MIRA INFORM REPORT

Report Date :

09.10.2012

IDENTIFICATION DETAILS

Name :	VATIKA LIMITED
Registered Office :	Flat No. 621-A, 6th Floor, Devika Towers, 6, Nehru Place New Delhi - 110019
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	02.07.1998
Com. Reg. No.:	55-094773
Capital Investment/ Paid-up Capital:	Rs.138.759 Millions
CIN No.: [Company Identification No.]	U74899DL1998PLC094773
TAN No.: [Tax Deduction & Collection Account No.]	DELV03163G
PAN No.: [Permanent Account No.]	AABCV6547G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Real Estate Developers
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 34100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB (Long Term Rating) (Suspended) (Fund Base Limit) (Non Fund Based Limit ) Reason The suspension follows ICRA’s inability to carry on the rating surveillance in the absence of requisite information form the company
Rating Explanation	The inadequate credit quality. The rated instruments carries high credit risk.
Date	September 2012

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 :	Flat No. 621-A, 6th Floor, Devika Towers, 6, Nehru Place New Delhi – 110019, India
Tel. No.:	91-1155602956
Fax No.:	Not Available
E-Mail :	secretarial@vatikagroup.com
Website :	www.vatikagroup.com
Corporate office:	Fourth Floor, Vatika Triangle, Sushant Lok –I Block, A, M.G. Road, Gurgaon -– 122002 Haryana, India
Tel. No.:	91-124-4177777

DIRECTORS

As on 16.07.2012

Name:

Mr. Gaurav Bhalla

Designation :

Director

Address :

Farm No. 4, Bandh Road Sultanur, Mehrauli

Date of Birth/Age :

05.01.1980

Qualification:

Bachelor's degree in Business economics honors from University of Buckingham, England.

Date of Appointment :

09.12.2009

Din No.:

00005060

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	U55101DL1989PTC036387	VATIKA HOSPITALITY PRIVATE LIMITED	Director	30/01/1999	30/01/1999	-	Amalgamated	NO
2	U74899DL1998PLC094773	VATIKA LIMITED	Director	09/12/2009	15/01/2001	-	Active	NO
3	U45201DL2002PTC114388	VATIKA SPACE MANAGEMENT PRIVATE LIMITED	Whole-time director	27/02/2002	27/02/2002	-	Amalgamated	NO
4	U45201DL2005PTC135015	BUZZ ESTATES PRIVATE LIMITED	Director	26/09/2006	01/07/2005	-	Amalgamated	NO
5	U55101DL2004PTC126079	VATIKA HOTELS PRIVATE LIMITED	Managing director	01/04/2012	10/01/2006	-	Active	NO
6	U45202DL2006PLC145197	VATIKA JAIPUR SEZ DEVELOPERS LIMITED	Director	20/01/2006	20/01/2006	-	Active	NO
7	U70101DL2000PTC103128	EVERLAST PROJECTS PRIVATE LIMITED,	Director	27/09/2006	24/04/2006	-	Active	NO
8	U45201RJ2005PTC020441	SANSKAR BUILDTECH PRIVATE LIMITED	Director	05/05/2006	05/05/2006	31/07/2010	Active	NO
9	U45201RJ2005PTC020439	NAKSHATRA BUILDCON PRIVATE LIMITED	Director	11/09/2006	05/05/2006	31/07/2010	Active	NO
10	U51225DL2002PTC116336	Vatika IT Parks Private Limited	Director	31/08/2006	31/08/2006	-	Active	NO
11	U01403HR2007PTC036523	GREENFIELD NURSERY AND LANDSCAPES PRIVATE LIMITED	Director	24/09/2008	31/08/2007	-	Active	NO
12	U45400DL2007PTC165517	SH Tech Park Developers Private Limited	Director	30/09/2008	08/11/2007	-	Active	NO
13	U10200DL2009PTC190949	ASTIN EXCAVATION AND MINING PRIVATE LIMITED	Director	05/06/2009	05/06/2009	29/09/2010	Active	NO
14	U45201DL2005PTC142179	AVON BUILDTECH PRIVATE LIMITED	Director	15/09/2010	14/07/2010	-	Amalgamated	NO
15	U45201DL2005PTC142178	SPRING BUILDCON PRIVATE LIMITED	Director	18/09/2010	16/07/2010	-	Amalgamated	NO
16	U45200DL2008PTC183003	CALIDA DEVELOPERS PRIVATE LIMITED	Additional director	19/07/2010	19/07/2010	22/08/2010	Amalgamated	NO
17	U70102DL2008PTC183058	CASPAR DEVELOPERS PRIVATE LIMITED	Additional director	19/07/2010	19/07/2010	22/08/2010	Active	NO
18	U70109DL2006PTC152611	PAXTON PROMOTERS AND DEVELOPERS PRIVATE LIMITED	Additional director	20/07/2010	20/07/2010	22/08/2010	Amalgamated	NO
19	U70109DL2006PTC151705	ASPIRE PROMOTERS PRIVATE LIMITED	Director	30/09/2010	23/07/2010	-	Active	NO
20	U70109DL2006PTC151704	FAMOUS DWELLERS PRIVATE LIMITED	Director	28/09/2010	23/07/2010	-	Active	NO
21	U45201DL2005PTC135181	SHIVGANESH BUILDTECH PRIVATE LIMITED	Director	15/09/2010	22/08/2010	-	Active	NO
22	U72900DL2000PTC105875	BROWZ TECHNOLOGIES PRIVATE LIMITED	Director	15/09/2010	22/08/2010	-	Amalgamated	NO
23	U45202DL2005PTC142177	WONDER DEVELOPERS PRIVATE LIMITED	Director	15/09/2010	22/08/2010	-	Amalgamated	NO
24	U45201DL2004PTC128334	ALASKA CONSTRUCTIONS PRIVATE LIMITED	Director	29/09/2011	12/11/2010	-	Amalgamated	NO
25	U70101DL2011PTC213436	METIS DEVELOPERS PRIVATE LIMITED	Director	11/07/2012	08/05/2012	-	Active	NO
26	U70101DL2011PTC213434	KALEENA DEVELOPERS PRIVATE LIMITED	Director	11/07/2012	08/05/2012	-	Active	NO
27	U70101DL2011PTC213675	PEDRO DEVELOPERS PRIVATE LIMITED	Director	11/07/2012	08/05/2012	-	Active	NO
28	U70101DL2011PTC213414	GALINA DEVELOPERS PRIVATE LIMITED	Director	11/07/2012	08/05/2012	-	Active	NO

