MIRA INFORM REPORT

Report Date :

14.02.2013

IDENTIFICATION DETAILS

Name :	TSI BUSINESS PARKS (HYDERABAD) PRIVATE LIMITED
Registered Office :	Survey No.115 (Part), Waverock Building, APIIC IT/ITES, SEZ, Nanakramguda Village, Serilingampally Mandal, Hyderabad – 500 008, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.03.2006
Com. Reg. No.:	01-072536
Capital Investment / Paid-up Capital :	Rs.1561.790 millions
CIN No.: [Company Identification No.]	U45201AP2006PTC072536
PAN No.: [Permanent Account No.]	AACCT4067B
Legal Form :	Private Limited Liability Company
Line of Business :	Real Estate Developer
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 11857000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a 50:50 joint venture between Tishman Speyer India Fund and ICICI Ventures. It is an established company having a moderate track record. The latest financials are not made available with the Government Department. As per previous year’s, there appear accumulated losses recorded by the company. However, networth of the company appears to be strong. Company gets good financial support from its holding companies. Trade relations are reported to be fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealings with slight caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: BBB+
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk.
Date	January 09, 2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Survey No.115 (Part), Waverock Building, APIIC IT/ITES, SEZ, Nanakramguda Village, Serilingampally Mandal, Hyderabad – 500 008, Andhra Pradesh, India
Tel. No.:	91-40-66129000
Fax No.:	Not Available
E-Mail :	kkoppu@tishmanspeyer.com

DIRECTORS

As on 24.09.2012

Name :

Mr. Satish Kumar Maheshwari

Designation :

Managing Director

Address :

A-202, Satellite Gardens, Film City Road, Goregaon (East), Mumbai – 400 063, Maharashtra, India

Date of Birth/Age :

26.01.1972

Date of Appointment :

20.06.2011

DIN No.:

00121310

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	U45200AP2006PTC051559	ADITYA HOUSING AND INFRASTRUCTURE DEVELOPMENT CORPORATION PRIVATE LIMITED	Director	01/10/2009	01/10/2009	19/01/2011	Active	NO
2	U45201MH2006PTC166469	LIGHTHOUSE DEVELOPERS PRIVATE LIMITED	Director	01/10/2009	01/10/2009	19/01/2011	Active	NO
3	U70102MH2006PTC164030	NEELKANTH TOWNSHIP AND CONSTRUCTION PRIVATE LIMITED	Director	01/10/2009	01/10/2009	19/01/2011	Active	NO
4	U70100MH2006PTC161745	ODYSSEY DEVELOPERS PRIVATE LIMITED	Director	23/09/2010	01/10/2009	19/01/2011	Active	NO
5	U70101MH1994PTC080944	SKYLINE MANSIONS PRIVATE LIMITED	Nominee director	01/10/2009	01/10/2009	19/01/2011	Active	NO
6	U45201MH2008PTC177235	MAYFAIR URBAN DEVELOPERS PRIVATE LIMITED	Director	29/09/2010	10/03/2010	28/02/2011	Active	NO
7	U45400MH2007PTC171815	AKANGSHA REALTORS PRIVATE LIMITED	Director	31/08/2010	12/03/2010	13/01/2011	Active	NO
8	U45400MH2007PTC171872	REHAN REALTORS PRIVATE LIMITED	Director	31/08/2010	12/03/2010	13/01/2011	Active	NO
9	U45200MH2007PTC168287	URBAN RITI INFRASTRUCTURE PRIVATE LIMITED	Director	30/08/2010	12/03/2010	13/01/2011	Active	NO
10	U70109MH2007PTC168844	AVAKASH LAND INFRASTRUCTURE PRIVATE LIMITED	Director	31/08/2010	12/03/2010	13/01/2011	Active	NO
11	U45200MH2007PTC168284	URBAN SHIVA INFRASTRUCTURE PRIVATE LIMITED	Director	31/08/2010	12/03/2010	13/01/2011	Active	NO
12	U70101MH2007PTC172026	ANACRON REALTORS PRIVATE LIMITED	Director	31/08/2010	12/03/2010	13/01/2011	Active	NO
13	U45400MH2007PTC172047	ASHITEE REALTORS PRIVATE LIMITED	Director	31/08/2010	12/03/2010	13/01/2011	Active	NO
14	U45201MH2006PTC165021	VIDHANT LAND INFRASTRUCTURE PRIVATE LIMITED	Director	31/08/2010	12/03/2010	13/01/2011	Active	NO
15	U45201MH2006PTC164987	URBAN LAND INFRASTRUCTURE PRIVATE LIMITED	Director	31/08/2010	12/03/2010	13/01/2011	Active	NO
16	U45400MH2007PTC171875	ADWAIYA REALTORS PRIVATE LIMITED	Director	31/08/2010	12/03/2010	13/01/2011	Active	NO
17	U74140MH2008PLC187622	UI WEALTH ADVISORS LIMITED	Director	31/08/2010	12/03/2010	13/01/2011	Active	NO
18	U70100PB2005PTC029238	SUKHM INFRASTRUCTURES PRIVATE LIMITED	Director	30/09/2010	30/03/2010	19/01/2011	Active	NO
19	U45201GJ2007PTC052343	APPLEWOODS ESTATE PRIVATE LIMITED	Director	30/09/2010	31/03/2010	19/01/2011	Active	NO
20	U55103KA2006PTC040751	SANMATI INFRADEVELOPERS PRIVATE LIMITED	Director	20/08/2010	25/06/2010	07/03/2011	Active	NO
21	U45209PY2006PLC001966	PONDICHERRY SPECIAL ECONOMIC ZONE COMPANY LIMITED	Director	28/09/2010	25/06/2010	28/03/2011	Active	NO
22	U45400AP2007PTC053720	TELLAPUR TECHNOCITY PRIVATE LIMITED	Nominee director	29/04/2011	29/04/2011	10/06/2011	Active	NO
23	U45201AP2006PTC072536	TSI BUSINESS PARKS (HYDERABAD) PRIVATE LIMITED	Managing director	20/06/2011	14/06/2011	-	Active	NO
24	U70101HR2010PTC047012	ACREAGE BUILDERS PRIVATE LIMITED	Director	24/09/2012	18/10/2011	-	Active	NO

