MIRA INFORM REPORT

Report Date :

08.06.2012

IDENTIFICATION DETAILS

Name :	MANTRI DEVELOPERS PRIVATE LIMITED (w.e.f. 01.01.2001)
Formerly Known As :	GLORY ESTATE PRIVATE LIMITED
Registered Office :	# 41, Vittal Mallya Road, Bangalore – 560001, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.10.2000
Com. Reg. No.:	08-027924
Capital Investment / Paid-up Capital :	Rs. 559.635 Millions
CIN No.: [Company Identification No.]	U70102KA2000PTC027924
TAN No.: [Tax Deduction & Collection Account No.]	BLRM06022C
PAN No.: [Permanent Account No.]	AAACG4009N
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is a real estate developers engaged in the business of development, sale, management and operation of all or any part of townships, housing projects, commercial premises and other related activities. The company is also engaged in the business of power generation.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (57)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 62000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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.

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/ Head Office :	# 41, Vittal Mallya Road, Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-41300000
Fax No.:	91-80-41325000
E-Mail :	prakash.hegde@mantri.in homes@mantri.in
Website :	http://www.mantri.in
Branches :	Located at: v Hyderabad v Chennai v Pune

DIRECTORS

AS ON 20.06.2011

Name :

Mr. Sushil Pandurang Mantri

Designation :

Chairman and Managing director

Address :

Mantri House # 41, Vittal Mallya Road, Bangalore – 560001, Karnataka, India

Date of Birth/Age :

07.02.1963

Qualification :

B.Com

Experience :

16 Years

Date of Appointment :

20.06.1997 As CMD 27.02.2006

DIN No.:

00188967

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	U70102KA1993PTC015069	SHIVASHAKTHI ESTATES AND INVESTMENTS PRIVATE LIMITED	Director	23-10-95	23-10-95	-	Active	NO
2	U45201KA2000PTC026181	HAMARA SHELTERS PRIVATE LIMITED	Director	06-07-00	06-07-00	03-12-07	Active	NO
3	U51399KA2000PTC026365	PLAZA AGENCIES PRIVATE LIMITED	Director	06-07-00	06-07-00	-	Active	NO
4	U74140KA2001PTC028742	Propcare Real Estate Management Private Limited	Director	15-03-01	15-03-01	03-12-07	Active	NO
5	U04520KA1988PTC009606	CLASSIC REALTY PRIVATE LIMITED	Director	18-09-01	18-09-01	20-08-08	Active	NO
6	U51311KA2002PTC030545	RAFFLES ENTERPRISES PRIVATE LIMITED	Director	24-05-02	24-05-02	15-04-10	Active	NO
7	U74140KA2002PTC030161	INDUS SCHOLASTIC AND MANAGEMENT SERVICES PRIVATE LIMITED	Director	17-01-03	17-01-03	-	Active	NO
8	U74210KA2004PTC033991	MANTRI HOMES PRIVATE LIMITED	Director	28-05-04	28-05-04	03-12-07	Active	NO
9	U74210KA2004PTC033992	JASMINE ENTERPRISES PRIVATE LIMITED	Director	28-05-04	28-05-04	05-12-07	Active	NO
10	U45201KA2003PLC033023	MANIPAL ETA INFOTECH LIMITED	Managing director	05-12-07	29-09-04	-	Active	NO
11	U64202KA2004PTC035071	PROJENCO SOFTWARE SYSTEMS PRIVATE LIMITED	Director	23-11-04	23-11-04	22-12-08	Active	NO
12	U80302KA2005PTC037233	Indus International School (Pune) Private limited	Director	12-09-08	15-09-05	-	Active	NO
13	U07010KA2004PTC035167	PRATIBHA REALTORS PRIVATE LIMITED	Director	29-09-05	29-09-05	04-12-07	Active	NO
14	U72200AP2004PTC044097	LANCO HILLS TECHNOLOGY PARK PRIVATE LIMITED	Director	20-12-05	20-12-05	19-05-08	Active	NO
15	U70102KA2000PTC027924	MANTRI DEVELOPERS PRIVATE LIMITED	Managing director	27-02-06	27-02-06	-	Active	NO
16	U45201KA2005PTC037698	Mantri Cornerstone Holding Private Limited	Director	30-04-06	30-04-06	-	Active	NO
17	U45201KA2006PTC039175	BRAHMAGIRI REALTORS PRIVATE LIMITED	Director	20-10-06	20-10-06	15-04-10	Active	NO
18	U07010KA2004PTC035169	VISMAY REALTORS PRIVATE LIMITED	Director	25-01-07	25-01-07	01-06-07	Active	NO
19	U80222KA2007PTC043242	NORTH EDUCATIONAL ACADEMY (INDIA) PRIVATE LIMITED	Director	26-06-07	26-06-07	15-04-10	Active	NO
20	U45201KA2007PTC043435	MANTRI SIERRA STRUCTURE PRIVATE LIMITED	Director	23-07-07	23-07-07	20-09-07	Active	NO
21	U45202KA2007PTC043433	MANTRI GEO STRUCTURES PRIVATE LIMITED	Director	23-07-07	23-07-07	20-09-07	Active	NO
22	U45201KA2007PTC043436	MANTRI TECHNOLOGY CONSTELLATIONS PRIVATE LIMITED	Director	10-06-11	23-07-07	-	Active	NO
23	U45201KA2007PTC043434	MANTRI TECHNOLOGY PARKS PRIVATE LIMITED	Director	15-04-08	23-07-07	-	Active	NO
24	U45201KA2007PTC043458	MANTRI INFRASTRUCTURE PRIVATE LIMITED	Director	24-07-07	24-07-07	20-09-07	Active	NO
25	U74140KA2007PTC044006	Mantri Dwellings Private Limited	Director	08-05-08	10-10-07	14-04-09	Active	NO
26	U55101KA2008PTC047021	SURAJ Inn Private Limited	Director	02-07-08	02-07-08	-	Active	NO
27	U70109KA2009PTC051228	PropCare Mall Management (India) Private Limited	Director	16-10-09	16-10-09	19-07-10	Active	NO
28	U70102KA2009PTC051227	Avant-Garde Shelters Private Limited	Director	16-10-09	16-10-09	15-04-10	Active	NO
29	U70102KA2010PTC054176	3D MEGACITY PRIVATE LIMITED	Director	23-06-10	23-06-10	-	Active	NO
30	U70102KA2010PTC055639	Mantri Mansion Private Limited	Director	26-10-10	26-10-10	-	Active	NO
31	U70102KA2010PTC055722	Mantri Habitats Private Limited	Director	02-11-10	02-11-10	-	Active	NO
32	U70102KA2010PTC055789	Mantri Abodes Private Limited	Director	09-11-10	09-11-10	-	Active	NO
33	U70100KA2010PTC056156	Mantri Property Developers Private Limited	Director	07-12-10	07-12-10	-	Active	NO
34	U01119AP2006PTC051831	HYDERABAD EDUCATIONAL INSTITUTIONS PRIVATE LIMITED	Additional director	30-03-12	27-12-10	-	Active	NO
35	U70102KA2010PTC056387	Mantri Resi Structures Private Limited	Director	29-12-10	29-12-10	-	Active	NO
36	U70100KA2011PTC056480	Lakeview Development Corporation Private Limited	Director	04-01-11	04-01-11	-	Active	NO
37	U45203KA2011PTC060228	Devadatta Build Tech Private Limited	Director	02-09-11	02-09-11	-	Active	NO
38	U70100KA2011PTC060335	Panchajanya Realtors Private Limited	Director	09-09-11	09-09-11	-	Active	NO