Name :

Mr. Alok Sama

Designation :

Director

Address :

28, Argyll Road, W8 7B G, UK

Date of Birth/Age :

30.11.1962

Qualification :

Bachelor’s degree in Mathematics from St. Stephens College, University of Delhi and MBA in Finance from the Wharton School,

University of Pennsylvania.

Date of Appointment :

03.12.2008

Din No.:

01085830

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	U74999MH1995PTC084320	SAMANT SOMA WINES PRIVATE LIMITED	Director	05/10/2005	05/10/2005	-	Amalgamated	NO
2	U15549MH2003PTC139352	NASHIK VINTNERS PRIVATE LIMITED	Director	05/10/2005	05/10/2005	27/03/2007	Active	NO
3	U67190MH2007PTC171846	Baer Capital Partners (India) Private Limited	Director	20/06/2007	20/06/2007	-	Under liquidation	NO
4	U74899DL1998PLC094773	VATIKA LIMITED	Director	03/12/2008	22/11/2007	-	Active	NO

Name :

Mr. Vinay Kumar Kapoor

Designation :

Director

Address :

Third Floor Flat, 18-19, Jockeys Fields, London, WC1R4BW, United Kingdom

Date of Birth/Age :

14.07.1954

Qualification :

Master of Architecture from the

University of Toronto and a Masters in Urban Design from

Harvard University

Date of Appointment :

31.12.2009

Din No.:

02456117

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	U74899DL1998PLC094773	VATIKA LIMITED	Director	31/12/2009	12/01/2009	-	Active	NO

Name :

Mr. Chiang Ling Ng

Designation :

Director

Address :

33 Oxley Rise # 10-01, Singapore, 238710

Date of Birth/Age :

04.10.1973

Date of Appointment :

16.07.2012

Din No.:

03522826

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	U45202DL2007PTC228691	CITY VIEW BANGALORE PROPERTIES PRIVATE LIMITED	Director	28/09/2011	25/05/2011	-	Active	NO
2	U74899DL1998PLC094773	VATIKA LIMITED	Director	16/07/2012	16/07/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajat Sharma
Designation :	Secretary
Address :	1/3A, Jangpura B, New Delhi - 110014
Date of Birth/Age :	28.08.1981
Date of Appointment :	25.06.2012
Pan No.:	BBTPS0069l
Name :	Pankaj Pal
Designation :	Executive Director – Corporate Finance & Sales
Date of Birth/Age :	43 Years
Qualification :	B. Arc (H), PGDM (Marketing)
Experience :	20 Years
Date of Appointment :	01.08.2002
Last Employment	Bennet Coleman and Company, New Delhi Sr. Manager – Response

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 16.07.2012

Names of Equity Shareholders	No. of Shares
Anil Bhalla	7303055
Kanchan Bhalla	751775
Gautam Bhalla	541982
Gaurav Bhalla	541982
Divya Bhalla	100
Everlast Projects Private Limited, India	1610747
BIPEF Vatika Holdings Limited, Mauritius	2072758
Total	12822399

Names of Preference Shareholders	No. of Shares
BIPEF Vatika Holdings Limited, Mauritius	1053466
Total	1053466

Equity Share Break up (Percentage of Total Equity)

As on 16.07.2012

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	16.17
Bodies corporate	12.56
Directors or relatives of directors	71.27
Total	100.00

BUSINESS DETAILS

Line of Business :

Real Estate Developers

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

HDFC Bank Limited, HDFC Bank House Senapati Bapat marg, Lower Parel, (West), Mumbai- 400013, Maharashtra, India

Facilities :

Rs. In Millions

Secured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Rupee term loans banks secured	3604.173	2731.040
Rupee term loans others secured	4603.978	2656.951
Interest accrued due other debt secured	(A)42.218	3.769
Total	8250.369	5391.760

Note:(A) Interest accrued and due - Banks 39.944 - Others 2.274 TOTAL 42.218

Unsecured Loans	As on 31.03.2011 Rs. in millions	As on 31.03.2010 Rs. in millions
Fully convertible debentures unsecured	(A)499.999	1999.999
Other debt unsecured	©4325.977	1559.273
Loans directors unsecured	0.000	4.986
Interest accrued due debentures unsecured	17.699	0.000
Interest accrued due other debt unsecured	2.039	0.392
Total	4845.714	3564.650

Note: (A) The debentures are convertible at par in parts in 11 months from date of amendment dated February 23, 2011 to the investment cum shareholder agreement dated Oct 31, 2007 into class B equity shares of Rs 10 each carrying differential voting and distribution rights with WDC ventures limited and Everlast Projects Private Limited

(C) Short term loans From others - Inter corporate deposits 0 Other loans From others - Inter corporate deposits 4325.977

Financial Institution:

Indiabulls Financial services limited,, F-60, Malhotra Building, 2^nd Floor, Cannaught Palce, New Delhi – 110001, India

