MIRA INFORM REPORT

Report Date :

12.11.2012

IDENTIFICATION DETAILS

Name :	CARNOUSTIE MANAGEMENT PRIVATE LIMITED
Registered Office :	326, Master Mind 1, Royal Palm, Aarey Colony, Goregaon (East), Mumbai – 400090, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	04.09.2006
Com. Reg. No.:	11-164290
Capital Investment / Paid-up Capital :	Rs.162.680 Millions
CIN No.: [Company Identification No.]	U92419MH2006PTC164290
TAN No.: [Tax Deduction & Collection Account No.]	MUMC14822D
PAN No.: [Permanent Account No.]	AACCC9741R
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Real Estate, Hospitality, Security Services
No. of Employees :	250 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 12400000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a part of Carnoustie Group. It is an established company having moderate track. There appears some accumulated losses recorded by the company. Profitability position of the company is under pressure. However, trade relations are fair. Business is active. Payments are reported to be slow. 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 – 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.

INFORMATION PARTED BY

Name :	Mr. V. P. Singh
Designation :	Head in HR and Admin
Contact No.:	91-991060438
Date :	10.11.2012

LOCATIONS

Registered Office :	326, Master Mind 1, Royal Palm, Aarey Colony, Goregaon (East), Mumbai – 400090, Maharashtra, India
Tel. No.:	91-22-65296482
Mobile No.:	91-9910604383 (Mr. V. P. Singh)
Fax No.:	91-22-28790480
E-Mail :	info@carnoustiegroup.com info@carnoustie.in rajmalik05@yahoo.co.uk
Website :	www.carnoustiegroup.com www.carnoustie.in
Location :	Owned
Head Office :	A-150, Sector 43, Noida – 201303, Uttar Pradesh, India
Tel. No.:	91-120-2577150/ 4562637
Fax No.:	91-120-2577701/ 4562637

DIRECTORS

As on: 30.09.2011

Name :

Mr. Rajesh Malik

Designation :

Director

Address :

68, Poorvi Marg, Vasant Vihar, New Delhi-110057, India

Date of Birth/Age :

09.02.1962

Qualification :

C.A

Experience :

24 Years

Date of Appointment :

04.09.2006

DIN No.:

