MIRA INFORM REPORT

Report Date :

07.05.2013

IDENTIFICATION DETAILS

Name :	BRAMHACORP INFRASTRUCTURES PRIVATE LIMITED
Formerly Known As :	BRAMHA BUILDERS
Registered Office :	3, Queens Garden, Residency Club, Pune – 411001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	27.03.2012
Com. Reg. No.:	11-142705
Capital Investment / Paid-up Capital :	Rs.100.000 Millions
CIN No.: [Company Identification No.]	U70101PN2012PTC142705
PAN No.: [Permanent Account No.]	AAFCB0273N
Legal Form :	Private Limited Liability Company
Line of Business :	Real Estate Developer.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (18)

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 :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject was established as a partnership concern by the name ‘Bramha Builders’ and during March 2012 it got converted into private limited company. As per the financials of March 2012, the company is found to have huge external borrowings which act as a threat to the company’s liquidity. There appears some accumulated loss. The company is planning for new projects. The reputation of the subject is bad in the market. Bramha Builders are known for fraud and horrifying crimes. Many complaints are found regarding the subject. However, business is active. Payment terms are slow. The company can be considered for business dealings on a safe and fully 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.

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

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Dinu Mathai
Designation :	Head of Accounts Department
Contact No.:	91-20-41423333
Date :	06.05.2013

LOCATIONS

Registered Office :	3, Queens Garden, Residency Club, Pune – 411001, Maharashtra, India
Tel. No.:	91-20-41423333
Fax No.:	91-20-26353333
E-Mail :	admin@bramhacorp.in sales@bramhacorp.in
Website :	http://www.bramhacorp.in
Location :	Owned
Sales Offices 1 :	Survey No. 7/8/38, Behind Gold Ad Labs, Kalyani Nagar, Pune - 411014, Maharashtra, India
Tel.:	91-20-27009131
Sales Offices 2 :	S. No. 1A/1/2+60/1A, Kondhwa Khurd, Pune – 411032, Maharashtra, India
Tel.:	91-20-26833160/ 26837493
Sales Offices 3 :	Connaught Road, Sadhu, Vaswani Chowk, Camp, Pune - 411001, Maharashtra, India
Tel.:	91-20-26112611
Sales Offices 4 :	Near police Station, Bavdhan - Pashan Road, S. No.6/10/12, Pune – 411021, Maharashtra, India
Tel.:	91-20-22953329

DIRECTORS

As on: 28.09.2012

Name :	Mr. Dinesh Mahendrakumar Agrawal
Designation :	Director
Address :	Survey No. 7, Bungalow No. 2, Bramha Suncity, Wadgaonsheri, Pune – 411014, Maharashtra, India
Date of Birth/Age :	05.08.1985
Date of Appointment :	27.03.2012
PAN No.:	AFVTA7232G
DIN No.:	00014663
Name :	Mr. Himanshu Vinodkumar Agrawal
Designation :	Director
Address :	Bungalow No. 4, Bramha Suncity, Wadgaonsheri, Pune – 411014, Maharashtra, India
Date of Birth/Age :	16.05.1986
Date of Appointment :	27.03.2012
PAN No.:	AGFPA0091A
DIN No.:	00011630
Name :	Mr. Karan Vinodkumar Agrawal
Designation :	Director
Address :	Bungalow No. 4, Bramha Suncity, Wadgaonsheri, Pune – 411014, Maharashtra, India
Date of Birth/Age :	19.03.1988
Date of Appointment :	27.03.2012
PAN No.:	AHZPA1495K
DIN No.:	02077412

KEY EXECUTIVES

Name :	Mr. Dinu Mathai
Designation :	Head of Accounts Department
Name :	Mr. Jayesh Gopal Damle
Designation :	Secretary
Address :	190-5, Street Prasad Society, Navi Peth, Pune – 411030, Maharashtra, India
Date of Birth/Age :	06.05.1985
Date of Appointment :	02.07.2012
PAN No.:	AJUPD8969L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.09.2012

