MIRA INFORM REPORT

Report Date :

12.11.2013

IDENTIFICATION DETAILS

Name :	ADYAR GATE HOTELS LIMITED (w.e.f.26.04.2011)
Formerly Known As :	ADAYAR GATE HOTEL LIMITED ADYAR GATE HOTEL LIMITED
Registered Office :	132, Mowbrays Road, Madras – 600 018,Tamil Nadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.03.1970
Com. Reg. No.:	18-005815
Capital Investment / Paid-up Capital :	Rs.114.009 Millions
CIN No.: [Company Identification No.]	U55101TN1970PLC005815
TAN No.: [Tax Deduction & Collection Account No.]	CHEA00053E
PAN No.: [Permanent Account No.]	AAACA9041L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Hotel and Restaurant and Real Estate Business.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (51)

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

Maximum Credit Limit :	USD 6831000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established hotel company which owns three hotels in India. It is having a satisfactory track record. The company has seen a dip in its sales turnover as well as net profitability during 2012 due to the temporary closure of one of its flagship property i.e. ITC Sheraton towers along with the sluggishness in the hospitality industry and generally the slowdown in the economy. The ratings take into consideration the significant experience of the promoters in the hospitality industry, benefits from branding tie up with Starwood Hotels and Resorts Limited as well as the rental income received from IT park. Trade relations are fair. Business is active. Payment terms are reported as 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

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term loans= “BBB+”
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	September 2013

Rating Agency Name	ICRA
Rating	Short term fund based limits=”A2”
Rating Explanation	Strong degree of safety and low credit risk.
Date	September 2013

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 :	132, Mowbrays Road, Madras – 600 018,Tamil Nadu, India
Tel. No.:	91-44-42992023 / 24994101
Fax No.:	91-44-24997201
E-Mail :	santosh.mv@itchotels.in finance.secy@goyalgroup.com
Website :	www.itchotels.in

DIRECTORS

AS ON 28.09.2012

Name :

Mr. Bharath Bhushan Goyal

Designation :

Managing Director

Address :

29, Jeypore Nagar, Gopalapuram, Chennai – 600 086, Tamil Nadu, India

Date of Birth/Age :

26.09.1947

Date of Appointment :

26.10.2010

DIN No.:

00059157

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	U63040TN1991PTC020696	REGENT TOURS AND TRAVELS PRIVATE LIMITED	Managing director	24-04-91	24-04-91	-	Active	NO
2	L55101RJ1970PLC001294	MANSINGH HOTELS AND RESORTS LIMITED	Director	27-11-95	27-11-95	-	Active	NO
3	U55101WB1990PLC095270	MUMTAZ HOTELS LIMITED	Managing director	28-10-08	29-10-00	-	Active	NO
4	U18101TN1995PTC030588	FRENDI FASHIONS PRIVATE LIMITED	Additional director	22-10-04	22-10-04	14-07-11	Active	NO
5	U74899DL1978NPL008877	APPAREL EXPORT PROMOTION COUNCIL.	Director	19-11-04	19-11-04	30-09-09	Active	NO
6	U55109TN2005PTC055878	BALAJI ENTERTAINMENT PRIVATE LIMITED	Director	05-04-05	05-04-05	-	Dissolved	NO
7	U55101TN1970PLC005815	ADYAR GATE HOTELS LIMITED	Managing director	26-10-10	26-10-05	-	Active	NO

Name :

Mr. Manish Goyal

Designation :

Joint Managing Director

Address :

No.3, Arch Bishop Mathias Avenue, Boat Club Road, R. A. Puram, Chennai – 600 028, Tamil Nadu, India

Date of Birth/Age :

30.12.1969

Date of Appointment :

26.10.2010

DIN No.:

00059182

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	U55101TN1993PLC043541	POPPYS PARK HOTEL LIMITED	Director	29-06-98	29-06-98	Active	NO
2	U51101TN1981PTC043536	ONONDAGA AGRO INVESTMENTS PRIVATE LIMITED	Director	29-06-98	29-06-98	Active	NO
3	U92490TN1986PLC013575	ONONDAGA HOTELS AND RESORTS LIMITED	Director	29-06-98	29-06-98	Active	NO
4	U55101WB1990PLC095270	MUMTAZ HOTELS LIMITED	Director	29-10-98	29-10-98	Active	NO
5	U63040TN1991PTC020696	REGENT TOURS AND TRAVELS PRIVATE LIMITED	Director	05-11-01	05-11-01	Active	NO
6	U55109TN2005PTC055878	BALAJI ENTERTAINMENT PRIVATE LIMITED	Director	05-04-05	05-04-05	Dissolved	NO
7	U55101TN1970PLC005815	ADYAR GATE HOTELS LIMITED	Managing director	26-10-10	26-10-05	Active	NO
8	U92400TN2012PLC086566	GOLF LOUNGE INDIA LIMITED	Director	29-06-12	29-06-12	Active	NO

Name :

Mr. Dharmender Nath Davar

Designation :

Director

Address :

B-5/82, Safdarjung Enclave, New Delhi – 110 029, India

Date of Birth/Age :

08.08.1934

Date of Appointment :

04.06.2004

DIN No.:

00002008

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	L26942OR1949PLC000185	OCL INDIA LIMITED	Director	26-05-94	26-05-94	-	Active	NO
2	U34360DL1987PLC029553	SANDHAR TECHNOLOGIES LIMITED	Director	02-07-94	02-07-94	-	Active	NO
3	L55101RJ1970PLC001294	MANSINGH HOTELS AND RESORTS LIMITED	Director	13-08-94	13-08-94	-	Active	NO
4	L23109MP1972PLC008290	HEG LIMITED	Director	10-11-94	10-11-94	-	Active	NO
5	L45101DL1967PLC004759	ANSAL PROPERTIES AND INFRASTRUCTURE LIMITED	Director	16-08-95	16-08-95	-	Active	NO
6	U74899DL1991PLC046774	HERO FINCORP LIMITED	Director	30-08-95	30-08-95	-	Active	NO
7	U74899HR1991PTC039797	S P WAHI MANAGEMENT AND TECHNOLOGY CONSULTANTS PRIVATE LIMITED	Director	09-04-97	09-04-97	-	Active	NO
8	U74899DL2000PLC106824	SANDHAR INFOSYSTEMS LIMITED.	Director	17-07-00	17-07-00	08-02-12	Active	NO
9	U28939DL2002PTC114374	SANDHAR TOOLING PRIVATE LIMITED	Director	07-06-02	07-06-02	-	Active	NO
10	U36991HP1995PLC031163	JAIPRAKASH POWER VENTURES LIMITED	Director	21-09-02	21-09-02	25-01-08	Amalgamated	NO
11	L14106UP1995PLC019017	JAIPRAKASH ASSOCIATES LIMITED	Director	21-09-02	21-09-02	25-01-08	Active	NO
12	U55101TN1970PLC005815	ADYAR GATE HOTELS LIMITED	Director	04-06-04	04-06-04	-	Active	NO
13	L40101HP1994PLC015483	JAIPRAKASH POWER VENTURES LIMITED	Director	25-09-04	25-09-04	25-01-08	Active	NO
14	L17124MP1989PLC008255	MARAL OVERSEAS LIMITED	Director	28-09-04	28-09-04	-	Active	NO
15	L17115RJ1960PLC008216	RSWM LIMITED	Director	10-11-04	10-11-04	-	Active	NO
16	L24239DL1992PLC047245	AHLCON PARENTERALS (INDIA) LIMITED	Director	28-10-06	28-10-06	08-08-08	Active	NO
17	U72200DL1994PTC181176	MOBISOFT TELESOLUTIONS PRIVATE LIMITED	Director	01-11-06	01-11-06	25-02-11	Active	NO
18	L27320WB1997PLC084819	TITAGARH WAGONS LIMITED	Additional director	08-12-06	08-12-06	-	Active	NO
19	L13100DL1976PLC188942	LANDMARK PROPERTY DEVELOPMENT COMPANY LIMITED	Director	22-09-08	29-01-08	-	Active	NO
20	U55204DL2007PLC170126	PARSVNATH HOTELS LIMITED	Director	28-08-08	19-06-08	03-08-13	Active	NO
21	U45200DL2006PLC154061	PARSVNATH INFRA LIMITED	Director	28-08-08	29-07-08	-	Active	NO
22	L28910WB1943PLC168801	CIMMCO LIMITED	Director	05-12-11	31-03-11	-	Active	NO
23	U70109WB2008PLC128968	TITAGARH MARINE LIMITED	Additional director	05-08-13	05-08-13	-	Active	NO