Name :

Mr. Sanjeev Durjhati Dasgupta

Designation :

Director

Address :

D-115, Paradise Building, Raheja Vihar, Off Chandivali Farm Road, Powai, Mumbai – 400 072, Maharashtra, India

Date of Birth/Age :

28.05.1967

Date of Appointment :

20.09.2010

DIN No.:

00090701

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	U70100MH2005PTC156869	BANSI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	12/12/2005	12/12/2005	12/11/2009	Active	NO
2	U70100MH2005PTC156875	CLASSIC MALL DEVELOPMENT COMPANY PRIVATE LIMITED	Director	31/08/2006	12/12/2005	24/12/2009	Active	NO
3	U70100MH2005PTC155196	BLB MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	15/12/2006	12/12/2005	13/11/2009	Active	NO
4	U70101MH2005PTC153688	NAMAN MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	12/12/2005	12/12/2005	12/11/2009	Active	NO
5	U70100MH2005PTC156868	ANUSHTA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	15/12/2006	27/01/2006	12/11/2009	Active	NO
6	U45200MH2005PTC156837	SUHANI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	27/01/2006	27/01/2006	12/11/2009	Active	NO
7	U45400MH2005PTC156887	CLASSIC HOUSING PROJECTS PRIVATE LIMITED	Director	31/08/2006	27/01/2006	24/12/2009	Active	NO
8	U45200MH2005PTC156839	AVRUTI MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	27/01/2006	27/01/2006	12/11/2009	Active	NO
9	U70100MH2005PTC156886	SHAGUN MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	16/02/2006	16/02/2006	12/11/2009	Active	NO
10	U52100MH2006PTC160387	KYAL TRADING PRIVATE LIMITED	Director	09/03/2006	09/03/2006	30/03/2009	Active	NO
11	U52190MH2006PTC160414	PAVITRA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	09/03/2006	09/03/2006	30/03/2009	Active	NO
12	U70109MH2006PTC160388	NIRVANA MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	09/03/2006	09/03/2006	30/03/2009	Active	NO
13	U70109MH2006PTC160395	SHIVAM MALL MANAGEMENT COMPANY PRIVATE LIMITED	Director	09/03/2006	09/03/2006	30/03/2009	Active	NO
14	U52190MH2006PLC160415	MYRA MALL MANAGEMENT COMPANY LIMITED	Director	09/03/2006	09/03/2006	24/12/2009	Active	NO
15	U70109MH2006PTC161373	KSHITIJ MALL MANAGEMENT PRIVATE LIMITED	Director	25/04/2006	25/04/2006	12/11/2009	Active	NO
16	U70109MH2006PTC161374	KSHITIJ PROPERTY SOLUTIONS PRIVATE LIMITED	Director	25/04/2006	25/04/2006	13/11/2009	Active	NO
17	U70101KL1994PTC008019	PEEVEES PROJECTS PRIVATE LIMITED	Director	26/04/2006	26/04/2006	12/11/2009	Active	NO
18	U52100MH2006PTC162506	RAMPAL TRADING PRIVATE LIMITED	Director	02/06/2006	02/06/2006	30/03/2009	Active	NO
19	U74999MH2006PTC162507	DIVYA BUSINESS CONCEPTS PRIVATE LIMITED	Director	02/06/2006	02/06/2006	30/03/2009	Active	NO
20	U70102MH2006PTC161886	SHREYA MALL MANAGEMENT PRIVATE LIMITED	Director	31/10/2007	15/12/2006	12/11/2009	Active	NO
21	U74999MH2007PTC166931	ANIKA MERCHANTS AND TRADERS PRIVATE LIMITED	Director	11/01/2007	11/01/2007	30/03/2009	Active	NO