00017254

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	U67190MH2004PTC146143	CARNOUSTIE TECH PRIVATE LIMITED	Director	04/06/2004	04/06/2004	-	Active	NO
2	L67190PN1985PLC142555	INNOVENTIVE VENTURE LIMITED	Director	01/09/2005	01/09/2005	30/03/2008	Active	NO
3	U45200MH2004PTC150201	PARADISE INFRASTRUCTURES PRIVATE LIMITED	Whole-time director	29/12/2005	29/12/2005	05/09/2007	Active	NO
4	U51900MH2000PTC127189	PREMIERE MERCANTILE AND SERVICES (INDIA) PRIVATE LIMITED	Director	10/01/2006	10/01/2006	-	Strike off	NO
5	U23200MH2006PTC159354	BLUE OCEAN OIL AND GAS PRIVATE LIMITED	Director	30/01/2006	30/01/2006	09/03/2007	Active	YES
6	U11102MH2006PTC159351	FLAT EARTH OIL AND GAS PRIVATE LIMITED	Director	30/01/2006	30/01/2006	09/03/2007	Active	YES
7	U51109WB1997PTC085044	HORIZON SATELLITE SERVICES PRIVATE LIMITED	Director	01/02/2006	01/02/2006	03/11/2008	Active	NO
8	U11200MH2006PTC160232	FLAT OCEAN RESOURCES PRIVATE LIMITED	Director	03/03/2006	03/03/2006	09/03/2007	Active	NO
9	U55101GA2005PTC004275	BETUL HOSPITALITY PARKS PRIVATE LIMITED	Director	15/03/2006	15/03/2006	-	Active	NO
10	U74140MH2006PTC163867	VARMERA RESOURCES PRIVATE LIMITED	Director	18/08/2006	18/08/2006	-	Active	NO
11	U92419MH2006PTC164290	CARNOUSTIE MANAGEMENT PRIVATE LIMITED	Director	04/09/2006	04/09/2006	-	Active	NO
12	U45201DL2005PTC136062	MULTIVISION INFRASTRUCTURE PRIVATE LIMITED	Director	17/03/2007	17/03/2007	-	Active	NO
13	U45400MH2007PTC169360	CBS INTERNATIONAL PROJECTS PRIVATE LIMITED	Director	30/09/2008	04/05/2007	-	Active	NO
14	U51102MH2007PTC168738	P K MANAGEMENT CONSULTANCY SERVICES PRIVATE LIMITED	Director	24/06/2007	24/06/2007	-	Active	NO
15	U45200MH2007PTC172274	CARNOUSTIE REALTORS PRIVATE LIMITED	Director	12/07/2007	12/07/2007	-	Active	NO
16	U45400WB2007PTC117378	ELECTRA HEIGHTS PRIVATE LIMITED.	Director	25/07/2007	25/07/2007	-	Active	NO
17	U45400DL2007PTC165154	COHO CONSTRUCTION SYSTEMS PRIVATE LIMITED	Director	25/07/2007	25/07/2007	27/03/2009	Active	NO
18	U45200MH2007PTC172999	CARNOUSTIE PROJECTS PRIVATE LIMITED	Director	09/08/2007	09/08/2007	-	Active	NO
19	U92190MH2007PTC172996	CARNOUSTIE ENTERTAINMENT PRIVATE LIMITED	Director	09/08/2007	09/08/2007	-	Active	NO
20	U55101MH2007PTC173009	CARNOUSTIE RESORTS PRIVATE LIMITED	Director	10/08/2007	10/08/2007	-	Active	NO
21	U55101MH2007PTC174066	CARNOUSTIE ECO-RESORTS PRIVATE LIMITED	Director	12/09/2007	12/09/2007	-	Active	NO
22	U70101WB2007PTC117632	MATRIX NIRMAN PRIVATE LIMITED.	Director	26/10/2007	26/10/2007	-	Active	NO
23	U92412MH2007PTC176047	CARNOUSTIE SPORTS PRIVATE LIMITED	Director	20/11/2007	20/11/2007	-	Active	NO
24	U45400DL2007PTC170891	A TO Z REALTORS PRIVATE LIMITED	Director	29/11/2007	29/11/2007	-	Active	NO
25	U74899DL2006PTC144401	SDS DEVELOPERS PRIVATE LIMITED	Director	15/12/2007	15/12/2007	-	Active	NO
26	U70200DL2007PTC170298	ILAM DEVELOPERS PRIVATE LIMITED	Director	25/09/2009	18/12/2007	25/02/2012	Active	NO
27	U70200DL2007PTC170296	MARAS PROPERTIES PRIVATE LIMITED	Director	31/12/2008	18/12/2007	06/10/2012	Active	NO
28	U74140DL2008PTC174071	CARNOUSTIE CONSULTING PRIVATE LIMITED	Director	15/02/2008	15/02/2008	-	Active	NO
29	U70109DL2008PTC175394	ALAKNANDA REALTORS PRIVATE LIMITED	Director	14/03/2008	14/03/2008	-	Active	NO
30	U45209MH2007PTC174664	CARNOUSTIE PROPERTIES PRIVATE LIMITED	Director	23/04/2008	23/04/2008	-	Active	NO
31	U70109DL2006PTC150198	COUNTY DEVELOPERS PRIVATE LIMITED	Director	12/06/2008	12/06/2008	27/01/2009	Active	NO
32	U45200DL2008PTC180188	CARNOUSTIE INTERNATIONAL PRIVATE LIMITED	Director	27/06/2008	27/06/2008	-	Active	NO
33	U45200MH2008PTC182275	TWO AAR's HEALTH AND FITNESS PRIVATE LIMITED	Director	04/08/2009	12/07/2008	-	Active	NO
34	U45400DL2008PTC173149	NERIS DEVELOPERS PRIVATE LIMITED	Director	23/12/2008	23/07/2008	-	Active	NO
35	U45400DL2008PTC173150	CARNOUSTIE LEISURE PRIVATE LIMITED	Director	23/12/2008	23/07/2008	-	Active	NO
36	U45400DL2008PTC173185	CONISTON DEVELOPERS PRIVATE LIMITED	Director	22/12/2008	23/07/2008	03/02/2009	Active	NO
37	U45400DL2008PTC173183	CESTOS DEVELOPERS PRIVATE LIMITED	Director	22/12/2008	23/07/2008	10/03/2009	Active	NO
38	U70102MH2007PTC174065	SHLOKA REALTORS PRIVATE LIMITED	Director	07/08/2008	07/08/2008	-	Active	NO
39	U74920DL2008PTC182436	CARNOUSTIE SECURITY PRIVATE LIMITED	Director	26/08/2008	26/08/2008	-	Active	NO
40	U01403DL2008PTC183794	CARNOUSTIE AGRO PRIVATE LIMITED	Director	26/09/2008	26/09/2008	-	Active	NO
41	U45200DL2008PTC184724	CARNOUSTIE CONSTRUCTIONS PRIVATE LIMITED	Director	06/11/2008	06/11/2008	-	Active	NO
42	U72200DL2008PTC172818	CARNOUSTIE SERVICES PRIVATE LIMITED	Director	19/11/2008	19/11/2008	-	Active	NO
43	U74120DL2008PTC186169	STUPA CONSULTING PRIVATE LIMITED	Director	26/12/2008	26/12/2008	-	Active	NO
44	U92412DL2010PTC202871	CARNOUSTIE GOLF AND SPORTING INFRASTRUCTURE PRIVATE LIMITED	Director	19/05/2010	19/05/2010	-	Active	NO
45	U70102DL2008PTC172110	CARNOUSTIE DEVELOPERS PRIVATE LIMITED	Director	28/09/2011	11/04/2011	-	Active	NO
46	U45201DL2005PTC139269	K S DEVELOPERS PRIVATE LIMITED	Director	18/08/2012	29/09/2011	-	Active	NO
47	U45205KA2012PTC064672	TRITEUS HOLDINGS PRIVATE LIMITED	Director	02/07/2012	02/07/2012	-	Active	NO
48	U74920DL2012PTC241035	TASHIND SURVEILLANCE AND SECURITY NETWORK PRIVATE LIMITED	Director	25/08/2012	25/08/2012	-	Active	NO