Name :

Mr. Murari Pejavar

Designation :

Director

Address :

2, Gilchrisht Avenue, Harrington Road, Chetpet, Chennai – 600 031, India

Date of Birth/Age :

19.08.1934

Date of Appointment :

21.03.2006

DIN No.:

00020437

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	U74899DL1993PTC055595	S.M.V. CONSULTANTS PRIVATE LIMITED	Director	01-08-94	01-08-94	-	Active	NO
2	L23109MP1972PLC008290	HEG LIMITED	Director	30-03-96	30-03-96	-	Active	NO
3	L01119TN1986PLC013473	ABAN OFFSHORE LIMITED	Director	18-09-96	18-09-96	-	Active	NO
4	U40101KA1986PLC007404	BHORUKA POWER CORPORATION LIMITED	Director	23-11-96	23-11-96	17-08-07	Active	NO
5	U67190MH1993PLC073154	TAURUS ASSET MANAGEMENT COMPANY LIMITED	Director	20-03-99	20-03-99	03-12-09	Active	NO
6	L25209WB1997PLC085972	XPRO INDIA LIMITED	Director	13-10-99	13-10-99	-	Active	NO
7	L17199GJ1956PLC001107	ADITYA BIRLA NUVO LIMITED	Director	28-01-00	28-01-00	-	Active	NO
8	L51496WB1996PLC079932	SOUTH ASIAN PETROCHEM LIMITED	Director	27-02-00	27-02-00	-	Amalgamated	NO
9	L74899DL1989PLC036474	MOVING PICTURE COMPANY (INDIA) LIMITED	Director	06-07-01	06-07-01	30-04-07	Active	NO
10	U48985WB1992PLC095301	GREAT EASTERN ENERGY CORPORATION LIMITED	Director	31-07-04	31-07-04	-	Active	NO
11	L24231PB1958PLC002257	GLAXOSMITHKLINE CONSUMER HEALTHCARE LIMITED	Director	27-04-07	30-12-04	19-08-09	Active	NO
12	U55101TN1970PLC005815	ADYAR GATE HOTELS LIMITED	Director	21-03-06	21-03-06	-	Active	NO
13	L35911PN1945PLC004656	BAJAJ HOLDINGS AND INVESTMENT LIMITED.	Director	16-07-09	09-09-06	-	Active	NO
14	U29196TN2005PLC057662	RICE LAKE WEIGHING SYSTEMS INDIA LIMITED	Director	27-07-07	18-10-06	11-07-09	Active	NO
15	U80301TN2004NPL052529	GREAT LAKES INSTITUTE OF MANAGEMENT	Director	28-10-06	28-10-06	03-05-11	Active	NO
16	U40109DL1985PTC114839	NSL RENEWABLE POWER PRIVATE LIMITED	Director	21-07-08	29-01-08	11-07-09	Active	NO
17	L65993PN2007PLC130076	BAJAJ AUTO LIMITED.	Director	10-07-08	30-01-08	-	Active	NO
18	L32100GJ1996PLC030976	IDEA CELLULAR LIMITED	Director	21-12-09	20-10-08	-	Active	NO
19	L85110TN1989PLC017232	FORTIS MALAR HOSPITALS LIMITED	Director	21-08-09	03-03-09	-	Active	NO
20	U18101MH2007PLC233901	PANTALOONS FASHION AND RETAIL LIMITED	Director	23-08-13	19-04-13	-	Active	NO

Name :

Mr. Nakul Anand

Designation :

Director

Address :

LGG 102, Block A, Laburnam Sector 28, Near Sushant Lok, Gurgaon – 122 001, India

Date of Birth/Age :

