MIRA INFORM REPORT

Report Date :

10.09.2012

IDENTIFICATION DETAILS

Name :	DS (ASSAM) HOSPITALITY LIMITED
Registered Office :	4828/24, Prahalad Lane, Ansari Road, Daryaganj, New Delhi-110002
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.08.2007
Com. Reg. No.:	55-166683
Capital Investment / Paid-up Capital :	Rs.389.530 Millions
CIN No.: [Company Identification No.]	U55102DL2007PLC166683
TAN No.: [Tax Deduction & Collection Account No.]	DELD10155F
PAN No.: [Permanent Account No.]	AACCD6598H
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Hotel Under Construction.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 1540000
Status :	Yet to commence business activity
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a joint venture between Dharampal Satyapal Limited and Guwahati Metropolitan Development Authority. It is a company having moderate track. Even though it was incorporated during 2007, it is yet to commence its operations. The project is scheduled to be operational by end of 2013. The paid up capital of the company appears to be strong. It was incurred some pre-operative expenses during 2011. Payments are unknown. The company can be considered for business dealings with some caution.

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+ [Term Loan]
Rating Explanation	Moderate risk of default.
Date	June 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 :	4828/24, Prahalad Lane, Ansari Road, Daryaganj, New Delhi-110002, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	companysecretary@dsgroup.com
Hotel Project Site :	NH-37-A, By Pass Gota Nagar, Near Jalukbari, Guwahati-781033, Assam, India

DIRECTORS

AS ON 29.09.2011

Name :

Mr. Rajivkumar Satyapal Gupta

Designation :

Director

Address :

E-1A, Maharani Bagh, New Delhi-110065, India

Date of Birth/Age :

03.12.1962

Date of Appointment :

06.08.2007

Din No.:

00028328

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	U52110DL1989PLC038613	DHARAMPAL SATYAPAL LIMITED	Director	01/04/2011	11/12/1989	-	Active	NO
2	U74899DL1991PTC044503	S R CREDITS PRIVATE LIMITED	Director	03/06/1991	03/06/1991	-	Active	NO
3	U55101DL1988PLC033048	MANU MAHARANI HOTELS LIMITED	Director	10/02/2000	10/02/2000	17/09/2009	Active	NO
4	U74899DL1994PTC060728	AAR ESS INTERNATIONAL PRIVATE LIMITED	Director	20/08/2002	20/08/2002	-	Active	NO
5	U16008DL2004PTC123917	DHARAMPAL SATYAPAL SONS PRIVATE LIMITED	Director	07/01/2004	07/01/2004	-	Active	NO
6	U16002DL2005PLC135128	DS TOBACCO PRODUCTS LIMITED	Director	20/04/2005	20/04/2005	20/03/2008	Strike off	NO