Name :

Mr. Randeep Waraich

Designation :

Director

Address :

302 Jai Jagdamba Apartments, Eduljeee Road, Cherai, Thane – 400601, Maharashtra, India

Date of Birth/Age :

11.04.1967

Qualification :

Ex-NDA

Date of Appointment :

04.09.2006

Experience :

17 Years

DIN No.:

00023570

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	U67190MH2004PTC146143	CARNOUSTIE TECH PRIVATE LIMITED	Director	07/05/2004	07/05/2004	-	Active	NO
2	U51900MH2000PTC127189	PREMIERE MERCANTILE AND SERVICES (INDIA) PRIVATE LIMITED	Director	10/01/2006	10/01/2006	-	Strike off	NO
3	U55101GA2005PTC004275	BETUL HOSPITALITY PARKS PRIVATE LIMITED	Director	15/03/2006	15/03/2006	-	Active	NO
4	U92419MH2006PTC164290	CARNOUSTIE MANAGEMENT PRIVATE LIMITED	Director	04/09/2006	04/09/2006	-	Active	NO
5	U45201DL2005PTC136062	MULTIVISION INFRASTRUCTURE PRIVATE LIMITED	Director	17/03/2007	17/03/2007	-	Active	NO
6	U45400MH2007PTC169360	CBS INTERNATIONAL PROJECTS PRIVATE LIMITED	Director	30/09/2008	04/05/2007	-	Active	NO
7	U51102MH2007PTC168738	P K MANAGEMENT CONSULTANCY SERVICES PRIVATE LIMITED	Director	24/06/2007	24/06/2007	-	Active	NO
8	U45200MH2007PTC172274	CARNOUSTIE REALTORS PRIVATE LIMITED	Director	12/07/2007	12/07/2007	-	Active	NO
9	U45400WB2007PTC117378	ELECTRA HEIGHTS PRIVATE LIMITED	Director	25/07/2007	25/07/2007	-	Active	NO
10	U45400DL2007PTC165154	COHO CONSTRUCTION SYSTEMS PRIVATE LIMITED	Director	25/07/2007	25/07/2007	27/03/2009	Active	NO
11	U45200MH2007PTC172999	CARNOUSTIE PROJECTS PRIVATE LIMITED	Director	09/08/2007	09/08/2007	-	Active	NO
12	U92190MH2007PTC172996	CARNOUSTIE ENTERTAINMENT PRIVATE LIMITED	Director	09/08/2007	09/08/2007	-	Active	NO
13	U55101MH2007PTC173009	CARNOUSTIE RESORTS PRIVATE LIMITED	Director	10/08/2007	10/08/2007	-	Active	NO
14	U70101WB2007PTC117632	MATRIX NIRMAN PRIVATE LIMITED.	Director	20/10/2008	14/08/2007	-	Active	NO
15	U55101MH2007PTC174066	CARNOUSTIE ECO-RESORTS PRIVATE LIMITED	Director	12/09/2007	12/09/2007	-	Active	NO
16	U55101MH2007PTC174540	SNOWFLAKE RESORTS PRIVATE LIMITED	Director	27/09/2007	27/09/2007	-	Active	NO
17	U45209MH2007PTC174664	CARNOUSTIE PROPERTIES PRIVATE LIMITED	Director	03/10/2007	03/10/2007	-	Active	NO
18	U92412MH2007PTC176047	CARNOUSTIE SPORTS PRIVATE LIMITED	Director	20/11/2007	20/11/2007	-	Active	NO
19	U45400DL2007PTC170891	A TO Z REALTORS PRIVATE LIMITED	Director	29/11/2007	29/11/2007	-	Active	NO
20	U45202MH2008PTC178926	WARAICH ENTERPRISES PRIVATE LIMITED	Director	15/02/2008	15/02/2008	-	Active	NO
21	U74140DL2008PTC174071	CARNOUSTIE CONSULTING PRIVATE LIMITED	Director	15/02/2008	15/02/2008	-	Active	NO
22	U70109DL2008PTC175394	ALAKNANDA REALTORS PRIVATE LIMITED	Director	14/03/2008	14/03/2008	-	Active	NO
23	U70109DL2006PTC150198	COUNTY DEVELOPERS PRIVATE LIMITED	Director	12/06/2008	12/06/2008	27/01/2009	Active	NO
