MIRA INFORM REPORT

Report Date :

14.12.2013

IDENTIFICATION DETAILS

Name :	KANAKIA SPACES PRIVATE LIMITED
Formerly Known As :	KANAKIA CONSTRUCTIONS PRIVATE LIMITED
Registered Office :	215 Atrium, 10th Floor, Opposite Divine School, JB Nagar, Andheri Kurla Road, Andheri [East], Mumbai – 400059, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	05.11.1992
Com. Reg. No.:	11-069422
Capital Investment / Paid-up Capital :	Rs. 125.945 Millions
CIN No.: [Company Identification No.]	U45200MH1992PTC069422
TAN No.: [Tax Deduction & Collection Account No.]	MUMK05573B
PAN No.: [Permanent Account No.]	AAACK2629J
Legal Form :	Private Limited Liability Company
Line of Business :	Construction Activity.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 15200000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a flagship company of Kanakia Group. It is an established company having satisfactory track record. The management has seen a better increase in its net profitability during 2013. Overall position of the company appears to be decent. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of strong support from the group company, the subject can be considered normal for 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	ICRA (BB-) [Withdrawn]
Rating Explanation	Moderate risk of default [Rating has been withdrawn as there is no outstanding amount against the rated instrument.]
Date	June 29, 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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Akshay
Designation :	Accounts Department
Contact No.:	91-22-67266666
Date :	10.12.2013

LOCATIONS

Registered Office :	215 Atrium, 10th Floor, Opposite Divine School, JB Nagar, Andheri Kurla Road, Andheri [East], Mumbai – 400059, Maharashtra, India
Tel. No.:	91- 22-67266666/ 6726 7777 (Board)
Fax No.:	91-22-66937777
E-Mail :	jatin.shah@kanakia.com lobo@kanakia.com ravindra@kanakia.com
Website :	www.kanakia.com
Location :	Owned
Branch Office :	349, Business Point, CTS No. 349/1, Part 2, Village Gundavali, Western Express Highway, Andheri (East), Mumbai – 400069, Maharashtra, India
Site Sales Offices :	· Kanakia Sevens, Off Andheri-Kurla Road, Next to Times Square, Marol, Andheri (East), Mumbai – 400059, Maharashtra, India · Kanakia Levels, Opposite Passport Office, Rani Sati Marg, Off Western Express Highway, Malad (East), Mumbai – 400097, Maharashtra, India · Samarpan Exotica, Western Express Highway, Borivali (East), Mumbai – 400066, Maharashtra, India · Kanakia Zillion, LBS Road Junction, CST Road, BKC Annexe, Kurla (West), Mumbai – 400070, Maharashtra, India · Boomerang, Main Chandivali Farm Road, Near Powai, Andheri (East), Mumbai – 400072, Maharashtra, India · Atrium 2, Next to 215 Atrium, Behind Courtyard Marriott, Andheri Kurla Road, Andheri (East), Mumbai – 400093, Maharashtra, India

DIRECTORS

AS ON 28.09.2013

Name :

Mr. Rasesh Babubhai Kanakia

Designation :

Director

Address :

Ashish, Plot 18, M.S. Road No. 4, JVPD, Vile Parle [West], Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

14.09.1961

Date of Appointment :

25.11.1994

PAN No.:

AABPK3454F

DIN No.:

