MIRA INFORM REPORT

Report Date :

27.02.2013

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) :	31.03.2012
Date of Incorporation :	10.03.2006
Com. Reg. No.:	01-072536
Capital Investment / Paid-up Capital :	Rs. 1566.290 millions
CIN No.: [Company Identification No.]	U45201AP2006PTC072536
IEC No.:	4607000191
PAN No.: [Permanent Account No.]	AACCT4067B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged with construction activity.
No. of Employees :	40 (Approximately)

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 12400000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a 50:50 joint venture between Tishman Speyer India Fund and ICICI Venture. It is an established company having moderate track record. The company has performed well. During 2012, there appears huge accumulated losses recorded by the company which has been slightly reduced due to the profits. The company has earned from its operation. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. Note: As claimed by Mr. Koti (Company Secretary) that sales turnover of the subject company is low because company is engaged in construction activity and the construction is going on, the income is generate only after building is constructed and ready for sale.

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.

INFORMATION PARTED BY

Name :	Mr. Kotilingam K
Designation :	Company Secretary
Contact No.:	91-9000717154
Date :	22.02.2013

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
Mobile No.:	91-9000717154 (Mr. Kotilingam K)
Fax No.:	91-40-66129009
E-Mail :	kkoppu@tishmanspeyer.com
Website :	www.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

Qualification :

Mr. Satish Maheshwari is a Chartered + Cost Works Accountant, Company Secretary and a Certified Public Accountant (CPA) and Business Consultancy Studies from Jamnalal Bajaj, Mumbai.

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

Qualification :

Mr. Sanjeev is a qualified Chartered Accountant, Company Secretary and an MBA from London Business School.

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

Name :

Mr. George Robert Hatzmann

Designation :

Nominee Director

Address :

467, Central Park West, New York 010025, United States of America

Date of Birth/Age :

23.01.1968

Qualification :

Mr. George Hatzman is a Graduate from Dumma Cum Laude from Sunny Purchase and earned a J.D. at Columbia Law School.

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	26-09-11	05-08-06	-	Active	NO
2	U70101HR2010PTC047012	ACREAGE BUILDERS PRIVATE LIMITED	Director	24-09-12	18-10-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Kotilingam K
Designation :	Company 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 Equity 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 Preference 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

Equity Share Break up (Percentage of Total Equity)

As on 24.09.2012

Category	Percentage
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 :	Subject is engaged with construction activity.
Terms :
Selling :	Depend
Purchasing :	Depend

GENERAL INFORMATION

Customers :

End users

· Tata Consultancy Services Limited

· Accenture Services Private Limited

No. of Employees :

40 (Approximately)

Bankers :

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

· Axis Bank Limited, Corporate Banking Branch, 1^st Floor, G Pulla Reddy Building, Begumpet Road, Somajiguda, Hyderabad-500016, Andhra Pradesh, India

· Punjab National Bank

· State Bank of Patiala

Facilities :

LRD 1 – Rs.1400.000 millions (From Axis Bank is the Lead Banker and Punjab National Bank and State Bank of Patiala are the supporting Banks.)

LRD - Rs.1820.000 millions (From Axis Bank Limited)

CRD 2 – Rs. 400.000 millions (From Axis Bank Limited)

Construction Loan – Rs. 1130.000 millions (From Axis Bank Limited)

Bank Guarantee Facility – Rs. 100.000 millions (From Axis Bank Limited)

Secured Loan	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Rupee term loans from bank	1528.600	910.240
Total	1528.600	910.240

Note :

Rupee terms loans from bank is secured by exclusive charge on the company’s land and building, exclusive first hypothecation charge over all movable fixed and current assets of the company and charge on current and future receivable.

Of the above loan of Rs. 1400.000 millions is repayable in 123 Unequal monthly installments by the year 2012. Closing balance as at balance sheet date is Rs. 1355.650 millions including current maturities of Rs. 59.650 millions. Interest is payable at base rate plus 2.5% p.a. i.e. 12.5% at balance sheet date.