24	U45200DL2008PTC180188	CARNOUSTIE INTERNATIONAL PRIVATE LIMITED	Director	27/06/2008	27/06/2008	-	Active	NO
25	U45200MH2008PTC182275	TWO AAR's HEALTH AND FITNESS PRIVATE LIMITED	Director	04/08/2009	12/07/2008	-	Active	NO
26	U45400DL2008PTC173149	NERIS DEVELOPERS PRIVATE LIMITED	Director	23/12/2008	23/07/2008	-	Active	NO
27	U45400DL2008PTC173150	CARNOUSTIE LEISURE PRIVATE LIMITED	Director	23/07/2008	23/07/2008	-	Active	NO
28	U45400DL2008PTC173185	CONISTON DEVELOPERS PRIVATE LIMITED	Director	22/12/2008	23/07/2008	03/02/2009	Active	NO
29	U45400DL2008PTC173183	CESTOS DEVELOPERS PRIVATE LIMITED	Director	22/12/2008	23/07/2008	10/03/2009	Active	NO
30	U70102MH2007PTC174065	SHLOKA REALTORS PRIVATE LIMITED	Director	07/08/2008	07/08/2008	-	Active	NO
31	U74920DL2008PTC182436	CARNOUSTIE SECURITY PRIVATE LIMITED	Director	26/08/2008	26/08/2008	-	Active	NO
32	U01403DL2008PTC183794	CARNOUSTIE AGRO PRIVATE LIMITED	Director	26/09/2008	26/09/2008	-	Active	NO
33	U70200DL2007PTC170296	MARAS PROPERTIES PRIVATE LIMITED	Director	03/10/2008	03/10/2008	06/10/2012	Active	NO
34	U45200DL2008PTC184724	CARNOUSTIE CONSTRUCTIONS PRIVATE LIMITED	Director	06/11/2008	06/11/2008	-	Active	NO
35	U72200DL2008PTC172818	CARNOUSTIE SERVICES PRIVATE LIMITED	Director	19/11/2008	19/11/2008	-	Active	NO
36	U74899DL2006PTC144401	SDS DEVELOPERS PRIVATE LIMITED	Director	25/11/2008	25/11/2008	-	Active	NO
37	U70102MH2009PTC194206	WARAICH INFRASTRUCTURE PRIVATE LIMITED	Director	18/07/2009	18/07/2009	-	Active	NO
38	U74140MH2009PTC194522	WARAICH MANAGEMENT PRIVATE LIMITED	Director	31/07/2009	31/07/2009	-	Active	NO
39	U70101DL2009PTC196650	JACKPOT REALTY SOLUTIONS PRIVATE LIMITED	Director	04/12/2009	04/12/2009	28/03/2011	Active	NO
40	U92412DL2010PTC202871	CARNOUSTIE GOLF AND SPORTING INFRASTRUCTURE PRIVATE LIMITED	Director	19/05/2010	19/05/2010	-	Active	NO
41	U70102DL2008PTC172110	CARNOUSTIE DEVELOPERS PRIVATE LIMITED	Director	28/09/2011	11/04/2011	-	Active	NO
42	U45201DL2005PTC139269	K S DEVELOPERS PRIVATE LIMITED	Director	18/08/2012	29/09/2011	-	Active	NO
43	U74920DL2012PTC241035	TASHIND SURVEILLANCE AND SECURITY NETWORK PRIVATE LIMITED	Director	25/08/2012	25/08/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. V. P. Singh
Designation :	Head in HR and Admin
Name :	Mr. Parveen Kumar Suhag
Designation :	Company Secretary
Address :	S-256-C, School Block, Shakarpur, Delhi – 110092, India
Date of Birth/Age :	18.04.1977
Date of Appointment :	09.06.2010
Pan No.:	AUXPK7066R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Equity Class A
Rajesh Malik	7020000
Randeep Waraich	7020000
Carnoustie Security Private Limited, India	20000
Equity Class B
Unitech Limited, India	2069630
Bikanervala Real Estates Private Limited, India	28333
Sanjay Rastogi	3333
Omkar Realtors and Developer Private Limited, India	36666
Shivalik Ventures Private Limited, India	66666
Arvinder Singh	3333
Total	16267961