Names of Shareholders	No. of Shares
Ramkumar Agrawal	1500000
Vinodkumar Agrawal	1000000
Himanshu Agrawal	1000000
Karan Agrawal	1000000
Reemarani Agrawal	1000000
Reetarani Agrawal	1500000
Dinesh Agrawal	1500000
Beenarani Agrawal	1500000
Total	10000000

Equity Share Break up (Percentage of Total Equity)

As on: 28.09.2012

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Real Estate Developer.
Selling :	Credit
Purchasing :	Credit

GENERAL INFORMATION

No. of Employees :

600 (Approximately)

Bankers :

• State Bank of India, Palm Beach Road, Nerul Branch, Navi Mumbai - 400706, Maharashtra, India

Tel. No.: 91-22-27713701

• Punjab and Sind Bank SCFB Branch, 2A, Rachana EPI Centre, 64-C, Pune-Mumbai Road, Shivaji Nagar, Pune - 411005, Maharashtra, India
• HDFC Bank Limited
• ICICI Bank Limited
• The HSBC Bank
• The Muslim Co-Operative Bank Limited
• The Saraswat Co-Operative Bank Limited
• UCO Bank
• Bank of India
• Bank of Maharashtra

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012
Rupee term loans from banks (A)	340.693
Term loans (B)	115.794
Total	456.487

Notes:

(A) i. Rs. 188.918 Millions is Secured by the equitable mortgage of the Project of Bramha Suncity Phase III and by the Escrow of the receivables against such project and by personal guarantee of two of the relatives of the Directors ii. Rs.129.092 Millions is Secured by the equitable mortgage of the Project land and building of Bramha Avenue Phase III, by the Escrow of the receivables against such 'project, hypothecation of stock, Work-in-progress, project receivables and personal guarantee of the partners of Bramha Builders iii. Rs 6.799 Millions is Secured by mortgage of specific property iv. Rs.4.650 Millions is Secured by hypothecation of specific vehicle v. Rs 3.052 Millions is Secured by hypothecation of specific vehicle vi. Rs.8.183 Millions is Secured by hypothecation of specific vehicle

(B) Rs.2.391 Millions is Secured by mortagage of specific residential property and collaterly secured by personal guarantee of all the owners of the property ii. Rs 100.000 Millions is Secured by the equitable mortgage of the Project of Bramha Suncity Phase III and by the Escrow of the receivables agaist such project and by personal guarantee of two of the relatives of the Directors iii. Rs 5645508 is Secured by mortgage of specific property iv. Rs.1.739 Millions is Secured by hypothecation of specific vehicle v. Rs.1.616 Millions is Secured by hypothecation of specific vehicle vi. Rs.4.402 Millions is Secured by hypothecation of specific vehicle

Banking Relations :	--
Auditors :
Name :	Natu and Pathak Chartered Accountants
Address :	#401-402, Utkarsha Apartment, Bhakti Marg, Law College Road
PAN No.:	ABQPP0500R
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Spaish Infratech Private Limited Bramhacorp Hotels and Resorts Limited CIN No.: U55101PN1987PLC043510 Bramhacorp Leisure Clubs Private Limited CIN No.: U92411MH1986PTC039754 Bramha Skyline Developers Bramha Bazaz Inns Private Limited CIN No.: U51101MH1995PTC092183 Bramha Bazaz Land Developers Private Limited CIN No.: U45201PN1994PTC083132 Bramha Cottages Private Limited CIN No.: U55101MH1994PTC080729 Bramha Publications Private Limited CIN No.: U22122PN2007PTC129696 Bramhacorp Mini India Park Private Limited CIN No.: U55101PN2011PTC140019 New Horizon Land Developers Private Limited CIN No.: U45309MH1995PTC090401 Bramha Associates Brahma Realties Bramha Foundation
Others :	Bramha Multicon Private Limited CIN No.: U45200PN2010PTC138147 Arpee Construction Bramha Developers