00015857

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	U45200MH1993PTC070610	EVERGREEN HOME MAKERS PRIVATE LIMITED	Director	02/02/1993	02/02/1993	-	Amalgamated	NO
2	U45200MH1994PTC083271	KANAKIA PROPERTIES PRIVATE LIMITED	Director	25/11/1994	25/11/1994	-	Amalgamated	NO
3	U45200MH1992PTC069422	KANAKIA SPACES PRIVATE LIMITED	Director	25/11/1994	25/11/1994	-	Active	NO
4	U45200MH1994PTC083490	INDICON DEVELOPERS PRIVATE LIMITED	Director	15/09/1998	15/09/1998	-	Amalgamated	NO
5	L92142MH2002PLC135964	CINELINE INDIA LIMITED	Whole-time director	01/05/2011	22/05/2002	-	Active	NO
6	U74900DL1989PLC258881	NIKMO ENTERTAINMENT LIMITED	Director	22/08/2012	01/10/2004	08/01/2013	Active	NO
7	U70101MH1994PTC079253	SUPREME REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	08/12/2004	08/12/2004	-	Active	NO
8	U92132DL2002PLC258299	VISTA ENTERTAINMENT LIMITED	Director	22/08/2012	20/12/2004	08/01/2013	Active	NO
9	U45200MH2005PTC150833	SADGURU-KRUPA CONSTRUCTIONS PRIVATE LIMITED	Director	27/01/2005	27/01/2005	-	Active	NO
10	U45200MH2005PTC157219	GUPTA INFRASTRUCTUR ( INDIA ) PRIVATE LIMITED	Director	09/11/2005	09/11/2005	30/08/2010	Active	NO
11	U55101MH2005PTC158245	KANAKIA HOSPITALITY PRIVATE LIMITED	Director	22/12/2005	22/12/2005	-	Active	NO
12	U92190DL2004PLC257878	GROWEL ENTERTAINMENT LIMITED	Director	22/08/2012	01/09/2006	08/01/2013	Active	NO
13	U55206MH2007PTC168670	KANAKIA HOTELS & RESORTS PRIVATE LIMITED	Director	13/03/2007	13/03/2007	-	Active	NO
14	U51909MH2004PTC146948	CENTAUR MERCANTILE PRIVATE LIMITED	Director	21/11/2007	21/11/2007	-	Active	NO
15	U45200MH2007PTC168471	VRUTANT REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	25/09/2008	05/02/2008	-	Active	NO
16	U45200MH2007PTC168508	VRUSTI REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	28/09/2011	05/02/2008	-	Active	NO
17	U92100DL2008PLC256340	CINEMAX MOTION PICTURES LIMITED	Director	22/04/2008	22/04/2008	08/01/2013	Active	NO
18	U45202MH2008PTC181567	R&H SPACES PRIVATE LIMITED	Director	24/04/2008	24/04/2008	-	Active	NO
19	U45202MH2008PTC181566	KANAKIA DESIGN & CONSTRUCTION PRIVATE LIMITED	Director	24/04/2008	24/04/2008	-	Active	NO
20	U45202MH2008PTC181565	R&H HOMES PRIVATE LIMITED	Director	24/04/2008	24/04/2008	-	Active	NO
21	U45200MH2008PTC181564	KANAKIA BUILDERS PRIVATE LIMITED	Director	24/04/2008	24/04/2008	-	Active	NO
22	U45202MH2008PTC181574	POSITANO REALTY PRIVATE LIMITED	Director	25/04/2008	25/04/2008	18/02/2010	Active	NO
23	U51900MH1999PTC122297	SARANG PROPERTY DEVELOPERS PRIVATE LIMITED	Director	29/09/2008	09/05/2008	-	Active	NO
24	U45202MH2010PTC199826	VRUSTI PROPERTY DEVELOPERS PRIVATE LIMITED	Director	08/02/2010	08/02/2010	-	Active	NO
25	U85190MH2010PTC199817	R&H SPA SERVICES PRIVATE LIMITED	Director	08/02/2010	08/02/2010	-	Active	NO
26	U70102MH2010PTC199945	R & H REAL ESTATE AND LAND DEVELOPERS PRIVATE LIMITED	Director	11/02/2010	11/02/2010	-	Active	NO
27	U55101GJ2009PTC055897	ATITHYA INN PRIVATE LIMITED	Director	28/09/2011	18/02/2010	-	Active	NO
28	U45400MH2010PTC207274	KANAKIA HOME MAKERS PRIVATE LIMITED	Director	30/08/2010	30/08/2010	-	Active	NO
29	U45400MH2010PTC207453	KANAKIA RESIDENTIAL PRIVATE LIMITED	Director	06/09/2010	06/09/2010	-	Active	NO
30	U45400MH2010PTC207486	KANAKIA BHUMI CONSTRUCTION PRIVATE LIMITED	Director	07/09/2010	07/09/2010	-	Active	NO
31	U45400MH2010PTC207817	KANAKIA ROTUNDA CONSTRUCTIONS PRIVATE LIMITED	Director	18/09/2010	18/09/2010	-	Active	NO
32	U45400MH2010PTC207961	KANAKIA KING STYLE CONSTRUCTION PRIVATE LIMITED	Director	21/09/2010	21/09/2010	-	Active	NO
33	U45400MH2010PTC208027	KANAKIA SUPREMO CONSTRUCTION PRIVATE LIMITED	Director	22/09/2010	22/09/2010	-	Active	NO
34	U92199DL2002PLC259704	ODEON SHRINE MULTIPLEX LIMITED (CN)	Director	22/08/2012	01/10/2010	08/01/2013	Active	NO
35	U45400MH2010PTC208661	KANAKIA WATER FAIRY CONSTRUCTION PRIVATE LIMITED	Director	06/10/2010	06/10/2010	-	Active	NO
36	U45400MH2010PTC209223	KANAKIA SERRATULA CONSTRUCTION PRIVATE LIMITED	Director	20/10/2010	20/10/2010	-	Active	NO
37	U45200MH2010PTC209374	KANAKIA ANETH CONSTRUCTION PRIVATE LIMITED	Director	23/10/2010	23/10/2010	-	Active	NO
38	U45400MH2010PTC209381	KANAKIA BLACK PEARL CONSTRUCTION PRIVATE LIMITED	Director	24/10/2010	24/10/2010	-	Active	NO
39	U70102MH2007PTC168559	NIYATI REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	28/09/2011	08/11/2010	-	Active	NO
40	U45202MH2010PTC201253	FLEXON CONSTRUCTIONS PRIVATE LIMITED	Director	24/01/2011	24/01/2011	25/01/2011	Active	NO
41	L93030MH2011PLC222613	CINEMAX INDIA LIMITED	Whole-time director	01/04/2012	30/09/2011	08/01/2013	Active	NO
42	U63090MH2005PTC152612	RBK EDUCATION SOLUTIONS PRIVATE LIMITED	Director	30/09/2013	01/10/2011	-	Active	NO
43	U63040MH2011PTC223842	TOUR DE WORLD PRIVATE LIMITED	Director	12/11/2011	12/11/2011	-	Active	NO
44	AAB-9262	KANAKIA VIHANG CONSTRUCTION LLP	Designated Partner	12/12/2013	12/12/2013	-	Active	NO

