MIRA INFORM REPORT

Report Date :

01.04.2013

IDENTIFICATION DETAILS

Name :	KEYSTONE REALTORS PRIVATE LIMITED
Registered Office :	702, Natraj, Mv Road Junction, Western Express Highway, Andheri (East), Mumbai - 400069, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	06.11.1995
Com. Reg. No.:	11-094208
Capital Investment / Paid-up Capital :	Rs. 0.270 Million
CIN No.: [Company Identification No.]	U45200MH1995PTC094208
TAN No.: [Tax Deduction & Collection Account No.]	MUMK05983F
PAN No.: [Permanent Account No.]	AAACK2499Q
Legal Form :	Private Limited Liability Company
Line of Business :	Construction of Residential and Commercial Complex.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 15600000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management has failed to file its latest financial with the government department. The management also denied to disclose any details to us. From the previous year financials, it seems that the company has been successful in wiping off its accumulated losses. Trade relations are reported as fair. Business is active. Payment terms 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.

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 DECLINED

MANAGEMENT NON CO-OPERATIVE (91-22-66766888)

LOCATIONS

Registered Office :	702, Natraj, Mv Road Junction, Western Express Highway, Andheri (East), Mumbai - 400069, Maharashtra, India
Tel. No.:	91-22-66766888/ 66766776/ 66766778/ 61116111
Fax No.:	91-22-66766999
E-Mail :	devangmehta@rustomjee.com rajesh@rustomjee.com secretarial@rustomjee.com
Website :	www.rustomjee.com
Site Offices :	Located at: Ø ELANZA, Malad (West), Mumbai, Maharashtra, India Ø ELITE, Juhu, Mumbai, Maharashtra, India Ø MERIDIAN, Kandivali (West), Mumbai, Maharashtra, India. Ø Summit, Mumbai, Maharashtra, India Ø Global City, Virar (West), Maharashtra, India Ø URBANIA, Thane (West), Maharashtra, India

DIRECTORS

AS ON 27.09.2011

Name :	Mr. Boman Rustom Irani
Designation :	Managing Director
Address :	Ideal Farm, Plot No. 33, Dahisar (West), Mumbai – 400068, Maharashtra, India
Date of Birth/Age :	14.06.1969
Date of Appointment :	01.03.2005
DIN No.:	00057453
Name :	Mr. Percy Sorabji Chowdhry
Designation :	Director
Address :	Flat No. 01, Rati Manzil, Parsi Colony, Opposite Girls School, Dadar (East), Mumbai – 400014, Maharashtra, India
Date of Birth/Age :	14.02.1971
Date of Appointment :	03.01.1999
DIN No.:	00057529
Name :	Mr. Chandresh Dinesh Mehta
Designation :	Director
Address :	Flat No. 1001, Beuna Vista, 10th Floor, St. Alexius Lane, Off Turner Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	19.02.1969
Date of Appointment :	04.10.2004
DIN No.:	00057575
Name :	Mr. Sorabh K. Jain Vikas
Designation :	Director
Address :	2301-A, Tower, Walkeshwar Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	08.10.1971
Date of Appointment :	29.04.2009
DIN No.:	00006786
Name :	Mr. Prakash Kalothia
Designation :	Director
Address :	Flat No. 01, Rati Manzil, Parsi Colony, Opposite Girls School, Dadar (East), Mumbai – 400014, Maharashtra, India
Date of Birth/Age :	05.04.1974
Date of Appointment :	29.04.2009
DIN No.:	00322856
Name :	Mr. Daniel Trevelyn Joseph
Designation :	Director
Address :	Flat No. 52, 5th Floor, Jasmine CHS, Madhusudan Kalelkar Marg, Bandra (East), Mumbai, Maharashtra, India
Date of Birth/Age :	21.12.1945
Date of Appointment :	29.04.2009
DIN No.:	01716572

KEY EXECUTIVES

Name :	Mr. Devang R. Mehta
Designation :	Secretary
Address :	B-507, Shubh Kamna, Mahavir Nagar, Kandivali (West), Mumbai - 400067, Maharashtra, India
Date of Birth/Age :	04.06.1964
Date of Appointment :	28.04.2011
PAN No.:	AFIPM2204B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.09.2011

Names of Shareholders	No. of Shares
Boman Rustom Irani	1078
Percy Sorabji Chowdhry	539
Chandresh Dinesh Mehta	539
Mausmi SA Investments LLC, Mauritius	539
Total	2695

AS ON 27.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	20.00
Directors or relatives of directors	80.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Construction of Residential and Commercial Complex

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

The Zoroastrain Co-operative Bank Limited, Borivali (West) Branch, 8/1 Dattani Trade Centre, Chandvarkar Road, Borivali (West), Mumbai – 400092, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans banks secured	530.041	74.395
Working capital loans banks secured	593.882	1258.279
Other debt secured	0.910	100.652
Total	1124.833	1433.326

