MIRA INFORM REPORT

Report Date :

07.06.2013

IDENTIFICATION DETAILS

Name :	LILY REALTY PRIVATE LIMITED
Registered Office :	3^rd Floor, Bengal Chemical Building, 502, Veer Savarkar Marg, Prabhadevi, Mumbai – 400 025, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.03.2007
Com. Reg. No.:	11-169296
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U45400MH2007PTC169296
Legal Form :	Private Limited Liability Company
Line of Business :	Real Estate Developer
No. of Employees :	55 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to commence business activity
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the subject was incorporated during 2007, it is yet to commence its business activities as per dates 31^st March 2012. Earlier the management claimed that the company will start its business from May 2013. Ms. Kavita, Accounts Head has provided general information but denied to disclose any financial details to us. The company has recorded huge external borrowing. Payment terms are unknown. The company can be considered for business dealings on a safe and secured 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.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Ms. Kavita
Designation :	Accounts Head
Contact No.:	91-22-66166700
Date :	06.06.2013

LOCATIONS

Registered Office :	3^rd Floor, Bengal Chemical Building, 502, Veer Savarkar Marg, Prabhadevi, Mumbai – 400 025, Maharashtra, India
Tel. No.:	91-22-66166700
Fax No.:	91-22-66166777
E-Mail :	kavita@pashminareality.com pawan@pashminareality.com consult@suniolvankawala.com
Website :	http://www.pashminareality.com
Location :	Owned

DIRECTORS

As on 29.09.2012

Name :	Mr. Rajendra Singh
Designation :	Director
Address :	6/A/2, Ekvira Co-Operative Housing Society Limited, Asalpha, Ghatkopar, Mumbai – 400 084, Maharashtra, India
Date of Birth/Age :	25.01.1954
Date of Appointment :	25.04.2007
DIN No.:	01406544
Name :	Mr. Rajesh Ramesh Turakhia
Designation :	Director
Address :	11, Varun, 101, Carter Road, Bandra (West), Mumbai – 400 050, Maharashtra, India
Date of Birth/Age :	05.01.1956
Date of Appointment :	25.04.2007
DIN No.:	00240506

KEY EXECUTIVES

Name :	Ms. Kavita
Designation :	Accounts Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Asit Koticha jointly with Kanan Koticha	5000
Kanan Koticha jointly held with Asit Koticha	5000
Total	10000

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Other top fifty shareholders	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Real Estate Developer
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

End Users, OEM’s and Others

No. of Employees :

55 (Approximately)

Bankers :

HDFC Bank Limited, Fort Branch, Mumbai, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
Redeemable Non-Convertible Debentures
19% Secured Redeemable Non-Convertible Debentures	500.100	0.000
18% Secured Redeemable Non-Convertible Debentures	249.900	500.000
17% Secured Redeemable Non-Convertible Debentures	500.100	1000.000
Current Maturities of Long Term Borrowings
19% Secured Redeemable Non-Convertible Debentures	499.900	0.000
18% Secured Redeemable Non-Convertible Debentures	250.100	0.000
17% Secured Redeemable Non-Convertible Debentures	499.900	0.000
Total	2500.000	1500.000
(Secured by mortgage of Immovable property of the company as well as of Pashmina Really Private Limited and Aahana Realty Private Limited (Group Companies), Corporate Guarantees and Shares pledged by the group companies)

Banking Relations :	--
Financial Institution :	IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India
Auditors :
Name :	Dixit Dattatray and Associates Chartered Accountants
Address :	264, Maru Sadan, N.C. Kelkar Road, Off Plaza Cinema, Dadar (West), Mumbai – 400 028, Maharashtra, India
PAN No.:	AAPPD3895D
Subsidiary Company :	Shambhavi Realty Private Limited
Associates :	· Aahana Realty Private Limited · Ishani Realty Private Limited · Ispita Realty Private Limited · Pashmina Builders and Developers Private Limited · Pashmina Buildcon Private Limited · Pashmina Realty Private Limited · Purabi Developers Private Limited · Sjashwati Realty Private Limited · Snehn Realty Private Limited · Stuti Realty Private Limited · Madhuli Housing and Finance Company Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 million

