MIRA INFORM REPORT

Report Date :

20.03.2012

IDENTIFICATION DETAILS

Name :	CANADIAN INTERNATIONAL SCHOOL PRIVATE LIMITED
Registered Office :	Prestige Nebula, Level 5, No. 8, Cubbon Road, Opposite Income Tax Office Building, Bangalore – 560001, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	02.07.2003
Com. Reg. No.:	08-032185
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U80211KA2003PTC032185
TAN No.: [Tax Deduction & Collection Account No.]	BLRC04349C
Legal Form :	Private Limited Liability Company
Line of Business :	Educational Institution.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 320000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established 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 good for normal 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 :	Prestige Nebula, Level 5, No. 8, Cubbon Road, Opposite Income Tax Office Building, Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-22262614
Fax No.:	91-80-22204083
E-Mail :	ramanisastri@gmail.com

DIRECTORS

As on 29.09.2010

Name :

Mr. Venkat Ramani Sastri

Designation :

Managing director

Address :

42, Sankey Court, Sankey Road, Sadashivanagar, Bangalore – 560080, Karnataka, India

Date of Birth/Age :

14.12.1956

Date of Appointment :

02.07.2003

DIN No.:

01049125

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	U65993KA1985PTC006673	L.D.C. HOLDINGS PRIVATE LIMITED	Director	4/02/1985	4/02/1985	-	Active	NO
2	U70102KA1987PTC008245	STERLING DEVELOPERS PRIVATE LIMITED	Managing director	18/03/1987	18/03/1987	-	Active	NO
3	U51496KA1996PTC020446	REMIK STERLING CHEMICALS PRIVATE LIMITED	Director	10/05/1996	10/05/1996	-	Active	NO
4	U72200KA2000PLC026967	PROPMART TECHNOLOGIES LIMITED	Director	9/04/2002	9/04/2002	16/09/2010	Active	NO
5	U07010KA2002PTC030626	STERLING URBAN DEVELOPMENTS PRIVATE LIMITED	Director	12/06/2002	12/06/2002	-	Active	NO
6	U80211KA2003PTC032185	CANADIAN INTERNATIONAL SCHOOL PRIVATE LIMITED	Managing director	2/07/2003	2/07/2003	-	Active	NO
7	U70102KA2007PTC042498	STERLING URBAN INFRAPROJECTS PRIVATE LIMITED	Director	16/04/2007	16/04/2007	-	Active	NO
8	U45201KA2007PTC042700	STERLING GERA RESIDENCE PRIVATE LIMITED	Director	3/05/2007	3/05/2007	-	Active	NO
9	U45201KA2007PTC042693	STERLING GATED COMMUNITY PRIVATE LIMITED	Director	3/05/2007	3/05/2007	-	Active	NO
10	U45201KA2007PTC042692	STERLING URBAN CONDOMINIUMS PRIVATE LIMITED	Director	3/05/2007	3/05/2007	-	Active	NO
11	U45201KA2007PTC044522	JANAADHAR CONSTRUCTIONS PRIVATE LIMITED	Director	29/11/2007	29/11/2007	-	Active	NO

Name :

Gowri Shankar Sastri

Designation :

Director

Address :

Flat No.33, Sangeet Apartments, 67, 4th Main, Malleswaram, Bangalore – 560055, Karnataka, India

Date of Birth/Age :

05.07.1959

Date of Appointment :

02.07.2003

DIN No.:

00321671

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	U70102KA1987PTC008245	STERLING DEVELOPERS PRIVATE LIMITED	Director	18/03/1987	18/03/1987	-	Active	NO
2	U65993KA1985PTC006673	L.D.C. HOLDINGS PRIVATE LIMITED	Director	1/04/1995	1/04/1995	-	Active	NO
3	U80211KA2003PTC032185	CANADIAN INTERNATIONAL SCHOOL PRIVATE LIMITED	Director	2/07/2003	2/07/2003	-	Active	NO
4	U07010KA2002PTC030626	STERLING URBAN DEVELOPMENTS PRIVATE LIMITED	Director	10/10/2006	10/10/2006	-	Active	NO
5	U70102KA2007PTC042498	STERLING URBAN INFRAPROJECTS PRIVATE LIMITED	Director	16/04/2007	16/04/2007	-	Active	NO
6	U45201KA2007PTC042700	STERLING GERA RESIDENCE PRIVATE LIMITED	Director	3/05/2007	3/05/2007	-	Active	NO
7	U45201KA2007PTC042693	STERLING GATED COMMUNITY PRIVATE LIMITED	Director	3/05/2007	3/05/2007	-	Active	NO
8	U45201KA2007PTC042692	STERLING URBAN CONDOMINIUMS PRIVATE LIMITED	Director	3/05/2007	3/05/2007	-	Active	NO

Name :

Ms. Shweta Ramani Sastri

Designation :

Director

Address :

42, Sankey Court, Sankey Road, Sadashivanagar, Bangalore – 560080, Karnataka, India

Date of Birth/Age :

05.05.1983

Date of Appointment :

02.04.2007

DIN No.:

01419900

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	U70102KA1987PTC008245	STERLING DEVELOPERS PRIVATE LIMITED	Director	2/04/2007	2/04/2007	-	Active	NO
2	U80211KA2003PTC032185	CANADIAN INTERNATIONAL SCHOOL PRIVATE LIMITED	Director	2/04/2007	2/04/2007	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
Ramani Sastri	5000
Shankar Gowri Sastri	5000
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Educational Institution.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· HDFC Bank Limited, HDFC Bank Houses, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

· ICICI Bank

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
HDFC OD A/c No.00092790000774	10.440	0.000
Term Loans From HDFC Bank Limited	1.533	2.831
From ICICI Bank Limited	0.000	0.557
Total	11.973	3.388
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Loan from Directors	0.221	0.221
Total	0.221	0.221

Notes:

a) Overdraft facility from HDFC Bank is secured by hypothecation/ assignment of the entire fees receivable of the Company and charge on the current assets of the Company.

b) Vehicle loans from HDFC Bank and IClCl Bank are secured by hypothecation of the vehicle financed.

Banking Relations :	--
Auditors :
Name :	A Bhaskar and Company Chartered Accountants
Address :	No. 35, 17^th Main, 6^th Block, Koramangala, Bangalore – 560095, Karnataka, India
Tel. No.:	91-80-65659049/ 25535275/ 41630588
Fax No.:	91-80-25535275/ 41630588
E-Mail :	abcoaudit@gmail.com
PAN.:	ABOPB9653P
Companies under the same management :	· Sterling Urban Developments Private Limited · Sterling Development Private Limited · LDC Holdings Private Limited · Sterling Gera Residence Private Limited · Sterling Urban lnfra Projects Private Limited · Sterling Urban Condominiums Private Limited · Remik Sterling
Associates :	· Residency Construction Company · Shankar Enterprises · Sastri Family Benefit Trust · New Consolidated Construction Company Limited · Sterling Century · Padmavathi Associates

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		79.324	59.610	38.177
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		79.424	59.710	38.277
LOAN FUNDS
1] Secured Loans		11.973	3.388	2.680
2] Unsecured Loans		0.221	0.221	0.221
TOTAL BORROWING		12.194	3.609	2.901
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		91.618	63.319	41.178
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		37.076	41.775	42.044
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		2.464	1.454	0.743
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.010	1.982	0.167
	Cash & Bank Balances	11.262	6.690	13.997
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	185.505	160.267	70.123
Total Current Assets		196.777	168.939	84.287
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	131.349	135.893	59.346
	Other Current Liabilities	0.000	0.000	18.003
	Provisions	13.350	12.956	8.547
Total Current Liabilities		144.699	148.849	85.896
Net Current Assets		52.078	20.090	(1.609)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		91.618	63.319	41.178

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
TURNOVER (GROSS INCOME)		207.645	NA	168.290
EXPENSES
	Office Expenses	176.137	NA	133.145
	Administrative Expenses
	Advertising Expenses
	Financial Expenses
	Depreciation
	TOTAL	176.137	NA	133.145
PROFIT BEFORE TAX		31.507	34.908	35.146
TAX		11.793	NA	12.615
PROFIT AFTER TAX		19.714	NA	22.531
EARNINGS IN FOREIGN CURRENCY
	Export Earnings	25.575	40.307	17.587
TOTAL EARNINGS		25.575	40.307	17.587
Earnings Per Share (Rs.)		1.971	NA	2.253

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	9.49	NA	13.39
Return on Total Assets (PBT/Total Assets}	(%)	13.47	16.57	27.82
Return on Investment (ROI) (PBT/Networth)		0.40	0.58	0.92
Debt Equity Ratio (Total Liability/Networth)		1.98	2.55	2.32
Current Ratio (Current Asset/Current Liability)		1.36	1.13	0.98

LOCAL AGENCY FURTHER INFORMATION

Note:

The registered address of the company 401, Queens Corner, Queens Road, Bangalore – 560001, Karnataka, India has been shifted to the present address w.e.f. 01.03.2010

Bankers Charges Report as per Registry

Corporate identity number of the company	U80211KA2003PTC032185
Name of the company	CANADIAN INTERNATIONAL SCHOOL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	401, Queens Corner, Queens Road, Bangalore – 560001, Karnataka, India Email : ramanisastri@gmail.com
This form is for	Creation of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	HDFC Bank Limited, HDFC Bank Houses, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India Email : RBBform8@hdfcbank.com
Nature of instrument creating charge	Letter of Hypothecation
Date of instrument Creating the charge	23.07.2009
Amount secured by the charge	Rs.20.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest at the rate as may be communicated by the Bank from time to time Terms of Repayment On Demand Margin Company shall at all times during the continuance of this security maintain the said debts of a sufficient amount to provide the margin of security as may from time to time advised by the Bank Extent and Operation of the charge Hypothecation by way of First Charge on Company's Stocks, Book Debts etc., to secure as a continuing security for the repayment of Rs.20.000 Millions, together with interest, costs, charges, expenses and other moneys due and payable by the Borrower to the Bank
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All the stock in trade both present and future consisting of raw materials, finished goods All book-debts, outstandings, money receivables, claims and bills

FIXED ASSETS

· Improvements to Leasehold premises

· Plant and Machinery

· Furniture and Fixtures

· Computers

· Vehicles

· Books

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.50.12
UK Pound	1	Rs.79.37
Euro	1	Rs.66.00

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
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	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		52

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.