Name :

Mrs. Snehal Sushil Mantri

Designation :

Whole-time director

Address :

Mantri House # 41, Vittal Mallya Road, Bangalore – 560001, Karnataka, India

Date of Birth/Age :

12.11.1963

Qualification :

Home Science Graduate

Experience :

16 Years

Date of Appointment :

24.12.1999

DIN No.:

00166900

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	U51399KA2000PTC026365	PLAZA AGENCIES PRIVATE LIMITED	Director	06-07-00	06-07-00	-	Active	NO
2	U45201KA2000PTC026181	HAMARA SHELTERS PRIVATE LIMITED	Director	06-07-00	06-07-00	03-12-07	Active	NO
3	U70102KA1993PTC015069	SHIVASHAKTHI ESTATES AND INVESTMENTS PRIVATE LIMITED	Director	21-08-00	21-08-00	05-12-07	Active	NO
4	U70102KA2000PTC027924	MANTRI DEVELOPERS PRIVATE LIMITED	Whole-time director	01-01-01	01-01-01	-	Active	NO
5	U74140KA2001PTC028742	Propcare Real Estate Management Private Limited	Director	15-03-01	15-03-01	03-12-07	Active	NO
6	U51311KA2002PTC030545	RAFFLES ENTERPRISES PRIVATE LIMITED	Director	24-05-02	24-05-02	04-12-07	Active	NO
7	U74210KA2004PTC033991	MANTRI HOMES PRIVATE LIMITED	Director	28-05-04	28-05-04	03-12-07	Active	NO
8	U74210KA2004PTC033992	JASMINE ENTERPRISES PRIVATE LIMITED	Director	28-05-04	28-05-04	05-12-07	Active	NO
9	U45201KA2003PLC033023	MANIPAL ETA INFOTECH LIMITED	Director	05-12-07	29-09-04	-	Active	NO
10	U80302KA2005PTC037233	Indus International School (Pune) Private limited	Director	25-09-06	15-09-05	-	Active	NO
11	U07010KA2004PTC035167	PRATIBHA REALTORS PRIVATE LIMITED	Director	29-09-05	29-09-05	04-12-07	Active	NO
12	U45201KA2006PTC039175	BRAHMAGIRI REALTORS PRIVATE LIMITED	Director	20-10-06	20-10-06	04-12-07	Active	NO
13	U80222KA2007PTC043242	NORTH EDUCATIONAL ACADEMY (INDIA) PRIVATE LIMITED	Director	26-06-07	26-06-07	15-04-10	Active	NO
14	U45201KA2007PTC043436	MANTRI TECHNOLOGY CONSTELLATIONS PRIVATE LIMITED	Director	23-07-07	23-07-07	20-09-07	Active	NO
15	U45201KA2007PTC043435	MANTRI SIERRA STRUCTURE PRIVATE LIMITED	Director	23-07-07	23-07-07	20-09-07	Active	NO
16	U45201KA2007PTC043434	MANTRI TECHNOLOGY PARKS PRIVATE LIMITED	Director	23-07-07	23-07-07	20-09-07	Active	NO
17	U45202KA2007PTC043433	MANTRI GEO STRUCTURES PRIVATE LIMITED	Director	23-07-07	23-07-07	20-09-07	Active	NO
18	U45201KA2007PTC043458	MANTRI INFRASTRUCTURE PRIVATE LIMITED	Director	24-07-07	24-07-07	20-09-07	Active	NO
19	U55101KA2008PTC047021	SURAJ Inn Private Limited	Director	02-07-08	02-07-08	14-04-09	Active	NO
20	U70102KA2010PTC054176	3D MEGACITY PRIVATE LIMITED	Director	23-06-10	23-06-10	-	Active	NO
21	U70102KA2010PTC055639	Mantri Mansion Private Limited	Director	26-10-10	26-10-10	-	Active	NO
22	U70102KA2010PTC055722	Mantri Habitats Private Limited	Director	02-11-10	02-11-10	-	Active	NO
23	U70102KA2010PTC055789	Mantri Abodes Private Limited	Director	09-11-10	09-11-10	-	Active	NO
24	U70100KA2010PTC056156	Mantri Property Developers Private Limited	Director	07-12-10	07-12-10	-	Active	NO
25	U70102KA2010PTC056387	Mantri Resi Structures Private Limited	Director	29-12-10	29-12-10	-	Active	NO
26	U45203KA2011PTC060228	Devadatta Build Tech Private Limited	Director	02-09-11	02-09-11	-	Active	NO
27	U70100KA2011PTC060335	Panchajanya Realtors Private Limited	Director	09-09-11	09-09-11	-	Active	NO
28	U01119AP2006PTC051831	HYDERABAD EDUCATIONAL INSTITUTIONS PRIVATE LIMITED	Additional director	30-03-12	30-03-12	-	Active	NO