Reconciliation of the number of Shares Outstanding

Particulars	As at 31 March 2012
	No. of Shares	Rs. In Millions
Shares outstanding at (he beginning of the year	10.000	0.100
Add/(Less)- Movment during the year	-	-
Shares outstanding at the end of the year	10.000	0.100

Details of Shares held by Holding Company/Shareholders holding more than 5 % of the shares

Name of Shareholder	As at 31 March 2012
	No. of Shares	% of Holding
Asit Koiicha (Jointly with Kanan Koticha)	5000	50%
Kanan Koticha (Jointly with Asit Koticha)	5000	50%

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		12.824	0.000	0.000
4] (Accumulated Losses)		0.000	(0.100)	(0.052)
NETWORTH		12.924	0.000	0.048
LOAN FUNDS
1] Secured Loans		2500.000	1500.000	0.000
2] Unsecured Loans		1188.685	44.635	255.270
TOTAL BORROWING		3688.685	1544.635	255.270
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		3701.609	1544.635	255.318
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.936	0.700	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.100	0.100	0.000
DEFERREX TAX ASSETS		0.036	0.036	0.016
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1646.315	806.358	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	35.724	0.369	0.031
	Other Current Assets	0.000	0.004	0.000
	Loans & Advances	2360.656	836.422	255.285
Total Current Assets		4042.695	1643.153	255.316
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.011
	Other Current Liabilities	341.240	99.354
	Provisions	5.918	0.000	0.011
Total Current Liabilities		347.158	99.354	0.022
Net Current Assets		3695.537	1543.799	255.294
MISCELLANEOUS EXPENSES		0.000	0.000	0.008
TOTAL		3701.609	1544.635	255.318

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	0.000	0.000	0.000
		Other Income	19.834	0.000	0.000
		TOTAL (A)	19.834	0.000	0.000
Less	EXPENSES
		Construction Costs	539.351	0.000
		Change in inventories	(839.957)	0.000	0.029
		Other Administrative Expenses	0.275	0.067
		TOTAL (B)	(300.331)	0.067	0.029
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		320.165	(0.067)	(0.029)
Less	FINANCIAL EXPENSES (D)		300.839	0.001	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		19.326	(0.068)	(0.029)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.485	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		18.841	(0.068)	(0.029)
Less	TAX (H)		5.917	(0.020)	(0.008)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		12.924	(0.048)	(0.021)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(0.100)	(0.052)	(0.031)
	BALANCE CARRIED TO THE B/S		(12.824)	(0.100)	(0.052)
	Earnings / (Loss) Per Share (Rs.)		129.42	(4.81)	(2.10)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	65.16	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.46	0.00	(0.01)
Return on Investment (ROI) (PBT/Networth)		1.46	0.00	(0.60)
Debt Equity Ratio (Total Debt /Networth)		285.41	0.00	5318.13
Current Ratio (Current Asset/Current Liability)		11.65	1654	11605.27

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors	0.000	0.000	0.011
Total	0.000	0.000	0.011

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	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	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	No

Note:

The Register Office of the company has been shifted from 401, West Wind, 4^th Floor, Veer Savarkar Marg, Near Hinduja Hospital, Mahim (West), Mumbai – 400 016, Maharashtra, India to present address w.e.f. 25.04.2007.

FINANCIAL RESULTS

During the year, the Company has received approval for the project on the land acquired in earlier years and started construction thereon. The company launch the project and received a good response.

UNSECURED LOAN

Rs. In Millions

Particular	As on 31.03.2012	As on 31.03.2011
Long Term Borrowings
From related parties
Inter Corporate Deposits	1115.448	44.635
Loans from Shareholders	73.237	0.000
Total	1188.685	44.635

CONTINGENT LIABILITY (As on 31.03.2012)

Corporate Guarantee given in respect of Secured Loan taken aggregating to Rs.887.500 Millions issued to Pashmina Buiidcon Private Limited, a company under the same management.

Debentures of Rs.2500.000 Millions issued by the Company during the year are secured by mortgage of its property at K.R. Puram in Bangalore and at Hindu Colony in Mumbai in addition to a corporate guarantee provided by the company in favour of the debenture holders. Further Share pledge by the group companies for the same.

FIXED ASSETS

· Computer

· Furnitures and Fixtures

· Office Equipments

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.56.87
UK Pound	1	Rs.87.65
Euro	1	Rs.74.52

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		11

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.