7	U55101DL2005PLC137295	DS HOTELS AND RESORTS (INDIA) LIMITED	Managing director	07/06/2005	07/06/2005	30/03/2009	Active	NO
8	U00500DL2005PTC140832	SANKALP INFRASTRUCTURE PRIVATE LIMITED	Director	16/09/2005	16/09/2005	31/03/2011	Active	NO
9	U45201DL2005PTC140831	PARIVESH DEVELOPERS AND BUILDERS PRIVATE LIMITED	Director	16/09/2005	16/09/2005	-	Active	NO
10	U45201DL2005PTC140830	SILVERTECH CONSTRUCTION PRIVATE LIMITED	Director	16/09/2005	16/09/2005	-	Active	NO
11	U74899DL2005PTC142931	DS REALETORS PRIVATE LIMITED	Director	24/11/2005	24/11/2005	31/03/2009	Active	NO
12	U63040RJ1995PTC010264	BLUE WINGS TOURS AND TRAVELS PRIVATE LIMITED	Director	20/01/2006	20/01/2006	30/03/2009	Active	NO
13	U55101DL2001PLC112138	KOLKATTA HOTELS LIMITED	Director	23/01/2006	23/01/2006	-	Active	NO
14	U45201DL2005PTC136854	SPIRITUAL INFRASTRUCTURE PRIVATE LIMITED	Director	25/02/2006	25/02/2006	-	Active	NO
15	U55101RJ1998PLC014779	J.R. RECREATION CLUBS AND RESORTS LIMITED	Director	10/07/2006	08/05/2006	30/03/2009	Active	NO
16	U70109DL2006PTC151800	TANAY BUILDWELL PRIVATE LIMITED	Director	09/08/2006	09/08/2006	15/02/2007	Active	NO
17	U70109DL2006PTC153214	ASIJA CONSTRUCTIONS PRIVATE LIMITED	Director	07/09/2006	07/09/2006	15/02/2007	Active	NO
18	U45200DL2006PTC153458	VIRAT DWELLERS PRIVATE LIMITED	Director	09/09/2006	09/09/2006	-	Active	NO
19	U45200DL2006PTC154719	SALAJ BUILDWELL PRIVATE LIMAITED	Director	11/10/2006	11/10/2006	-	Active	NO
20	U74899DL1982PTC013125	PASONDA TEXTILE INDUSTRIES PRIVATE LIMITED	Director	03/02/2007	03/02/2007	30/03/2009	Active	NO
21	U45206DL2007PTC162180	DS INFRA PROJECTS PRIVATE LIMITED	Director	17/04/2007	17/04/2007	-	Active	NO
22	U26940ML2007PTC008262	NILANCHAAL CEMENT PRIVATE LIMITED	Director	19/05/2007	19/05/2007	30/03/2009	Active	NO
23	U55102DL2007PLC166683	DS (ASSAM) HOSPITALITY LIMITED	Director	06/08/2007	06/08/2007	-	Active	NO
24	U26990AP2007PLC055860	DSC CEMENT LIMITED	Director	09/10/2007	09/10/2007	-	Strike off	NO
25	U10100ML2007PTC008292	DIVYANSH MINING DEVELOPERS PRIVATE LIMITED	Director	13/11/2007	13/11/2007	19/11/2010	Active	NO
26	U40108ML2007PTC008291	DIVYANSH POWERGEN PRIVATE LIMITED	Director	13/11/2007	13/11/2007	-	Active	NO
27	U70101DL2006PTC146705	OOJAM DWELLERS PRIVATE LIMITED	Director	23/09/2009	19/05/2009	-	Active	NO
28	U45200DL2007PTC158277	GATIK INFRATECH PRIVATE LIMITED	Director	29/09/2009	21/05/2009	-	Active	NO
29	U55101DL2010PTC198671	SEVEN R HOTELS PRIVATE LIMITED	Director	04/02/2010	04/02/2010	-	Active	NO
30	U15400DL2010PLC206418	DS TSUKIOKA LUXURY FOOD LIMITED	Director	29/07/2010	29/07/2010	-	Active	NO