Banking Relations :	--
Auditors :
Name :	Walker Chandiok and Company Chartered Accountant
Address :	L-41 Connaught Circus New Delhi – 110001, India
Pan No.:	AAAFW4298E
Wholly Owned Subsidiary :	· Vatika Hospitality Private Limited U55101DL1989PTC036387 · Vatika Hotels Private Limited U55101DL2004PTC126079 · Vatika Jaipur SEZ Developers Limited U45202DL2006PLC145197 · Vatika IT Parks Private Limited U51225DL2002PTC116336 · Aspire Promoters Private Limited U70109DL2006PTC151705 · Vatika Dwellers Private Limited U70109DL2006PTC151847 · Famous Dwellers Private Limited U70109DL2006PTC151704 · Valterna Promoters and Developers Private Limited U70109DL2006PTC151844
Subsidiary:	SH Tech Park Developers Private Limited U45400DL2007PTC165517
Wholly owned subsidiaries though group companies	· Avon Buildtech P Limited U45201DL2005PTC142179 · Buzz Estates P Limited U45201DL2005PTC135015 · Wonder Developers P Limited U45202DL2005PTC142177 · Browz Technologies P Limited · Shivganesh Buildtech P. Limited. · Blossom Properties P Limited · Crazy Properties P Limited · Pegasus Infrastructure P Limited · Sahar Land and Housing P Limited · Sarvad Builders P Limited · Spring Buildcon P Limited · Espo Developers P Limited · Mendell Developers P Limited · Calida Developers P Limited · Caspar Developers P Limited · Kolina Developers P Limited · Vatika INDIA NEXT Developers P Limited · Paxton Promoters & Developers P Limited · Marathon Promoters P Limited · Stanway Developers P Limited · Sanskar Buildtech P. Limited · Nakshatra Buildcon P. Limited. · Bendek Developers P Limited · Vatika Infratech P Limited · Magnet Developers P Limited · Stedman Developers P Limited · Shivam Infratech P Limited · Alden Developers P Limited · Alaska Constructions P Limited · Fermina Developers P Limited · Halima Developers P Limited · Blair Developers P Limited · Vatika Education Services P Limited · Feldon Developers P Limited · Revika Developers P Limited · Winston Developers P Limited · Gabino Developers P Limited · Payton Developers P Limited · Daren Developers P Limited · Kepa Developers P Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
48000000	Equity Shares	Rs.10/- each	Rs.480.000 Millions
2000000	Preference Shares	Rs.10/- each	Rs.20.000 Millions
	Total		Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12822399	Equity Shares	Rs.10/- each	Rs.128.224 Millions
1053466	Preference shares	Rs.10/- each	Rs.10.535 Millions
	Total		Rs.138.759 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		138.758	138.758	138.759
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8389.290	7642.445	7460.572
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8528.048	7781.203	7599.331
LOAN FUNDS
1] Secured Loans		8250.369	5391.760	3495.322
2] Unsecured Loans		4845.714	3564.650	3931.158
TOTAL BORROWING		13096.083	8956.410	7426.480
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
OTHER LIABILITIES		1866.103	1596.573	1159.109
TOTAL		23490.234	18334.186	16184.920
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		195.632	210.269	258.197
Capital work-in-progress		186.703	0.360	3.163
INVESTMENT		2473.144	1819.765	1670.532
DEFERREX TAX ASSETS		84.881	103.808	193.528
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	18524.573	15276.390	13177.210
	Sundry Debtors	2472.103	2837.746	2317.395
	Cash & Bank Balances	1068.290	2540.062	214.277
	Other Current Assets	2200.766	661.144	10.628
	Loans & Advances	17744.792	10740.126	12067.423
Total Current Assets		42010.524	32055.468	27786.933
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3158.452	3409.050	13364.112
	Other Current Liabilities	17831.163	12173.076
	Provisions	471.035	273.358	363.321
Total Current Liabilities		21460.650	15855.484	13727.433
Net Current Assets		20549.874	16199.984	14059.500
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		23490.234	18334.186	16184.920

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	8997.796	5989.362	3989.386
		Other Income	52.433	105.803	84.568
		TOTAL (A)	9050.229	6095.165	4073.954
Less	EXPENSES
		Contract cost	5671.893	4331.072
		Employee related expenses	143.034	120.053
		Administrative selling other expenses	742.159	459.725
		TOTAL (B)	6557.086	4910.850	3830.288 (Including Financial and Depreciation Expenses)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2493.143	1184.315
Less	FINANCIAL EXPENSES (D)		1236.321	741.220
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1256.822	443.095
Less/ Add	DEPRECIATION/ AMORTISATION (F)		29.724	32.753
	PROFIT BEFORE TAX (E-F) (G)		1227.098	410.342	243.666
Less	TAX (H)		427.753	228.469	123.433
	PROFIT AFTER TAX (G-H) (I)		799.345	181.873	120.233
	EARNINGS IN FOREIGN CURRENCY		16.092	2.338	NA
	Earnings Per Share (Rs.)
	Basic		62.34	14.18	-
	Diluted		13.35	1.05	-

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	8.83	2.98	2.95
Net Profit Margin (PBT/Sales)	(%)	13.64	6.85	6.11
Return on Total Assets (PBT/Total Assets}	(%)	2.91	1.27	0.87
Return on Investment (ROI) (PBT/Networth)		0.14	0.05	0.03
Debt Equity Ratio (Total Liability/Networth)		4.05	3.19	2.78
Current Ratio (Current Asset/Current Liability)		1.96	2.02	2.02