Name :

Mr. Himanshu Babubhai Kanakia

Designation :

Director

Address :

Vrusti Swastik, Plot 20, Road No. 2, JVPD, Vile Parle [West], Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

01.01.1964

Date of Appointment :

25.11.1994

PAN No.:

AASPK5262C

DIN No.:

00015908

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	U45200MH1993PTC070610	EVERGREEN HOME MAKERS PRIVATE LIMITED	Director	02/02/1993	02/02/1993	-	Amalgamated	NO
2	U45200MH1994PTC083271	KANAKIA PROPERTIES PRIVATE LIMITED	Director	25/11/1994	25/11/1994	-	Amalgamated	NO
3	U45200MH1992PTC069422	KANAKIA SPACES PRIVATE LIMITED	Director	25/11/1994	25/11/1994	-	Active	NO
4	U45200MH1994PTC083490	INDICON DEVELOPERS PRIVATE LIMITED	Director	15/09/1998	15/09/1998	-	Amalgamated	NO
5	L92142MH2002PLC135964	CINELINE INDIA LIMITED	Managing director	01/05/2011	22/05/2002	-	Active	NO
6	U74900DL1989PLC258881	NIKMO ENTERTAINMENT LIMITED	Director	22/08/2012	01/10/2004	08/01/2013	Active	NO
7	U70101MH1994PTC079253	SUPREME REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	08/12/2004	08/12/2004	-	Active	NO
8	U92132DL2002PLC258299	VISTA ENTERTAINMENT LIMITED	Director	22/08/2012	20/12/2004	08/01/2013	Active	NO
9	U55101MH2005PTC158245	KANAKIA HOSPITALITY PRIVATE LIMITED	Director	22/12/2005	22/12/2005	-	Active	NO
10	U92190DL2004PLC257878	GROWEL ENTERTAINMENT LIMITED	Director	22/08/2012	01/09/2006	08/01/2013	Active	NO
11	U55206MH2007PTC168670	KANAKIA HOTELS & RESORTS PRIVATE LIMITED	Director	13/03/2007	13/03/2007	-	Active	NO
12	U51909MH2004PTC146948	CENTAUR MERCANTILE PRIVATE LIMITED	Director	21/11/2007	21/11/2007	-	Active	NO
13	U45200MH2007PTC168471	VRUTANT REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	25/09/2008	05/02/2008	-	Active	NO
14	U45200MH2007PTC168508	VRUSTI REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	28/09/2011	05/02/2008	-	Active	NO
15	U92100DL2008PLC256340	CINEMAX MOTION PICTURES LIMITED	Director	22/04/2008	22/04/2008	08/01/2013	Active	NO
16	U45202MH2008PTC181567	R&H SPACES PRIVATE LIMITED	Director	24/04/2008	24/04/2008	-	Active	NO
17	U45202MH2008PTC181566	KANAKIA DESIGN & CONSTRUCTION PRIVATE LIMITED	Director	24/04/2008	24/04/2008	-	Active	NO
18	U45202MH2008PTC181565	R&H HOMES PRIVATE LIMITED	Director	24/04/2008	24/04/2008	-	Active	NO
19	U45200MH2008PTC181564	KANAKIA BUILDERS PRIVATE LIMITED	Director	24/04/2008	24/04/2008	-	Active	NO
20	U45202MH2008PTC181574	POSITANO REALTY PRIVATE LIMITED	Director	25/04/2008	25/04/2008	18/02/2010	Active	NO
21	U51900MH1999PTC122297	SARANG PROPERTY DEVELOPERS PRIVATE LIMITED	Director	29/09/2008	09/05/2008	-	Active	NO
22	U45202MH2010PTC199826	VRUSTI PROPERTY DEVELOPERS PRIVATE LIMITED	Director	08/02/2010	08/02/2010	-	Active	NO
23	U85190MH2010PTC199817	R&H SPA SERVICES PRIVATE LIMITED	Director	08/02/2010	08/02/2010	-	Active	NO
24	U70102MH2010PTC199945	R & H REAL ESTATE AND LAND DEVELOPERS PRIVATE LIMITED	Director	11/02/2010	11/02/2010	-	Active	NO
25	U55101GJ2009PTC055897	ATITHYA INN PRIVATE LIMITED	Director	28/09/2011	18/02/2010	-	Active	NO
26	U45400MH2010PTC207274	KANAKIA HOME MAKERS PRIVATE LIMITED	Director	30/08/2010	30/08/2010	-	Active	NO
27	U45400MH2010PTC207453	KANAKIA RESIDENTIAL PRIVATE LIMITED	Director	06/09/2010	06/09/2010	-	Active	NO
28	U45400MH2010PTC207486	KANAKIA BHUMI CONSTRUCTION PRIVATE LIMITED	Director	07/09/2010	07/09/2010	-	Active	NO
29	U45400MH2010PTC207817	KANAKIA ROTUNDA CONSTRUCTIONS PRIVATE LIMITED	Director	18/09/2010	18/09/2010	-	Active	NO
30	U45400MH2010PTC207961	KANAKIA KING STYLE CONSTRUCTION PRIVATE LIMITED	Director	21/09/2010	21/09/2010	-	Active	NO
31	U45400MH2010PTC208027	KANAKIA SUPREMO CONSTRUCTION PRIVATE LIMITED	Director	22/09/2010	22/09/2010	-	Active	NO
32	U92199DL2002PLC259704	ODEON SHRINE MULTIPLEX LIMITED (CN)	Director	22/08/2012	01/10/2010	08/01/2013	Active	NO
33	U45400MH2010PTC208661	KANAKIA WATER FAIRY CONSTRUCTION PRIVATE LIMITED	Director	06/10/2010	06/10/2010	-	Active	NO
34	U45400MH2010PTC209223	KANAKIA SERRATULA CONSTRUCTION PRIVATE LIMITED	Director	20/10/2010	20/10/2010	-	Active	NO
35	U45200MH2010PTC209374	KANAKIA ANETH CONSTRUCTION PRIVATE LIMITED	Director	23/10/2010	23/10/2010	-	Active	NO
36	U45400MH2010PTC209381	KANAKIA BLACK PEARL CONSTRUCTION PRIVATE LIMITED	Director	24/10/2010	24/10/2010	-	Active	NO
37	U70102MH2007PTC168559	NIYATI REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	28/09/2011	08/11/2010	-	Active	NO
38	U45202MH2010PTC201253	FLEXON CONSTRUCTIONS PRIVATE LIMITED	Director	24/01/2011	24/01/2011	25/01/2011	Active	NO
39	L93030MH2011PLC222613	CINEMAX INDIA LIMITED	Managing director	01/04/2012	30/09/2011	08/01/2013	Active	NO
40	U63090MH2005PTC152612	RBK EDUCATION SOLUTIONS PRIVATE LIMITED	Director	30/09/2013	01/10/2011	-	Active	NO
41	U63040MH2011PTC223842	TOUR DE WORLD PRIVATE LIMITED	Director	12/11/2011	12/11/2011	-	Active	NO
42	AAB-9262	KANAKIA VIHANG CONSTRUCTION LLP	Designated Partner	12/12/2013	12/12/2013	-	Active	NO