Name :

Mr. Pueshkumar Srikishan Gupta

Designation :

Director

Address :

43/1, Rajpur Road, New Delhi-110054, India

Date of Birth/Age :

27.09.1968

Date of Appointment :

06.08.2007

Din No.:

00041847

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	U52110DL1989PLC038613	DHARAMPAL SATYAPAL LIMITED	Whole-time director	01/04/2008	15/12/1989	-	Active	NO
2	U65910DL1996PTC080042	SURYAKIRAN FINLEASE PRIVATE LIMITED	Director	02/07/1996	02/07/1996	12/03/2009	Active	NO
3	U74899DL1991PTC044503	S R CREDITS PRIVATE LIMITED	Director	30/09/1997	30/09/1997	-	Active	NO
4	U74899DL1978PTC008971	DEE PEE KAGAJ UDYOG PRIVATE LIMITED	Director	12/03/2003	12/03/2003	30/03/2009	Active	NO
5	U16008DL2004PTC123917	DHARAMPAL SATYAPAL SONS PRIVATE LIMITED	Director	14/01/2005	14/01/2005	-	Active	NO
6	U45201DL2005PTC132746	KAILASH DWELLERS PRIVATE LIMITED	Director	07/02/2005	07/02/2005	01/03/2011	Active	NO
7	U45201DL2005PTC132749	BEST DWELLERS PRIVATE LIMITED	Director	07/02/2005	07/02/2005	31/03/2009	Active	NO
8	U45201DL2005PTC132741	HANS BUILDCON PRIVATE LIMITED	Director	07/02/2005	07/02/2005	31/03/2009	Active	NO
9	U45201DL2005PTC132744	LORD KRISHNA DWELLERS PRIVATE LIMITED	Director	07/02/2005	07/02/2005	31/03/2009	Active	NO
10	U45201DL2005PTC132742	VINTAGE BUILDERS PRIVATE LIMITED	Director	07/02/2005	07/02/2005	31/03/2009	Active	NO
11	U16002DL2005PLC135128	DS TOBACCO PRODUCTS LIMITED	Director	20/04/2005	20/04/2005	20/03/2008	Strike off	NO
12	U55101DL2005PLC137295	DS HOTELS AND RESORTS (INDIA) LIMITED	Director	07/06/2005	07/06/2005	30/03/2009	Active	NO
13	U74899DL2005PTC141766	MARS DWELLERS PRIVATE LIMITED	Director	17/10/2005	17/10/2005	-	Active	NO
14	U74899DL2005PTC142931	DS REALETORS PRIVATE LIMITED	Director	24/11/2005	24/11/2005	31/03/2009	Active	NO
15	U63040RJ1995PTC010264	BLUE WINGS TOURS AND TRAVELS PRIVATE LIMITED	Director	20/01/2006	20/01/2006	30/03/2009	Active	NO
16	U55101DL2001PLC112138	KOLKATTA HOTELS LIMITED	Director	23/01/2006	23/01/2006	-	Active	NO
17	U45206DL2007PTC162180	DS INFRA PROJECTS PRIVATE LIMITED	Director	17/04/2007	17/04/2007	-	Active	NO
18	U26940ML2007PTC008262	NILANCHAAL CEMENT PRIVATE LIMITED	Director	19/05/2007	19/05/2007	30/03/2009	Active	NO
19	U55102DL2007PLC166683	DS (ASSAM) HOSPITALITY LIMITED	Director	06/08/2007	06/08/2007	-	Active	NO
20	U40108ML2007PTC008291	DIVYANSH POWERGEN PRIVATE LIMITED	Director	24/09/2008	01/05/2008	-	Active	NO
21	U15400DL2010PLC206418	DS TSUKIOKA LUXURY FOOD LIMITED	Director	29/07/2010	29/07/2010	-	Active	NO
22	U15549DL2011PLC222337	DS MILK PRODUCT LIMITED	Director	14/07/2011	14/07/2011	07/07/2012	Active	NO

Name :

Mr. Atul Jain

Designation :

Director

Address :

W-102, Greater Kailash Part – 1, New Delhi-110048, India

Date of Birth/Age :

21.02.1965

Date of Appointment :

06.08.2007

Din No.:

00060933

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	U55101DL1988PLC033048	MANU MAHARANI HOTELS LIMITED	Managing director	03/04/2010	10/02/2000	-	Active	NO
2	U55101DL2005PLC137295	DS HOTELS AND RESORTS (INDIA) LIMITED	Director	01/01/2009	31/12/2005	-	Active	NO
3	U45201DL2005PTC142933	SANDARBH DWELLERS PRIVATE LIMITED	Director	17/01/2006	17/01/2006	31/03/2009	Active	NO
4	U55101DL2001PLC112138	KOLKATTA HOTELS LIMITED	Director	23/01/2006	23/01/2006	-	Active	NO
5	U74899DL1978PTC008971	DEE PEE KAGAJ UDYOG PRIVATE LIMITED	Director	25/09/2007	21/06/2006	30/03/2009	Active	NO
6	U16008DL2004PTC123917	DHARAMPAL SATYAPAL SONS PRIVATE LIMITED	Director	15/12/2006	15/12/2006	-	Active	NO
7	U45201DL2005PTC142930	TANISHQ BUILDCON PRIVATE LIMITED	Director	05/02/2007	05/02/2007	-	Active	NO
8	U52110DL1989PLC038613	DHARAMPAL SATYAPAL LIMITED	Whole-time director	01/05/2012	10/05/2007	-	Active	NO
9	U55101RJ1998PLC014779	J.R. RECREATION CLUBS AND RESORTS LIMITED	Director	28/07/2007	28/07/2007	30/03/2009	Active	NO
10	U55102DL2007PLC166683	DS (ASSAM) HOSPITALITY LIMITED	Director	06/08/2007	06/08/2007	-	Active	NO
11	U63040RJ1995PTC010264	BLUE WINGS TOURS AND TRAVELS PRIVATE LIMITED	Director	13/09/2008	13/09/2008	30/03/2009	Active	NO

Name :

Mr. Saurabh Gupta

Designation :

Director

Address :

43/1, Rajpur Road, New Delhi-110054, India

Date of Birth/Age :

16.05.1982

Date of Appointment :

01.06.2011

Din No.:

