MIRA INFORM REPORT

Report Date :

14.01.2013

IDENTIFICATION DETAILS

Name :	DIVINE (INDIA) INFRASTRUCTURE PRIVATE LIMITED
Registered Office :	323, Aggarwal Plaza, Plot No. 3, DDA Community Centre, Sector 14, Rohini, New Delhi-110085
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.08.2002
Com. Reg. No.:	55-116747
Capital Investment / Paid-up Capital :	Rs.10.850 Millions
CIN No.: [Company Identification No.]	U45203DL2002PTC116747
Legal Form :	Private Limited Liability Company
Line of Business :	Real Estate Builders and Developers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 390000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. 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 – 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

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 :	323, Aggarwal Plaza, Plot No. 3, DDA Community Centre, Sector 14, Rohini, New Delhi-110085, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	ca_gupta@rediffmail.com
Branch Office :	F-32, Sector -108 Gautambudh Nagar, Noida-201301, Uttar Pradesh, India
Tel. No.:	91-120-4357777
Fax No.:	91-120-4358401

DIRECTORS

AS ON 29.09.2012

Name :

Mr. Rajesh Gupta

Designation :

Whole Time Director

Address :

D-9, Sector 55, Noida-201301, Uttar Pradesh, India

Date of Appointment :

28.08.2002

Din No.:

00650523

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	U45203DL2002PTC116747	DIVINE (INDIA) INFRASTRUCTURE PRIVATE LIMITED	Director	28/08/2002	28/08/2002	-	Active	NO
2	U51909DL2003PTC119241	VIDHI AGENCIES PRIVATE LIMITED	Director	04/03/2003	04/03/2003	-	Active	NO
3	U72200DL2005PTC144262	DIVINE SOFTECH PRIVATE LIMITED	Director	13/12/2005	13/12/2005	20/08/2010	Active	NO
4	U72100DL2007PTC168739	OM SAI INFOSOFT PRIVATE LIMITED	Director	18/01/2008	18/01/2008	21/05/2010	Active	NO
5	U72300DL2007PTC170524	DRISHTI COMPUSERV PRIVATE LIMITED	Director	25/01/2008	25/01/2008	-	Strike off	NO
6	U74899DL1995PTC071272	IHI FORGING AND TOOLS PRIVATE LIMITED	Director	21/04/2008	21/04/2008	15/11/2011	Active	NO
7	U51109DL2000PTC104648	KATHURIA BUILDERS PRIVATE LIMITED	Director	05/04/2011	05/04/2011	-	Active	NO
8	U51909HR2009PTC039466	BELLY SOUL IMPEX PRIVATE LIMITED	Director	30/09/2011	01/05/2011	01/10/2011	Active	NO
9	U55101DL2012PTC241832	ECHELON INDIA HOTELS PRIVATE LIMITED	Director	07/09/2012	07/09/2012	-	Active	NO

Name :

Mr. Mahendra Bansal

Designation :

Whole Time Director

Address :

C-219, Prashant Vihar, New Delhi-110085, India

Date of Appointment :

28.08.2002

Din No.:

00650193

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	U45203DL2002PTC116747	DIVINE (INDIA) INFRASTRUCTURE PRIVATE LIMITED	Director	28/08/2002	28/08/2002	-	Active	NO
2	U51909DL2003PTC119241	VIDHI AGENCIES PRIVATE LIMITED	Director	04/03/2003	04/03/2003	-	Active	NO
3	U72200DL2005PTC144262	DIVINE SOFTECH PRIVATE LIMITED	Director	13/12/2005	13/12/2005	04/08/2007	Active	NO
4	U30007DL1997PTC089237	APPROVA SOFTWARE CONSULTANTS PRIVATE LIMITED	Director	10/07/2007	10/07/2007	15/05/2008	Active	NO
5	U72300DL2007PTC170524	DRISHTI COMPUSERV PRIVATE LIMITED	Director	15/01/2008	15/01/2008	-	Strike off	NO
6	U64201DL2005PTC139643	NAINA TELE SYSTEMS PRIVATE LIMITED	Director	30/09/2010	03/02/2008	28/07/2011	Active	NO
7	U67120DL1996PTC079900	VAISHALI FINANCIAL SERVICES PRIVATE LIMITED	Director	20/09/2009	20/09/2009	-	Active	NO
8	U72900DL2007PTC160332	VAIBHAV TECHNOSOFT PRIVATE LIMITED	Additional director	16/04/2010	22/12/2009	-	Active	NO
9	U45400DL2010PTC207570	LAUREATE INFRASTRUCTURE PRIVATE LIMITED	Director	26/08/2010	26/08/2010	-	Active	NO
10	U45200DL2011PTC212494	LAUREATE BUILDWELL PRIVATE LIMITED	Director	30/09/2011	12/08/2011	-	Active	NO