Of the above loan of Rs. 420.000 millions is repayable in 121 unequal monthly installment by the year 2022. Closing balance as at balance sheet date is Rs. 245.000 millions including current maturities of Rs. 12.400 millions. Interest is payable at base rate plus 2.75% p.a. i.e. 12.75% at balance sheet date.

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 2 :	B.S.R and Associates Chartered Accountants
Address :	Reliance Humsafar, IV Floor, Road No. 11, Banjara Hills, Hyderabad-500034, Andhra Pradesh, India
Tel. No.:	91-40-30465000
Fax No.:	91-40-30465299
Joint Venture :	v TS Hyderabad 12A, Mauritius v IDBI Trusteeship Services Limited (A/c. India Advantage Fund III) v IDBI Trusteeship Services Limited (A/c. India Advantage Fund IV)
Associates/Subsidiaries :

CAPITAL STRUCTURE

As on 31.03.2012

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1566.290	1561.790	1521.790
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1546.239	1402.346	2911.020
4] (Accumulated Losses)		0.000	0.000	(1640.110)
NETWORTH		3112.529	2964.136	2792.700
LOAN FUNDS
1] Secured Loans		1528.600	910.240	1000.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1528.600	910.240	1000.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4641.129	3874.376	3792.700
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4243.046	4174.100	3603.711
Capital work-in-progress		394.954	117.796	182.021
INVESTMENT		45.076	0.000	230.865
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	1.978	3.251	0.498
	Cash & Bank Balances	139.125	66.566	220.822
	Other Current Assets	75.618	48.310	6.113
	Loans & Advances	178.403	64.843	46.932
Total Current Assets		395.124	182.970	274.365
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	5.282	3.016	457.510
	Other Current Liabilities	431.789	597.474	40.752
	Provisions	0.000	0.000	0.000
Total Current Liabilities		437.071	600.490	498.262
Net Current Assets		(41.947)	(417.520)	(223.897)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4641.129	3874.376	3792.700

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	403.129	194.531	25.535
		Other Income	19.819	1.659
		TOTAL (A)	422.948	196.190	25.535
Less	EXPENSES
		Operating and other expenses	176.924	173.766	109.511 (Including Financial Expenses and Depreciation)
		Reversal of impairment losses	(156.484)	0.000
		TOTAL (B)	20.440	173.766
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)		402.508	22.424
Less	FINANCIAL EXPENSES (D)		166.498	161.391
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		236.010	(138.967)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		132.616	106.597
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		103.394	(228.564)	(83.976)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		103.394	(228.564)	(83.976)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1868.674)	(1640.110)	(1556.134)
	BALANCE CARRIED TO THE B/S		(1765.280)	(1868.674)	(1640.110)
	IMPORTS
		Capital goods	5.101	71.890	7.615
		Consultancy services	0.000	0.000	24.680
		Technical and management services fees	0.000	0.000	19.163
	TOTAL IMPORTS		5.101	71.890	51.458
	Earnings / (Loss) Per Share (Rs.)		(17.97)	(78.18)	(68.37)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	24.45	(116.50)	(328.87)
Net Profit Margin (PBT/Sales)	(%)	25.65	(117.49)	NA
Return on Total Assets (PBT/Total Assets}	(%)	2.23	(5.25)	(2.17)
Return on Investment (ROI) (PBT/Networth)		0.03	(0.08)	(0.03)
Debt Equity Ratio (Total Debt/Networth)		0.49	0.31	0.36
Current Ratio (Current Asset/Current Liability)		0.90	0.30	0.55

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	Yes
17]	Major suppliers	No
18]	Major customers	Yes
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	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.

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.

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.54.06
UK Pound	1	Rs.82.15
Euro	1	Rs.70.61

INFORMATION DETAILS

Information Gathered by :	JML
Report Prepared by :	MRI

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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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.