Name :

Mr. Sanjay Harkisandas Sanghvi

Designation :

Director

Address :

402, Shashwat Society, Opposite Irla Nursinghome, Vile Parle [West], Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

15.06.1963

Date of Appointment :

29.09.2006

DIN No.:

01692117

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	U55101MH2005PTC158245	KANAKIA HOSPITALITY PRIVATE LIMITED	Director	29/09/2006	29/09/2006	-	Active	NO
2	U45200MH1992PTC069422	KANAKIA SPACES PRIVATE LIMITED	Director	29/09/2006	29/09/2006	-	Active	NO
3	U45200MH1993PTC070610	EVERGREEN HOME MAKERS PRIVATE LIMITED	Director	29/09/2006	29/09/2006	-	Amalgamated	NO
4	U45200MH1994PTC083271	KANAKIA PROPERTIES PRIVATE LIMITED	Director	29/09/2006	29/09/2006	-	Amalgamated	NO
5	U45200MH1994PTC083490	INDICON DEVELOPERS PRIVATE LIMITED	Director	29/09/2006	29/09/2006	-	Amalgamated	NO
6	U92132DL2002PLC258299	VISTA ENTERTAINMENT LIMITED	Director	02/08/2010	31/10/2009	08/01/2013	Active	NO
7	L92142MH2002PLC135964	CINELINE INDIA LIMITED	Director	27/09/2011	28/07/2010	-	Active	NO
8	U92190DL2004PLC257878	GROWEL ENTERTAINMENT LIMITED	Director	22/08/2012	20/05/2011	08/01/2013	Active	NO
9	U74900DL1989PLC258881	NIKMO ENTERTAINMENT LIMITED	Director	22/08/2012	20/05/2011	08/01/2013	Active	NO
10	U92100DL2008PLC256340	CINEMAX MOTION PICTURES LIMITED	Director	22/08/2012	20/05/2011	08/01/2013	Active	NO
11	U92199DL2002PLC259704	ODEON SHRINE MULTIPLEX LIMITED (CN)	Director	22/08/2012	20/05/2011	08/01/2013	Active	NO
12	L93030MH2011PLC222613	CINEMAX INDIA LIMITED	Director	30/09/2011	30/09/2011	08/01/2013	Active	NO

Name :

Mr. Bhadresh Labhshankar Joshi

Designation :

Director

Address :

11-P, Chalenger IV, Thakur Village, Kandiwali [East], Mumbai – 400101, Maharashtra, India

Date of Birth/Age :

19.09.1963

Date of Appointment :

29.09.2006

DIN No.:

01692145

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	U99999MH1989PTC051377	SHRENIK FINANCIAL AND INVESTMENTS PRIVATE LIMITED	Director	03/03/2006	03/03/2006	-	Amalgamated	NO
2	U51909MH2004PTC146948	CENTAUR MERCANTILE PRIVATE LIMITED	Director	24/03/2006	24/03/2006	26/11/2007	Active	NO
3	U55101MH2005PTC158245	KANAKIA HOSPITALITY PRIVATE LIMITED	Director	29/09/2006	29/09/2006	-	Active	NO
4	U45200MH1992PTC069422	KANAKIA SPACES PRIVATE LIMITED	Director	29/09/2006	29/09/2006	-	Active	NO
5	U45200MH1993PTC070610	EVERGREEN HOME MAKERS PRIVATE LIMITED	Director	29/09/2006	29/09/2006	-	Amalgamated	NO
6	U45200MH1994PTC083271	KANAKIA PROPERTIES PRIVATE LIMITED	Director	29/09/2006	29/09/2006	-	Amalgamated	NO
7	U45200MH1994PTC083490	INDICON DEVELOPERS PRIVATE LIMITED	Director	29/09/2006	29/09/2006	-	Amalgamated	NO
8	U45200MH2007PTC168470	ASHISH LAND & PROPERTY DEVELOPERS PRIVATE LIMITED	Director	18/09/2007	18/09/2007	-	Active	NO
9	U45200MH1995PTC089789	KANKIA GRUHNIRMAN PRIVATE LIMITED	Director	18/09/2007	18/09/2007	-	Active	NO
10	U70102MH2007PTC168559	NIYATI REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	09/11/2007	09/11/2007	-	Active	NO
11	U45200MH2010PTC201343	SUN STAR SPACES PRIVATE LIMITED	Director	01/05/2010	01/05/2010	-	Active	NO
12	U74999MH2011PTC212517	REVOLUTIONARY SHARES & SECURITIES PRIVATE LIMITED	Director	19/01/2011	19/01/2011	-	Active	NO
13	U67110MH2011PTC212645	WELLBEING SHARES & SECURITIES PRIVATE LIMITED	Director	21/01/2011	21/01/2011	-	Active	NO
14	U45202MH2010PTC201253	FLEXON CONSTRUCTIONS PRIVATE LIMITED	Director	24/01/2011	24/01/2011	-	Active	NO
15	U45203MH2010PTC201425	URANUS REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	29/09/2012	30/01/2012	28/03/2013	Active	NO

Name :

Mrs. Asha Hemant Shah

Designation :

Director

Address :

12/15, Tukaram, Mahadik Road, Jambli Naka, Thane – 400601, Maharashtra, India

Date of Birth/Age :

22.06.1957

Date of Appointment :

28.09.2011

DIN No.:

03529743

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	U51909MH2004PTC146948	CENTAUR MERCANTILE PRIVATE LIMITED	Director	29/09/2012	13/05/2011	Active	NO
2	U51900MH1999PTC122297	SARANG PROPERTY DEVELOPERS PRIVATE LIMITED	Director	28/09/2011	13/05/2011	Active	NO
3	U45200MH1992PTC069422	KANAKIA SPACES PRIVATE LIMITED	Director	28/09/2011	13/05/2011	Active	NO
4	U45202MH2008PTC181566	KANAKIA DESIGN & CONSTRUCTION PRIVATE LIMITED	Director	28/09/2011	01/06/2011	Active	NO
5	U45400MH2010PTC207486	KANAKIA BHUMI CONSTRUCTION PRIVATE LIMITED	Director	29/09/2012	01/06/2011	Active	NO
6	U63040MH2011PTC223842	TOUR DE WORLD PRIVATE LIMITED	Director	12/11/2011	12/11/2011	Active	NO

KEY EXECUTIVES

Name :	Mr. Akshay
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2013

Names of Shareholders	No. of Shares
Rasesh B. Kanakia	1162145
Himanshu B. Kanakia	1145171
Rupal Kanakia	2804851
Hiral Kanakia	2804851
Kanakia Fin and Inv. Private Limited, India	915161
Kanakia Gruhnirman Private Limited, India	915161
Kanakia Housing Private Limited, India	915161
Vrusti Builders Private Limited, India	915161
Vrutant Benefit Trust, India	254200
Vrusti Benefit Trust, India	254200
Niyati Benefit Trust, India	254200
Ashish Benefit Trust, India	254200
Total	12594462

AS ON 28.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	29.07
Directors or relatives of directors	62.86
Other top fifty shareholders	8.07
Total	100.00

BUSINESS DETAILS

Line of Business :

Construction Activity.

