MIRA INFORM REPORT

Report Date :

09.07.2013

IDENTIFICATION DETAILS

Name :	D S KULKARNI DEVELOPERS LIMITED
Registered Office :	‘DSK House’, 1187/60, J. M. Road, Shivajinagar, Pune – 411005, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	20.09.1991
Com. Reg. No.:	11-063340
Capital Investment / Paid-up Capital :	Rs.258.010 Millions
CIN No.: [Company Identification No.]	L45201PN1991PLC063340
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Subject engaged in the business of Real Estate Development.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 19000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is the flagship company of “D S Kulkarni Group”. It has a satisfactory track record. There appears an increase in the sales revenue as well as the net profitability during 2013. Company’s capital structure is seen as healthy. Ratings also take into consideration the healthy inventory of finished tenements with the company, the monetization of which is expected to help support the company’s cash flow’s going forward. Trade relations are fair. Business is active. Payment terms are usually 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	BB (Term Loan)
Rating Explanation	Moderate risk of default regarding timely servicing of financial obligations.
Date	October 2012

Rating Agency Name	ICRA
Rating	A4 (Fund Based)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	October 2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office/ Head Office :	‘DSK House’, 1187/60, J. M. Road, Shivajinagar, Pune – 411005, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	sales@dskdl.com secretarial@dskdl.com
Website :	http://www.dskdl.com
Mumbai Office :	"DSK House", 1st and 2nd Floor, Veer Savarkar Marg (Cadel Road), Next to Mayor's Bungalow, Shivaji Park, Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-24466446/ 24462443
Fax No.:	91-22-24440163
Bangalore Office :	S-209, Suraj Ganga Arcade, 332/7, 15th Cross, Jayanagar - 2nd Block, Bangalore - 560011, Karnataka, India
Tel. No.:	91-80-26572852/ 26572683
Kolhapur Office :	DSK Toyota 1243/74, Shivaji Udyamnagar, Kolhapur, Maharashtra, India
Tel. No.:	91-231-2655316
Solapur Office :	Asavari Anand Saraph House of Forms 'Prakash', 957, North Sadar Bazar, Solapur – 413003, Maharashtra, India
Tel. No.:	91-217-2319808
E-mail :	asawari1236@rediffmail.com
Aurangabad Office :	Bapat Wadi, H.No-5-5-98, New Osmanpura, Behind Sant Eaknath Rang Mandir, Aurangabad, Maharashtra, India
E-mail :	ajitsbapat@gmail.com Kanchan0605@gmail.com
US Representatives :	D S K Developers Corp, 160 Schalks Crossing Road, Plainsboro, NJ 08536
Tel. No.:	1 609 269 2352
Fax No.:	1 609 275 7382
E-Mail :	mh@dsktricone.com k.ali@triconeco.com

DIRECTORS

As on: 31.03.2012

Name :	Mr. D. S. Kulkarni
Designation :	Chairman and Managing Director
DIN No.:	00394027
Name :	Mrs. J. D. Kulkarni
Designation :	Whole Time Director (Up To 22nd January, 2012)
DIN No.:	00417358
Name :	Mr. Shirish Kulkarni
Designation :	Executive Director
DIN No.:	01850287
Name :	Mr. V. C. Joshi
Designation :	Executive Director
DIN No.:	00549735
Name :	Dr. M. K. P. Setty
Designation :	Executive Director
Date of Birth/Age :	04.08.1933
Qualification :	M.Sc.
Date of Appointment :	29.09.2010
DIN No.:	00151350
Directorships held in other public Companies :	Mysore Snack Foods Limited The Mysore Vegetable Oil Products Limited Bhoruka Aluminium Limited
Name :	Mr. K. K. Taparia
Designation :	Executive Director
DIN No.:	01829829
Name :	Mr. R. D. Kharosekar
Designation :	Executive Director
Date of Birth/Age :	08.11.1941
Qualification :	B. Sc., LL.B., IAS
Date of Appointment :	29.09.2010
DIN No.:	03075915

KEY EXECUTIVES

Name :	Mr. Amol Purandare
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	12130092	47.01
Sub Total	12130092	47.01
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	12130092	47.01
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	200000	0.78
Financial Institutions / Banks	9778	0.04
Sub Total	209778	0.81
(2) Non-Institutions
Bodies Corporate	1393856	5.40
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	3018781	11.70
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	5012115	19.43
Any Others (Specify)	4036386	15.64
Non Resident Indians	4035375	15.64
Overseas Corporate Bodies	1011	0.00
Sub Total	13461138	52.17
Total Public shareholding (B)	13670916	52.99
Total (A)+(B)	25801008	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	25801008	0.00