05.11.1956

Date of Appointment :

17.05.1996

DIN No.:

00022279

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	U55101TN1970PLC005815	ADYAR GATE HOTELS LIMITED	Director	17-05-96	17-05-96	-	Active	NO
2	L63040DL1981PLC011941	INTERNATIONAL TRAVEL HOUSE LIMITED	Director	21-03-09	06-01-98	-	Active	NO
3	L55100GJ1982PLC005408	GUJARAT HOTELS LIMITED	Director	21-03-09	10-03-98	-	Active	NO
4	U55101DL1995PLC099973	FORTUNE PARK HOTELS LIMITED	Director	21-03-09	10-03-98	-	Active	NO
5	U74999AP1984PLC005192	SRINIVASA RESORTS LIMITED	Director	12-03-98	12-03-98	-	Active	NO
6	U74899DL1976PLC105131	BAY ISLANDS HOTELS LIMITED	Director	30-03-98	30-03-98	-	Active	NO
7	U74899DL1995PLC099649	MAHARAJA HERITAGE RESORTS LIMITED	Director	30-03-98	30-03-98	-	Active	NO
8	U74899DL1992PLC047331	LANDBASE INDIA LIMITED	Director	21-03-09	29-09-05	-	Active	NO
9	U93090DL1998NPL097629	YPO (DELHI CHAPTER) U/S25	Director	01-07-06	01-07-06	30-06-10	Active	NO
10	U55101AP2009PTC063757	ESPIRIT HOTELS PRIVATE LIMITED	Additional director	24-09-10	24-09-10	28-09-11	Active	NO
11	L16005WB1910PLC001985	ITC LIMITED	Whole-time director	29-07-11	03-01-11	-	Active	NO

Name :

Mr. Chandrasekhar Subramoneyan

Designation :

Director

Address :

B-63, First Floor, Greater Kailash, Part 1, New Delhi – 110 047, India

Date of Birth/Age :

27.01.1953

Date of Appointment :

17.05.1996

DIN No.:

00024780

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	L55100GJ1982PLC005408	GUJARAT HOTELS LIMITED	Director	24-03-92	24-03-92	-	Active	NO
2	U74999AP1984PLC005192	SRINIVASA RESORTS LIMITED	Director	25-06-94	25-06-94	-	Active	NO
3	U74899DL1976PLC105131	BAY ISLANDS HOTELS LIMITED	Director	16-08-94	16-08-94	-	Active	NO
4	U55101DL1995PLC099973	FORTUNE PARK HOTELS LIMITED	Director	26-07-95	26-07-95	-	Active	NO
5	U55101TN1970PLC005815	ADYAR GATE HOTELS LIMITED	Director	17-05-96	17-05-96	-	Active	NO
6	U74899DL1995PLC099649	MAHARAJA HERITAGE RESORTS LIMITED	Director	02-07-97	02-07-97	-	Active	NO
7	L63040DL1981PLC011941	INTERNATIONAL TRAVEL HOUSE LIMITED	Director	06-01-98	06-01-98	-	Active	NO
8	U74899DL1992PLC047331	LANDBASE INDIA LIMITED	Managing director	01-04-13	03-06-99	-	Active	NO
9	U64202KA2003PLC031521	SITEL OPERATING CORPORATION INDIA LIMITED	Director	29-01-03	29-01-03	28-12-09	Active	NO
10	L55101RJ1970PLC001294	MANSINGH HOTELS AND RESORTS LIMITED	Director	30-07-10	23-12-09	-	Active	NO

Name :

Mr. Gaurav Goyal

Designation :

Whole-time Director

Address :

29, Jeypore Nagar, Gopalapuram, Chennai – 600 086, Tamil Nadu, India

Date of Birth/Age :

6.03.1973

Date of Appointment :

26.02.2012

DIN No.:

00060046

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	U55101TN1993PLC043541	POPPYS PARK HOTEL LIMITED	Director	29-06-98	29-06-98	Active	NO
2	U51101TN1981PTC043536	ONONDAGA AGRO INVESTMENTS PRIVATE LIMITED	Director	29-06-98	29-06-98	Active	NO
3	U92490TN1986PLC013575	ONONDAGA HOTELS AND RESORTS LIMITED	Director	29-06-98	29-06-98	Active	NO
4	U63040TN1991PTC020696	REGENT TOURS AND TRAVELS PRIVATE LIMITED	Director	05-11-01	05-11-01	Active	NO
5	U55101TN1970PLC005815	ADYAR GATE HOTELS LIMITED	Whole-time director	26-02-12	26-02-02	Active	NO
6	U55109TN2005PTC055878	BALAJI ENTERTAINMENT PRIVATE LIMITED	Director	14-09-07	10-01-07	Dissolved	NO

Name :

Mr. Manav Goyal

Designation :

Whole-time Director

Address :

29, Jeypore Nagar, Gopalapuram, Chennai – 600 086, Tamil Nadu, India

Date of Birth/Age :

26.06.1974

Date of Appointment :

05.05.2013

DIN No.:

00066861

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	U74899DL1978NPL008877	APPAREL EXPORT PROMOTION COUNCIL.	Director	27-09-13	30-09-04	Active	NO
2	U55101TN1970PLC005815	ADYAR GATE HOTELS LIMITED	Whole-time director	05-05-13	30-09-06	Active	NO
3	U51101TN1981PTC043536	ONONDAGA AGRO INVESTMENTS PRIVATE LIMITED	Director	14-09-07	05-06-07	Active	NO
4	U92490TN1986PLC013575	ONONDAGA HOTELS AND RESORTS LIMITED	Director	14-09-07	05-06-07	Active	NO
5	U18101TN1995PTC030588	FRENDI FASHIONS PRIVATE LIMITED	Additional director	02-09-11	02-09-11	Active	NO
6	U92400TN2012PLC086566	GOLF LOUNGE INDIA LIMITED	Director	29-06-12	29-06-12	Active	NO

Name :

Mr. Ravish Goyal

Designation :

Whole-time Director

Address :

No.3, Arch Bishop Mathias Avenue, Boat Club Road, R. A. Puram, Chennai – 600 028, Tamil Nadu, India

Date of Birth/Age :

18.05.1971

Date of Appointment :

26.02.2012

DIN No.:

00067215

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	U55101TN1993PLC043541	POPPYS PARK HOTEL LIMITED	Director	29-06-98	29-06-98	Active	NO
2	U51101TN1981PTC043536	ONONDAGA AGRO INVESTMENTS PRIVATE LIMITED	Director	29-06-98	29-06-98	Active	NO
3	U92490TN1986PLC013575	ONONDAGA HOTELS AND RESORTS LIMITED	Director	29-06-98	29-06-98	Active	NO
4	U63040TN1991PTC020696	REGENT TOURS AND TRAVELS PRIVATE LIMITED	Director	05-11-01	05-11-01	Active	NO
5	U55101TN1970PLC005815	ADYAR GATE HOTELS LIMITED	Whole-time director	26-02-12	26-02-02	Active	NO

Name :

Mr. Vinish Goyal

Designation :

Director

Address :

No.3, Arch Bishop Mathias Avenue, Boat Club Road, R. A. Puram, Chennai – 600 028, India

Date of Birth/Age :

27.08.1974

Date of Appointment :

05.05.2013

DIN No.:

00071620

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	U55101TN1970PLC005815	ADYAR GATE HOTELS LIMITED	Whole-time director	05-05-13	30-09-06	Active	NO

Name :

Mr. Ashok Kumar

Designation :

Director

Address :

Disco Compound, G T Road, Ghaziabad, India

Date of Birth/Age :

23.01.1937

Date of Appointment :

16.01.1987

DIN No.:

00138677

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	U27310UP1939PTC000888	DELHI IRON AND STEEL COMPANY PRIVATE LIMITED	Director	29-06-68	29-06-68	Active	NO
2	L55101RJ1970PLC001294	MANSINGH HOTELS AND RESORTS LIMITED	Director	24-02-81	24-02-81	Active	NO
3	U55101TN1970PLC005815	ADYAR GATE HOTELS LIMITED	Director	16-01-87	16-01-87	Active	NO
4	L34300PB1985PLC012559	JAI PARABOLIC SPRINGS LIMITED	Director	29-05-99	29-05-99	Amalgamated	NO
5	U74899DL1996PTC082245	ORNATE SECFIN PRIVATE LIMITED	Director	23-06-03	23-06-03	Active	NO
6	L45201DL1990PLC040945	PARSVNATH DEVELOPERS LIMITED	Director	14-01-04	14-01-04	Active	NO
7	U27310UP1972PTC003634	AMRIT STEELS PRIVATE LIMITED	Director	30-04-05	30-04-05	Active	NO
8	L35911HR1965PLC004485	JAMNA AUTO INDUSTRIES LIMITED	Director	30-09-08	28-01-08	Active	NO

Name :

Mr. Mohan Swarup Bhatnagar

Designation :

Alternate Director

Address :

EG2/15, Garden Estate, Mehrauli, Gurgaon Road, Gurgaon – 122 002, India

Date of Birth/Age :

09.11.1951

Date of Appointment :

26.06.2001

DIN No.:

00834857

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	U74899DL1995PLC099649	MAHARAJA HERITAGE RESORTS LIMITED	Director	02-07-97	02-07-97	12-09-13	Active	NO
2	U74899DL1976PLC105131	BAY ISLANDS HOTELS LIMITED	Director	08-03-99	08-03-99	12-09-13	Active	NO
3	U55101TN1970PLC005815	ADYAR GATE HOTELS LIMITED	Alternate director	26-06-01	26-06-01	-	Active	NO

Name :

Mr. Shivy Bhasin

Designation :

Director

Address :

Bhasin and Company, P.B. No.93, Safat, 13001, Kuwait

Date of Birth/Age :

11.09.1949

Date of Appointment :

23.03.1991

DIN No.:

01261843

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	U55101WB1990PLC095270	MUMTAZ HOTELS LIMITED	Director	02-02-91	02-02-91	Active	NO
2	U55101TN1970PLC005815	ADYAR GATE HOTELS LIMITED	Director	23-03-91	23-03-91	Active	NO
3	U51909DL2001PTC113026	PRATHAM MOTORS PRIVATE LIMITED	Director	05-11-01	05-11-01	Active	NO
4	U55101DL2012PTC244624	BAYT HOSPITALITY PRIVATE LIMITED	Director	07-11-12	07-11-12	Active	NO

KEY EXECUTIVES

Name :	Mr. Krithika Vijay Karthik
Designation :	Company Secretary
Address :	“Candor Square”, 7/G-1, Pari Street, Gandhi Nagar, Saligramam, Chennai – 600 093, Tamil Nadu, India
Date of Birth/Age :	08.01.1979
Date of Appointment :	06.05.2009
PAN No.:	AFVPJ6921M

MAJOR SHAREHOLDERS

AS ON 28.09.2012

Names of Shareholders	No. of Shares
Gaurav Goyal	1754394
Manav Goyal	1771893
Vijay Goyal	1351954
Devi Goyal	21292
Shika Goyal	3792
Manish Goyal	1613151
Ravish Goyal	1613150
Vinish Goyal	1630648
Richa Goyal	21292
Monoca Goyal	21292
Deepali Goyal	3792
Paramadevi Goyal	724939
Shashi Malhotra	120000
Druv Seoni	23784
Chandra Seoni	261063
Gayathri Bhasin	41000
Mirdu Bhasin	122047
Prithu Bhasin	41000
Shivy Bhasin	124875
Samar Vikram Bhasin	41000
Arvind VAsu and Aditi Vasu	50000
Arabia Beevi	40000
Sumathi Dayal	3750
Neena Virmani	750
Total	11400858

Equity Share Break up (Percentage of Total Equity)

AS ON 28.09.2012

Category	Percentage
Bodies corporate	99.17
Directors or relatives of Directors	0.83
Total	100.00

BUSINESS DETAILS

Line of Business :

Hotel and Restaurant and Real Estate Business.