01952020

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	U55101RJ1998PLC014779	J.R. RECREATION CLUBS AND RESORTS LIMITED	Director	08/08/2009	30/03/2009	-	Active	NO
2	U63040RJ1995PTC010264	BLUE WINGS TOURS AND TRAVELS PRIVATE LIMITED	Director	08/08/2009	30/03/2009	30/09/2009	Active	NO
3	U55101DL2005PLC137295	DS HOTELS AND RESORTS (INDIA) LIMITED	Director	31/01/2010	30/03/2009	-	Active	NO
4	U55101DL1988PLC033048	MANU MAHARANI HOTELS LIMITED	Director	30/09/2010	30/09/2009	-	Active	NO
5	U01119DL2007PTC158135	DS GREEN AGROTECH PRIVATE LIMITED	Director	28/09/2010	01/02/2010	-	Active	NO
6	U52100DL2011PLC216226	DS LUXURY RETAIL LIMITED	Director	21/03/2011	21/03/2011	-	Active	NO
7	U55101DL2001PLC112138	KOLKATTA HOTELS LIMITED	Director	29/09/2011	01/06/2011	-	Active	NO
8	U55102DL2007PLC166683	DS (ASSAM) HOSPITALITY LIMITED	Director	29/09/2011	01/06/2011	-	Active	NO
9	U52100DL2011PLC220344	DS LUXURY COUTURE LIMITED	Director	03/06/2011	03/06/2011	-	Active	NO
10	U55101DL2010PTC198671	SEVEN R HOTELS PRIVATE LIMITED	Additional director	13/10/2011	13/10/2011	-	Active	NO
11	U92490DL2012PLC229849	BEST BROADCASTING COMPANY LIMITED	Director	12/01/2012	12/01/2012	-	Active	NO
12	U92100DL2012PLC230204	BHARAT BROADCASTING COMPANY LIMITED	Director	18/01/2012	18/01/2012	-	Active	NO

Name :

Ganapathyagraharam Venkatesan Viswanathan

Designation :

Director

Address :

H. No. 2167, Sector 9, AD, Faridabad-110054, Haryana, India

Date of Birth/Age :

28.03.1948

Date of Appointment :

01.09.2011

Din No.:

03607014

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	Company/ LLP Status	Defaulting status
1	U55102DL2007PLC166683	DS (ASSAM) HOSPITALITY LIMITED	Director	29/09/2011	01/09/2011	Active	NO
2	U55101DL2001PLC112138	KOLKATTA HOTELS LIMITED	Director	29/09/2011	01/09/2011	Active	NO
3	U55101RJ1998PLC014779	J.R. RECREATION CLUBS AND RESORTS LIMITED	Director	27/09/2011	01/09/2011	Active	NO
4	U55101DL2005PLC137295	DS HOTELS AND RESORTS (INDIA) LIMITED	Director	29/09/2011	01/09/2011	Active	NO
5	U55101DL2010PTC198671	SEVEN R HOTELS PRIVATE LIMITED	Additional director	13/10/2011	13/10/2011	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2011

Names of Shareholders	No. of Preferences Shares	No. of Equity Shares
Ravinderkumar Satyapal Gupta	--	100
Rajivkumar Satyapal Gupta	--	100
Pueshkumar Srikishan Gupta	--	100
Rita Ravinder Gupta	--	100
Sunita Rajiv Gupta	--	100
Ritesh Ravinder Gupta	--	100
Dharampal Satyapal Limited, India	--	27352400
Guwahati Metropolitan Development Authority, India	--	5600000
Dharampal Satyapal Limited, India	3600000	--
Guwahati Metropolitan Development Authority, India	2400000	--
TOTAL	6000000	32953000

AS ON 29.09.2011

Equity Share Breakup	Percentage of Holding
Category
Government [Central and State]	16.99
Bodies corporate	83.00
Directors or relatives of directors	0.01
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Hotel Under Construction.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Commercial Branch, Connaught Circus, New Delhi-110001, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loan (A) 1. Term Loans from Banks are secured by (i) first pari passu charge on the entire assets of the company (immovable and movable) and assignment of material project contracts both present and future including equitable mortgage on land and building and current assets including receivables of the company and (ii) personal guarantee of a promoter director of the company. 2. Due within one year Rs. Nil	50.358 (A)	0.000
TOTAL	50.358	0.000