Name :

Mr. Rajeev Sharma

Designation :

Whole Time Director

Address :

C-47, Sector 19, Noida-201301, India

Date of Appointment :

01.04.2009

Din No.:

01212677

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	U51909DL2003PTC119241	VIDHI AGENCIES PRIVATE LIMITED	Director	04/03/2003	04/03/2003	04/03/2003	Active	NO
2	U51391DL2002PTC116540	CRYSTAL SHOPING PLAZA PRIVATE LIMITED	Director	01/09/2003	01/09/2003	-	Active	NO
3	U45201DL2004PTC124669	ROSEBUD CONSTRUCTIONS PRIVATE LIMITED	Director	16/02/2004	16/02/2004	-	Active	NO
4	U74899DL1992PTC048860	COSMIC ARCHITECTS PVT LTD	Director	25/05/2004	25/05/2004	-	Active	NO
5	U70101DL2004PTC129826	ARD DEVELOPERS PRIVATE LIMITED	Director	12/10/2004	12/10/2004	20/02/2012	Active	NO
6	U70101DL2004PTC129827	RSG DEVELOPERS PRIVATE LIMITED	Director	12/10/2004	12/10/2004	-	Active	NO
7	U72200DL2005PTC144262	DIVINE SOFTECH PRIVATE LIMITED	Director	13/12/2005	13/12/2005	-	Active	NO
8	U72300DL2007PTC170524	DRISHTI COMPUSERV PRIVATE LIMITED	Director	15/01/2008	15/01/2008	-	Strike off	NO
9	U72200DL2008PTC182433	COSMIC SOFT SOLUTION PRIVATE LIMITED	Director	26/08/2008	26/08/2008	-	Active	NO
10	U45203DL2002PTC116747	DIVINE (INDIA) INFRASTRUCTURE PRIVATE LIMITED	Director	01/04/2009	01/04/2009	-	Active	NO
11	U45400DL2010PTC207570	LAUREATE INFRASTRUCTURE PRIVATE LIMITED	Director	26/08/2010	26/08/2010	-	Active	NO
12	U45400DL2010PTC207568	ELIXIR BUILDCON PRIVATE LIMITED	Director	26/08/2010	26/08/2010	-	Active	NO
13	U45200DL2011PTC212494	LAUREATE BUILDWELL PRIVATE LIMITED	Director	12/01/2011	12/01/2011	-	Active	NO
14	U18107DL2002PTC118206	D R CREATIONS PRIVATE LIMITED	Additional director	08/11/2011	08/11/2011	-	Active	NO
15	U74899DL1993PTC056675	GDR FINANCE AND LEASING PRIVATE LIMITED	Additional director	04/02/2012	04/02/2012	-	Active	NO
16	U70101DL2009PTC196488	MOON ORCHID HOUSING PRIVATE LIMITED	Additional director	20/04/2012	20/04/2012	-	Active	NO
17	U65910DL1997PTC084696	ANUSH FINLEASE AND CONSTRUCTION PRIVATE LIMITED	Director	29/09/2012	26/06/2012	-	Active	NO
18	U70100DL2012PTC245197	ECO-BUILD TECHNOLOGIES PRIVATE LIMITED	Director	23/11/2012	23/11/2012	-	Active	NO
19	U70101DL2012PTC245644	ELIXIR INFRATEC PRIVATE LIMITED	Director	04/12/2012	04/12/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Rajesh Gupta	263333
Mahendra Bansal	263333
Rajeev Sharma	263334
Sapna Gupta	98334
Monika Sharma	98334
Anita Bansal	98332
TOTAL	1085000