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	No

Note:

The Registered office of the company has been shifted from Second Floor, 98, Sant Nagar, New Delhi India to the present address w.e.f.27.03.2008

FINANCIAL RESULTS AND FUTURE OUTLOOK

The Company registered a 50% growth in revenues, 126% increase in PBIDT and 340% increase in PAT in FY 2010-11 as compared to previous year. The above growth is attributed to the Company’s continuous focus on project execution and generation of robust order book in various real estate projects developed by it. During the year under review, the Company added significant developable land in the flagship project “Vatika India Next” including two new high rise group housing and achieved financial closure on the project. Despite the rising input cost, stiff competition and supply available in the region and adjoining areas where the Company is developing its projects, the company has shown strong growth in both revenues and profits and has been able to build a robust order book for future years.

Improved demand for housing space during 2010 was witnessed across most residential markets, mainly driven by economic recovery and positive market sentiments. However in present times, significant rise in input costs during the last six months, monetary policy tightening making home loans expensive, high inflation and intensified competition has pushed up the cost of delivery of existing order book. But the Company is maintaining its focus on timely execution and delivery by optimal utilization of available resources, targeting mid segment housing markets to ensure sustained order book growth, continuing to focus on enhancing the quality of service delivery to its customers and further enhancing a robust cost management system across various functions to achieve desired goals.

The Board of Directors is of the view that the current year will see a robust growth in revenue with all projects under execution. But rise in cost of debt and cost of delivery will put pressure on margins for next 12-18 months considering limited visibility on softening of interest rate and inflationary pressures in near to mid-term.

Subsidiary Companies

The Company had 49 subsidiaries as on March 31, 2011 as set out below:

1. *Vatika Hospitality Private Limited (Wholly Owned Subsidiary)

M/s Vatika Hospitality Private Limited is into the business of running and managing Restaurants, Resorts, Business Centers and Facility Management Services. The Company has shown phenomenal increase in expending its business at all verticals.

Vatika Hospitality Private Limited has four world class fine dine specialty restaurants viz. The Fox, Coriander Leaf, Zing and 56 – Ristorante Italiano at Gurgaon which are known for their authentic cuisine and have received many awards for the same. 56 - Ristorante Italiano, which is very well known in Delhi NCR for its authentic Italian cuisine has been awarded with Best Italian Restaurant award for the year 2011 by the Times Food Award.

The Westin Sohna Resort and Spa, Sohna Road, Gurgaon is another landmark project of Vatika Hospitality Private Limited which is spread over 40 acres with 97 keys, state-of-the-art meeting facilities and four fine dine distinctive restaurants. The Westin Sohna Resort and Spa has received “Best Five Star Resort in India” by Today’s Traveler Award for the year 2011.

Vatika Hospitality Private Limited also have fully equipped business centers at Gurgaon, Pune, Bangalore, Hyderabad and Mumbai which provide ready-to-move-in short-term and long-term office space solutions that offer an exclusive ambience, state-of-the art technology and professional support services to its clients.

This year Vatika Hospitality Private Limited has acquired facility management business from Vatika Limited, the Company’s holding Company which is widely recognized by its Brand “enviro”. The said business of Vatika Hospitality Private Limited caters to various service / facilities which the Company provides to its clients and has also been awarded with ISO 9001 Certificate for quality service standards.

2. *Vatika Hotels Private Limited (Wholly Owned Subsidiary)

M/s Vatika Hotels Private Limited is into the business of construction and management of hotels. Vatika Hotels Private Limited has commercially opened its maiden five – star hotel – “The Westin Gurgaon, New Delhi” on 1st Oct 2010 from then it is receiving overwhelming response from its customers and has become extremely popular for its state of the art facilities. Vatika Hotels Private Limited has plans to open its next hotel at Faridabad with the name “Four Points by Sheraton”. Vatika Hotels Private Limited has also acquired at Chennai for high end golf course resort hotel and plans to add few more properties as part of its future expansion.

The Board of Directors of Vatika Hotels Private Limited and Vatika Hospitality Private Limited have proposed a scheme of Amalgamation of both the Companies. Since both Companies are engaged in similar lines of business i.e. Hotels and Hospitality Services, amalgamation would enable reduction in admistrative efforts; bring synergies in conducting business and resultant improvement in business performance. The scheme was filed with Hon’ble High Court of Delhi on 26th May 2011 and was approved by the Shareholders, Secured and Unsecured Creditors of both the Companies and appropriate order from the appropriate authorities are awaited.

