MIRA INFORM REPORT

Report Date :

05.03.2012

IDENTIFICATION DETAILS

Name :	COCHIN SMART CITY PROPERTIES PRIVATE LIMITED
Registered Office :	40/2096, A and B, Peevees Triton, Shanmugham Road, Broadway P.O., Marine Drive, Kochi, Ernakulam - 682 031, Kerala
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.01.2006
Com. Reg. No.:	09-019054
Capital Investment / Paid-up Capital :	Rs.7.350 millions
CIN No.: [Company Identification No.]	U70102KL2006PTC019054
TAN No.: [Tax Deduction & Collection Account No.]	CHNC03248A
PAN No.: [Permanent Account No.]	AADCC4183C
Legal Form :	Private Limited Liability Company
Line of Business :	Real Estate Development
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (21)

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 :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a company having moderate track. The company does not have significant business at present. However, trade relations are reported as fair. Business is active. Payments are unknown. The company can be considered for business dealings 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 :	40/2096, A and B, Peevees Triton, Shanmugham Road, Broadway P.O., Marine Drive, Kochi, Ernakulam - 682 031, Kerala, India
Tel. No.:	91-484-2385035
Fax No.:	91-484-2385032
E-Mail :	cochin_smartcity@rediffmail.com

DIRECTORS

As on 29.09.2011

Name :

Alukkas Varghese Joy

Designation :

Director

Address :

Alukkas House, Kuriachira P.O., Thrissur – 680 006, Kerala, India

Date of Birth/Age :

04.09.1956

Date of Appointment :

03.04.2006

DIN No.:

00313967

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	U85110KL1995PLC009336	Kims Health Care Management Limited	Director	25-09-01	25-09-01	Active	NO
2	U51398KL2002PLC015372	Joyalukkas India Limited	Managing director	15-11-10	22-04-02	Active	NO
3	U92141KL1979PTC003117	Mythri Entertainers and Enterprises Private Limited	Director	06-11-10	05-03-04	Active	NO
4	U55101KL1994PTC007964	Joyal Properties Private Limited	Director	06-11-10	05-03-04	Active	NO
5	U72200KL2005PTC018908	Fusion Technosoft Private Limited	Director	06-11-10	08-12-05	Active	NO
6	U70102KL2006PTC019054	Cochin Smart City Properties Private Limited	Director	11-07-07	03-04-06	Active	NO
7	U62200KL2009PLC024350	Jyothi Aviation and Developers Limited	Managing director	24-07-10	19-06-09	Active	NO
8	U51900KL2009PTC024449	Mudita Trades Private Limited	Director	11-07-09	11-07-09	Active	NO
9	U51398KL2010PTC025916	Joyal Ornaments and Trades Private Limited	Director	28-04-10	28-04-10	Active	NO
10	U55101MH2009PTC196943	Dalia Hotels and Resorts Private Limited	Director	30-09-11	04-10-10	Active	NO
11	U74900KL2011PTC028860	Joyalukkas Money Exchange Private Limited	Director	12-07-11	12-07-11	Active	NO
12	U51494KL2010PTC026358	Redrose Designer Wear Private Limited	Director	01-10-11	01-10-11	Active	NO
13	U70102KL2011PTC029893	Sveni Developers Private Limited	Director	22-11-11	22-11-11	Active	NO
14	U74900KL2011PTC029897	Jolly Silks Private Limited	Director	22-11-11	22-11-11	Active	NO
15	U51398KL2012PTC030361	Joyalukkas Jewellery Private Limited	Director	25-01-12	25-01-12	Active	NO

Name :

Puthukkaden Pyloth Jose

Designation :

Managing Director

Address :

Puthukkaden, Koratty Mukundapuram, Thrissur – 680 308, Kerala, India

Date of Birth/Age :

09.10.1944

Date of Appointment :

13.09.2007

DIN No.:

01684395

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	U70102KL2006PTC019054	Cochin Smart City Properties Private Limited	Managing director	13-09-07	13-09-07	-	Active	NO
2	U74300KL2003PTC016460	Pledge Advertising Private Limited	Director	29-09-08	21-12-07	30-09-10	Active	NO
3	U92141KL1979PTC003117	Mythri Entertainers and Enterprises Private Limited	Managing director	06-11-10	20-07-08	-	Active	NO
4	U55101KL1994PTC007964	Joyal Properties Private Limited	Managing director	06-11-10	12-11-08	-	Active	NO
5	U51398KL2002PLC015372	Joyalukkas India Limited	Whole-time director	16-11-11	16-11-11	-	Active	NO
6	U51494KL2010PTC026358	Redrose Designer Wear Private Limited	Additional director	02-12-11	02-12-11	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Alukkas Varghese Joy	73490
Puthukkaden Pyloth Jose	10
Total	73500

As on 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Real Estate Development

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v ABN Amro Bank N.V., 15, Hansalaya Building, Barakhambha Road, New Delhi – 110 001, India

v The Royal Bank of Scotland N.V. (Erstwhile ABN Amro Bank N.V.), 74, Sakhar Bhavan, 7^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India

Facilities :

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Loans from Directors
Alukkas Varghese Joy	60.372	55.072
Total	60.372	55.072

Note: No repayment terms for the loans have been specified.