AS ON 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :

Real Estate Builders and Developers.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Vijaya Bank, A-5, Sector 19, Noida-201301, Uttar Pradesh, India

· ICICI Bank

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Loans and Advances From Related Parties
ICICI Bank [Car Loan]	0.482	0.705
OD [Vijaya Bank ]	0.000	7.118
Car Loan	1.161	0.000
TOTAL	1.643	7.823

Banking Relations :	--
Auditors :
Name :	Sandeep S.C. Gupta and Company Chartered Accountants
Address :	210, Hulum Singh Palace, Atta Sector 27, Noida-201301, Uttar Pradesh, India
Tel. No.:	91-120-4258751
Mobile No.:	91-9350545712
PAN No:	AGZPG4587H

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs.12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1085000	Equity Shares	Rs.10/- each	Rs.10.850 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		10.850	10.850	10.850
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		86.940	62.646	42.650
4] (Accumulated Losses)		0.000	0.000	(5.414)
NETWORTH		97.790	73.496	48.086
LOAN FUNDS
1] Secured Loans		1.643	7.823	0.281
2] Unsecured Loans		0.000	0.000	30.930
TOTAL BORROWING		1.643	7.823	31.211
DEFERRED TAX LIABILITIES		0.000	0.026	0.026
TOTAL		99.433	81.345	79.323
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		20.535	19.171	9.262
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.275	0.275	0.275
DEFERREX TAX ASSETS		0.157	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	289.650	463.529	643.872
	Sundry Debtors	21.867	0.132	5.021
	Cash & Bank Balances	105.620	83.504	97.439
	Other Current Assets	62.032	83.878	0.000
	Loans & Advances	25.991	40.665	38.101
Total Current Assets		505.160	671.708	784.433
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	397.817	374.075
	Other Current Liabilities	11.134	183.448	391.813
	Provisions	17.743	52.286	398.233
Total Current Liabilities		426.694	609.809	790.046
Net Current Assets		78.466	61.899	(5.613)
MISCELLANEOUS EXPENSES		0.000	0.000	75.399
TOTAL		99.433	81.345	79.323

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	542.101	497.080	84.282
		Other Income	6.921	9.692	1.281
		TOTAL (A)	549.022	506.772	85.563
Less	EXPENSES
		Cost of Goods Sold	518.880	319.676	97.972
		Administrative Overhead		97.375	8.548
		Selling and Distribution Overhead		12.740	0.000
		TOTAL (B)	518.880 [Including Financial Expenses and Deprecation]	429.791	106.520
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			76.981	(20.957)
Less	FINANCIAL EXPENSES (D)			48.363	2.093
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			28.618	(23.050)
Less/ Add	DEPRECIATION/ AMORTISATION (F)			2.627	1.557
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		30.142	25.991	(24.607)
Less	TAX (H)		5.847	51.401	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		24.295	25.410	(24.607)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(5.414)	19.193
	BALANCE CARRIED TO THE B/S		NA	19.996	(5.414)
	Earnings / (Loss) Per Share (Rs.)		22.39	23.42	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.43	5.01	(28.75)
Net Profit Margin (PBT/Sales)	(%)	5.56	5.23	(29.20)
Return on Total Assets (PBT/Total Assets}	(%)	5.73	3.76	(3.10)
Return on Investment (ROI) (PBT/Networth)		0.31	0.35	(0.51)
Debt Equity Ratio (Total Liability/Networth)		4.38	8.40	17.07
Current Ratio (Current Asset/Current Liability)		1.18	1.10	0.99

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	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	No
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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The registered office of the company has been shifted from B, 8/17, Sector 18, Rohini, New Delhi-110085, India to the present address w.e.f. 01.09.2006.

FIXED ASSETS:

· Office Equipments

· Plant and Machinery

· Motor Cars

· Building

· Furniture and Fixtures

· Computers

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.54.54
UK Pound	1	Rs.88.05
Euro	1	Rs.72.29

INFORMATION DETAILS

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
TOTAL		46

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.