MIRA INFORM REPORT

Report Date :

06.11.2012

IDENTIFICATION DETAILS

Name :	HINDUJA REALTY VENTURES LIMITED (w.e.f. 13.03.2008)
Formerly Known As :	HINDUJA PROPERTIES LIMITED (w.e.f. 21.01.2008) AASIA PROPERTIES DEVELOPMENT LIMITED MECC FILMS PRIVATE LIMITED
Registered Office :	Hinduja House, 171, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.07.1968
Com. Reg. No.:	11-014045
Capital Investment / Paid-up Capital :	Rs.100.0000 Millions
CIN No.: [Company Identification No.]	U452000MH1968PLC014045
TAN No.: [Tax Deduction & Collection Account No.]	MUMA20503A
PAN No.: [Permanent Account No.]	AAACM4995M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Real Estate Developments.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (61)

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 8800000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of Hinduja Group, it is a well established and a reputed company. Financially company appears to be strong. But in the 2010-2011 there is sharp dip in the sales turnover and profitability. However, fundamental and healthy liquidity seems to be strong. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. In view of experience promoter company can be considered normal for business dealing 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Hinduja House, 171, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Tel. No.:	91-22-24960707
Fax No.:	91-22-24974208
E-Mail :	secretarial@hindujagrouyp.com rajkumar.hgil@hindujagroup.com
Website :	http://www.hindujagroup.com

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Abin Kumar Das

Designation :

Director

Address :

61-A, Atlas Apartments, J. Mehta Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

02.08.1940

Date of Appointment :

29.09.2007

DIN No.:

00122913

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U63040MH1982PTC027983	VISTA TRAVELS PRIVATE LIMITED	Director	11/08/1982	11/08/1982	-	Active	NO
2	U93090TN1989PLC033174	ASHOK LEYLAND PROJECT SERVICES LIMITED	Director	19/01/1989	19/01/1989	-	Active	NO
3	U70101DL1973PTC006694	SKYWAYS PROPERTIES PRIVATE LIMITED	Director	31/01/1992	31/01/1992	-	Active	NO
4	L34101TN1948PLC000105	ASHOK LEYLAND LIMITED	Director	19/11/1994	19/11/1994	-	Active	NO
5	U17200MH1979PLC021551	INNETWORK ENTERTAINMENT LIMITED	Director	20/01/1995	20/01/1995	-	Amalgamated	NO
6	U92132MH1995PLC085835	INDUSIND MEDIA AND COMMUNICATION LIMITED	Director	22/03/1995	22/03/1995	-	Active	NO
7	U70101TN1992PLC023319	HINDUJA PROPERTIES LIMITED	Director	31/03/1995	31/03/1995	-	Active	NO
8	U32201KA1998PTC024066	U S N NETWORKS PRIVATE LIMITED	Director	12/08/1998	12/08/1998	-	Active	NO
9	U02002MH1998PTC117080	HINDUJA HEALTHCARE PRIVATE LIMITED	Director	11/11/1998	11/11/1998	-	Active	NO
10	U99999MH1985PTC035983	JAYAM HOLDINGS PRIVATE LIMITED	Director	14/03/2000	14/03/2000	08/09/2010	Active	NO
11	U67120MH1952PTC008925	SIDDHARTH TEXTILES PRIVATE LIMITED	Director	07/07/2000	07/07/2000	-	Active	NO
12	U45201MH2000PLC129434	PLANET E-SHOP HOLDINGS INDIA LIMITED	Director	03/11/2000	03/11/2000	04/08/2011	Active	NO
13	U22121MH2000PLC129433	IN ENTERTAINMENT (INDIA) LIMITED	Director	03/11/2000	03/11/2000	04/08/2011	Active	NO
14	U26999MH1946PTC134186	THE BRITISH METAL CORPORATION (INDIA) PRIVATE LIMITED	Director	02/09/2002	02/09/2002	-	Active	NO
15	L24292AP1961PLC000876	GULF OIL CORPORATION LIMITED	Alternate director	30/10/2010	30/10/2003	15/05/2011	Active	NO
16	U65990MH1990PTC056497	MUSTANG INVESTMENTS PRIVATE LIMITED	Director	30/09/2006	21/04/2006	15/03/2010	Active	NO
17	U51410MH1994PTC079188	AASIA BUSINESS VENTURES PRIVATE LIMITED	Director	30/09/2006	22/06/2006	04/10/2010	Active	NO
18	U74999MH1993PLC072925	HINDUJA GROUP INDIA LIMITED	Whole-time director	26/08/2011	25/07/2006	-	Active	NO
19	U65993MH2006PTC166340	HINDUJA FINANCE PRIVATE LIMITED	Director	20/12/2006	20/12/2006	-	Active	NO
20	U32304MH2007PTC167602	HINDUJA OUTSOURCING SOLUTIONS INDIA PRIVATE LIMITED	Director	06/02/2007	06/02/2007	16/08/2010	Active	NO
21	U32203MH2007PTC167605	HINDUJA ESTATES PRIVATE LIMITED	Director	06/02/2007	06/02/2007	11/12/2008	Active	NO
22	U64203MH2007PTC167603	HTMT TELECOM PRIVATE LIMITED	Director	23/10/2009	06/02/2007	-	Amalgamated	NO
23	U32204MH2007PTC167601	SERENDIPITY FILMS PRODUCTION COMPANY PRIVATE LIMITED	Director	06/02/2007	06/02/2007	-	Active	NO
24	U32203MH2007PTC167604	AASIA ENTERPRISES PRIVATE LIMITED	Director	06/02/2007	06/02/2007	-	Active	NO
25	U67120MH1997PLC106676	GRANT INVESTRADE LIMITED	Director	18/09/2007	04/05/2007	-	Active	NO
26	U45200MH1968PLC014045	HINDUJA REALTY VENTURES LIMITED	Director	29/09/2007	23/05/2007	-	Active	NO
27	U34200TN2008PLC080987	ASHOK LEYLAND DEFENCE SYSTEMS LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
28	U66030MH2008PLC180206	ASHLEY AVIATION LIMITED	Director	18/03/2008	18/03/2008	-	Active	NO
29	U40105MH2008PLC189213	HINDUJA ENERGY (INDIA) LIMITED	Director	15/09/2011	13/05/2011	-	Active	NO
30	U40109AP1994PLC017199	HINDUJA NATIONAL POWER CORPORATION LTD	Alternate director	05/09/2012	09/09/2011	-	Active	NO
31	U74900MH2012PTC226203	CHEMRING AASIA SERVICES PRIVATE LIMITED	Director	19/01/2012	19/01/2012	-	Active	NO