BUSINESS DETAILS

Line of Business :

The Subject engaged in the business of Real Estate Development.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Bank of Maharashtra
• Bank of Baroda
• Central Bank of India
• Indian Overseas Bank
• IDBI Bank Limited
• State Bank of India
• Syndicate Bank
• ICICI Bank Limited
• Sangli Urban Co-Operative Bank Limited
• Kalyan Janata Sahakari Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Term loans
Project term loan	162.964	322.225
Equipment term loans	182.314	18.059
Corporate term loans	253.227	268.499
Vehicle Term Loan	3.568	5.427
Short Term Borrowings
Working capital limits	173.570	142.910
Current maturities of long-term debt	630.475	802.107
Interest accrued but not due on borrowings	4.469	3.357
Total	1410.587	1562.584

Banking Relations :	--
Auditors :
Name :	Gokhale, Tanksale and Ghatpande Chartered Accountants
Address :	Pune, Maharashtra, India
Step-down Subsidiaries :	DSK Woods, LLC DSK Global Education and Research (Singapore) Pte. Limited
Subsidiaries :	DSK Developers Corporation DSK SEZ Projects (Pune) Private Limited DSK Global Education and Research Private Limited DSK Southern Projects Private Limited
Enterprises owned or significantly influenced by key management personnel or their relatives :	Ambiance Ventures Estates and Developments Private Limited Amit and Company Ascent Promoters and Developers Private Limited Crystal Promoters and Developers Private Limited Chandradeep Promoters and Developers Private Limited D. S. Kulkarni Constructions Private Limited DSK Digital Technologies Private Limited DSK Infotech Private Limited DSK Motors Limited DSK Prabhu Granite LLP DSK Sales and Services D. S. Kulkarni and Company D. S. Kulkarni and Associates DSK Tricone Infrastructure and Construction Limited DSK Worldman Computers Private Limited Fairyland Promoters and Developers Private Limited Gharkul Greengold Farms and Forests Private Limited Growrich Agroforestry Private Limited Hexagon Capital Advisors Private Limited Holyland Agroforestry Private Limited Mangesh Agencies Mangesh Enterprises Mangesh Sales Corporation Sapphire Promoters and Developers Private Limited Shri Saptashrungi Oil Mills Private Limited Telesmell

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.10/- each	Rs.500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25801008	Equity Shares	Rs.10/- each	Rs.258.010 Millions

Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period

	No. of Shares
Shares outstanding at the beginning of the reporting period	25801008
Shares allotted during the reporting period	--
Shares forfeited during the reporting period	--
Shares bought back during the reporting period	--
Shares outstanding at the end of the reporting period	25801008

Shares in the company held by each shareholder holding more than 5 per cent shares specifying the number of shares held

	No. of Shares
H. D. Kulkarni	4897308
D. S. Kulkarni	3852395
S. D. Kulkarni	1520000
Ashok Parmar	3061484
Chander Bhatia	2000000
Asha Bh	1950000

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	258.010	258.010
(b) Reserves & Surplus	4499.782	4356.414
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	4757.792	4614.424
(3) Non-Current Liabilities
(a) long-term borrowings	1381.958	1107.730
(b) Deferred tax liabilities (Net)	8.328	7.695
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	1390.286	1115.425
(4) Current Liabilities
(a) Short term borrowings	3730.643	3362.504
(b) Trade payables	83.679	144.748
(c) Other current liabilities	1159.842	1775.326
(d) Short-term provisions	499.548	420.564
Total Current Liabilities (4)	5473.712	5703.142
TOTAL	11621.790	11432.991
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	413.303	412.693
(ii) Intangible Assets	2.440	3.113
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.802	0.000
(b) Non-current Investments	507.287	507.016
(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	0.000
Total Non-Current Assets	923.832	922.822
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	9317.928	9438.120
(c) Trade receivables	19.552	19.008
(d) Cash and cash equivalents	164.860	290.803
(e) Short-term loans and advances	746.064	380.807
(f) Other current assets	449.554	381.431
Total Current Assets	10697.958	10510.169
TOTAL	11621.790	11432.991