Banking Relations :	--
Auditors :
Name :	Virmani and Associates Chartered Accountants
Address :	Suite 702, Nilgiri Place, 9, Barakhamba Road, New Delhi-110001, India
Pan No.:	AAAFV2796C
Holding Company :	Dharampal Satyapal Limited
Fellow Subsidiaries :	· Dee Pee Kagaj Udyog Private Limited · DS Businesses AG · Silverlake Realtors Private Limited · SKR Properties Private Limited · Hans Buildcon Private Limited · Best Dwellers Private Limited · Kailash Dwellers Private Limited · Lord Krishna Dwellers Private Limited · DS Green Agrotech Private Limited · Sabhrant Estates Private Limited · Precision Dwellers Private Limited · Vintage Builders Private Limited · Shape Builders Private Limited · Hitech Dwellers Private Limited · Galaxy Dwellers Private Limited · DS Hotels and Resorts (India) Limited · Spiritual Dwellers Private Limited · Sandarbh Buildcon Private Limited · Sunrise Dwellers Private Limited · Yukti Construction Private Limited · Abhijay Developers Private Limited · DS Realetors Private Limited · DS Agri Estates Private Limited · Bhaumik Sheltors Private Limited · Manas Dwellers Private Limited · Nilay Infrastructure Private Limited · RD Educational Institute Private Limited · Avichal Infrastructure Private Limited · Vachan Realtors Private Limited · Sandarbh Dwellers Private Limited · Talish Agroestates Private Limited · Rishika Agrodevelopers Private Limited · Avichal Buildcon Private Limited · Bhaumik Buildwell Private Limited · Santati Agriestates Private Limited · Vihaan Agriestates Private Limited · Vipra Realtors Private Limited · Abhisar Buildwell Private Limited · Revati Agrifarms Private Limited · Nilanchaal Cement Private Limited · Divyansh Powergen Private Limited · Kolkatta Hotels Limited · Sindhudurg Hospitality Private Limited · Divyansh Mining Developers Private Limited · DS Agrodevelopers Private Limited · DS Tsukioka Luxury Food Limited
Related Parties :	· Aar Ess International Private Limited · Baba Tobacco Limited · Dharampal Satyapal Sons Private Limited · Divyansh Powergen Private Limited · DS Hotels and Resorts (India) Limited · DS Infra Projects Private Limited · DS Tsukioka Luxury Food Limited · Gatik Infratech Private Limited · Kalki Builders and Developers · Manu Maharani Hotels Limited · Mars Dwellers Private Limited · Meenakshi Stores · Oojam Dwellers Private Limited · Parivesh Developers and Builders Private Limited · Salaj Buildwell Private Limited · Sankalp Infrastructure Private Limited · Silvertech Construction Private Limited · SR Credits Private Limited · SR Group of Industries · Surajmal Srikishan · Tanishq Buildcon Private Limited · Venus Dwellers Private Limited · Virat Dwellers Private Limited · Suryakiran Trading Corporation

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
47000000	Equity Shares	Rs.10/- each	Rs.470.000 Millions
6000000	Preferences Shares	Rs.10/- each	Rs.60.000 Millions
	Total		Rs.530.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
32953000	Equity Shares	Rs. 10/- each	Rs.329.530 Millions
6000000	Preferences Shares	Rs.10/- each	Rs.60.000 Millions
	Total		Rs.389.530 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		389.530	31.800	31.800
2] Share Application Money		0.000	192.380	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(3.468)	(0.087)	0.000
NETWORTH		386.062	224.093	31.800
LOAN FUNDS
1] Secured Loans		50.358	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		50.358	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		436.420	224.093	31.800
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		84.854	82.407	1.313
Capital work-in-progress		337.775	159.494	24.893
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		1.485	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	4.244	1.121	0.169
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	9.375	5.034	2.632
Total Current Assets		13.619	6.155	2.801
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.814	27.307	0.110
	Other Current Liabilities	0.439	0.886	0.312
	Provisions	0.060	0.354	0.004
Total Current Liabilities		1.313	28.547	0.426
Net Current Assets		12.306	(22.392)	2.375
MISCELLANEOUS EXPENSES		0.000	4.584	3.219
TOTAL		436.420	224.093	31.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income		0.000
		Other Income		0.000
		TOTAL	NA	0.000
Less	EXPENSES
		Auditors Remuneration	NA	0.044
		Rates and Taxes		0.018
		Filing Fees		0.003
		TOTAL	NA	0.065
	PROFIT / (LOSS) BEFORE TAX		(4.865)	(0.065)
Less	TAX		(1.484)	0.022
	PROFIT / (LOSS) AFTER TAX		(3.381)	(0.087)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.087)	0.000
	BALANCE CARRIED TO THE B/S		(3.468)	(0.087)
	Earnings / (Loss) Per Share (Rs.)		(0.16)	(0.01)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	0.00	NA
Net Profit Margin (PBT/Sales)	(%)	NA	0.00	NA
Return on Total Assets (PBT/Total Assets}	(%)	(4.94)	(0.07)	NA
Return on Investment (ROI) (PBT/Networth)		(0.01)	0.00	NA
Debt Equity Ratio (Total Liability/Networth)		0.13	0.13	0.01
Current Ratio (Current Asset/Current Liability)		10.37	0.22	6.57