Products/ Services :

ITC Code No.	Product Descriptions
90148010	Sale of Flats

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

200 (Approximately)

Bankers :

· Kotak Mahindra Bank Limited, 1st Floor, Vinay Bhavan Complex, 158, C.S.T. Road, Kalina, Santacruz [East], Mumbai - 400059, Maharashtra, India

Bank of Baroda, Chakala, Andheri (East), Mumbai, Maharashtra, India (Tel No.: 91-22-26879832)

HDFC Bank Limited

Axis Bank Limited

I.C.I.C.I. Bank Limited

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans repayable on demand	2599.772	4779.308
Total	2599.772	4779.308

Banking Relations :	--
Financial Institutions :	· JM Financial Products Limited, 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025, Maharashtra, India IL & FS Trust Company Limited, Il & FS Financial Centre, Plot No C22 G Block Bandra, Kurla Complex Bandra [East], Mumbai - 400051, Maharashtra, India Aditya Birla Finance Limited, Indian Rayon Compound, Veraval - 362266, Gujarat, India · LIC Housing Finance Limited SREI Equipment Finance Private Limited
Auditors :
Name :	A.J. Kanakia and Company Chartered Accountants
Address :	1, Alankar Building, 251, Sion Main Road, Sion (West) Mumbai-400022, Maharashtra, India
Tel. No.:	91-22-2407009
Income-tax PAN of auditor or auditor's firm :	AAEPM1042Q
Subsidiary company :	· Centaur Mercantile Private Limited [U51909MH2004PTC146948] Ashish Land & Property Developers Private Limited [U45200MH2007PTC168470] Supreme Real Estate Developers Private Limited [U70101MH1994PTC079253] Sarang Property Developers Private Limited [U51900MH1999PTC122297] Niyati Real Estate Developers Private Limited [U70102MH2007PTC168559] Kanakia Design & Construction Private Limited [U45202MH2008PTC181566] Celebration Developers Private Limited [U45202MH2010PTC201404] Kanakia Bhumi Construction Private Limited [U45400MH2010PTC207486] Periwinkle Constructions Private Limited [U45202MH2010PTC201416] Sun Star Spaces Private Limited [U45200MH2010PTC201343] Silver Flower Constructions Private Limited [U45200MH2010PTC201344] Kanakia Home Makers Private Limited [U45400MH2010PTC207274] Kanakia King Style Construction Private Limited [U45400MH2010PTC207961] Kanakia Residential Private Limited [U45400MH2010PTC207453] R&H Homes Private Limited [U45202MH2008PTC181565] Vrusti Real Estate Developers Private Limited [U45200MH2007PTC168508] Vrutant Real Estate Developers Private Limited [U45200MH2007PTC168471] Kanakia Hospitality Private Limited [U55101MH2005PTC158245]
Associates :	· Atithya Inn Private Limited [U55101GJ2009PTC055897] Elegant Builders Private Limited [U45400KA1983PTC005522] Cashew Constructions Private Limited [U45203MH2010PTC201426] Evergreen Construction Company Private Limited [U45201GJ1988PTC011187] Elegant Builders Elegant Construction Evergreen Construction Evergreen Financial Services Evergreen Homemakers Evergreen Home Makers PVT LTD [U45200MH1993PTC070610] Flexon Constructions Private Limited [U45202MH2010PTC201253] Jonquil Constructions Private Limited [U45202MH2010PTC201430] Kanakia Black Pearl Construction Private Limited [U45400MH2010PTC209381] Kanakia Builders Private Limited [U45200MH2008PTC181564] Kanakia Associates Kanakia Builders Kanakia Construction Kanakia Development Kanakia Exports Kanakia Finance And Investments Private Limited [U65990MH1994PTC076433] Kanakia Housing Private Limited [U45200MH1995PTC089790] Kanakia Medical Services Private Limited [U85110MH2004PTC146373] Mercury Developers Private Limited [U45400DL1991PTC045790] Periwinkle Land Developers Private Limited [U45400MH2010PTC201361] R&H Spa Services Private Limited [U85190MH2010PTC199817] Redberry Constructions Private Limited [U45203MH2010PTC201420] Ribbon Developers Private Limited [U45203MH2010PTC201424] Shreenuj Constructions Private Limited [U45202MH2010PTC201254] Syambhunath Constructions Private Limited [U45200MH2010PTC201421] Vrusti Builders Private Limited [U45200MH1995PTC092842] Black Bryont Constructions Private Limited [U45400MH2010PTC201474] Caramel Constructions Private Limited [U45400MH2010PTC201359] Kanakia Construction Kanakia Management Services Mercury Developers Mont Blanc Builders
Other Related Parties :	· Ashish Benefit Trust Babubhai Kanakia Foundation Niyati Benefit Trust Trivenibaa Madhavji Charitable Trust Vrusti Benefit Trust Vrutant Benefit Trust

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15,000,000	Equity Shares	Rs. 10/- each	Rs. 150.000 Millions
10,000	Preference Shares	Rs. 10/- each	Rs. 0.100 Million
	Total		Rs. 150.100 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12,594,462	Equity Shares	Rs. 10/- each	Rs. 125.945 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	125.945	125.945	125.945
(b) Reserves & Surplus	3684.882	3501.239	3434.252
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	3810.827	3627.184	3560.197
(3) Non-Current Liabilities
(a) long-term borrowings	2599.772	4779.308	3452.745
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	249.565	239.870	256.976
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	2849.337	5019.178	3709.721
(4) Current Liabilities
(a) Short term borrowings	3362.010	1697.411	1424.707
(b) Trade payables	270.277	348.501	147.533
(c) Other current liabilities	2599.199	3653.691	6281.989
(d) Short-term provisions	117.030	72.018	44.909
Total Current Liabilities (4)	6348.516	5771.621	7899.138
TOTAL	13008.680	14417.983	15169.056
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	231.898	258.191	281.461
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2905.155	3002.717	3005.577
(c) Deferred tax assets (net)	3.704	2.524	1.570
(d) Long-term Loan and Advances	801.990	853.236	1027.081
(e) Other Non-current assets	120.843	176.104	585.645
Total Non-Current Assets	4063.590	4292.772	4901.334
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2766.190	4183.347	4605.002
(c) Trade receivables	103.955	423.803	158.181
(d) Cash and cash equivalents	54.241	149.010	60.484
(e) Short-term loans and advances	6020.704	5369.051	5444.055
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	8945.090	10125.211	10267.722
TOTAL	13008.680	14417.983	15169.056