As on: 31.03.2012

Names of Allottee	No. of Shares
Unitech Limited, India	167400
Total	167400

As on: 31.03.2012

Names of Allottee	No. of Shares
Carnoustie Consulting Private Limited, India	10500
Total	10500

As on: 21.12.2011

Names of Allottee	No. of Shares
DLF Home Developers Limited, India	40000
Bravo Builders Private Limited, India	100000
Total	140000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Bodies corporate	13.65
Directors or relatives of directors	86.31
Others	0.04
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Real Estate, Hospitality, Security Services.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Corporate

No. of Employees :

250 (Approximately)

Bankers :

State Bank of India, Delhi Branch, India

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans others unsecured	333.864	98.869
Other debt unsecured	66.980	77.444
Total	400.844	176.313

Banking Relations :	--
Auditors :
Name :	Prashant Kumar and Associates Chartered Accountant
Address :	7/8, Punjabi Bagh Extension, New Delhi – 110026, India
Tel. No.:	91-11-25225536
E-Mail :	prashankumar95@yahoo.co.in
Pan No.:	AAAPK4160B
Subsidiaries :	· Carnoustie Projects Private Limited CIN No.: U45200MH2007PTC172999 · Carnoustie Realtors Private Limited CIN No.: U45200MH2007PTC172274 · Carnoustie Resorts Private Limited CIN No.: U55101MH2007PTC173009 · Carnoustie Trading Private Limited CIN No.: U45200DL2008PTC180188 · Electra Heights Private Limited CIN No.: U45400WB2007PTC117378 · Maras Properties Private Limited CIN No.: U70200DL2007PTC170296 · Matrix Nirman Private Limited CIN No.: U70101WB2007PTC117632 · Neris Developers Private Limited CIN No.: U45400DL2008PTC173149 · P K Management Consultancy Services Private Limited CIN No.: U51102MH2007PTC168738 · SDS Developers Private Limited CIN No.: U74899DL2006PTC144401 · Shloka Realtors Private Limited CIN No.: U70102MH2007PTC174065 · Two Aar's Health and Fitness Private Limited (Formerly Known as Maroo Properties Private Limited) CIN No.: U45200MH2008PTC182275 · Alaknanda Realtors Private Limited CIN No.: U70109DL2008PTC175394 · Carnoustie Services Private Limited CIN No.: U72200DL2008PTC172818 · A to Z Realtors Private Limited · Carnoustie Eco-Resorts Private Limited CIN No.: U55101MH2007PTC174066 · Carnoustie International Private Limited CIN No.: U45200DL2008PTC180188 · Carnoustie Agro Private Limited (Formerly Known as Carnoustie Biofuel Private Limited CIN No.: U01403DL2008PTC183794 · Carnoustie Entertainment Private Limited CIN No.: U92190MH2007PTC172996 · Arihant IT Parks Private Limited · Carnoustie Leisure Private Limited · Neris Developers Private Limited CIN No.: U45400DL2008PTC173149
Associates :	· Carnoustie Properties Private Limited CIN No.: U45209MH2007PTC174664 · Carnoustie Sports Private Limited CIN No.: U92412MH2007PTC176047 · Betul Hospitality Parks Private Limited CIN No.: U55101GA2005PTC004275 · CBS International Projects Private Limited CIN No.: U45400MH2007PTC169360 · Carnoustie Tech Private Limited CIN No.: U67190MH2004PTC146143 · Multivision Infrastructure Private Limited CIN No.: U45201DL2005PTC136062 · Ilam Developers Private Limited CIN No.: U70200DL2007PTC170298 · K S Developers Private Limited CIN No.: U45201DL2005PTC139269 · Ibonshourne Limited