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		258.010
2] Share Application Money		0.000
3] Reserves & Surplus		4220.633
4] (Accumulated Losses)		0.000
NETWORTH		4478.643
LOAN FUNDS
1] Secured Loans		2585.598
2] Unsecured Loans		1407.634
TOTAL BORROWING		3993.232
DEFERRED TAX LIABILITIES		5.607
TOTAL		8477.482
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		355.782
Capital work-in-progress		0.000
INVESTMENT		367.343
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	9635.715
	Sundry Debtors	254.682
	Cash & Bank Balances	195.267
	Other Current Assets	0.000
	Loans & Advances	439.671
Total Current Assets		10525.335
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	196.818
	Other Current Liabilities	2263.784
	Provisions	333.099
Total Current Liabilities		2793.701
Net Current Assets		7731.634
MISCELLANEOUS EXPENSES		22.723
TOTAL		8477.482

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1936.544	2002.835	1520.869
		Other Income	16.751	14.406	3.754
		TOTAL (A)	1953.295	2017.241	1524.623
Less	EXPENSES
		Land/or Development expenses	1310.871	1279.864
		Office and administration expenses	60.447	63.409
		Employee benefits expense	89.816	74.891
		Selling expenses	77.653	77.177
		Other Expenses	0.000	22.722
		Increase/(Decrease) in inventories of Finished Tenements and Work-in-Progress	115.551	193.284
		Exceptional Items	(32.303)	5.099
		Extra-ordinary items	2.497	0.000
		TOTAL (B)	1624.532	1716.446	1150.850
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		328.763	300.795	373.773
Less	FINANCIAL EXPENSES (D)		61.908	37.907	63.140
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		266.855	262.888	310.633
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.255	11.593	10.735
	PROFIT BEFORE TAX (E-F) (G)		252.600	251.295	299.898
Less	TAX (H)		79.246	84.589	82.065
	PROFIT AFTER TAX (G-H) (I)		173.354	166.706	217.833
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1178.773	1042.991	855.719
	Prior Year’s Adjustment		0.000	0.000	(0.375)
	APPROPRIATIONS
		Proposed Dividend	25.801	25.801	25.801
		Tax on Dividend	4.186	4.385	4.385
	BALANCE CARRIED TO THE B/S		1322.140	1178.773	1042.991
	EARNINGS IN FOREIGN CURRENCY
		Advance against tenements	0.000	0.051	0.238
		Interest from subsidiary	15.485	12.068	8.949
	TOTAL EARNINGS		15.485	12.119	9.187
	IMPORTS
		Construction materials	3.966	5.545	NA
	TOTAL IMPORTS		3.966	5.545	NA
	Earnings Per Share (Rs.)		6.72	6.46	8.44

QUARTERLY / RESULTS

PARTICULARS	30.06.2012 (Unaudited)	30.09.2012 (Unaudited)	31.12.2012 (Unaudited)	31.03.2013 (Unaudited)
	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	287.700	118.500	31.700	103.100
Total Expenditure	240.400	10.800	(49.200)	(7.800)
PBIDT (Excl OI)	47.300	107.700	80.900	110.900
Other Income	11.200	4.500	08.300	4.500
Operating Profit	58.600	112.200	89.200	115.500
Interest	13.000	13.800	22.500	45.500
Exceptional Items	29.400	(21.300)	12.300	(2.400)
PBDT	75.000	77.100	79.000	67.500
Depreciation	3.600	3.600	3.500	3.500
Profit Before Tax	71.400	73.500	75.400	64.000
Tax	24.400	23.400	27.000	25.200
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	46.900	50.100	48.400	38.900
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	46.900	50.100	48.400	38.900

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	8.87	8.26	14.29
Net Profit Margin (PBT/Sales)	(%)	13.04	12.55	19.72
Return on Total Assets (PBT/Total Assets}	(%)	2.27	2.30	2.76
Return on Investment (ROI) (PBT/Networth)		0.05	0.05	0.07
Debt Equity Ratio (Total Debt/Networth)		1.07	0.97	0.89
Current Ratio (Current Asset/Current Liability)		1.95	1.84	3.77

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	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	Yes
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