Products :

Product or Services	ITC Code No.
Accommodation, Food and beverage Services	9963

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Indian bank, Thousand Lights Branch, Kannammai Building, No.611, Anna Salai, Chennai – 600 006, Tamil Nadu, India

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Term Loans from Banks	133.940	184.139
Short Term Borrowings
Working Capital Loans from banks	104.777	54.115
Total	238.717	238.254

Banking Relations :	--
Financial Institutions :	Tourism Finance Corporation of India, 4^th Floor, Prakashdeep Building, 7 Tolstoy Marg, New Delhi – 110 001, India
Auditors :
Name :	Virmani and Associates Chartered Accountants
Address :	#702, Nilgiris Place, 9, Barakambha Road, New Delhi – 110 001, India
PAN No.:	AAAFV2796C
Subsidiary Company :	· Onondaga Agro Investments Private Limited [U51101TN1981PTC043536] · Onondaga Hotels and Resorts Limited [u92490tn1986plc13575]
Enterprises which are owned, or have significant influence of or are partners with Key Management personnel and their relatives :	· Om Enterprises · Poppys Park Hotel Limited [U55101TN1993PLC043541]

CAPITAL STRUCTURE

AS ON 28.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs. 10/- each	Rs.150.000 Millions
25000		Rs. 100/- each	Rs.2.500 Millions
			Rs.152.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11400858	Equity Shares	Rs. 10/- each	Rs.114.009 Millions

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	114.009	114.009
(b) Reserves & Surplus	1593.816	1441.540
(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)	1707.825	1555.549
(3) Non-Current Liabilities
(a) long-term borrowings	133.940	184.139
(b) Deferred tax liabilities (Net)	235.864	235.375
(c) Other long term liabilities	69.243	61.538
(d) long-term provisions	10.253	10.870
Total Non-current Liabilities (3)	449.300	491.922
(4) Current Liabilities
(a) Short term borrowings	125.233	91.791
(b) Trade payables	48.387	76.782
(c) Other current liabilities	132.915	138.394
(d) Short-term provisions	0.759	0.478
Total Current Liabilities (4)	307.294	307.445
TOTAL	2464.419	2354.916
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1659.874	1692.982
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	415.295	177.232
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	51.560	55.045
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	73.707	117.808
(e) Other Non-current assets	0.708	0.011
Total Non-Current Assets	2201.144	2043.078
(2) Current assets
(a) Current investments	96.684	108.325
(b) Inventories	19.119	15.741
(c) Trade receivables	25.777	54.930
(d) Cash and cash equivalents	40.571	36.190
(e) Short-term loans and advances	72.478	88.653
(f) Other current assets	8.646	7.999
Total Current Assets	263.275	311.838
TOTAL	2464.419	2354.916

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		114.009
2] Share Application Money		0.000
3] Reserves & Surplus		1231.162
4] (Accumulated Losses)		0.000
NETWORTH		1345.171
LOAN FUNDS
1] Secured Loans		400.849
2] Unsecured Loans		94.653
TOTAL BORROWING		495.502
DEFERRED TAX LIABILITIES		233.324
TOTAL		2073.997
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1731.354
Capital work-in-progress		58.456
INVESTMENT		172.564
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.327
	Sundry Debtors	39.481
	Cash & Bank Balances	42.950
	Other Current Assets	0.000
	Loans & Advances	156.382
Total Current Assets		253.140
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000
	Other Current Liabilities	131.928
	Provisions	9.589
Total Current Liabilities		141.517
Net Current Assets		111.623
MISCELLANEOUS EXPENSES		0.000
TOTAL		2073.997

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		1138.116	1338.945	1118.137
		Other Income		31.778	9.730	4.537
		TOTAL (A)		1169.894	1348.675	1122.674
Less	EXPENSES
		Cost of Materials Consumed		110.574	107.566
		Employee benefits Expenses		236.855	233.539
		Other Expenses		455.763	508.628
		Exceptional Items		0.226	0.063
		TOTAL (B)		803.418	849.796	730.122
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			366.476	498.879	392.552
Less	FINANCIAL EXPENSES (D)			22.744	27.020	32.150
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			343.732	471.859	360.402
Less	DEPRECIATION/ AMORTISATION (F)			77.437	81.916	83.659
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			266.295	389.943	276.743
Less	TAX (H)			74.267	126.388	98.472
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			192.028	263.555	178.271
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			823.585	639.560	545.810
Less	APPROPRIATIONS
			Interim and Final Dividend	34.200	45.600	57.000
			Corporate Dividend tax	5.550	7.570	9.690
			Transfer to General Reserve	19.20	26.360	17.830
	BALANCE CARRIED TO THE B/S			956.663	823.585	639.560
	Earnings Per Share (Rs.)			16.84	23.12	15.63