22	U70200MH2007PTC166936	DESTINATION INDUSTRIAL PARKS PRIVATE LIMITED	Director	11/01/2007	11/01/2007	20/12/2009	Active	NO
23	U70109MH2007PTC166935	ACME REALTY DEVELOPERS PRIVATE LIMITED	Director	11/01/2007	11/01/2007	30/03/2009	Active	YES
24	U70200MH2007PTC166932	PRECISION REALTY DEVELOPERS PRIVATE LIMITED	Director	11/01/2007	11/01/2007	30/03/2009	Active	NO
25	U74999MH2007PTC166939	ANANT MERCHANTS AND TRADERS PRIVATE LIMITED	Director	11/01/2007	11/01/2007	30/03/2009	Active	NO
26	U45201WB2005PTC102967	RAJLAXMI GRIHA NIRMAN PRIVATE LIMITED	Director	29/09/2007	24/01/2007	12/11/2009	Active	NO
27	U45201KA2006PTC041030	MAVERICK PROPERTIES PRIVATE LIMITED	Director	31/12/2007	16/03/2007	12/11/2009	Active	NO
28	U45200GJ2005PTC046351	GULMOHAR PARK MALL PRIVATE LIMITED	Director	12/04/2007	12/04/2007	12/11/2009	Active	NO
29	U70101WB2006PTC107867	MANIAM PROPERTIES PRIVATE LIMITED	Director	17/05/2007	17/05/2007	12/11/2009	Active	NO
30	U45400MH2007PTC171497	FACES COSMETICS INDIA PRIVATE LIMITED	Director	09/06/2007	09/06/2007	30/06/2009	Active	NO
31	U74999MH2007PTC171494	PANAH TRADERS AND MERCHANTS PRIVATE LIMITED	Director	09/06/2007	09/06/2007	30/03/2009	Active	NO
32	U74999MH2007PTC171556	AKSI WHOLESALERS PRIVATE LIMITED	Director	12/06/2007	12/06/2007	30/03/2009	Active	NO
33	U74999MH2007PTC171557	BARKHA ENTERPRISES PRIVATE LIMITED	Director	12/06/2007	12/06/2007	30/03/2009	Active	NO
34	U45400MH2007PTC171562	TIKONA DIGITAL HOLDINGS PRIVATE LIMITED	Director	12/06/2007	12/06/2007	-	Strike off	NO
35	U34102PN2004PTC019806	SKYSCAPES HOTELS PRIVATE LIMITED	Director	21/06/2007	21/06/2007	18/11/2009	Active	NO
36	U45209PN2005PTC021147	CITY REALTY AND DEVELOPMENT PRIVATE LIMITED	Director	21/06/2007	21/06/2007	18/11/2009	Active	NO
37	U70101WB2006PTC107536	AMBA HIGHRISE PRIVATE LIMITED	Director	13/09/2007	04/07/2007	12/11/2009	Active	NO
38	U45200WB2007PTC112466	DEVBHUMI REALTORS PRIVATE LIMITED	Director	30/07/2007	30/07/2007	12/11/2009	Active	NO
39	U45200MH2006PTC161067	ISLAND STAR MALL DEVELOPERS PRIVATE LIMITED	Nominee director	07/09/2007	07/09/2007	24/12/2009	Active	NO
40	U17291MH2007GOI195402	GOLDMOHUR DESIGN AND APPAREL PARK LIMITED	Director	22/12/2008	22/12/2007	08/06/2010	Active	NO
41	U45200MH2005PTC157219	GUPTA INFRASTRUCTUR (INDIA) PRIVATE LIMITED	Director	28/09/2009	14/11/2008	04/10/2010	Active	NO
42	U55101MH1996PTC101044	STARBOARD HOTELS PRIVATE LIMITED	Nominee director	08/09/2009	08/09/2009	24/12/2009	Active	NO
43	U45201AP2006PTC072536	TSI BUSINESS PARKS (HYDERABAD) PRIVATE LIMITED	Director	20/09/2010	23/12/2009	-	Active	NO
44	U45201KA2006PTC038699	JUBILEE HILLS LANDMARK PROJECTS PRIVATE LIMITED	Director	23/12/2009	23/12/2009	-	Active	NO
45	U70109KA2006PTC039758	TSI HOMES (CHENNAI) PRIVATE LIMITED	Director	22/09/2010	23/12/2009	-	Active	NO
46	U45200MH2007PTC168707	LODHA ELEVATION BUILDCON PRIVATE LIMITED	Nominee director	23/12/2009	23/12/2009	-	Active	NO
47	U74140TN2003PTC051955	UPDATER SERVICES PRIVATE LIMITED	Director	28/09/2010	23/06/2010	-	Active	NO