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10990000	Equity Shares	Rs.10/- each	Rs.109.900 Millions
10000	Preference Share	Rs.10/- each	Rs.0.100 Million
	Total		Rs.110.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012
SHAREHOLDERS FUNDS
1] Share Capital		100.000
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(0.714)
NETWORTH		99.286
LOAN FUNDS
1] Secured Loans		456.487
2] Unsecured Loans		1411.760
TOTAL BORROWING		1868.247
DEFERRED TAX LIABILITIES		3.140
TOTAL		1970.673
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		59.748
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	305.631
	Sundry Debtors	66.684
	Cash & Bank Balances	9.276
	Other Current Assets	201.570
	Loans & Advances	2339.110
Total Current Assets		2922.271
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	176.214
	Other Current Liabilities	835.132
	Provisions	0.000
Total Current Liabilities		1011.346
Net Current Assets		1910.925
MISCELLANEOUS EXPENSES		0.000
TOTAL		1970.673

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012
	SALES
		Income
		Other Income
		TOTAL		19.787
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL		17.361
	PROFIT/ (LOSS) BEFORE TAX			2.426
Less	TAX			3.140
	PROFIT/ (LOSS) AFTER TAX			(0.714)
	Earnings Per Share (Rs.)			(0.07)

KEY RATIOS

PARTICULARS		31.03.2012
PAT / Total Income	(%)	(3.61)
Return on Total Assets (PBT/Total Assets}	(%)	0.08
Return on Investment (ROI) (PBT/Networth)		0.02
Debt Equity Ratio (Total Debt/Networth)		18.82
Current Ratio (Current Asset/Current Liability)		2.89

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one year	Yes
12]	Profitability for last one year	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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012
Loans and advances from directors	411.323
Loans and advances (A)	1000.437
Total	1411.760

Notes:

(A) Of the above Rs 558.513 Millions is Loans from Shareholders

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U70101PN2012PTC142705
Name of the company	BRAMHACORP INFRASTRUCTURES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	3, Queens Garden, Residency Club, Pune – 411001, Maharashtra, India E-mail: admin@bramhacorp.in
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	State Bank of India, Palm Beach Road, Nerul Branch, Navi Mumbai - 400706, Maharashtra, India E-mail: sbi.05088@sbi.co.in
Nature of instrument creating charge	Deed of Novation, Confirmation Deed, Deed of Mortgage, Agreement of Loan-cum-Hypothecation, Guarantee Agreement all the five documents constitute a single charge
Date of instrument Creating the charge	07.02.2013
Amount secured by the charge	Rs.400.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 4.90% above State Bank Base Rate, rising or falling therewith, on daily products with monthly rests Terms of Repayment As per sanction letter Margin 22% Extent and Operation of the charge Primary Security to the extent of Rs. 400.000 Millions Others Term Loan, Open Term Loan, Cash Credit facility
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1) Building Nos.1. A4 (admeasuring 3952.06 Sq. Mtrs) 2. C6 (admeasuring 4829.80 Sq. Mtrs) 3. CL3 (admeasuring 5024.41 Sq. Mtrs) 4. D7 (admeasuring 4332.49 Sq. Mtrs) Proposed to be constructed on the proportionate land underneath admeasuring 10,991.59 Sq. Mtrs. and the consumable sanctioned FSI of Internal Roads admeasuring 9986.34 Sq. Mtrs. From the said sanctioned layout bearing No. D.P.O./CC/2688/10 from the landed properties bearing survey Nos. Survey No. 7 Hissa No.1 to 5, Survey No. 8 Hissa No. 1/1/2 and survey No. 3/2(Part) of revenue village Wadgaon Sheri, Taluka Haveli, District Pune 2) Hypothecation charge over escrow of receivables of the proposed property having a saleable area of 271961 Sq. ft. on the proposed building Bramha Sun City Phase – III on plot bearing S. No. 7/1 to 7/5, 8/1/1/2, 38A/1B/1 and 38B at village Vadgaon Sheri Kalyani Nagar Pune 411006.

FIXED ASSETS

Tangible Assets

• Plant and Equipment
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Computer Equipments

Intangible Assets

• Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.53.95
UK Pound	1	Rs.84.03
Euro	1	Rs.70.72

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		18

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.