LITIGATION DETAILS
Case Details Bench:-Bombay
Stamp No.:- WPST/22543/2005	Filing Date:- 03/10/2005	Reg. No.:- WP/7743/2005	Reg. Date:- 10/11/2005
Petitioner:-	ANIL RAMCHANDRA BHALEKAR AND ANR.	Respondent:-	D S KULKARNI DEVELOPERS LTD
Petn.Adv.:-	SHRI NITIN A. KULKARNI
District:-	PUNE
Bench:-	SINGLE
Status:-	Admitted(Unready)
Last Date:-	30/11/2007	Stage:-	DUE ADMISSION
Last Coram:-	HON'BLE SHRI JUSTICE B.H. MARLAPALLE
Act :-	M.R.T.U. & P.U.L.P. Act

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Deposits from public	779.885	493.521
Short Term Borrowings
Interest accrued but not due on borrowings	36.295	0.000
Current maturities of long-term debt	783.070	559.860
Inter corporate deposits	469.275	22.900
Loans and advances from related parties	31.406	14.535
Deposits	0.060	0.010
Unclaimed public deposits	31.414	16.578
Deposits from subsidiary	2.500	2.500
Other loans and advances	1568.109	1797.746
Total	3702.014	2907.650

OPERATIONS:

The year witnessed a small growth in the total income from Rs. 1824.000 Millions to Rs. 1837.700 Millions. The Company completed two projects which were earlier in execution. The profit for the year was Rs. 173.400 Millions against Rs. 166.700 Millions for the earlier year.

Their country has been reeling under the pressure of high inflation for a quite some time. Inflationary pressures have forced Reserve Bank of India to raise interest rates on several occasions. The general rise in interest rates compelled lending institutions to raise lending rates for home loans, existing as well as prospective, thereby curbing the surpluses of households and driving them to rethink on their buying decisions, especially with long term financial commitments. This has impacted demand for homes to certain extent. Besides, high interest rates have raised funding costs for realty projects. Due to inflation, prices of inputs have gone up. The Company did experience some slowdown in demand; however have taken cost control measures to maintain liquidity and profitability. Reserve Bank of India appears to have now taken a pause in raising interest rates, which shall benefit the real estate sector.

Further, External Commercial Borrowing (ECB) has been allowed for affordable and low-cost housing, thereby easing availability of finance to real estate sector. The Company is continuing with its business activities normally, thanks to its brand equity.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC OVERVIEW

The Indian economy saw significant inflationary wave riding in the year gone by. Their Company is strongly supported by the service sector and as a result has been regarded as fast growing economy after China. An established IT and ITES industry, a growing BFSI and emerging manufacturing, media and telecom are majorly contributing to the growth.

Fiscal 2012 was marked by the political instability and policy paralysis which added as a fuel to the country’s stagnancy. The country saw a lot of debate on FDI policy and issues like GAAR and corruption.

The global economy is keeping an eye on the Eurozone crisis though the Indian economy showed some resilience. The corporations across the world are worried about the liquidity crunch that Euro crisis may cause. In anticipation of a possible global economic slowdown in the near term, all real estate stakeholders have been cautious about their expansion and investment plans. The heavy dependence of the real estate sector on the service industry which in turn is dependent on the global economic situation is a near term restraint on the real estate sector’s growth. However, the depreciation of rupee against the dollar has led to an increasing interest in sourcing services from India as well as domestic needs could sustain the growth of service industry in the near term.

Year 2011 saw RBI raising interest rates thirteen times between March 2010 and October 2011 to counter inflationary pressures but in 2012 RBI is seemingly changing its stance to keep rates stable. But consumer credit as well as business finance have become more expensive.

REAL ESTATE SECTOR OVERVIEW

India is witnessing urbanisation on an unprecedented scale with the share of the urban population increasing continuously. Urbanisation is changing India’s face with iconic architectural designs with sky touching buildings. Meanwhile the smaller towns and cities are witnessing the expansion of roads and flyovers and consequently real estate development is growing. This rapid urbanisation is expected to offer large-scale opportunities for real estate and infrastructure development in Indian cities, as well as access to a large skilled workforce.

In India, private developers primarily target luxury, high-end and upper-mid housing segment, since it fetches a premium over low income housing. This leads to a sustained supply for this segment, increasing market competitiveness for developers. On the other hand, the housing for the poor and EWS is primarily provided by the government for welfare purposes which is insufficient compared to the existing shortage in the segment. Thus, it is the housing requirements of the middle-income and lower middle income groups that are grossly neglected, and there exists a huge dearth in the supply of affordable houses.