Name :

Mr. Pratik Sushil Mantri

Designation :

Director

Address :

Mantri House # 41, Vittal Mallya Road, Bangalore – 560001, Karnataka, India

Date of Birth/Age :

10.01.1990

Date of Appointment :

16.11.2010

DIN No.:

03406818

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	U70102KA2000PTC027924	MANTRI DEVELOPERS PRIVATE LIMITED	Director	20-06-11	16-11-10	Active	NO

Name :

Mr. Rajesh Omkarnath Malpani

Designation :

Director

Address :

Bansuri, Janakinagar, Sangamner – 422605, Ahmedabad, Gujarat, India

Date of Birth/Age :

23.02.1961

Date of Appointment :

19.06.2008

DIN No.:

01596468

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	U16003MH1985PTC036341	OM TOBACCO PRODUCTS PRIVATE LIMITED	Director	29-04-87	29-04-87	-	Active	NO
2	U72200PN1998PTC012661	MALPANI ACADEMY PRIVATE LIMITED	Director	12-07-98	12-07-98	-	Active	NO
3	U15495PN1998PTC013082	UNIVERSAL SPICES PRIVATE LIMITED	Director	30-03-01	30-03-01	-	Active	NO
4	U29195PN1991PLC061503	SAFEPACK INDUSTRIES LIMITED	Director	20-11-01	20-11-01	-	Active	NO
5	U45201PN2005PTC020481	KAUSTUBH ESTATE AND DEVELOPERS PRIVATE LIMITED	Director	29-03-05	29-03-05	-	Active	NO
6	U45201PN2005PTC020484	HARSHVARDHAN PROPERTIES PRIVATE LIMITED	Director	29-03-05	29-03-05	-	Active	NO
7	U45209PN2005PTC021539	LANDLORD PROPERTIES PRIVATE LIMITED	Director	14-11-05	14-11-05	-	Active	NO
8	U52110PN2007PTC129928	SARGAM RETAILS PRIVATE LIMITED	Director	05-04-07	05-04-07	-	Active	NO
9	U55101PN2007PTC129988	GREEN PARK HOLIDAYS PRIVATE LIMITED	Director	18-04-07	18-04-07	-	Active	NO
10	U70102KA2000PTC027924	MANTRI DEVELOPERS PRIVATE LIMITED	Director	23-06-08	19-06-08	-	Active	NO
11	U55101KA2008PTC047021	SURAJ Inn Private Limited	Director	02-07-08	02-07-08	-	Active	NO
12	U80302KA2005PTC037233	Indus International School (Pune) Private limited	Director	15-05-09	30-03-09	15-03-10	Active	NO
13	U45200PN2006PTC022230	RAMSUKH DEVELOPERS PRIVATE LIMITED	Director	25-03-10	25-03-10	05-08-10	Active	NO
14	U93000PN2011PTC140096	MALPANI HOME CARE PRIVATE LIMITED	Director	07-07-11	07-07-11	-	Active	NO

Name :

Mr. Craig Anthony Pearce

Designation :