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	Apollo Mills Compound, NM Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFB9852F
Subsidiaries :	Ø Kapstone Constructions Private Limited [U45200MH2003PTC140091] Ø Rustomjee Realty Private Limited [U70100MH2003PTC140087] Ø Sanguinity Realty Private Limited [U45201MH2006PTC165655] Ø Nouveau Developers Private Limited [U45400MH2007PTC169945] Ø Panchgani Real Estate Private Limited [U70102MH2008PTC177657] Ø Enigma Constructions Private Limited [U45400MH2008PTC178625] Ø Paradigm Builders Private Limited [U45400MH2008PTC178624] Ø Xcellent Realty Private Limited [U70100MH2007PTC169611] Ø Gemstone Developers Private Limited [U45200MH2007PTC169511] Ø Rustomjee Constructions Private Limited [U45200MH2007PTC168509] Ø Montage Developers Private Limited [U45201MH2007PTC173340] Ø Credence Property Developers Private Limited [U70101DL1999PTC100873] Ø Suranjan Holding & Estate Developers Private Limited [U99999MH1995PTC088867] Ø Bricklayer Constructions Private Limited [U45201MH2006PTC166302] Ø Revelation Realty Private Limited [U45201MH2006PTC165676] Ø Resilience Realty Private Limited [U45201MH2006PTC165737]
Joint Venture :	Ø Rustomjee Evershine Joint Venture
Entities over which key managerial personnel or their relatives exercise significant influence: :	Ø Attarchand Trading Company Private Limited Ø Rustomjee Knowledge City Private Limited (formerly known as Ashray Dwellers Private Limited) Ø Dreamz Dwellers Private Limited Ø Shalom Voyagers Private Limited Ø Vulcon Developers Private Limited Ø Monarchy Builders Private Limited Ø Rustomjee Builders Private Limited Ø Sanguine Builders Private Limited Ø Yazarina Estate and Investment Private Limited Ø Keystone Infrastructure Private Limited Ø Riverstone Developers Private Limited Ø Megacorp Developers Private Limited Ø Megacorp Constructions Private Limited Ø Charisma Developers Private Limited Ø Town and Country Realty Private Limited Ø Manprit Real Estate Private Limited Ø Skyscraper Realtors Private Limited Ø Skyscraper – Care Joint Venture Ø Dynasty Infrabuilders Private Limited Ø Imperial Infradevelopers Private Limited Ø Altus Developers Private Limited Ø Impetus Construction Private Limited Ø Intime Construction Private Limited Ø Titanium Developers Private Limited Ø Firestone Developers Private Limited Ø Success Developers Private Limited Ø Premium Build Tech Private Limited Ø Kingmaker Developers Private Limited Ø Prima Builders Private Limited Ø Intact Builders Private Limited. Ø Apex Infrabuilders Private Limited Ø Amaze Builders Private Limited Ø Sweety Property Developers Private Limited Ø Rustomjee Buildcon Private Limited
Associate :	Ø Mausmi SA Investments LLC.

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000	Equity Share	Rs.100/- each	Rs. 1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2695	Equity Share	Rs.100/- each	Rs. 0.270 Million

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		0.270	0.270	0.216
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3901.911	4244.367	4244.367
4] (Accumulated Losses)		0.000	(452.900)	(616.855)
NETWORTH		3902.181	3791.737	3627.728
LOAN FUNDS
1] Secured Loans		1124.833	1433.326	2395.929
2] Unsecured Loans		3222.137	2774.911	1726.438
TOTAL BORROWING		4346.970	4208.237	4122.367
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		8249.151	7999.974	7750.095
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		111.411	19.898	33.270
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		7512.023	6190.130	5701.879
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4001.354	2144.674	2552.539
	Sundry Debtors	25.801	295.388	131.217
	Cash & Bank Balances	310.560	68.122	46.921
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2115.718	2780.855	2400.461
Total Current Assets		6453.433	5289.039	5131.138
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	230.283	149.233	164.551
	Other Current Liabilities	5358.025	3115.447	2845.083
	Provisions	239.408	234.413	106.558
Total Current Liabilities		5827.716	3499.093	3116.192
Net Current Assets		625.717	1789.946	2014.946
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		8249.151	7999.974	7750.095