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	No
12]	Profitability for last two 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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BUSINESS PERFORMANCE:

DS (Assam) Hospitality Limited is a SPV incorporated on 6^th August 2007 subsequent to signing a Joint Venture Agreement on June 01, 2007 between Guwahati Metropolitan Development Authority (GMDA) and Dharampal Satyapal Limited (DS Limited).

The company has started the construction of hotel project at NH 37, Byepass, Near Jalukbari Circle, Guwahati, Assam. It will have a total built up area of around 3.63 lakh sq-ft. The 196 Room 5 star Hotel will consist of 26 suites and 170 standard rooms. It will also consist of 5 F and B outlets, 3 restaurants with a total seating capacity of 229 persons, a banquet hall with a seating capacity of 450 persons and 1 bar with a seating capacity of 65 persons.

All required statutory approvals are in place. The total cost of the hotel project is estimated at Rs 1547.600 Millions and is expected to be operational from December, 2012.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10273262
Corporate identity number of the company	U55102DL2007PLC166683
Name of the company	DS (ASSAM) HOSPITALITY LIMITED
Address of the registered office or of the principal place of business in India of the company	4828/24, Prahalad Lane, Ansari Road, Daryaganj, New Delhi-110002, India
Type of charge	Book Debts Movable Property [not being pledge] Others Immovable Property
Particular of charge holder	State Bank of India, Commercial Branch, Connaught Circus, New Delhi-110001, India Email: mehtasanjay@sbi.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum of entry dated 29.03.2011 for the equitable mortgage of plot situated at Vill: Gotanagar under Mouza Jalukbari in the District : Kamrup Assam
Date of instrument Creating the charge	29.03.2011
Amount secured by the charge	Rs.773.800 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Rs.450.000 Millions sanctioned by SBI:-Strategic pricing of at 4.00% above base rate with monthly rests. Rs.323.800 Millions sanctioned by Canara Bank:-floating rate linked to prevailing banks base rate Terms of Repayment For Rs.450.000 Millions sanctioned by SBI:-Repayable in 28 quarterly installments starting first quarter of FY2013-14. For Rs.323.800 Millions sanctioned by Canara Bank:-Repayable in 28 quarterly installments starting first quarter of FY2013-14. Margin For Rs.450.000 Millions sanctioned by SBI:-50% For Rs.323.800 Millions sanctioned by Canara Bank:-Overall Project margin of 50% Extent and Operation of the charge For Rs.450.000 Millions sanctioned by SBI: First pari-passu charge on the entire assets of the company (Immovable and movable) and assignments of material project contracts both present and future including equitable mortgage of land and building of the company with Canara bank as primary security. First Charge on the entire current assets of the company including receivables on pari passu basis with Canara Bank as collateral security. Others For Rs. 323.800 Millions sanctioned by Canara Bank :- Pari passu charge on the assets of the project (Immovable and Movable) and assignment of material project contracts both present and future including equitable mortgage of land and building of the project having total project cost of Rs.1547.600 Millions.
Short particulars of the property charged	** Equitable Mortgage of a plot of land measuring 27 Bighas covered by Dag Nos. 224, 716, 294, 724, 356, 721, 715, 723, 228, 719, 717, 720, 164, 293, 722, 291, 762, 768 and 761 ** Situated at Village: Gotanagar under Mouza Jalukbari in the District Kamrup, Assam ** First pari passu charge on the entire assets of the company (immovable and moveable) and assignments of material project contracts both present and future. ** First pari passu charge on the entire current assets of the company including receivables on pari passu basis with Canara Bank.
Particulars of the present modification	Memorandum of entry dated 29.03.2011 pertaining to equitable mortgage of the plot Situated at Vill: Gotanagar under Mouza Jalukbari District Kamrup, Assam

FIXED ASSETS:

· Hotel Land Leasehold

· Building Temporary

· Plant and Machinery

· Furniture and Fixtures

· Computers

· Office Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.52
UK Pound	1	Rs.88.49
Euro	1	Rs.70.20

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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		27

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.