Director

Address :

Flat A 32/F, Block 1, Star Crest, 9 Star St, Hong Kong

Date of Birth/Age :

27.06.1974

Date of Appointment :

20.06.2011

DIN No.:

03556998

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	U70102KA2000PTC027924	MANTRI DEVELOPERS PRIVATE LIMITED	Director	20-06-11	20-06-11	Active	NO
2	U45200MH1992PTC070103	NEEPA REAL ESTATES PRIVATE LIMITED	Nominee director	27-02-12	27-02-12	Active	NO

KEY EXECUTIVES

Name :	Mr. Prakash Gajanana Hegde
Designation :	Secretary
Address :	1 915, 53/B, 1 0th B Cross, Rajaj inagar, I B lock, Bangalore-560010, Karnataka, India
Date of Birth/Age :	08.06.1958
Date of Appointment :	02.03.2007
PAN No.:	AAHPH6792D
Name :	Mr. Visweswara H.A
Designation :	Vice President - Projects
Date of Birth/Age :	51 Years
Qualification :	M.E.
Experience :	27 Years
Date of Appointment :	13.06.2002
Name :	Mr. Milind Pathare
Designation :	VP and BH - Maharashtra
Date of Birth/Age :	53 Years
Qualification :	MMM , BE
Experience :	24 Years
Date of Appointment :	10.05.2010
Name :	Mr. Mitesh Surendra Kulkarni
Designation :	Vice President and Business Head - AP
Date of Birth/Age :	43 Years
Qualification :	M.B.A
Experience :	21 Years
Date of Appointment :	02.06.2007
Name :	Mr. Karthik S
Designation :	VP and BH – TN
Date of Birth/Age :	46 Years
Qualification :	PGDM, BE
Experience :	22.2 Years
Date of Appointment :	07.05.2011
Name :	Mr. Firoze Pothilot
Designation :	Vice President and Head – Contracts and Procurement
Date of Birth/Age :	46 Years
Qualification :	B.E ( Civil)
Experience :	23 Years
Date of Appointment :	03.05.2010
Name :	Mr. Anil Kumar A.
Designation :	Chief Financial Officer
Date of Birth/Age :	43 Years
Qualification :	CA, ICWA
Experience :	19 Years
Date of Appointment :	01.06.2009
Name :	Mr. Jaideep Singh
Designation :	Vice President – Hospitality
Date of Birth/Age :	38 Years
Qualification :	Post Gradrate Diploma in Hotel Management
Experience :	13 Years
Date of Appointment :	03.10.2007
Name :	Mr. Vasu Padmanabhan
Designation :	VP and BH – TN
Date of Birth/Age :	51.3 Years
Qualification :	MBA, BE
Experience :	24.6 Years
Date of Appointment :	10.11.2010
Name :	Mr. Bharat B Dhuppar
Designation :	Chief Marketing Officer
Date of Birth/Age :	43 Years
Qualification :	B.Sc (Maths)
Experience :	21 Years
Date of Appointment :	02.06.2010
Name :	Mr. Veeraraghavan N
Designation :	Director - Operations
Date of Birth/Age :	48 Years
Qualification :	B.E.
Experience :	22 Years
Date of Appointment :	07.06.2008
Name :	Mr. Shankar Naganathan
Designation :	Vice President and Business Head - TN
Date of Birth/Age :	50 Years
Qualification :	B.E. PGDM
Experience :	26 Years
Date of Appointment :	01.03.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.06.2011

Names of Shareholders	Address	No. of Shares
Sushil Pandurang Mantri	Mantri House, #41, Mantri House, Bangalore-560001, Karnataka, India	16010
Plaza Agencies Private L imited	Mantri House, #41, Mantri House, Bangalore-560001, Karnataka, India	41516319
GSS III Rose Investment Inc.	C/o CITCO(Mauritius) Limited, One Cathedral Square, 5th Floor, Jules Koening Street, Port Louis, Mauritius	9770190
Aim Estates and Developers Private Limited	Malpani House, IG Road, Sangamner — 422605, Ahmedabad, Gujarat, India	126512
Ashish Madhavlal Malpani	Raghukul, Suyog Colony, Nasik Road, Sangamner — 422605, Ahmedabad, Gujarat, India	340620
Girish Madhavlal Malpani	Raghukul, Suyog Colony, Nasik Road, Sangamner — 422605, Ahmedabad, Gujarat, India	341241
Harshavardhan Properties Private Limited	Malpani House, IG Road, Sangamner — 422605, Ahmedabad, Gujarat, India	135910
Jaywardhan Estate and Developers Private Limited	Malpani House, IG Road, Sangamner — 422605, Ahmedabad, Gujarat, India	125720
Kaustubh Estate and Developers Private Limited	Malpani House, IG Road, Sangamner — 422605, Ahmedabad, Gujarat, India	591543
Manish Madhavlal Malpani	Raghukul, Suyog Colony, Nasik Road, Sangamner — 422605, Ahmedabad, Gujarat, India	341413
Madhavlal Damodar Malpani	Raghukul, Suyog Colony, Nasik Road, Sangamner — 422605, Ahmedabad, Gujarat, India	208782
Lalita Omkarnath Malpani	Bansuri, Janakinagar, Sangamner – 422605, Ahmedabad, Gujarat, India	105134
Rajesh Omkarnath Malpani	Bansuri, Janakinagar, Sangamner – 422605, Ahmedabad, Gujarat, India	1019157
Sanjay Omkarnath Malpani	Bansuri, Janakinagar, Sangamner – 422605, Ahmedabad, Gujarat, India	1016163
Swadesh Properties Private Limited	Malpani House, IG Road, Sangamner — 422605, Ahmedabad, Gujarat, India	125891
Yashvardhan Estate and Developers Private Limited	Malpani House, IG Road, Sangamner — 422605, Ahmedabad, Gujarat, India	138904