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	3004.300	3650.500	951.890
		Other Income	280.400	263.700	471.119
		TOTAL (A)	3284.700	3914.200	1423.009
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	2194.900	2866.200	1221.919
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1089.800	1048.000	201.090
Less	FINANCIAL EXPENSES (D)		609.200	849.800	775.422
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		480.600	198.200	(574.331)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.100	6.000	8.983
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		471.500	192.200	(583.315)
Less	TAX (H)		112.200	28.300	0.838
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		359.300	163.900	(584.153)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(452.900)	(616.900)	(32.701)
Add	Adjusted on Amalgamation		616.900	0.000	0.000
	Loss after tax for the period from 1.04.2009 to 31.03.2010 incorporated pursuant to schedule of Amalgamation		(57.500)	0.000	0.000
	BALANCE CARRIED TO THE B/S		465.800	(452.900)	(616.854)
	IMPORTS
		Raw Materials	0.000	0.000	31.268
		Others	54.914	7.874	0.000
	TOTAL IMPORTS		54.914	7.874	31.268
	Earnings/ (Loss) per share (Rs.)
	Basic		133,318	61,785	N.A.
	Diluted		47,100	30,305	N.A.

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	10.94	4.19	(41.06)
Net Profit Margin (PBT/Sales)	(%)	15.69	5.27	(61.28)
Return on Total Assets (PBT/Total Assets}	(%)	7.18	3.62	(11.29)
Return on Investment (ROI) (PBT/Networth)		0.12	0.05	(0.16)
Debt Equity Ratio (Total Debt/Networth)		1.11	1.11	1.14
Current Ratio (Current Asset/Current Liability)		1.11	1.51	1.65

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)
Creditors due others	230.283	149.233	164.551

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	No
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

UNSECURED LOANS

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Fully convertible debentures unsecured	2349.911	2349.911
Rupee term loans banks unsecured	225.000	225.000
Other debt unsecured	557.283	200.000
Interest accrued due debentures unsecured	72.401	0.000
Interest accrued due other debt unsecured	17.542	0.000
Total	3222.137	2774.911

NOTE:

The registered office of the company has been shifted from 3rd Floor, JMC House, Bisleri Compound, Western Express Highway, Andheri (East), Mumbai – 400099, Maharashtra, India to the present address w.e.f.15.10.2009

BACKGROUND:

Subject was incorporated on 6 November 1995 to construct, purchase, acquire, hire, operate, manage and develop land of any real and personnel estate property such as residential units / complexes, commercial complexes, hotels, motels, clubs, malls, apartments, shopping complexes and any other types of infrastructure projects etc. on ownership basis or on Built Own Lease and Transfer basis in India or abroad. The Company is engaged in real estate residential and commercial projects in and around Mumbai.

The Board of Directors of the Company at their meeting held on 9 September, 2010 approved the Scheme of Amalgamation (‘The Scheme’) of the wholly owned subsidiaries Bricklayer Constructions Private Limited, Resilience Realty Private Limited and Revelation Realty Private Limited (collectively referred to as the Transferor Companies) with the Company (‘Transferee Company) w.e.f 1 April 2009. The Scheme was approved by the Hon’ble High Court of Judicature at Bombay vide its order dated 28 January 2011 and filed with the registrar of Companies on 26 February, 2011 as required under Section 391(3) of the Companies Act, 1956 (‘the Act’).

INDUSTRIAL SCENARIO:

Recovery of Indian economy from the recessionary trends during Financial Year 2010-2011 has been remarkable. The GDP is expected to grow @ 7.5% and 8% during 2011-12 and 2012-13, respectively. Growth prospects of real estate sector is linked to the growth prospects of Indian economy and its important sectors such as industrial, infrastructure, hotel, IT and ITES, FMCG, banking and insurance, etc. Considering the excellent growth prospects of these sectors, potential for growth of real estate sector in India appears to be encouraging. Positive macro-economic factors such as access to FDI, availability of refined construction technology and increasing legislative transparency are expected to provide further impetus to the growth of real estate sector in long term. However at present, inflation, rising interest and input costs, delays in regulatory approvals, etc. severely impedes the growth of real estate sector.

BUSINESS OPERATIONS:

The Company since its inception has focused on nurturing solid business values and ethos. The policy of transparency in all dealings, adopting customer centric approach and developing and delivering good quality of construction of residential and commercial structures have contributed in making `Rustomjee’ a strong brand, synonymous with `thoughtfulness, high standard of products and ethical value dealing.’ The approach has commenced yielding positive operational results.