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		NA	NA	NA
Less	TAX		NA	NA	NA
	PROFIT AFTER TAX		183.642	66.987	133.380
	Earnings Per Share (Rs.)		14.58	5.32	10.59

KEY RATIOS

PARTICULARS	31.03.2013	31.03.2012	31.03.2011
Debt Equity Ratio (Total Debt/Networth)	1.56	1.79	1.37
Current Ratio (Current Asset/Current Liability)	1.41	1.75	1.30

LOCAL AGENCY FURTHER INFORMATION

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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10397901	27/12/2012	80,000,000.00	SREI EQUIPMENT FINANCE PRIVATE LIMITED	'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA	B66180340
2	10368053	25/09/2013 *	265,000,000.00	JM FINANCIAL PRODUCTS LIMITED	7TH FLOOR, CNERGY, APPASAHEB MARATHE MARG, PRABHADEVI, MUMBAI - 400025, MAHARASHTRA, INDIA	B86500261
3	10320404	22/11/2011	500,000,000.00	INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED	KRM TOWER, 8TH FLOOR, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI - 600031, TAMILNADU, INDIA	B26496257
4	10296107	15/06/2011	1,250,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE, H.T. PAREKH MARG, 169, BACKBAY, RECLAMATION, CHURCHGATE, MUMBAI - 400020, MAHARASHTRA, INDIA	B16521148
5	10249294	12/07/2012 *	25,000,000.00	KOTAK MAHINDRA BANK LIMITED	1ST FLOOR, VINAY BHAVAN COMPLEX, 158, C.S.T. ROAD, KALINA, SANTACRUZ - EAST, MUMBAI - 400059, MAHARASHTRA, INDIA	B44940633
6	10202186	28/01/2010	16,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL, MUMBAI - 400013, MAHARASHTRA, INDIA	A78934726
7	10186046	04/11/2009	2,500,000.00	BANK OF BARODA	CHAKALA BRANCH, APPLE HERITAGE, GROUND FLOOR, 54-C, ANDHERI KURLA ROAD, CHAKALA, ANDHERI (E), MUMBAI - 400093, MAHARASHTRA, INDIA	A73080566
8	10183367	29/09/2009	1,435,000.00	BANK OF BARODA	CHAKALA BRANCH, APPLE HERITAGE, GROUND FLOOR, 54-C, ANDHERI KURLA ROAD, CHAKALA, ANDHERI (E), MUMBAI - 400093, MAHARASHTRA, INDIA	A72357304
9	10179905	18/09/2009	775,000.00	BANK OF BARODA	CHAKALA BRANCH, APPLE HERITAGE, GROUND FLOOR, 54-C, ANDHERI KURLA ROAD, CHAKALA, ANDHERI (E), MUMBAI - 400093, MAHARASHTRA, INDIA	A70478284
10	10180978	07/01/2011 *	154,500,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169 BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI - 400020, MAHARASHTRA, INDIA	B07151814
11	10224887	07/07/2009	83,150,000.00	HDFC BANK LIMITED	KAMALA MILLS COMPOUND, SENAPATI BAPAT MARG, LOWER PAREL, MUMBAI - 400013, MAHARASHTRA, INDIA	A73515108
12	10166639	25/05/2009	1,150,000.00	BANK OF BARODA	CHAKALA BRANCH, APPLE HERITAGE, GROUND FLOOR, 54-C, ANDHERI KURLA ROAD, CHAKALA, ANDHERI (E), MUMBAI - 400093, MAHARASHTRA, INDIA	A65499543
13	10148574	19/02/2009	10,000,000.00	BANK OF BARODA	CHAKALA BRANCH, APPLE HERITAGE, GROUND FLOOR, 54-C, ANDHERI KURLA ROAD, CHAKALA, ANDHERI (E), MUMBAI - 400093, MAHARASHTRA, INDIA	A58637646
14	10120439	29/08/2008	750,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169 BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI - 400020, MAHARASHTRA, INDIA	A44607075
15	10096075	19/06/2012 *	2,000,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169 BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI - 400020, MAHARASHTRA, INDIA	B42517581
16	80026811	20/02/2005	10,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169 BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI - 400020, MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Loans repayable on demand	632.759	1053.252
Deposits	36.594	20.030
Loans and advances from related parties	2692.657	624.129
Total	3362.010	1697.411

FINANCIAL RESULTS

During the year, The Company has gained profit worth Rs. 183.642 Millions

FIXED ASSETS:

· Buildings

Office building

Plant and equipment

Other plant and equipment

Furniture and fixtures

Vehicles

Motor vehicles

Office equipment

Computer equipments

Other equipments

PRESS RELEASES:

KANAKIA SPACES ORGANIZES EVENT TO LAUNCH TWO NEW PROPERTIES

Fri 03 May 2013

Kanakia Spaces, with the purpose of retaining business and creating new opportunities for themselves, recently held an event in April at the Courtyard by Marriott. The event was managed and executed by Pegasus Events, which won the mandate for the event through a multi-agency pitch process.