AS ON 20.06.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	17.46
Bodies corporate	76.49
Directors or relatives of directors	6.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is a real estate developers engaged in the business of development, sale, management and operation of all or any part of townships, housing projects, commercial premises and other related activities. The company is also engaged in the business of power generation.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v Punjab National Bank, Cantonment Branch, 143, Devidoss Building, Commercial Street, Bangalore – 560001, Karnataka, India

v Canara Bank, Corporate Services Brach, No. 25, Shankarnarayana Building, M G Road, Bangalore – 560001, Karnataka, India

Facilities :

Secured Loan

As on 31.03.2011

(Rs. in Millions)

As on 31.03.2010

(Rs. in Millions)

Rupee term loans banks secured

4850.000

4641.950

Rupee term loans others secured

0.000

222.200

Working capital loans banks secured

1331.286

1472.957

Total

6181.286

6337.107

Notes:

Rs. Nil (Previous Year- Rs. 335.000 Millions) is further secured by corporate guarantee of M/s Plaza Agencies Private Limited and Rs.3950.000 Millions (Previous Year - Rs.4641.950 Millions) have been personally guaranteed by the Managing Director/ Director of the Company.

Details of collateral securities offered by related companies in respect of loans availed by the Company

Name of Company	Nature of loan	Nature of security	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Land Masters Realtors Private Limited	Cash credit	Equitable mortgage of land	1000.000	0.000

Detail of secured loan and Security offered

Details of Securities offered

Loans from banks
Term loans*
Secured by way of charge on certain lands of the Company/ Joint Developer, Windmill, Project specific receivables, inventory, fixed deposit, mutual fund investments and other current assets of specific real estate projects.	4850.000	4641.950
Cash credit and other facilities*
Secured by way of charge on fixed deposits and mutual fund investments of the Company.	1331.286	1472.957
Loans from others
Term loans	0.000	222.200
Secured by way of charge on project specific land of the Company, project specific receivables and inventory.	6181.286	6337.107

Unsecured Loan

As on 31.03.2011

(Rs. in Millions)

As on 31.03.2010

(Rs. in Millions)

Loans subsidiaries unsecured

608.402

561.103

Loans directors unsecured

0.000

14.982

Other debt unsecured

11.104

0.000

Total

619.506

576.085

Footnotes

(A) * Repayable on demand/within one year

Banking Relations :	--
Financial Institution :	3I Infotech Trusteeship Services Limited, 3rd to 6th floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai - 400703, Maharashtra, India
Auditors :
Name :	S R Batliboi and Associates Chartered Accountants
Address :	No 24 Vittal Mallya Road, 12th and 13th Floor Canberra Block, Bangalore - 560001, Karnataka, India
Tel. No.:	91-8O-40275000
Fax No.:	91-80-22106000
Income-tax PAN of auditor or auditor's firm :	AABFS3421N
Holding Company :	v Plaza Agencies Private Limited CIN No.: U51399KA2000PTC026365
Subsidiaries :	v Abhishek Developers v Anthariksh Construction Private Limited CIN No.: U45201KA2006PTC039179 v Avant Garde Beverages Private Limited v Brahmagiri Realtors Private Limited CIN No.: U45201KA2006PTC039175 v Deeta Constructions Private Limited v Hamara Shelters Private Limited CIN No.: U45201KA2000PTC026181 v Inesh Realtors Private Limited CIN No.: U45201KA2006PTC039177 v Jasmine Enterprises Private Limited CIN No.: U74210KA2004PTC033992 v Land Masters Realtors Private Limited v Manipal ETA Infotech Limited CIN No.: U45201KA2003PLC033023 v Mantri Abodes Private Limited v Mantri Apartments Private Limited v Mantri Dwellings Private Limited [ Formerly NuMart Developers Private Limited] v Mantri Geo Structures Private Limited CIN No.: U45202KA2007PTC043433 v Mantri Habitats Private Limited v Mantri Hamlet Private Limited [ Formerly Creastar Infra Tech Private Limited] v Mantri Infrastructure Private Limited CIN No.: U45201KA2007PTC043458 v Mantri Promoters v Mantri Property Developers Private Limited v Mantri Resi Structures Private Limited v Mantri Sierra Structure Private Limited CIN No.: U45201KA2007PTC043435 v Mantri Technology Constellations Private Limited CIN No.: U45201KA2007PTC043436 v Mantri Technology Parks Private Limited CIN No.: U45201KA2007PTC043434 v Minerva Infra Tech Private Limited v Propcare Holdings Private Limited [ Formerly Zylus Infratech Private Limited] v Propcare Mall Management (India) Private Limited v Propcare Real Estate Management Private Limited CIN No.: U74140KA2001PTC028742 v Raffles Enterprises Private Limited v Shivashakti Estates and Investments Private Limited v Tarun Realtors Private Limited v VanGuard Hospitality Private Limited
Joint venture :	v Mantri Cornerstone Holding Private Limited v Lakeview Tourism Corporation
Enterprise owned or significantly influenced by key management personnel or significantly influenced by the Company :	v Varun Developers v Classic Developers v Kirthana Realtors Private Limited v Suraj Inn Private Limited v Prathibha Realtors Private Limited v Movva Outdoor Media v Aayas Trade Services Private Limited v Mantri Homes Private Limited v Aquarius Educational Academy Private Limited v Lanco Hills Technology Park Private Limited v Ranga Reddy and Associates
Others :	v GSS III Rose InvestmentsInc.