During the Financial Year 2010-11, the Turnover of the company stood at Rs.3004.300 Millions. The Net Profit of the company stood at Rs.359.300 Millions as against Net Profit of Rs.164.000 Millions for the previous Financial Year, recording a growth of 119.06%. With solid foundation and predominant presence in premium real estate market segment of India, viz. Mumbai, the Company is poised to grow at a steady rate in time to come

SCHEME OF AMALGAMATION

The Board of Directors of the Company at their meeting held on 9 September 2010 approved the Scheme of Amalgamation (“the Scheme”) between the Company, Bricklayer Constructions Private Limited (“Bricklayer”), Resilience Realty Private Limited (“Resilience”) and Revelation Realty Private Limited (“Revelation”). The Scheme was approved by the Hon’ble High Court of Judicature at Bombay vide its order dated 28 January 2011. The Scheme inter-alia provides for the following:

· the amalgamation of Bricklayer with the Company effective 1 April 2009; and

· the merger of the Resilience and Revelation with the Company effective 1 April 2009;

The Scheme was filed with the Registrar of Companies (ROC) on 26 February, 2011 as required under Section 391(3) of the Companies Act, 1956 (‘the Act’).

The amalgamating companies are engaged in real estate residential and commercial projects in and around Mumbai. In accordance with the requirements of the Scheme, the merger of Bricklayer, Resilience and Revelation has been accounted for as follows:

· Amalgamation of Bricklayer with the Company with effect from 1 April 2009

As per the Scheme, Bricklayer amalgamates with the Company retrospectively from 1 April 2009, the Appointed Date. All assets and liabilities of Bricklayer as at 1 April 2009 have been recorded by the Company at their fair values. Since Bricklayer was a wholly owned subsidiary of the Company, the investment by the Company in the shares of Bricklayer have been cancelled against the assets and liabilities acquired on amalgamation. The deficit of net assets of Bricklayer is taken over at fair value (as determined based on management estimates) over the cost of investment in the Bricklayer aggregating to Rs 173.500 Millions has been debited to General Reserve Account as per the Scheme of amalgamation. The profit and loss account for the year ended 31 March 2010 also includes the (loss) of Bricklayer for the year from 1 April 2009 to 31 March 2010 as per the audited financial statements of Bricklayer. The details of the income and expenses comprising the net loss are given below.

· Merger of the Resilience and Revelation with the Company with effect from 1 April 2009

As per the Scheme, Resilience and Revelation merge with the Company retrospectively from 1 April 2009, the Appointed Date. All assets and liabilities of the Resilience and Revelation as at 1 April 2009 have been recorded by the Company at their book values. Since Resilience and Revelation are the wholly owned subsidiaries of the Company, no consideration has been paid against the assets and liabilities acquired. The profit and loss account for the year ended 31 March 2010 also includes the (loss) of Resilience and Revelation for the year from 1 April 2009 to 31 March 2010 as per the audited financial statements of Resilience and Revelation. The details of the income and expenses comprising the net loss are given below.

The above is in conformity with accounting treatment prescribed by the Scheme.

The provision for taxation has been calculated by management on the basis of these financial statements including the effect of the Scheme for the year ended 31 March 2011.

Had the Company followed the accounting treatment pooling of interest method prescribed by AS-14 “Accounting for Amalgamation” generally accepted accounting principles in India:

· the assets and liabilities of Bricklayer had been transferred at fair value as per the scheme which should have been at book value

· the excess of investments over net assets acquired for the Company amounting to Rs 173.500 Millions would have been transferred to Goodwill and would have been amortised over 5 years.

· the debit balance in the profit and loss account amounting Rs 616.855 Millions of the transferee Company would not have been transferred to general reserve

The transferee Company follows moving weighted average basis for valuation of inventory as compared to this the transferor companies’ follows FIFO method of valuation. However But there is no effect on the amalgamated financial statements due to change in the method of inventory valuation as the transferor companies do not hold any inventories as at 31 March 2010.

Accordingly, had the Scheme been accounted for in compliance with the requirements of AS-14 generally accepted accounting principles in India, the profit for the period before tax would have been lower by Rs 34.700 Millions General reserve would have been lower by Rs 173.500 Millions Goodwill would have been stated at Rs 138.800 Millions. During the period, as Bricklayer, Resilience and Revelation carried on their existing business in trust for and on behalf of the Company, all vouchers, documents etc. for the period are in the name of Bricklayer, Resilience and Revelation. The title deeds, agreements, loan documents etc., are being transferred in the name of the Company.

CONTINGENT LIABILITIES

(Rs. in millions)

Particulars	31.03.2011	31.03.2010
Claims against the Company not acknowledged as debts	--	--
Matters relating to Income tax Act, 1961, under dispute	26.657	26.657

The Company has given financial support guarantee to certain subsidiaries to meet their liabilities as and when they fall due. The aggregate value of such guarantee as on 31 March 2011 is Rs 1065.210 Millions [FY 2010: Rs 836.709 Millions]

FIXED ASSETS:

· Leasehold improvements

· Office premises

· Plant and Machinery

· Furniture and Fixtures

· Computers

· 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 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] 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. 54.39
UK Pound	1	Rs. 82.32
Euro	1	Rs. 69.54

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	5
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.