Commenting on the mandate for the event, and how they managed to win the account, Nida Naik, Business Development, Pegasus Events Private Limited said: "The client asked us to conceptualise an elaborate and entertaining evening which had scope for a formal agenda. Since this event was taking place after two years, they wanted it to be quite impactful. We were able to win the multi-agency pitch due to our effect costing and engaging ideas."

The event was a platform to bring together the business associates of Kanakia Spaces, who comprised mainly of the Indian and international property consultants they deal with, to be a part of the launch for two properties at the event. It was attended by around 350 people consisting of local brokers and IPCs, who were all personally invited. The setup at the event consisted of a multi panel two screen set up keeping in tone with the Kanakia colours.

The event started with a formal presentation on Kanakia Spaces followed by an interactive entertainment act provided by Drum Beat Cafe which led into the launch of two of Kanakia's properties - Kanakia Sevens (a residential property) and Kanakia Zillion (a commercial property). The entertainment was organised in such a manner so as to make the attendees feel like they were participating in the launch. After that, there was a short presentation of the properties and certain schemes announced for the brokers. A short speech was also made by the Chairman and MD respectively which put an end to the formal agenda. This was followed by dinner and cocktails along with the intermingling and networking of all the attendees.

Shedding some light on the challenges the event brought up, Naik said: "The client received an overwhelming response which exceeded the venue's capacity. It was quite challenging for us as an agency to accommodate everyone and make them feel comfortable within the space. Apart from that, the property models that were to be launched and displayed were extremely heavy. We had to have specialised equipment to bring them on stage and have reinforced support for the stage."

KANAKIA TO BUILD REDEVELOPMENT PORTFOLIO, INVEST IN HOTELS

Kanakia Spaces is in advanced talks for the redevelopment of a housing society in Mumbai’s Versova locality

Tue, Jan 08 2013

Bangalore: Kanakia Group, whose promoters recently sold a controlling stake in multiplex chain Cinemax India Limited to PVR Limited, is building a portfolio of redevelopment projects as it trains its focus again on residential developments.

Mumbai-based Kanakia Spaces Private Limited is in advanced negotiations for the redevelopment of a housing society in Mumbai’s Versova suburb. The project will open up 100,000 sq.ft of built-up or constructed area for redevelopment, chairman Rasesh Kanakia said.

The company is also scouting for land for greenfield projects such as townships, he said.

Kanakia Spaces is among Mumbai’s top private developers with a portfolio exceeding 10 million sq.ft of residential, office and industrial space as well as malls, hotels and schools. Once a large builder of residences in Mumbai, Kanakia Spaces ventured into office development in a big way a few years ago when the city’s real estate market, especially for offices, surged.

But “today, when the global markets are down, most developers want to balance their project portfolios and keep a 70:30 or 80:20 ratio between residential and commercial development,” said Raja Kaushal, managing director, BNP Paribas Real Estate and Infrastructure Advisory Services Private Limited.

As for the hotels business, Kanakia Hospitality, an arm of Kanakia Spaces that was launched in 2010, may build and sell the three five-star hotels it is developing instead of owning the properties.

Kanakia Hospitality currently owns the Courtyard Marriott hotel property in suburban Mumbai.

“Margins are low in the hospitality business, and they (hotel developments) are long gestation projects,” Kanakia said. “If we get good customers (for the three new hotels), we will sell. The Mumbai hotel, we will continue to own.”

The hospitality company has so far invested around Rs.4000.000 Millions in the four properties and will invest an additional Rs.2000.000 Millions in the three new hotels—Courtyard Marriott in Lucknow, Hyatt Place in Goa, and Novotel in Ahmedabad. The group has no more hotel projects planned and going forward will focus on real estate developments, Kanakia said.

A number of real estate firms including large developers such as DLF Limited and Unitech Limited that diversified into non-real estate businesses such as hotels and resorts are moving back to known turf. “Developers are returning to focus on the real estate business, something that they know best,” said Kaushal of BNP Paribas.

Kanakia Group’s promoters on Tuesday completed their sale of a 69.27% stake in Cinemax to PVR for Rs.3950.000 Millions as the real estate company focuses on redevelopment projects.

In a land-starved city such as Mumbai, redevelopment projects have offered a lucrative lifeline to many developers, where they take up run-down housing societies and slum sprawls and turn them into gated communities or residential towers.

“Around 60-70% of the cash flows from projects will be used to pay debt,” Kanakia said, without disclosing how much debt the company has on its books.

Kanakia Spaces is also developing a 100,000 sq.ft. Shopping mall in Nagpur, under group company Cinemax Property Limited.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.13
UK Pound	1	Rs. 101.53
Euro	1	Rs. 85.41

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.