Name :

Mr. George Robert Hatzmann

Designation :

Nominee Director

Address :

467, Central Park West, New York 010025

Date of Birth/Age :

23.01.1968

Date of Appointment :

26.09.2011

DIN No.:

00265552

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	U45201AP2006PTC072536	TSI BUSINESS PARKS (HYDERABAD) PRIVATE LIMITED	Nominee director	26/09/2011	05/08/2006	-	Active	NO
2	U70101HR2010PTC047012	ACREAGE BUILDERS PRIVATE LIMITED	Director	24/09/2012	18/10/2011	-	Active	NO

KEY EXECUTIVES

Name :	Koppu Kotilingam
Designation :	Secretary
Address :	71-4, PKR Mansion, Munnekulala Marathhalli, Bangalore – 560 037, Karnataka, India
Date of Birth/Age :	26.04.1979
Date of Appointment :	09.05.2007
PAN No.:	ANNPK2153J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 24.09.2012

Names of Shareholders	No. of Shares
IDBI Trusteeship Services Limited (India Advantage Fund IV), India	2362500
TS Hyderabad 12A, Mauritius	4725000
IDBI Trusteeship Services Limited (India Advantage Fund III), India	2362500
Total	9450000

Names of Shareholders	No. of Shares
TS Hyderabad 12A, Mauritius	73589494
IDBI Trusteeship Services Limited (India Advantage Fund III), India	36794747
IDBI Trusteeship Services Limited (India Advantage Fund IV), India	36794747
Total	147178988

As on 24.09.2012

Equity Share Breakup	Percentage of Holding
Category
Venture Capital	50.00
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Real Estate Developer

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Axis Bank Limited, Trishul, 3^rd Floor, Opposite Samartheshwar Temple, Law Garden, Ellisbridge, Ahmedabad – 380 006, Gujarat, India

Facilities :

Secured Loans	31.03.2011 (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	954.590	0.000
Rupee term loans financial institutions secured	0.000	1000.000
Interest accrued due other debt secured	3.236	0.000
Total	957.826	1000.000

Banking Relations :	--
Financial Institution :	Axis Trustee Services Limited, Axis House, 2^nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400 025, Maharashtra, India
Auditors :
Name :	B.S.R. and Company Chartered Accountants
Address :	Maruthi Info Tech Centre, 11-12/1, Inner Ring Road, Koramangala, Bangalore – 560 071, Karnataka, India
Tel. No.:	91-80-39806000
Fax No.:	91-80-39806999
Income-tax PAN of auditor or auditor's firm :	AAAFB9852F
Joint Venture :	v TS Hyderabad 12A, Mauritius v IDBI Trusteeship Services Limited - Investment Manager to A/c. India Advantage Fund III, India v IDBI Trusteeship Services Limited - Investment Manager to A/c. India Advantage Fund IV, India