Name :

Mr. Kailash Chandra Samdani

Designation :

Director

Address :

302, Shantikutir, 3^rd Floor, 10^th Road, Santacruz (East), Mumbai – 400055, Maharashtra, India

Date of Birth/Age :

02.03.1940

Date of Appointment :

17.04.2001

DIN No.:

00128600

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L92199MH1995PLC084610	HINDUJA GLOBAL SOLUTIONS LIMITED	Alternate director	04/06/2009	14/05/1999	01/10/2009	Active	NO
2	U74999MH1995PLC088487	IN2CABLE (INDIA) LIMITED	Director	28/05/1999	28/05/1999	-	Amalgamated	NO
3	U92132MH1995PLC085835	INDUSIND MEDIA AND COMMUNICATION LIMITED	Director	16/10/1999	16/10/1999	-	Active	NO
4	U45200MH1968PLC014045	HINDUJA REALTY VENTURES LIMITED	Director	17/04/2001	17/04/2001	-	Active	NO
5	U32304MH2007PTC167602	HINDUJA OUTSOURCING SOLUTIONS INDIA PRIVATE LIMITED	Director	06/02/2007	06/02/2007	16/08/2010	Active	NO
6	U32204MH2007PTC167601	SERENDIPITY FILMS PRODUCTION COMPANY PRIVATE LIMITED	Director	06/02/2007	06/02/2007	-	Active	NO
7	U64203MH2007PTC167603	HTMT TELECOM PRIVATE LIMITED	Director	06/02/2007	06/02/2007	-	Amalgamated	NO
8	U32203MH2007PTC167605	HINDUJA ESTATES PRIVATE LIMITED	Director	06/02/2007	06/02/2007	-	Active	NO
9	U52520AP1988PLC008189	APDL ESTATES LIMITED	Director	28/09/2007	14/06/2007	-	Active	NO
10	U02002MH1998PTC117080	HINDUJA HEALTHCARE PRIVATE LIMITED	Director	30/07/2010	15/04/2010	-	Active	NO
11	U24110MH1971PLC207546	IDL SPECIALITY CHEMICALS LIMITED	Director	29/07/2010	20/04/2010	-	Active	NO
12	U72200MH1995PTC088486	AASIA MANAGEMENT & CONSULTANCY PRIVATE LIMITED	Director	30/09/2010	01/09/2010	-	Active	NO
13	L24292AP1961PLC000876	GULF OIL CORPORATION LIMITED	Alternate director	27/04/2012	25/05/2011	-	Active	NO

