MIRA INFORM REPORT

Report Date :

17.12.2013

IDENTIFICATION DETAILS

Name :	SAFAL REALTY PRIVATE LIMITED
Registered Office :	11^th Floor, Safal Profitair, Opposite Auda Garden, Corporate Road, Prahlad Nagar, Ahmedabad-380015, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.04.2006
Com. Reg. No.:	04-048102
Capital Investment / Paid-up Capital :	Rs.129.023 Millions
CIN No.: [Company Identification No.]	U45209GJ2006PTC048102
Legal Form :	Private Limited Liability Company
Line of Business :	Construction Activity
No. of Employees :	125 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 24920000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Management of the company has not filed its latest financial with the government department. As per previous year financial i.e. 2012, the company seems to be performing well. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company 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.

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. Rupesh Shah
Designation :	Marketing Executive
Contact No.:	91-9909943623
Name :	Mr. Jay Jani
Designation :	Marketing Manager
Contact No.:	91-8980014444
Date :	14.12.2013

LOCATIONS

Registered Office :	11^th Floor, Safal Profitair, Opposite Auda Garden, Corporate Road, Prahlad Nagar, Ahmedabad-380015, Gujarat, India
Tel. No.:	91-79-40800800
Mobile No.:	91-9909943623 [Mr. Rupesh Shah] 91-8980014444 [Mr. Jay Jani]
Fax No.:	91-79-40800999
E-Mail :	info@hnsafal.com kinjal.parikh@hnsafal.com
Website :	www.hnsafal.com
Location :	Owned

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Uday Hasmukhlal Vora

Designation :

Chairman

Address :

32-A, Basant Bahar, Near Purshottam Nagar, Bus Stop, Bopal, Ahmedabad-380054, Gujarat, India

Date of Birth/Age :

29.09.1967

Date of Appointment :

01.06.2009

Din No.:

00017663

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	U67120GJ1998PTC077083	PARK LIGHT INVESTMENT PRIVATE LIMITED	Managing director	01/10/2008	15/05/1999	21/05/2009	Active	NO
2	U45200GJ2006PTC047680	H.NYALCHAND HOLDING COMPANY PRIVATE LIMITED	Director	07/02/2006	07/02/2006	-	Amalgamated	NO
3	U45209GJ2006PTC048102	SAFAL REALTY PRIVATE LIMITED	Managing director	01/06/2009	15/04/2006	-	Active	NO
4	U45202GJ2006PTC049459	SAFAL ORGANISERS PRIVATE LIMITED	Director	27/11/2006	27/11/2006	-	Active	NO
5	U45201GJ2007PTC051639	S.G.V. INFRASTRUCTURE PRIVATE LIMITED	Director	01/09/2007	01/09/2007	-	Active	NO
6	U45201GJ2007PTC050605	SAFAL BUILDCON PRIVATE LIMITED	Director	01/04/2008	01/04/2008	-	Active	NO
7	U70102GJ2011PTC065102	HN SAFAL FACILITIES MANAGEMENT PRIVATE LIMITED	Director	22/04/2011	22/04/2011	-	Active	NO
8	U22122GJ1981PTC004619	VIPUL FORMS AND GRAPHICS PRIVATE LIMITED	Director	01/07/2011	01/07/2011	-	Active	NO
9	U45400GJ2011PTC067693	TERACON BUILDTECH PRIVATE LIMITED	Director	12/07/2012	12/07/2012	-	Active	NO
10	U45202GJ2009PTC059043	SPRING VALLEY ORGANISERS PRIVATE LIMITED	Director	29/09/2012	29/09/2012	15/10/2012	Active	NO
11	AAA-0542	MANUSHI LAND DEVELOPERS LLP	Designated Partner	01/01/2011	01/01/2011	-	Active	NO
12	AAA-2367	HN ORGANISERS & DEVELOPERS LLP	Designated Partner	27/09/2010	27/09/2010	-	Active	NO
13	AAA-3097	GSS REALTY LLP	Body corporate as Designated Partner	15/12/2010	15/12/2010	-	Active	NO
14	AAB-5357	SAFAL GOYAL REALTY LLP	Body corporate as Designated Partner	20/05/2013	20/05/2013	-	Active	NO
15	AAB-6854	AUTUMN LEAF CONSTRUCTION LLP	Designated Partner	31/07/2013	31/07/2013	-	Active	NO

Name :

Mr. Sunil Jivraj Singhi

Designation :

Director

Address :

A-204, Mani Bhadra Enclave, Epartamenta, Opposite Rajasthan Hospital, Ahmedabad-380004, Gujarat, India

Date of Birth/Age :

15.09.1964

Date of Appointment :

16.07.2008

Date of Ceasing :

15.06.2013

Din No.:

02246771

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	U45209GJ2006PTC048102	SAFAL REALTY PRIVATE LIMITED	Director	16/07/2008	16/07/2008	15/06/2013	Active	NO

KEY EXECUTIVES

Name :	Kinjal Pradipbhai Parikh
Designation :	Secretary
Address :	B-7, Dharmjyot Apartment, Panchvati Society, Near Jayhind High School, Maninagar, Ahmedabad-380008, Gujarat, India
Date of Birth/Age :	27.12.1985
Date of Appointment :	20.09.2010
Pan No.:	APAPP0763N
Name :	Mr. Jay Jani
Designation :	Marketing Manager
Name :	Mr. Rupesh Shah
Designation :	Marketing Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Uday Hasmukhlal Vora	3913993
Hasmukhlal N. Vora	500000
Sonal U. Vora	343500
Dhiren H. Vora	2237732
Uday Hasmukhlal Vora HUF	751400
Dhiren H. Vora HUF	2771170
Paramount Club LLP, India	2400
Vipul Forms and Graphics Private Limited, India	790000
Sound Securities Private Limited, India	30000
Gautambhai Jitendra Kothari Jointly With Prahladbhai Ugardas Patel	125000
Babubhai Joitaram Patel Jointly With Rameshbhai Jagjivandas Patel	125000
Yash Infra Realty Private Limited, India	144300
Safal Infra-Realty Private Limited, India	945850
Safal Infra-Realty Private Limited, India	125000
Shankheshwar Spinners Private Limited, India	97000
TOTAL	12902345