CAPITAL STRUCTURE

As on 24.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 millions
155000000	Preference Shares	Rs.10/- each	Rs.1550.000 millions
	Total		Rs.1650.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9450000	Equity Shares	Rs.10/- each	Rs.94.500 millions
147178988	Preference Shares	Rs.10/- each	Rs.1471.790 millions
	Total		Rs.1566.290 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 millions
155000000	Preference Shares	Rs.10/- each	Rs.1550.000 millions
	Total		Rs.1650.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9000000	Equity Shares	Rs.10/- each	Rs.90.000 millions
147178988	Preference Shares	Rs.10/- each	Rs.1471.790 millions
	Total		Rs.1561.790 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1561.790	1521.790	1401.790
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3271.020	2911.020	1831.020
4] (Accumulated Losses)		(1868.674)	(1640.110)	(1556.134)
NETWORTH		2964.136	2792.700	1676.676
LOAN FUNDS
1] Secured Loans		957.826	1000.000	1000.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		957.826	1000.000	1000.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3921.962	3792.700	2676.676
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4174.100	3603.711	557.590
Capital work-in-progress		117.796	182.021	1894.300
INVESTMENT		0.000	230.865	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	3.179	0.498	0.000
	Cash & Bank Balances	67.323	220.822	686.792
	Other Current Assets	37.135	6.113	0.000
	Loans & Advances	68.624	46.932	17.839
Total Current Assets		176.261	274.365	704.631
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	442.517	457.510	463.817
	Other Current Liabilities	103.678	40.752	16.028
	Provisions	0.000	0.000	0.000
Total Current Liabilities		546.195	498.262	479.845
Net Current Assets		(369.934)	(223.897)	224.786
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3921.962	3792.700	2676.676

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	213.190	25.535	45.076
		Other Income
		TOTAL	213.190	25.535	45.076
Less	EXPENSES
		Office Expenses	441.754	109.511	1559.310
		Administrative Expenses
		Advertising Expenses
		TOTAL	441.754	109.511	1559.310
	PROFIT/ (LOSS) BEFORE TAX		(228.564)	(83.976)	(1514.234)
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(228.564)	(83.976)	(1514.234)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1640.110)	(1556.134)	(41.900)
	BALANCE CARRIED TO THE B/S		(1868.674)	(1640.110)	(1556.134)
	IMPORTS
		Capital goods	NA	7.615	66.339
		Consultancy services	NA	24.680	34.467
		Technical and management services fees	NA	19.163	97.818
	TOTAL IMPORTS		NA	51.458	198.624
	Earnings/ (Loss) Per Share (Rs.)		(78.18)	(68.37)	(346.08)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(107.21)	(328.87)	(3359.29)
Return on Total Assets (PBT/Total Assets}	(%)	(5.25)	(2.17)	(119.97)
Return on Investment (ROI) (PBT/Networth)		(0.08)	(0.03)	(0.90)
Debt Equity Ratio (Total Debt/Networth)		0.32	0.36	0.60
Current Ratio (Current Asset/Current Liability)		0.32	0.55	1.47

LOCAL AGENCY FURTHER INFORMATION

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	Yes

BACKGROUND

The Company was incorporated on 10^th March 2006 as a 50:50 joint venture between TS Hyderabad 12A and The Western India Trustee and Executor Company Limited (India Advantage Fund III) and The Western India Trustee and Executor Company Limited (India Advantage Fund IV). The Company is formed for the purpose of developing IT parks in Hyderabad (India). Subsequently, Western India Trustee and Executor Company Limited (comprising of India Advantage Fund III and IV) was merged with IDBI Trusteeship Services Limited (comprising of A/c. India Advantage Fund III and IV) and pursuant to such merger, the entities holding the balance 50% shares are IDBI Trusteeship Services Limited (comprising of A/c. India Advantage Fund III and IV) equally.