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
99990000	Equity Shares	Rs. 10/- each	Rs. 999.900 Millions
10000	Preference Shares	Rs. 10/- each	Rs. 0.100 Million
	Total		Rs. 1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
55963509	Equity Shares	Rs. 10/- each	Rs. 559.635 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		559.635	559.635	559.635
2] Share Application Money		25.279	25.279	25.279
3] Reserves & Surplus		15058.231	14505.731	7090.534
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		15643.145	15090.645	7675.448
LOAN FUNDS
1] Secured Loans		6181.286	6337.107	4407.421
2] Unsecured Loans		619.506	576.085	1537.630
TOTAL BORROWING		6800.792	6913.192	5945.051
DEFERRED TAX LIABILITIES		21.773	26.547	26.709
TOTAL		22465.710	22030.384	13647.208
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		339.377	302.036	247.785
Capital work-in-progress		813.049	694.243	686.438
INVESTMENT		8281.328	6684.150	2015.766
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6328.179	6571.807	6742.489
	Sundry Debtors	25.606	159.340	6.427
	Cash & Bank Balances	334.508	3331.640	2105.624
	Other Current Assets	1473.933	617.486	517.552
	Loans & Advances	12650.015	11920.755	9118.864
Total Current Assets		20812.241	22601.028	18490.956
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	652.783	547.808	289.521
	Other Current Liabilities	7096.638	7585.345	7422.782
	Provisions	30.864	117.920	81.434
Total Current Liabilities		7780.285	8251.073	7793.737
Net Current Assets		13031.956	14349.955	10697.219
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		22465.710	22030.384	13647.208

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income from Operations	4611.400	3633.100	3385.300
		Other Income	51.700	32.000	18.500
		TOTAL	4663.100	3665.100	3403.800
Less	EXPENSES
		Cost of Sales	3126.900	2299.400	2276.400
		Personnel Expenses	187.500	102.600	117.200
		Operating and other Expenses	259.500	142.000	164.200
		TOTAL	3573.900	2544.000	2557.800
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		1089.200	1121.100	846.000
Less	FINANCIAL EXPENSES		331.100	79.500	107.100
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		758.100	1041.600	738.900
Less/ Add	DEPRECIATION/ AMORTISATION		42.100	35.700	21.800
	PROFIT BEFORE TAX		716.000	1005.900	717.100
Less	TAX		47.300	51.800	76.200
	PROFIT AFTER TAX		668.700	954.100	640.900
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	60.011	36.152	27.440
	TOTAL EARNINGS		60.011	36.152	27.440
	IMPORTS
		Capital Goods	N.A.	N.A.	15.925
		Project item	N.A.	N.A.	0.353
	TOTAL IMPORTS		N.A.	N.A.	16.278
	Earnings Per Share (Rs.)		11.95	N.A.	N.A.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	14.34	26.03	18.83
Net Profit Margin (PBT/Sales)	(%)	15.53	27.69	21.18
Return on Total Assets (PBT/Total Assets}	(%)	3.39	4.39	3.83
Return on Investment (ROI) (PBT/Networth)		0.05	0.07	0.09
Debt Equity Ratio (Total Liability/Networth)		0.93	1.00	1.79
Current Ratio (Current Asset/Current Liability)		2.67	2.74	2.37

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. Constitution 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	No
18. Major customers	No
19. Payments terms	No
20. Export / Import details	No
21. Market information	--
22. Litigations that the firm / promoter involved	--
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