Name :

Mr. Jeet Prakash Chugani

Designation :

Director

Address :

7/72, Sona, MHB Complex, Bandra Reclamation, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

02.10.1951

Date of Appointment :

11.12.2008

DIN No.:

00166921

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45200MH1968PLC014045	HINDUJA REALTY VENTURES LIMITED	Director	11/12/2008	30/09/2004	-	Active	NO
2	U02002MH1998PTC117080	HINDUJA HEALTHCARE PRIVATE LIMITED	Director	29/09/2007	02/01/2007	-	Active	NO
3	U32204MH2007PTC167601	SERENDIPITY FILMS PRODUCTION COMPANY PRIVATE LIMITED	Director	06/02/2007	06/02/2007	-	Active	NO
4	U32203MH2007PTC167604	AASIA ENTERPRISES PRIVATE LIMITED	Director	06/02/2007	06/02/2007	-	Active	NO
5	U32203MH2007PTC167605	HINDUJA ESTATES PRIVATE LIMITED	Director	06/02/2007	06/02/2007	-	Active	NO
6	U70101TN1992PLC023319	HINDUJA PROPERTIES LIMITED	Director	28/09/2007	28/03/2007	-	Active	NO
7	U67120MH1952PTC008925	SIDDHARTH TEXTILES PRIVATE LIMITED	Director	29/09/2007	09/05/2007	-	Active	NO
8	U45400MH2007PTC171370	HIN-JAHAN ENGINEERS & CONTRACTORS PRIVATE LIMITED	Director	06/06/2007	06/06/2007	-	Active	NO
9	U52520AP1988PLC008189	APDL ESTATES LIMITED	Director	28/09/2007	14/06/2007	-	Active	NO
10	U92100MH2003PTC142966	IMPECCABLE IMAGINATION PRIVATE LIMITED	Director	29/09/2007	24/08/2007	-	Active	NO
11	U45201MH2000PLC129434	PLANET E-SHOP HOLDINGS INDIA LIMITED	Director	30/07/2010	28/05/2010	04/08/2011	Active	NO
12	U22121MH2000PLC129433	IN ENTERTAINMENT (INDIA) LIMITED	Director	30/07/2010	28/05/2010	04/08/2011	Active	NO
13	U70101DL1973PTC006694	SKYWAYS PROPERTIES PRIVATE LIMITED	Director	31/08/2010	16/06/2010	-	Active	NO
14	U72200MH1995PTC088486	AASIA MANAGEMENT & CONSULTANCY PRIVATE LIMITED	Director	30/09/2010	01/09/2010	-	Active	NO
15	U40105MH2008PLC189213	HINDUJA ENERGY (INDIA) LIMITED	Director	15/09/2011	27/10/2010	-	Active	NO
16	U72200MH2000PLC125200	INDUSIND INFORMATION TECHNOLOGY LIMITED	Director	16/07/2012	14/11/2011	-	Active	NO
17	U74900MH2012PTC226203	CHEMRING AASIA SERVICES PRIVATE LIMITED	Director	19/01/2012	19/01/2012	-	Active	NO

Name :

Mr. Vishin Ghanshamdas Gurnani

Designation :

Director

Address :

Venus Apartments, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

04.08.1945

Date of Appointment :

15.09.2003

DIN No.:

00123401

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U70101TN1992PLC023319	HINDUJA PROPERTIES LIMITED	Director	16/07/1998	16/07/1998	-	Active	NO
2	U45200MH1968PLC014045	HINDUJA REALTY VENTURES LIMITED	Director	15/09/2003	15/09/2003	-	Active	NO
3	U32304MH2007PTC167602	HINDUJA OUTSOURCING SOLUTIONS INDIA PRIVATE LIMITED	Director	06/02/2007	06/02/2007	16/08/2010	Active	NO
4	U64203MH2007PTC167603	HTMT TELECOM PRIVATE LIMITED	Director	06/02/2007	06/02/2007	-	Amalgamated	NO
5	U32203MH2007PTC167604	AASIA ENTERPRISES PRIVATE LIMITED	Director	06/02/2007	06/02/2007	-	Active	NO
6	U52520AP1988PLC008189	APDL ESTATES LIMITED	Director	28/09/2007	14/06/2007	-	Active	NO
7	U45400MH2007PTC171370	HIN-JAHAN ENGINEERS & CONTRACTORS PRIVATE LIMITED	Director	29/09/2008	09/07/2007	-	Active	NO
8	U32203MH2007PTC167605	HINDUJA ESTATES PRIVATE LIMITED	Director	30/09/2009	17/08/2009	-	Active	NO
9	U65990MH1990PTC056497	MUSTANG INVESTMENTS PRIVATE LIMITED	Director	30/07/2010	15/03/2010	-	Active	NO
10	U22121MH2000PLC129433	IN ENTERTAINMENT (INDIA) LIMITED	Director	30/07/2010	28/05/2010	04/08/2011	Active	NO
11	U45201MH2000PLC129434	PLANET E-SHOP HOLDINGS INDIA LIMITED	Director	30/07/2010	28/05/2010	04/08/2011	Active	NO
12	U74900MH2012PTC226203	CHEMRING AASIA SERVICES PRIVATE LIMITED	Director	19/01/2012	19/01/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ravinder Babbar
Designation :	Manager
Address :	1701, Orchid CHS. Limited, 18, B G Kher Marg, Worli, Mumbai – 400018, Maharashtra, India
Date of Birth/Age :	27.11.1951
Date of Appointment :	17.08.2009
PAN No.:	AAAPB2437Q
Name :	Mr. Rajkumar S. Ghoshal
Designation :	Director
Address :	302, Divya Sarjan, 3^rd Floor, Ganesh Chowk, 90 Feet Road, Charkop, Kandivali (West), Mumbai – 400067, Maharashtra, India
Date of Birth/Age :	18.01.1970
Date of Appointment :	01.07.2011
PAN No.:	ABIPG2881J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
National Securities Depository Limited, India	9976000
Ashok P. Hinduja, Partner of Aasia Corporation, India	15250
Aasia Management and Consultancy Private Limited, India	8744
Ashok P. Hinduja/ Aasia Management and Consultancy Private Limited, India	1
Harsha A. Hinduja/ Aasia Management and Consultancy Private Limited, India	1
Satya A. Hinduja/ Aasia Management and Consultancy Private Limited, India	1
Abin Kumar Das/ Aasia Management and Consultancy Private Limited, India	1
P. J. Saldanha/ Aasia Management and Consultancy Private Limited, India	1
Jeet Chugani/ Aasia Management and Consultancy Private Limited, India	1
Total	10000000

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	99.85
Other top fifty shareholders	0.15
Total	100.00

BUSINESS DETAILS

Line of Business :

Real Estate Developments.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Baroda

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	167.220	188.967
Rupee term loans others secured	820.000	900.000
Total	987.220	1088.967
Note: · Bank of Baroda (Secured by Future Rent). · From Body Corporate: Hinduja Ventures Limited (Secured by pledge of Shares).
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans others unsecured	50.000	42.000
Total	50.000	42.000

