consultants Private Limited · Alfara'a Properties Private Limited · Alfara'a General Contracting Private Limited

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 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		0.000	0.000	0.000
4] (Accumulated Losses)		(3.956)	(19.527)	(14.992)
NETWORTH		46.044	30.473	35.008
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		113.608	113.508	194.503
TOTAL BORROWING		113.608	113.508	194.503
DEFERRED TAX LIABILITIES		0.487	0.000	0.000
TOTAL		160.139	143.981	229.511
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.791	12.494	16.161
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	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.184	0.342	0.559
	Other Current Assets	0.000	0.000	0.278
	Loans & Advances	158.350	159.410	213.652
Total Current Assets		158.534	159.752	214.489
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.889	0.902	1.157
	Other Current Liabilities	0.275	27.665	0.288
	Provisions	3.200	0.054	0.229
Total Current Liabilities		4.364	28.621	1.674
Net Current Assets		154.170	131.131	212.815
MISCELLANEOUS EXPENSES		0.178	0.356	0.535
TOTAL		160.139	143.981	229.511

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		21.722	(0.868)	(4.362)
Less/ Add	DEPRECIATION/ AMORTISATION		1.973	3.667	5.210
	PROFIT BEFORE TAX		19.749	(4.535)	(9.572)
Less	TAX		4.178	0.000	0.000
	PROFIT AFTER TAX		15.571	(4.535)	(9.572)
	Earnings Per Share (Rs.)		3.11	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	12.02	(2.63)	(4.15)
Return on Investment (ROI) (PBT/Networth)		0.43	(0.15)	(0.27)
Debt Equity Ratio (Total Liability/Networth)		2.56	4.66	5.60
Current Ratio (Current Asset/Current Liability)		36.33	5.58	128.13

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of Contact person	No
Turnover of Firm for last three years	No
Profitability for last three years	Yes
Reasons for variation <> 20%	-----
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	No
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	No
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	Yes
Incorporation details is applicable	Yes
Last Accounts filed at ROC	Yes
Major Shareholders, if available	Yes

OPERATIONS:

The Company is hopeful that in future they will be starting the Construction and Development business in India.

CURRENT YEAR:

The Company does not have any projects in hand for the year ended 31.03.2011. The Company had entered into a Contract with Aristo Realtors Private Limited and subsequently that project was cancelled and hence the Amount of Rs.27.500 Millions was received as compensation which is considered as Income.

FIXED ASSETS:

· Office Equipment

· Computer

· Furniture and Fixture

· 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.55.52
UK Pound	1	Rs.68.86
Euro	1	Rs.85.29

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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.