India’s young population is growing and this may provide an immense opportunity for growth and development across industries, off course real estate not keeping behind. Besides the higher rate of savings and availability of all sorts of credits are increasing the purchasing power of individuals which is leading to afford housing for middle and upper-middle income segment, which is desirous of a higher standard of living. Residential units are one of the most favoured investment options of the Indian household and as incomes rise, many households tend to invest in second homes as investment vehicles.

RESIDENTIAL REAL ESTATE

Residential real estate in India is guided by the localized, fragmented market presence which creates an opportunities for consolidation. Rapid urbanization, decreasing household size, easy availability of home loans are key drivers to the real estate sector.

The opportunity lying in the real estate sector is evident by the fact that there is a favourable gap between demand and supply in low and middle income segments. Urbanization is now shifting its way to tier II and III cities from Tier I cities, giving increasing opportunities in these cities.

After the 2008 sub-prime crisis, real estate sector is witnessing a consolidation phase.

THE OUTLOOK

Recent growth in the Indian economy has stimulated demand for developed real estate. Demand for residential, commercial and retail real estate is rising throughout India. Dependency of real estate on service sector has become inevitable. Though the service sector is experiencing effects of global slowdown, depreciation in rupee is providing support to this industry.

Real estate development is seen in all area such as - residential, retail and commercial - in metros of India such as Mumbai, Delhi & NCR, Kolkata and Chennai and also the Tier II cities. Few of the growth factors of real estate development seem to be easier access to bank loans and higher earnings and savings.

With a view to promote investment in townships, housing, built-up infrastructure and development projects as an instrument to generate economic activity, create new employment opportunities and add it on to the available housing stock, the Government of India has decided to allow FDI up to 100 per cent under the automatic route in townships, built-up infrastructure and development projects. A lot of projects are seen for developing townships which will change the taste of customers.

Union Budget 2012-13 has given major thrust to accelerating the pace of investment in infrastructure. If the infrastructure reaches to the nook and corner of the country, real estate development will get boost as a corollary to the infrastructure development.

FINANCIAL PERFORMANCE

The Company has registered an increase of 4% in its PAT and EPS. The Company’s current ratio is 1.95 times and Debt-Equity Ratio is 0.73. With the launch of new projects and Special Township in this fiscal, the Company’s income is expected to grow with rise in profits.

FIXED ASSETS

Tangible Assets

• Land
• Plant and Machinery
• Office Machinery
• Furniture and Fixtures
• Vehicles

Intangible Assets

• Computer Software

AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31 ST MARCH, 2013

(Rs. In Millions)

Sr. No.	Particulars	Standalone
		Quarter ended		Accounting Year ended
		31.03.2013 ( Audited )	31.12.2012 ( Unaudited )	31.03.2013 ( Audited )
	PART I
1	Revenue from operations
a)	Net sales / income from operations	103.125	31.680	541.044
b)	Increase / (Decrease) in inventories of Finished goods, Work-in-Progress	413.814	506.394	1773.719
	Total	516.939	538.074	2314.763
2	Expenses
a)	Land and / or Development expenses	330.637	395.530	1723.937
b)	Educational Expenses	-	-	-
c)	Employee benefits expense	28.075	28.148	103.380
d)	Depreciation and amortization expense	3.538	3.540	14.300
e)	Other expenses (Admin & Selling Exp)	47.312	33.537	140.624
	Total	409.562	460.755	1982.241
3	Profit / (Loss) from operations before other income, finance costs & exceptional items (1-2)	107.377	77.319	332.522
4	Other Income	4.531	8.319	28.570
5	Profit / (Loss) from ordinary activities before finance costs & exceptional items (3-4)	111.908	85.638	361.092
6	Finance costs	45.470	22.455	94.730
7	Profit / (Loss) from ordinary activities after finance costs but before exceptional items (5-6)	66.438	63.183	266.362
8	Exceptional items	(2.440)	12.251	17.918
9	Profit / (Loss) from ordinary activities before tax (7+8)	63.998	75.434	284.2.80
10	Tax expense	25.146	26.999	99.996
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	38.852	48.435	184.284
12	Extraordinary items (net of tax expense Rs. Millions)	-	-	-
13	Net Profit / (Loss) for the period (11+12)	38.852	48.435	184.284
14	Minority Interest	-	-	-
15	Net Profit / (Loss) after taxes	38.852	48.435	184.284
16	Paid up equity share capital (Face Value: Rs.10/- per	258.010	258.010	258.010
17	Reserves excluding revaluation reserves (as per balance sheet of previous accounting year)	-	-	4652.037
18.i	Earnings per share (before extraordinary items)
	of Rs. each) (not annualised) :
	a) Basic	1.51	1.88	7.14
	b) Diluted	1.51	1.88	7.14
18.ii	Earnings per share (after extraordinary items)
	of Rs. each) (not annualised) :
	a) Basic	1.51	1.88	7.14
	b) Diluted	1.51	1.88	7.14
	PART II
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding
	- Number of Shares	13670916	13744246	13670916
	- % of Shareholding	52.99%	53.27%	52.99%
2	Promoters and promoter group Shareholding
	a) Pledged / Encumbered
	- Number of Shares	3980200	3873200	3980200
	- Percentage of shares ( as a % of the total shareholding of promoter and promoter group )	32.81%	32.12%	32.81%
	- Percentage of shares (as a % of the total share capital of the Company)	15.43%	15.01%	15.43%
	b) Non-encumbered
	- Number of Shares	8149892	8183562	8149892
	- Percentage of shares ( as a % of the total shareholding of promoter and promoter group )	67.19%	67.88%	67.19%
	- Percentage of shares ( as a % of the total share capital of the Company)	31.59%	31.73%	31.59%