NANAKRAMAGUDA PROJECT:

Location of the project

WaveRock has convenient access to the new Outer Ring Road and Gachibowli Expressway, requiring just 20 minutes drive from the newly opened Hyderabad International Airport at Shamshabad. The site is located in Hyderabad’s Financial District near Gachibowli, and is part of a larger Special Economic Zone (SEZ) that is being promoted by APIIC (Andhra Pradesh Industrial Infrastructure Corporation).

Progress of the Project

The Bar Building is over 99% leased and collecting CAM and 89% of the building is earning rent. The Company continue to see firm sentiments on the demand side and measure are being undertaken to commence construction of the first part of the phase 2.

Bankers Charges Report as per Registry

Corporate identity number of the company	U45201AP2006PTC072536
Name of the company	TSI BUSINESS PARKS (HYDERABAD) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No.115 (Part), Waverock Building, APIIC IT/ITES, SEZ, Nanakramguda Village, Serilingampally Mandal, Hyderabad – 500 008, Andhra Pradesh, India E-Mail: kkoppu@tishmanspeyer.com
This form is for	Modification of charge
Charge identification number of the modified	10370161
Type of charge	Immovable Property Book Debts Movable Property (not being pledge) Others (Charge on all lease rental / fit out receivables)
Particular of charge holder	CIN No.: U74999MH2008PLC182264 Axis Trustee Services Limited, Axis House, 2^nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400 025, Maharashtra, India E-Mail: debenturetrustee@axistrustee.com
Nature of description of the instrument creating or modifying the charge	Novation and Transfer Notice executed with State Bank of Patiala Novation and Transfer Notice executed with Punjab National Bank
Date of instrument Creating the charge	14.09.2012
Amount secured by the charge	Rs.2950.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Term Loan 1 - Rs.1400.000 millions - 10%+2.5% = 12.5%, which is as per the original agreement and term loan 2 and 3 as per the original agreement Terms of Repayment: Term Loan 1 - in 123 consecutive monthly Repayment Installments as per original agreement and term loan 2 and 3 as per the original agreement Margin: Nil Extent and Operation of the charge: Charge operates as security for the due repayment of the total loan along with interest and other charges, if any.
Short particulars of the property charged	A first ranking Security Interest by way of mortgage on all of Borrowers land admeasuring 12.13 acres in Survey No.115/Part, Nanakramguda Village, Serilingampally Mandal, Rangareddy District, A.P and buildings on such lands; A first ranking charge by way of hypothecation of all the Borrowers movable fixed and current assets, present and future; A first ranking charge on all lease rental / fit out receivables of the Borrower, present and future; A first ranking charge on all the Accounts of the Borrower opened and maintained pursuant to the Accounts Agreement, present and future; A first charge by way of hypothecation of: all the rights, title, interest, benefits, claims and demands whatsoever of the Borrower in the Project Documents; all the rights, title, interest, benefits, claims and demands whatsoever of the Borrower in the Clearances including permits, approval and clearance pertaining to the Project, which are assignable under law all the rights, title, interest, benefits, claims and demands whatsoever of the Borrower in letter of credit, guarantee, performance bond, corporate guarantees, bank guarantees provided by any party to the Project Documents; and all the rights, title, interest, benefits, claims and demands whatsoever of the Borrower in Insurance Contracts / proceeds under Insurance Contracts; as detailed in the Deed of Hypothecation
Particulars of the present modification	There is no change in the limits already granted on 10^th August, 2012 in favor of Axis Trustee Services Limited for Rs.2950.000 millions, which is as follows: Term Loan 1 - Rs.1400.000 millions Term Loan 2 - Rs.420.000 millions Term Loan 3 - Rs.1130.000 millions The Present modification is for down selling of Term Loan 1 of Rs.1400.000 millions as below: Axis Bank Limited - Rs.250.000 millions Punjab National Bank - Rs.600.000 millions State Bank of Patiala - Rs.550.000 millions The Term Loan 2 and 3 remain unchanged.

FIXED ASSETS:

TANGIBLE ASSETS

Leased Assets

v Leasehold Land

Owned Assets

v Buildings

v Temporary Structures

v Plant and Machinery

v Electrical Equipment

v Office Equipment

v Computers

v Furniture and Fixtures

INTANGIBLE ASSETS

v Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.85
UK Pound	1	Rs.84.43
Euro	1	Rs.72.40

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		36

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.