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	16.54
Directors or relatives of directors	81.52
Other top fifty shareholders	1.94
TOTAL	100.00

BUSINESS DETAILS

Line of Business :	Construction Activity
Terms :
Selling :	Cheque
Purchasing :	Cheque

GENERAL INFORMATION

Customers :

End Users and Others

No. of Employees :

125 [Approximately]

Bankers :

Development Credit Bank Limited, Prerna Arcade, Opposite Doctor House, Near Parimal Garden, Ellis Bridge, Ahmedabad-380006, Gujarat, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Term Loans From Banks	3.823	17.661
Short Term Borrowings
Loans Repayable on Demand From Banks	89.711	104.874
TOTAL	93.534	122.535

Banking Relations :	--
Auditors :
Name :	G.K. Choksi and Company Chartered Accountants
Address :	Madhuban Near Madalpur, Under Bridge, Ellis Bridge, Ahmedabad-380006, Gujarat, India
PAN No:	AAAFG7623H

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
13500000	Equity Shares	Rs.10/- each	Rs.135.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12902345	Equity Shares	Rs.10/- each	Rs.129.023 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	129.023	120.817
(b) Reserves & Surplus	6101.138	3820.023
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	389.600
Total Shareholders’ Funds (1) + (2)	6230.161	4330.440
(3) Non-Current Liabilities
(a) long-term borrowings	3.823	17.661
(b) Deferred tax liabilities (Net)	7.977	5.663
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	11.800	23.324
(4) Current Liabilities
(a) Short term borrowings	100.583	283.385
(b) Trade payables	0.923	4.849
(c) Other current liabilities	30.097	14.146
(d) Short-term provisions	5.992	0.000
Total Current Liabilities (4)	137.595	302.380
TOTAL	6379.556	4656.144
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	221.571	222.527
(ii) Intangible Assets	1.433	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	189.674	92.857
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	8.514
Total Non-Current Assets	412.678	323.898
(2) Current assets
(a) Current investments	2627.216	1848.286
(b) Inventories	291.775	0.000
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	2353.090	2111.726
(e) Short-term loans and advances	694.797	372.234
(f) Other current assets	0.000	0.000
Total Current Assets	5966.878	4332.246
TOTAL	6379.556	4656.144

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		111.713
2] Share Application Money		596.580
3] Reserves & Surplus		1663.697
4] (Accumulated Losses)		0.000
NETWORTH		2371.990
LOAN FUNDS
1] Secured Loans		4.279
2] Unsecured Loans		191.521
TOTAL BORROWING		195.800
DEFERRED TAX LIABILITIES		2.237
TOTAL		2570.027
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		91.817
Capital work-in-progress		1.500
INVESTMENT		1992.455
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	29.381
	Sundry Debtors	34.023
	Cash & Bank Balances	343.589
	Other Current Assets	128.829
	Loans & Advances	0.000
Total Current Assets		535.822
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	47.653
	Other Current Liabilities	3.914
	Provisions	0.000
Total Current Liabilities		51.567
Net Current Assets		484.255
MISCELLANEOUS EXPENSES		0.000
TOTAL		2570.027

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	774.037	399.839	585.452
		Other Income	201.544	138.404	(255.921)
		TOTAL	975.581	538.243	329.531
	EXPENSES
		TOTAL	253.672	156.348	183.369
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		721.909	381.895	146.162
	DEPRECIATION/ AMORTISATION		22.794	12.002	2.015
	PROFIT / (LOSS) BEFORE TAX		699.115	369.893	144.147
Less	TAX		51.114	25.243	21.133
	PROFIT / (LOSS) AFTER TAX		648.001	344.650	123.014
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1049.779	705.129	582.115
	BALANCE CARRIED TO THE B/S		1697.780	1049.779	705.129
	Earnings / (Loss) Per Share (Rs.)		53.36	29.11	11.29

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	66.42	64.03	37.33
Net Profit Margin (PBT/Sales)	(%)	90.32	92.51	24.62
Return on Total Assets (PBT/Total Assets}	(%)	11.29	8.11	22.97
Return on Investment (ROI) (PBT/Networth)		0.11	0.09	0.06
Debt Equity Ratio (Total Debt/Networth)		0.02	0.07	0.08
Current Ratio (Current Asset/Current Liability)		43.37	14.33	10.40

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
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]	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	No

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10363535	28/06/2012	1,000,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, 02ND FLOOR, 3RD EYE ONE, NEAR PANCHVATI CROSS ROADS, C. G. ROAD, AHMEDABAD - 380009, GUJARAT, INDIA	B42833897
2	10352655	23/04/2012	500,000,000.00	CENTRAL BANK OF INDIA	MID CORPORATE FINANCE BRANCH, 1ST FLOOR, CENRAL B ANK BUILDING, LAL DARWAJA, AHMEDABAD - 380001, GUJARAT, INDIA	B38577029

Unsecured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Short Term Borrowings
Loans and Advances From Related Parties	10.872	71.226
Intercorporate Borrowings	0.000	107.285
TOTAL	10.872	178.511

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.62.10
UK Pound	1	Rs.101.27
Euro	1	Rs.85.43

INFORMATION DETAILS

Information Gathered by :	HTL
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.