Banking Relations :	--
Auditors :
Name :	B. K. Khare and Company Chartered Accountant
Address :	706/708, Sharda Chambers, New Marine Lines, Mumbai – 400020, Maharashtra, India
PAN No.:	AAAFB0265E
Holding Company :	· Aaisa Management and Consultancy Private Limited
Fellow Subsidiaries :	· British Metal Corporation · Hinduja Group India Limited · Siddharth Textiles Private Limited · Mustang Investment Private Limited · Skyway Properties Private Limited
Subsidiaries :	· Hinduja Healthcare Private Limited · Hinduja Estates Private Limited · APDL Estates Limited · Hinduja Properties Limited · Hin-Jahan Engineers and Contractors Private Limited (formerly Hinduja Realty Private Limited)
Associates :	· Hinduja Ventures Limited · Hinduja Global Solutions Limited · Indusind Media and Communication Limited
Associates Partnership Firm :	· Aasia Export · Hinduja Estate Developers · Aasia Corporation · Ashok Plywood Trading Company

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

NOTE:

All 10000000 Equity shares, as referred to are held by Aaisa Management and Consultancy Private Limited (The Holding Company) and its nominees.

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		100.000	100.000	100.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2089.440	1990.719	816.216
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2189.440	2090.719	916.216
LOAN FUNDS
1] Secured Loans		987.220	1088.967	910.807
2] Unsecured Loans		50.000	42.000	542.000
TOTAL BORROWING		1037.220	1130.967	1452.807
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3226.660	3221.686	2369.023
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		360.692	396.296	1.843
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		2442.392	2111.108	1660.529
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	845.917	845.298	1228.958
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	8.595	8.721	8.230
	Other Current Assets	1.477	1.888	5.412
	Loans & Advances	28.358	136.407	136.250
Total Current Assets		884.347	992.314	1378.850
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	0.000	0.000	0.000
	Other Current Liabilities	455.875	272.213	671.412
	Provisions	4.896	5.819	0.787
Total Current Liabilities		460.771	278.032	672.199
Net Current Assets		423.576	714.282	706.651
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3226.660	3221.686	2369.023

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	37.939	213.086	0.000
		Other Income	170.159	1289.693	173.346
		TOTAL (A)	208.098	1502.779	173.346
Less	EXPENSES
		Consumption materials changes inventories	0.000	191.692
		Employee related expenses	10.287	29.867	36.426
		Administrative selling other expenses	20.312	27.260
		Prior period items	(2.081)	0.000
		TOTAL (B)	28.518	248.819	36.426
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		179.580	1253.960	136.920
Less	FINANCIAL EXPENSES (D)		42.167	56.841	64.221
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		137.413	1197.119	72.699
Less/ Add	DEPRECIATION/ AMORTISATION (F)		20.649	22.345	0.685
	PROFIT BEFORE TAX (E-F) (G)		116.764	1174.774	72.014
Less	TAX (H)		5.500	0.500	1.500
	PROFIT AFTER TAX (G-H) (I)		111.264	1174.274	70.514
Add	Excess/ (short) Provision for earlier year for tax		(12.542)	0.228	0.095
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1990.718	816.216	745.607
	BALANCE CARRIED TO THE B/S		2089.440	1990.718	816.216
	IMPORT VALUE		0.000	1.393	0.000
	Earnings Per Share (Rs.)		11.13	117.43	7.05

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	53.47	78.14	40.68
Net Profit Margin (PBT/Sales)	(%)	307.77	551.34	0.00
Return on Total Assets (PBT/Total Assets}	(%)	9.38	84.60	5.22
Return on Investment (ROI) (PBT/Networth)		0.05	0.56	0.08
Debt Equity Ratio (Total Liability/Networth)		0.68	0.67	2.32
Current Ratio (Current Asset/Current Liability)		1.92	3.57	2.05

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS AND BUSINESS PROSPECTS

The Company has activated the Project on 39 acres 27 guntas land at Yelhanka, Bangalore by undertaking certain steps including revalidation of Building plan, organizing funding to the extent of Rs.8500.000 Millions from banks/financial institutions and is in the process of identifying private equity to invest in the project.

The Company is also pursuing various developmental projects through its subsidiaries. The construction on the Begumpet property has been completed and some of the floors have already been leased out to various parties. The construction of a 110 bedded boutique hospital project at Khar is at the final stages of finishes and interiors.

Considering the overall slow growth in the real estate and property development the Company is re-working on the strategies for taking up the developmental works.