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U70102KA2000PTC027924
Name of the company	MANTRI DEVELOPERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	#41,Vittal Malaya Road, Bangalore - 560011, Karnataka India
This form is for	Modification of charge
Charge identification number of the modified	10343375
Type of charge	Immovable property
Particular of charge holder	3I Infotech Trusteeship Services Limited, 3rd to 6th floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai - 400703, Maharashtra, India Email ID: mahalingam.s@3i-itsl.com
Nature of description of the instrument creating or modifying the charge	Joint Mortgage Declaration dated 26.04.2012
Date of instrument Creating the charge	26.04.2012
Amount secured by the charge	Rs. 2,200.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest No Change Terms of Repayment No Change Margin No Change Extent and Operation of the charge Exclusive Others His facility was earlier secured by hypothecation of project receivables, escrow and DSR in respect of the Mantri Espana project. Now the same is additionally secured by the mortgage of the project land described in detail in SL no 15 and the schedule of the mortgage declaration enclosed.
Short particulars of the property charged	1. Residentially converted lands bearing sy.no.51/1, measuring 1 acre 18 Guntas, converted (park use) land bearing SY.No.50/2, measuring 1 acre 36 Guntas, situated at Devarabeesanahalli, Varthur Hobli. 2. Residentially converted lands sy.no.36/3, measuring 1 acre 16 guntas,SY.No.37, measuring 04 Guntas, residentially and part park zone converted land bearing SY.No.38/1, measuring 2 acres 01 gunta, residentially converted land bearing SY.No.39/1, measuring 21 guntas, residentially converted land bearing SY.No.39/2, measuring 1 acre 13 guntas, esidentially converted land bearing SY.No.39/3, measuring 26 Guntas, residentially converted land bearing SY.No..39/4, measuring 22 Guntas, residentially converted land bearing SY.No.39/6, measuring 25 Guntas, residentially converted land bearing SY.No.38/2 P , measuring 24 Guntas, residentially converted land bearing SY.No.36/1, measuring 1 acre 21 Guntas all situated at Kariyammanna Agrahara Village, Varthur Hobli, Bangalore East Taluk 3. Residentially converted land bearing SY.No.51/3 p, measuring 05 Guntas (out of 29 Guntas) residentially converted land bearing SY.No.51/4 p, measuring 12 Guntas ( out of 1 acre 18 Guntas) ,situated at Devarbeesanahalli, Varthur Hobli,Bangalore East Taluk, residentially converted land bearing SY.No.39/1, mseasuring 22 Guntas, situated at Kariyammana Agrahara Village, Varthur Hobli, Bangalore East together with undivided share of 249,161 sq.ft out of the land measuring 594,379 sq.ft situated in the above SY.Noswherein the residential apartment complex known as `mantri espana'is to be constructed with all buildings and structures thereof both present and future
Date of latest modification prior to the present modification	26.03.2012
Particulars of the present modification	Earlier charge was registered for the facility, secured by hypothecation of project receivables, escrow and DSR in respect of the mantri espana project. Now the same facility is additionally secured by the mortgage of the project land jointly owned by Mantri Developers Private Limited and Jasmine Enterprises Private Limited.

FINANCIAL RESULTS:

The Company s income from operations during the year under consideration stood at Rs.4611.400 millions, as against Rs. 3633.100 millions during the previous year. The profit after tax for the year was Rs.668.700 millions, as compared to Rs.954.100 millions during the corresponding previous period.

BACKGROUND

Mantri Developers Private Limited (‘the Company’ or ‘MDPL’) was incorporated on December 6, 1990. MDPL is a leading real estate developer engaged in the business of development, sale, management and operation of all or any part of townships, housing projects, commercial premises and other related activities. The Company is also engaged in the business of power generation

CONTINGENT LIABILITIES

Particulars	31.03.2011	31.03.2010
Uncalled liability on shares partly paid-up	33.800	33.800
Claims against the Company not acknowledged as debts in respect of sales tax, service tax and other matter	16.584	16.584
Guarantees given by the Company	12466.700	9436.700
Total	12517.084	9487.084

AS PER WEBSITE DETAILS

PROFILE:

Established by Mr. Sushil Mantri in 1999, Subject is one of India's real estate developers building world class residential properties, IT parks, shopping complexes, commercial buildings and educational institutions. In just 12 years, the company has delivered over 6,000 homes, built 20 projects and has to its credit over 10.000 millions square feet of constructed area, over 30,000 satisfied residents and over one crore square feet under various stages of construction.

Pioneering trends in the real estate sector

Mantri Developers have a number of distinguished residential and commercial properties to their credit, with an enviable track record of delivering 1.4 homes every day in the past

.

A trendsetter in the Indian real estate sector, Mantri Developers can be credited with pioneering a number of "firsts":

> First to partner with Morgan Stanley Real Estate for FDI in real estate in 2006

> First to provide individual swimming pools for penthouses   in Bangalore since 2003

> First to build Ultra Luxury homes with a 360 degree view   in 2003

> First to have a public-private partnership (PPP) to improve   Bannerghatta Road, Bangalore on 23rd September, 2003

> First to offer customization of interiors & specifications    bare shell.

> First to offer Home Concierge: on-call services at your    doorstep

> First to introduce tele-medicine for residential properties    in India

> First to take up a public-private partnership with the Lake Development Authority to improve Mahadevpura Lake,Bangalore

>  First PPP in India for development of a Metro station with Bangalore Metro Rail Corporation Ltd (BMRCL)

The speed at which Mantri Developers have journeyed in this industry and the incredible volume they have built is a reflection of their deep passion, commitment and expertise. It is the amalgamation of multifarious strategic initiatives that have raised the company to the pinnacle of excellence.

In the coming years the company plans to focus on the residential sector, retail, hospitality, IT Parks and educational institutions in Bangalore, Chennai, Hyderabad and Pune.