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	16.41	19.54	15.88
Net Profit Margin (PBT/Sales)	(%)	23.40	29.12	24.75
Return on Total Assets (PBT/Total Assets}	(%)	13.85	19.45	13.95
Return on Investment (ROI) (PBT/Networth)		0.16	0.25	0.21
Debt Equity Ratio (Total Debt /Networth)		0.15	0.18	0.37
Current Ratio (Current Asset/Current Liability)		0.86	1.01	1.79

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	----------
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

UNSECURED LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Short Term Borrowings
Loans and Advances from related Parties	20.456	0.000
Loans Repayable on Demand	0.000	37.676
Total	20.456	37.676

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90289437	19/12/2005 *	700,000,000.00	HDFC BANK LIMITED	MARIAM CENTRE, FIRST FLOOR, 751-B ANNA SALAI, CHENNAI – 600 002, TAMIL NADU, INDIA	-
2	90290690	25/11/2005 *	700,000,000.00	HDFC BANK LIMITED	MARIAM CENTRE, FIRST FLOOR, 751-B ANNA SALAI, CHENNAI – 600 002, TAMIL NADU, INDIA	-
3	90293335	20/10/2010 *	436,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI – 400 013, MAHARASHTRA, INDIA	A97570212
4	90293238	07/09/2013 *	2,070,000,000.00	INDIAN BANK	THOUSAND LIGHTS BRANCH, KANNAMMAI BUILDING, NO.611, ANNA SALAI, CHENNAI – 600 006, TAMIL NADU, INDIA	B88328232
5	90289059	05/05/2005 *	200,000,000.00	HDFC LIMITED	ITC CENTRE 2ND FLOOR, 760 ANNA SALAI, CHENNAI – 600 002, TAMIL NADU, INDIA	-
6	90292965	30/08/2001 *	60,000,000.00	ICICI LIMITED	ICICITOWERS BANDRA KURLA COMPLEX BANDRA EAST, MUMBAI – 400 051, MAHARASHTRA, INDIA	-
7	90292760	12/06/2002 *	23,500,000.00	THE SOUTH INDIAN BANK LTD	KENCES TOWERS NO 1 RAMAKRISHNA ROAD TNAGAR, CHENNAI – 600 017, TAMIL NADU, INDIA	-
8	90291587	19/06/1999 *	45,000,000.00	ORIENTAL BANK OF COMMERACE	769 ANNA SALAI, CHENNAI – 600 002, TAMIL NADU, INDIA	-
9	90292467	16/10/2002 *	54,000,000.00	ORIENTAL BANK OF COMMERCE	769 ANNA SALAIMOUNT ROAD, CHENNAY, TAMIL NADU, INDIA	-
10	90292292	07/05/1997 *	100,000,000.00	THE TNDUSTRIAL FINANCE COROPORATION OF INDIA LIMIT ED	BANK OF BARODA BULIDING 16 SANSAD MARG, NEW DEHLI, DELHI - 110001, INDIA	-

* Date of charge modification

COMPANY OVERVEIW:

Subject owns three Hotels situate at Chennai, Visakapatnam and Udhagamandalam, The Company is also constructing a Luxury Resort at Village Nemmeli, Kanchipuram District, East Cost Road (ECR), and Tamil Nadu. The Hotel at Chennai is operated under License from Sheraton International LLC, USA. All the above stated hotels are managed by ITC Limited under Long Term Hotel Operating Agreements.

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.63.30
UK Pound	1	Rs.101.36
Euro	1	Rs.84.60

INFORMATION DETAILS

Report Prepared by :

NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
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	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		51

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.