The Company has entered into agreements with Gulf Oil Corporation Limited (GOCL) and Hinduja Ventures Limited (HVL) to acquire development rights in respect of land of GOCL located at Hyderabad and Bangalore and land of HVL located at Bangalore with an option to exercise rights up to 31st December 2009, 31st May 2009 and 31st March 2013 respectively. The company has paid Rs.345.000 Millions as a non refundable commitment amount as option premiums towards the development rights in the said properties which has been treated as stock-in-trade. Joint development agreement in respect of 40 acre of land of GOCL at Bangalore has been registered. In respect of land at Hyderabad, option agreement has expired/terminated but the parties have agreed for development of the said property. The execution of Joint Development Agreement is pending on account of required clearances from the Authorities. Accordingly, option premium paid to GOCL in respect of the said land is continued to be shown as stock in trade. If option with HVL is not exercised, option premium of Rs.110.000 Millions paid to HVL will be charged to profit and loss account.

FIXED ASSETS:

· Building

· Office Equipments

· Furniture and Fixture

· Computers

· Home Appliances

· Electrical Equipments

· Motor Car

PRESS RELEASE

HINDUJA GROUP PLANS TO DEVELOP 10,000 MW OF POWER PROJECTS IN 5 YEARS

Mumbai, Maharashtra, June 3, 2010 /India PRwire/ -- The multi-billion dollar, Hinduja Group shared their Global plans and progress on their diversified portfolio in Mumbai today. The luncheon meeting was hosted by Mr. GP Hinduja and AP Hinduja. Also present at this press meet were Mr. Sanjay Hinduja (President, Hinduja Group), Mr. Ravi Chawla (President, Lubes-Gulf Oil), Mr. Ravinder Babar, (CEO, Hinduja Realty Ventures), Mr. Souren Alimchandani, (COO, Ashok Leyland Project Services Limited) and Mr. Prabal Banerjee (CFO, Hinduja Group).

Mr. GP Hinduja updated the media on the progress, announcing the investment of around US$12 bn on power projects in the world's second-fastest growing economy. Hinduja Power plans to develop 10,000 megawatts of power projects in five years. "The Group is studying power plant locations in the states of Uttar Pradesh, Gujarat and Maharashtra, he said. It will announce two power plants "very soon," GP Hinduja said without elaborating.

Over the past few years, the Indian economy has stabilized a great deal and today is undeniably one of the most lucrative markets for foreign investments. The Hinduja Group of Companies are surging forward with acquisitions like the KBL bank and the JV with Nissan (Ashok Leyland) and are enthusiastic to bring global expertise to India. Acquisition will provide high end and cross border private banking services to Indians.

Mr. Sanjay G Hinduja shared an update on Gulf Oil business in India and globally and announced its foray into the marine business. He comments, "While this sector remains small, Gulf Oil holds 6th position in the market and has a market share of 30% in Saudi Arabia and is steadily increasing. The growth in the Lubes industry today stands at 8% and Gulf Oil experiences a 15% growth. Thus Gulf Oil is undeniably the No. 2 in the country and enjoys the position of No.1 in the South market."

Also, elaborating on the Healthcare business, Mr. GP Hinduja said, "We have keen interest in the Healthcare sector and will soon introduce the speciality services pan India under the name of 'Hinduja Healthcare'.

Parting remarks by Mr. GP Hinduja were, "To make infrastructure more appealing to foreign and domestic investors, there should be accountability at every level of the project, and a responsibility to stick to timelines."

About Hinduja Group

Hinduja Group is an investment and banking group with a diversified global portfolio of holdings across the manufacturing services and banking sectors. The Group, founded by Shri P.D. Hinduja in 1914 has activities across three core areas: Investment Banking, International Trading and Global Investments. It also supports charitable and philanthropic activities across the world through the Hinduja Foundation. As part of its Global investments, the Group owns businesses in Automotive, Information Technology, Media, Entertainment and Communications, Banking and Finance, Infrastructure Project Development, Chemicals and Agri business, Energy, Real Estate, Trading and Healthcare.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No 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.53.66
UK Pound	1	Rs.86.37
Euro	1	Rs.69.24

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		61

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.