CAPITAL STRUCTURE

After: 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs.350.000 Millions
1500000	Preference Shares	Rs.100/- each	Rs.150.000 Millions
	Total		Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16585861	Equity Shares	Rs.10/- each	Rs.165.859 Millions

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs.350.000 Millions
1500000	Preference Shares	Rs.100/- each	Rs.150.000 Millions
	Total		Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16267961	Equity Shares	Rs.10/- each	Rs.162.680 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		162.680	68.666	12.783
2] Share Application Money		76.500	99.503	210.002
3] Reserves & Surplus		2929.462	1105.476	576.914
4] (Accumulated Losses)		(73.129)	(60.860)	(43.860)
NETWORTH		3095.513	1212.785	755.839
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		400.844	176.313	26.250
TOTAL BORROWING		400.844	176.313	26.250
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3496.357	1389.098	782.089
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		137.658	138.058	7.154
Capital work-in-progress		23.853	18.081	1.517
INVESTMENT		427.477	12.456	5.296
DEFERREX TAX ASSETS		29.278	24.668	17.579
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2844.339	0.000	0.000
	Sundry Debtors	14.891	0.000	0.000
	Cash & Bank Balances	418.030	272.761	205.719
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2803.356	1266.813	946.301
Total Current Assets		6080.616	1539.574	1152.020
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2845.026	1.081	0.132
	Other Current Liabilities	357.020	342.192	400.951
	Provisions	0.479	0.466	0.446
Total Current Liabilities		3202.525	343.739	401.529
Net Current Assets		2878.091	1195.835	750.491
MISCELLANEOUS EXPENSES		0.000	0.000	0.052
TOTAL		3496.357	1389.098	782.089

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	47.636	23.533	4.411
		Other Income	0.000	0.000	0.000
		TOTAL (A)	47.636	23.533	4.411
Less	EXPENSES
		Administrative and Other Expenses	62.734	45.563	47.295
		TOTAL	62.734	45.563	47.295
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(15.098)	(22.030)	(42.884)
Less/ Add	DEPRECIATION/ AMORTISATION		1.767	2.039	1.903
	PROFIT/ (LOSS) BEFORE TAX		(16.865)	(24.069)	(44.787)
Less	TAX		(4.597)	(7.069)	(12.328)
	PROFIT/ (LOSS) AFTER TAX		(12.268)	(17.000)	(32.459)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(60.861)	(43.861)	(11.402)
	BALANCE CARRIED TO THE B/S		(73.129)	(60.861)	(43.861)
	Earnings/ (Loss) Per Share (Rs.)		(0.75)	(3.00)	(45.08)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(25.75)	(72.24)	(735.86)
Net Profit Margin (PBT/Sales)	(%)	(35.40)	(102.28)	(1015.35)
Return on Total Assets (PBT/Total Assets}	(%)	(0.27)	(1.43)	(3.86)
Return on Investment (ROI) (PBT/Networth)		(0.01)	(0.02)	(0.06)
Debt Equity Ratio (Total Liability/Networth)		1.16	0.43	0.57
Current Ratio (Current Asset/Current Liability)		1.90	4.48	2.87

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The Registered Office of the company has been shifted from 38, Patwa Chambers, 3^rd Floor, 104-108, Clive Road, Opposite Masjid Station North, Mumbai – 400009, Maharashtra, India to the present address w.e.f 18.09.2008

FIXED ASSETS:

· Land and Land Improvements

· Office Equipments

· Computer Equipments

· Furniture and Fixture

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No 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.54.34
UK Pound	1	Rs.86.97
Euro	1	Rs.69.43

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		31

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.