FOUNDER

Mr. Sushil Mantri is the Chairman and Managing Director of Subject an organization that in just 11 years has established its leadership standing in real estate development in Southern India with a series of innovative value adds to its projects.

His creation, the Mantri Altius, not only raised the bar for luxury apartments in Bangalore but also won the company the award of "The Best Residential Property in India", at the CNBC CRISIL Real Estate Awards in 2008. Even today, Mantri Altius remains the most prestigious address in Bangalore.

The journey, which started in 1999, saw Mr. Sushil Mantri moving to Bangalore to set up Mantri Developers Private Limited. Today, around a decade later, Mr. Sushil Mantri, a visionary with an astute and resolute sense of enterprise, made the transition from entrepreneur to industry trendsetter with absolute panache and understated ability.

His rise to being one of the top leaders in the property development business saw him being nominated for the prestigious Ernst & Young "Entrepreneur of the Year 2003" award. He was also recently honored with the "Young Visionary Award in Real Estate Infrastructure" from Construction Source India in 2010

His keen belief in consumer satisfaction combined with his unique PQRST philosophy (Punctuality, Quality, Reliability, Speed, and Transparency) has earned consumer trust and firm faith in Mantri Developers.

Every project of the group has Mr. Sushil Mantri leading from the front, motivating a committed team to perform to its full potential. Under his dynamic leadership, the company has achieved the highest stature in professionalism, quality controls and integrity in the realty sector in Bangalore. The company has today become synonymous with timely delivery and customer satisfaction.

MILESTONES

2011

v Mantri Serenity

v Mantri Navaratna

v Mantri Insignia

v Spacethetics rebranding

2010

v Launched Mantri 'Pinnacle' - South India's tallest residential building

v Launched Mantri Square - Largest mall of India + 10 million customers in less than 7 months

v Rebranding of logo

2009

v Forayed into Hyderabad - Launch of Mantri Celestia in Gachibowli

v Bagged the prestigious Title Sponsorship of "Karnataka Premier League"

v Mantri Junction

2008

v First Developer in India to be certified on "World Class Management Systems"- ISO; EMS; OHSAS & SA

v Delivered 2 months ahead of time - Mantri Flora

v First builder in India to introduce Telemedicine for residential projects (in association with Apollo Hospitals) – Mantri Espana

v MDPL - ISO Certification

v Launched Spacethetics - a one stop solution showroom for interiors

v Launched Mantri Celestia in Hyderabad

2007

v Introduced "Home Concierge" concept for first time in residential projects in India - Mantri Espana

v Bagged CNBC Crisil AWARD for "Best Residential Project in India 2007" - Mantri Altius

v Forayed into Chennai - Launch of Mantri Synergy 2006

v First to partner with Morgan Stanley Real Estate for FDI in Real Estate - in India

v Launch of Biggest residential project "Mantri Tranquil" (20/01/06), sold more than 100 flats within a month

2005

v First developer to have a "Public / Private Partnership" to improve Bannerghatta Road, Bangalore

v Launch Mantri Splendor: - Mantri's first venture in North Bangalore

v Mrs. Snehal Mantri was adjudged as the "Outstanding Businesswoman Industrialist 2005"award by Indian Jaycees

2004

v First builder to handover a project of 571 apartments within a record span of 17 months - Mantri Residency

v 1 month ahead of committed delivery time

v Trend setter : First developer to sell flats on "Carpet Area" - Mantri Sarovar

v Social and Environmental responsibility - Partnered with Lake Development Authority to improve Mahadevapura Lake, Bangalore

2003

v Mantri Developers diversified and ventured in education - started Indus International School

v Launched a one-stop-solution for interiors showcasing the best European brands - Mantri Home Décor

v A host of unique features viz., 360 degree view; First Mantri property sold by invitation only - Mantri Altius

2002

v First developer to provide individual Swimming Pools for penthouses in Bangalore - Mantri Elegance
1st project in Bangalore to complete construction of 352 flats within 19 months. Delivered ahead of time - Mantri Paradise
Launch of 1st Commercial Project - "Commerce@mantri" on Bannerghatta Road

v Won Best Landscape Awards for Mysore Horticultural Committee - Mantri Woodlands, Mantri Gardens and Mantri

v Paradise

v Launch of Mantri Classic : First residential project in Bangalore to have Glass balconies & alumimium façade

v Launch of Mantri Residency : Mela (sp offer for Elegance & Residency wherein 102 flats sold in 2 days)

v Launch of Mantri Elite : Holi Mela wherein we sold over 60 flats during the mela

v Completion of Commerce@mantri event : Inaugurated by CEO of Oracle

2001

v Launched a one-stop-solution for interiors showcasing the best European brands - Mantri Home Décor

v First Mantri property to be sold by invitation only - Mantri Altius with a host of unique features viz., 360 degree view

v Launch of Mantri Paradise. Handing over of Mantri Terrace & Mantri Gardens. Sold 65 flats in Mantri Paradise in 3 days

v Mr. Sushil Mantri was adjudged as "Best Entrepreneur" by Ernst and Young

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. 55.15
UK Pound	1	Rs. 85.22
Euro	1	Rs. 69.24

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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		57

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.