3. SH Tech Park Developers Private Limited

SH Tech Park Developers Private Limited is primarily engaged in the business of construction, development, sale and leasing of Technology Park. The maiden project developed by the Company is located at Gurgaon and comprises of two towers with super area of 615000 sq. feet. The construction of both the towers is almost complete and leasing is in full swing.

4. *Vatika Jaipur SEZ Developers Limited (Wholly Owned Subsidiary)

Vatika Jaipur SEZ Developers Limited is into the business of development of Special Economic Zone (SEZ). The Company has got approval for development of 53 acres IT SEZ at Jaipur, Rajasthan.

FORM 8

Corporate identity number of the company	U74899DL1998PLC094773
Name of the company	VATIKA LIMITED
Address of the registered office or of the principal place of business in India of the company	Flat No. 621-A, 6th Floor, Devika Towers, 6, Nehru Place New Delhi – 110019, Email: secretarial@vatikagroup.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	HDFC Bank Limited, HDFC Bank House Senapati Bapat marg, Lower Parel, (West), Mumbai- 400013, Maharashtra, India Email: cpu-retailassetoperations.rocefiling@hdfcbank.com
Nature of instrument creating charge	Auto Loan Agreement No. - 22140346 - executed amongst HDFC Bank Limited (Lender) and Vatika Limited (Borrower) on 24/08/2012 for the purchase of Vehicle.
Date of instrument Creating the charge	24.08.2012
Amount secured by the charge	Rs. 0.584 Million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 11.50% Per Annum Term of Payment: Loan amount will be repayable at the interest rate of 11.50% Per Annum in equated monthly installments for a period of 36 months.1 EMI is in advance.
Short particulars of the property charged (Including location of the property)	Vehicle-Mahindra Bolero, engine No. 16683,chassis No. 41214.

CONTINGENT LIABILITIES NOT PROVIDED FOR

(Rs. in millions )

	31.03.2011	31.03.2010
Penalty levied under section 271B for the assessment year 2008-09	0.100	0.100
Penalty levied under section 271 (1) (b) for the assessment year 2008-09	0.010	0.010
Income Tax matter in respect of regular assessment for the assessment year 2008-09	129.956	-
Penalty levied under section 271B for the assessment year 2007-08	0.100	0.100
Income Tax matter in respect of regular assessment for the assessment year 2007-08	5.197	5.197
Income Tax matter in respect of regular assessment for the assessment year 2006-07, pending before ITAT filed by the department	1.029	1.029
Income Tax matter in respect of regular assessment for the assessment year 2005-06, pending before ITAT filed by the department	2.961	2.961
Penalty levied under section 271(1) (c) for the assessment year 2004-05	0.900	-
Income Tax matter in respect of rectification assessment proceeding for the assessment year 2003-04	1.192	1.192
Income Tax matter in respect of search & seizure carried out by the authorities in 2003-04	8.433	8.433
Income Tax matter in respect of regular assessment for the assessment year 2003-04	25.975	25.975
Income Tax matter in respect of regular assessment for the assessment year 2003-04	0.200	0.200
Income Tax matter in respect of Income escaping assessment for the assessment year 2001-02, pending before ITAT filed by the department	-	3.072
Income Tax matter in respect of surcharge levied by Department for search carried out in assessment year 2001-02, writ petition pending before Supreme Court, filed by Department	0.063	0.063
Penalty levied under section 158 BFA (2) in respect of Search and Seizure carried out by authorities in 2000-01	0.628	-
Penalty levied under section 271 (1) (c) for the assessment year 1998-99	0.749	0.749
Income Tax matter in respect of regular assessment for the assessment year 1996-97, pending before CIT	0.245	0.245
Others
Corporate guarantee issued on behalf of Vatika Hospitality Private Limited	-	210.000
Corporate guarantee issued on behalf of Vatika Hotels Private Limited	350.000	-
Penalty for non-performance of contracts	983.965	-

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 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.51.62
UK Pound	1	Rs.83.57
Euro	1	Rs.67.17

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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		54

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.