MIRA INFORM REPORT

Report Date :

13.06.2013

IDENTIFICATION DETAILS

Name :	PALACIO PROPERTIES PRIVATE LIMITED
Registered Office :	Diamond Palace, 1st Floor, Opposite Bandra Police Station, Hill Road, Bandra [West], Mumbai – 400050, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	05.08.2006
Com. Reg. No.:	11-163580
Capital Investment / Paid-up Capital :	Rs. 0.150 Million
CIN No.: [Company Identification No.]	U45201MH2006PTC163580
Legal Form :	Private Limited Liability Company
Line of Business :	Real Estate Developers.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 20800
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears slight dip in sales turnover. However, financially company seems to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for business dealings at usual trade terms and condition.

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

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. Nikita
Designation :	Account Department
Contact No.:	91-832-2437781
Date :	12.06.2013

LOCATIONS

Registered/ Corporate Office :	Diamond Palace, 1st Floor, Opposite Bandra Police Station, Hill Road, Bandra [West], Mumbai – 400050, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	mohitmgupta@gmail.com sales@palacio.in
Website :	www.palacio.in
Location :	Owned
Branch Office :	612, Gera’s Emporium, Office 1, 6th Floor, Patto Plaza, Panji - 403001, Goa, India
Tel. No.:	91-832-2437781

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Mohit Madanlal Gupta

Designation :

Director

Address :

Vikas Villa, 5^th Floor, 10, 11, 12 Janki Kutir, Juhu, Mumbai – 400049, Maharashtra, India

Date of Birth/Age :

03.02.1967

Date of Appointment :

05.08.2006

DIN No.:

00200420

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	U51900MH1991PTC063028	VIKAS OVERSEAS PRIVATE LIMITED	Director	21/08/1991	21/08/1991	-	Active	NO
2	U45202MH1991PTC064075	VIKAS HOUSING PRIVATE LIMITED	Director	19/11/1991	19/11/1991	-	Active	NO
3	U65922MH1994PTC081891	VIKAS HOUSING FINANCE (INDIA) PRIVATE LIMITED	Director	15/01/1995	15/01/1995	-	Active	NO
4	U65920MH1995PTC090528	VIKAS VENTURRES PRIVATE LIMITED	Director	12/07/1995	12/07/1995	-	Active	NO
5	U55101MH1995PTC095054	VELVETT HOTELS PRIVATE LIMITED	Director	06/12/1995	06/12/1995	-	Active	NO
6	U55101GA2006PTC004701	CRIMSON HOSPITALITY SERVICES PRIVATE LIMITED	Director	19/06/2006	19/06/2006	-	Active	NO
7	U70101GA2006PTC004699	PALACEIO PROPERTY DEVELOPERS PRIVATE LIMITED	Director	19/06/2006	19/06/2006	-	Active	NO
8	U45201MH2006PTC163580	PALACIO PROPERTIES PRIVATE LIMITED	Director	05/08/2006	05/08/2006	-	Active	NO
9	U45200GA2005PTC006933	EMGEE HOUSING PRIVATE LIMITED	Director	10/12/2010	10/12/2010	19/04/2011	Active	NO
10	U93090MH2007PTC166722	EMGEE ESTATE MANAGEMENT AND DEVELOPMENT PRIVATE LIMITED	Director	10/12/2010	10/12/2010	-	Strike off	NO
11	U93090MH2006PTC163807	EMGEE ENTERTAINMENT PRIVATE LIMITED	Director	10/12/2010	10/12/2010	-	Strike off	NO
12	U93090MH2007PTC166720	EMGEE PROPERTY MANAGEMENT PRIVATE LIMITED	Director	10/12/2010	10/12/2010	-	Strike off	NO
13	U45200MH2005PTC151164	EMGEE TOWNSHIPS PRIVATE LIMITED	Director	02/05/2013	10/12/2010	-	Active	NO
14	U21000MH1995PTC093770	EMGEE HOLIDAYS PRIVATE LIMITED	Director	02/05/2013	10/12/2010	-	Active	NO
15	U74999MH2007PTC166847	EMGEE EVENT MANAGEMENT PRIVATE LIMITED	Director	02/05/2013	10/12/2010	-	Active	NO
16	U25206MH1985PTC036680	EMGEE CORPORATION PRIVATE LIMITED	Director	02/05/2013	10/12/2010	-	Active	NO
17	U51101MH2010PTC210870	ABHYUDITA TRADING PRIVATE LIMITED	Director	02/05/2013	28/12/2010	-	Active	NO
18	U62200MH2011PTC217580	EMGEE AIRWAYS PRIVATE LIMITED	Director	16/05/2011	16/05/2011	19/09/2011	Active	NO
19	U93000MH2013PTC243108	ZEGOA ANGELS PRIVATE LIMITED	Director	08/05/2013	08/05/2013	-	Active	NO
20	AAA-0502	AQUARELA HOSPITALITY LLP	Designated Partner	21/12/2009	21/12/2009	-	Active	NO
21	AAA-0561	TRENT HOSPITALITY LLP	Designated Partner	01/01/2010	01/01/2010	-	Active	NO
22	AAA-1203	SERAFINO ESTATES LLP	Designated Partner	23/04/2010	23/04/2010	01/04/2011	Active	NO

Name :

Mr. Vinay Inder Bhan Bhasin

Designation :

Director

Address :

30/31 Merry Niketan, Mount Merry Road, Bandra [West], Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

13.04.1968

Date of Appointment :

05.08.2006

DIN No.:

00209864

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	Company/ LLP Status	Defaulting status
1	U55100MH1995PTC095615	LAVLESH RESORTS PRIVATE LIMITED	Director	27/12/1995	27/12/1995	Dormant	NO
2	U70100MH1995PTC095617	AAKASH LAVLESH LEISURE PRIVATE LIMITED	Director	27/12/1995	27/12/1995	Active	YES
3	U70101GA2006PTC004699	PALACEIO PROPERTY DEVELOPERS PRIVATE LIMITED	Director	19/06/2006	19/06/2006	Active	NO
4	U55101GA2006PTC004701	CRIMSON HOSPITALITY SERVICES PRIVATE LIMITED.	Director	19/06/2006	19/06/2006	Active	NO
5	U45201MH2006PTC163580	PALACIO PROPERTIES PRIVATE LIMITED	Director	05/08/2006	05/08/2006	Active	NO
6	U70100MH2006PTC158749	AARESS REAL ESTATE PRIVATE LIMITED	Director	06/09/2006	06/09/2006	Active	NO
7	U51900MH1991PTC063028	VIKAS OVERSEAS PRIVATE LIMITED	Director	10/11/2006	10/11/2006	Active	NO
8	U93000MH2013PTC243108	ZEGOA ANGELS PRIVATE LIMITED	Director	08/05/2013	08/05/2013	Active	NO

KEY EXECUTIVES

Name :	Ms. Nikita
Designation :	Account Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Mohit Madanlal Gupta	7499
Vinay Inder Bhan Bhasin	7499
Aquarela Hospitality LLP	2
Total	15000

AS ON 28.09.2012

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

BUSINESS DETAILS

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

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Not Divulged

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG TERM BORROWINGS
Term Loans [Secured against Vehicles]	2.156	0.000
Total	2.156	0.000

Banking Relations :	--
Auditors :
Name :	Tushar M. Lehri and Associates Chartered Accountants
Address :	4, Liberty Apartments, 80-A, Sarojini Road, Vileparle (West), Mumbai – 400056, Maharashtra, India
Tel. No.:	91-22-26174465/ 26132626
Mobile No.:	91-9867305051
Fax No.:	91-22-26132626
Income-tax PAN of auditor or auditor's firm :	AAAPL3321M
Associates :	v Diamond Investments and Properties v Aquarela Hospitality LLP v Vikas Overseas Private Limited v Vikas Venttures Private Limited v Palacio Property Developers Private Limited v Lavlesh Constructions Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15,000	Equity Shares	Rs. 10/- each	Rs. 0.150 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.150	0.150
(b) Reserves & Surplus	5.053	2.387
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	2.156	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
(4) Current liabilities
(a) Short term borrowings	11.970	6.004
(b) Trade payables	1.273	0.931
(c) Other current liabilities	11.198	17.099
(d) Short-term provisions	0.193	0.068
TOTAL	31.993	26.639
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.513	0.068
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(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
(2) Current assets
(a) Current investments	10.370	0.000
(b) Inventories	11.259	24.718
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	0.685	0.159
(e) Short-term loans and advances	6.843	1.694
(f) Other current assets	0.323	0.000
TOTAL	31.993	26.639

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.150
2] Share Application Money		0.000
3] Reserves & Surplus		0.091
4] (Accumulated Losses)		0.000
NETWORTH		0.241
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.650
TOTAL BORROWING		0.650
DEFERRED TAX LIABILITIES		0.000
TOTAL		0.891
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.327
	Other Current Assets	42.902
	Loans & Advances	2.633
Total Current Assets		45.862
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.096
	Other Current Liabilities	43.839
	Provisions	0.036
Total Current Liabilities		44.971
Net Current Assets		0.891
MISCELLANEOUS EXPENSES		0.000
TOTAL		0.891

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	24.857	35.094
		Other Income	0.550	0.017
		TOTAL (A)	25.407	35.111	42.870
Less	EXPENSES
		Cost of material consumed	0.000	5.834
		Purchase	4.144	6.036
		Changes in inventories of finished goods, work in progress and stock in trade	13.460	18.123
		Employee Benefit Expenses	0.359	0.388
		Other Expenses	2.428	0.899
		TOTAL (B)	20.391	31.280	42.841
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		5.016	3.831	[Including Financial Expenses]
Less	FINANCIAL EXPENSES (D)		1.150	0.543
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.866	3.288	0.029
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.045	0.009	0.000
	PROFIT BEFORE TAX (E-F) (G)		3.821	3.279	0.029
Less	TAX (H)		1.155	1.036	0.009
	PROFIT AFTER TAX (G-H) (I)		2.666	2.243	0.020
	Earnings Per Share (Rs.)		177.73	149.53	1.33

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	10.49	6.39	0.05
Net Profit Margin (PBT/Sales)	(%)	15.37	9.34	NA
Return on Total Assets (PBT/Total Assets}	(%)	11.94	12.31	0.06
Return on Investment (ROI) (PBT/Networth)		0.73	1.29	0.12
Debt Equity Ratio (Total Debt/Networth)		2.71	2.37	2.70
Current Ratio (Current Asset/Current Liability)		1.20	1.10	1.02

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	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	No
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

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
SHORT TERM BORROWINGS
Interest free loans and advances from related parties repayable on demand	11.970	6.004
Total	11.970	6.004

CORPORATE INFORMATION:

Subject is a private company incorporated on 5^th August, 2006 under the provision of the Companies Act, 1956. Unique Hydrographic Systems Private Limited, India has activities in areas of Real Estate Development.

FIXED ASSETS:

v Land

v Buildings

v Plant and Machinery

v Furniture and Fixture

v Vehicles

v Office Equipments

v Computers

v Other 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 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. 58.27
UK Pound	1	Rs. 91.16
Euro	1	Rs. 77.50

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.