B	Particulars	3 months ended 31.03.2013
	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter		-
	Received during the quarter		-
	Disposed of during the quarter		-
	Remaining unresolved at the end of the quarter		-

Notes:

1 The above results (limited review of which, in case of unaudited results, has been done by Statutory Auditors) were recommended by the Audit Committee and approved by the Board of Directors in the Board Meeting held on 20th May, 2013.

2 The figures for the quarters of the current and the previous financial year are the difference between the audited figures in respect of the full financial year and the published unaudited ( with limited review ) year to date figures upto the 3rd quarter of the respective financial year.

3 The Exceptional Item (Sr. No. 8) represent foreign currency translation losses/gains on restatement of forex assets and liabilities as on the respective reporting dates as per Accounting Standard 11 "The Effects of Changes in Foreign Exchange Rates" issued by the Institute of Chartered Accountants of India.

4 During the year, DSK Global Education and Research Private Limited ceased to be a subsidiary of DSKDL. Hence the consolidated results for FY 2012-13 do not include the results of DSK Global Education and Research Private Limited The consolidated results for FY 2011-12 do include the results of DSK Global Education and Research Private Limited and therefore the consolidated results for the two years are not entirely comparable.

5 The Board of directors have recommended a dividend of Rs 1/- per share

6 Previous period figures have been regrouped / reclassified wherever necessary to facilitate comparison.

AUDITED STATEMENT OF ASSETS AND LIABILITIES AS AT 31ST MARCH 2013

(Rs. In Millions)

Sr. No	Particulars	Standalone
		31.03.2013 (Audited)
I	EQUITY AND LIABILITIES
1	Shareholders' Funds
a)	Share Capital	258.010
b)	Reserves and Surplus	4652.037
	Sub total - Shareholders' funds	4910.047
2	Minority Interest	-
3	Non-current liabilities
a)	Long term borrowings	2252.872
b)	Deferred Tax Liability (Net)	10.663
c)	Other long term liabilities	2.560
	Sub total - Non-current liabilities	2266.095
4	Current liabilities
a)	Short term borrowings	1859.299
b)	Trade Payables	158.891
c)	Other current liabilities	3760.047
d)	Short term provisions	583.372
	Sub total - Current liabilities	6361.609
	TOTAL - EQUITY AND LIABILITIES	13537.751
II	ASSETS
1	Non Current assets
a)	Fixed Assets
i)	Tangible assets	402.705
ii)	Intangible assets	1.780
iii)	Capital work-in-progress	-
iv)	Intangible assets under developement	2.994
b)	Non current investments	491.287
c)	Long term loans and advances	-
d)	Other non current assets	13.780
	Sub total - Non-current assets	912.546
2	Current Assets
a)	Inventories	11094.734
b)	Trade receivables	35.255
c)	Cash and cash equivalents	310.295
d)	Short-term loans and advances	663.601
e)	Other current assets	521.320
	Sub total - Current assets	12625.205
	TOTAL - ASSETS	13537.751

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.61.05
UK Pound	1	Rs.90.89
Euro	1	Rs.78.27

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
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	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		50

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.