Banking Relations :	--
Auditors :
Name :	C.I. Francis Chartered Accountant
Address :	XIII/35, Casino Complex, T.B. Road, Kokkalai, Thrissur – 680 021, Kerala, India
Tel. No.:	91-487-2421060 (Office) 91-480-2790436 (Residential)
Income-tax PAN of auditor or auditor's firm :	AADPF4577E
Companies over which the key managerial personnel and relatives have control/ significant influence (Associates) :	Joyalukkas India Limited

CAPITAL STRUCTURE

As on 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
75000	Equity Shares	Rs.100/- each	Rs.7.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
73500	Equity Shares	Rs.100/- each	Rs.7.350 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		7.350	7.350	0.100
2] Share Application Money		0.000	0.000	7.250
3] Reserves & Surplus		0.000	0.074	0.000
4] (Accumulated Losses)		(0.345)	0.000	0.000
NETWORTH		7.005	7.424	7.350
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		60.372	55.072	62.072
TOTAL BORROWING		60.372	55.072	62.072
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
Advances & Deposits		35.000	25.000	25.000
TOTAL		102.377	87.496	94.422
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		69.197	69.197	68.563
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED 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	0.180	0.317	25.234
	Other Current Assets	0.010	0.030	0.000
	Loans & Advances	33.000	18.000	0.000
Total Current Assets		33.190	18.347	25.234
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.010
	Other Current Liabilities	0.010	0.015	0.000
	Provisions	0.000	0.033	0.000
Total Current Liabilities		0.010	0.048	0.010
Net Current Assets		33.180	18.299	25.224
MISCELLANEOUS EXPENSES		0.000	0.000	0.635
TOTAL		102.377	87.496	94.422

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	0.120	0.120	0.000
		Other Income
		TOTAL	0.120	0.120	0.000
Less	EXPENSES
		Office Expenses	0.539	0.012	0.286
		Administrative Expenses
		Advertising Expenses
		TOTAL	0.539	0.012	0.286
	PROFIT/ (LOSS) BEFORE TAX		(0.419)	0.108	(0.286)
Less	TAX		0.000	0.033	0.000
	PROFIT/ (LOSS) AFTER TAX		(0.419)	0.075	(0.286)
	Earnings/ (Loss) Per Share (Rs.)		(5.70)	12.10	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(349.17)	62.50	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(0.41)	0.12	(0.30)
Return on Investment (ROI) (PBT/Networth)		(0.06)	0.01	(0.04)
Debt Equity Ratio (Total Liability/Networth)		8.62	7.42	8.45
Current Ratio (Current Asset/Current Liability)		3319.00	382.23	2523.40

LOCAL AGENCY FURTHER INFORMATION

REVIEW:

The Company has achieved a turnover of Rs.0.120 million from commercial operations and has incurred a loss of Rs.0.419 million during the financial year.

Bankers Charges Report as per Registry

Corporate identity number of the company	U70102KL2006PTC019054
Name of the company	COCHIN SMART CITY PROPERTIES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	40/2096, A and B, Peevees Triton, Shanmugham Road, Broadway P.O., Marine Drive, Kochi, Ernakulam - 682 031, Kerala, India E-Mail: cochin_smartcity@rediffmail.com
This form is for	Modification of charge
Charge identification number of the modified	10100255
Type of charge	Immovable Property
Particular of charge holder	The Royal Bank of Scotland N.V. (Erstwhile ABN Amro Bank N.V.), 74, Sakhar Bhavan, 7^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India E-Mail: vivek.pai@rbs.com
Nature of description of the instrument creating or modifying the charge	Letter from The Royal Bank of Scotland N.V. (Erstwhile ABN Amro Bank N.V.)
Date of instrument Creating the charge	22.09.2010
Amount secured by the charge	Rs.671.800 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Credit Facilities Interest/Commission-as agreed by and with the Bank from time to time. Terms of Repayment: The Royal Bank of Scotland N.V.'s exclusive facilities of Rs.671.800 millions is repayable, as per agreed terms with the Bank. Margin: As applicable, if any Extent and Operation of the charge: The Royal Bank of Scotland N.V. - Exclusive charge on Fixed Assets of the company (As detailed in schedule 2 and 3 of fourth supplemental MOE dated 08.02.2010 mortgaged exclusively to The Royal Bank of Scotland N.V. (erstwhile ABN Amro Bank N.V.) for Rs.671.800 millions.) Others: Name of the Bank has been changed from "ABN Amro Bank N.V." to "The Royal Bank of Scotland N.V." w.e.f 19^th March, 2010.
Short particulars of the property charged	Extended EM on properties detailed in schedule 2 and 3 of 4^th supplemental MOE dated 08.02.2010 mortgaged exclusively to The Royal Bank of Scotland N.V. (Erstwhile ABN Amro Bank N.V.) for Rs.671.800 millions.
Date of latest modification prior to the present modification	08.02.2010
Particulars of the present modification	By present modification the consortium facilities from The Royal Bank of Scotland N.V. (Erstwhile ABN Amro Bank N.V.), State Bank of Indore, State Bank of Bikaner and Jaipur, State Bank of Travancore, Union Bank of India, Standard Chartered Bank and IDBI Bank are satisfied and the existing exclusive charge of The Royal Bank of Scotland N.V. still remains. This charge stands reduced from Rs.3421.800 millions to Rs.671.800 millions, exclusively in favour of The Royal Bank of Scotland N.V.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.35
UK Pound	1	Rs.78.68
Euro	1	Rs.65.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	2
--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		21

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.