MIRA INFORM REPORT

Report Date :

23.11.2013

IDENTIFICATION DETAILS

Name :	EMAAR MGF LAND LIMITED (w.e.f. 13.08.2007)
Formerly Known As :	EMAAR MGF LAND PRIVATE LIMITED
Registered Office :	ECE House, 28, Kasturba Gandhi Marg, New Delhi-110001
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	18.02.2005
Com. Reg. No.:	55-133161
Capital Investment / Paid-up Capital :	Rs.9126.198 Millions
CIN No.: [Company Identification No.]	U45201DL2005PLC133161
TAN No.: [Tax Deduction & Collection Account No.]	DELE03783D
PAN No.: [Permanent Account No.]	AABCE4308B
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	The Company is in the business of promotion, construction, development and sale of integrated townships, residential and commercial multistoried buildings, houses, flats, shopping malls, hotels, IT parks, SEZs, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (34)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 150000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a joint venture between EMAAR PROPERTIES PJSC DUBAI (EMAAR PJSCAND MGF GROUP, INDIA. It is an established and company having moderate track record. There appears losses recorded by the company from its operating activities during the financial year 2013. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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	CARE
Rating	Long Term Bank Facilities = BB-
Rating Explanation	Moderate risk of default and high credit risk.
Date	04.12.2012

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	ECE House, 28, Kasturba Gandhi Marg, New Delhi-110001, India
Tel. No.:	91-11-41521155/ 41203444/ 41524618
Fax No.:	91-11-41524619
E-Mail :	bharat.garg@emaarmgf.com
Website :	http://www.emaarmgf.com
Branches :	Located At: · New Delhi · Hyderabad · Gurgaon · Mohali, · Chennai · Indore · Jaipur · Shillong

DIRECTORS

As on 28.09.2012

Name :

Mr. H E Mohammed Ali Alabbar

Designation :

Chairman cum Managing Director

Address :

615/13B, Nad Al Sheba, DM 25, Post Box 9440, Dubai, UAE

Date of Birth/Age :

08.11.1956

Date of Appointment :

07.11.2005

DIN No.:

01784611

Name :

Mr. Shravan Rajiv Gupta

Designation :

Executive Vice-Chairman and Managing Director

Address :

50, Golf Links, New Delhi-110003, India

Date of Birth/Age :

25.08.1973

Date of Appointment :

18.02.2005

DIN No.:

00002707

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1983PLC016261	BAHUBALI SERVICES LIMITED	Director	01-01-92	01-01-92	14-08-07	Active	NO
2	U74899DL1995PTC069177	GEE GEE HOLDINGS PRIVATE LIMITED	Director	30-05-95	30-05-95	14-08-07	Active	NO
3	U74899DL1995PTC074505	CARDS SERVICES INDIA PRIVATE LIMITED	Director	18-12-95	18-12-95	14-08-07	Active	NO
4	U74899DL1996PLC081965	M G F DEVELOPMENTS LIMITED	Director	16-09-96	16-09-96	-	Active	NO
5	U45201DL1997PTC089985	MAHONIA ESTATE PRIVATE LIMITED	Director	17-11-97	17-11-97	07-08-07	Active	NO
6	U74899DL1998PLC093512	M G F MOTORS LIMITED	Director	13-04-98	13-04-98	-	Active	NO
7	U24231DL1998PLC093638	MGF AUTOMOBILES LIMITED	Director	04-05-98	04-05-98	-	Active	NO
8	U67110DL1998PTC093629	DISCOVERY HOLDINGS PRIVATE LIMITED	Director	04-05-98	04-05-98	30-06-08	Active	NO
9	U67110DL1998PTC093646	COLUMBIA HOLDINGS PRIVATE LIMITED	Director	05-05-98	05-05-98	24-08-09	Active	NO
10	U45201DL1998PTC093626	GROSVENOR ESTATES PRIVATE LIMITED	Director	14-05-98	14-05-98	14-08-07	Active	NO
11	U60231DL1999PLC102030	CAPITAL VEHICLES SALES LIMITED	Director	20-10-99	20-10-99	-	Active	NO
12	U34101DL1999PTC102031	KERALA CARS PRIVATE LIMITED	Director	24-03-00	24-03-00	-	Active	NO
13	U55101DL1993PTC053667	MOONLIGHT CONTINENTAL PRIVATE LIMITED	Director	25-08-00	25-08-00	24-08-09	Active	NO
14	U74899DL2000PTC108881	MGF INFOTECH PRIVATE LIMITED	Director	15-12-00	15-12-00	-	Active	NO
15	U45202DL2001PTC111611	COLUMBIA ESTATES PRIVATE LIMITED	Director	10-07-01	10-07-01	-	Active	NO
16	U51103DL2001PTC111937	DISCOVERY ESTATES PRIVATE LIMITED	Director	07-08-01	07-08-01	01-09-07	Active	NO
17	U45202DL2001PTC113256	MGF PROMOTERS PRIVATE LIMITED	Director	23-11-01	23-11-01	-	Active	NO
18	L74899DL1930PLC000208	THE MOTOR AND GENERAL FINANCE LIMITED	Director	11-07-02	11-07-02	30-03-07	Active	NO
19	U74899DL1992PTC050864	SAREEN ESTATES PRIVATE LIMITED	Director	21-02-03	21-02-03	24-08-09	Active	NO
20	U55101DL2003PTC123432	PARIS RESORTS PRIVATE LIMITED	Director	09-12-03	09-12-03	-	Active	NO
21	U74999DL2003PTC123419	MGF METRO MALL PRIVATE LIMITED	Director	09-12-03	09-12-03	-	Active	NO
22	U45201DL2003PLC118351	SSP AVIATION LIMITED	Director	23-12-03	23-12-03	-	Active	NO
23	U74899DL1976PTC008060	SHANTI APPARELS MANUFACTURING CO PRIVATE LIMITED	Director	30-10-04	30-10-04	-	Active	NO
24	U45201DL2005PLC133161	EMAAR MGF LAND LIMITED	Managing director	01-04-11	18-02-05	-	Active	NO
25	U45201DL2005PTC138796	MGF HOUSING AND INFRASTRUCTURE PRIVATE LIMITED	Director	18-07-05	18-07-05	-	Active	NO
26	U45201DL2005PTC141562	SHREY PROMOTERS PRIVATE LIMITED	Director	14-11-05	14-11-05	-	Active	NO
27	U45201RJ1995PTC009289	VISHNU APARTMENTS PRIVATE LIMITED (PART IX)	Director	28-11-05	28-11-05	-	Active	NO
28	U45201DL2005PTC143065	METROPLEX CONSTRUCTION PRIVATE LIMITED	Director	28-11-05	28-11-05	15-03-07	Active	YES
29	U19201DL2005PTC144179	ARYAN LIFE STYLE PRIVATE LIMITED	Director	29-12-05	29-12-05	-	Active	YES
30	U45201DL2005PTC143419	HIRA REALTORS PRIVATE LIMITED	Director	14-08-06	14-08-06	29-09-07	Active	YES
31	U80301DL2006PTC155836	EMAAR MGF EDUCATION PRIVATE LIMITED	Director	23-11-06	23-11-06	-	Active	NO
32	U70109DL2006PTC150924	DIVINE BUILD TECH PRIVATE LIMITED	Director	24-11-07	24-11-07	-	Active	NO
33	U45200DL2008PTC178424	RADIANT PROMOTERS PRIVATE LIMITED	Director	21-05-08	21-05-08	-	Active	NO
34	U70109DL2006PTC152709	YASHODA PROMOTERS PRIVATE LIMITED	Director	11-08-08	11-08-08	-	Active	NO
35	U45200DL2006PTC153787	SHAILVI ESTATES PRIVATE LIMITED	Director	11-08-08	11-08-08	-	Active	NO
36	U45300DL2008PTC182840	YASHASVI BUILDTECH PRIVATE LIMITED	Director	05-09-08	05-09-08	-	Active	NO
37	U70109DL2006PTC152454	PUSHPAK PROMOTERS PRIVATE LIMITED	Director	07-04-09	07-04-09	-	Active	NO
38	U74999DL2011PTC221030	MGF PROMOTIONS AND EVENTS PRIVATE LIMITED	Director	16-06-11	16-06-11	-	Active	NO
39	U74140DL2011PTC221910	MGF ESTATES MANAGEMENT PRIVATE LIMITED	Director	05-07-11	05-07-11	-	Active	NO

Name :

Mr. Ahmed Jamal Jawa

Designation :

Director

Address :

342/33, Al Jumeirah Road, DM-1, NR S/STN, P136, Villa B 13, Post Box 9327, Dubai, UAE

Date of Birth/Age :

30.05.1956

Date of Appointment :

01.11.2006

DIN No.:

01784747

Name :

Mr. Anil Bhalla

Designation :

Director

Address :

B-17, Maharani Bagh, New Delhi-110065, India

Date of Birth/Age :

14.09.1946

Date of Appointment :

25.09.2009

DIN No.:

00048724

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1970PTC005461	RAHOUL SIEMSSEN ENGINEERING PRIVATE LIMITED	Director	16-05-84	16-05-84	15-12-09	Active	NO
2	U74899DL1979PTC010054	JAM HOLDINGS PRIVATE LIMITED	Director	02-03-88	02-03-88	-	Active	NO
3	L51434WB1923PLC004793	BERGER PAINTS INDIA LIMITED	Director	27-09-91	27-09-91	-	Active	NO
4	U64202DL1990PLC042425	LABURNUM FINANCE LIMITED	Director	17-03-98	17-03-98	10-10-08	Active	NO
5	U72900DL2004PTC124384	ENABLIZER BACKOFFICE TECHNOLOGIES PRIVATE LIMITED	Director	30-01-04	30-01-04	-	Active	NO
6	U29309DL1996PTC075342	AURO TEL COMMUNICATIONS PRIVATE LIMITED	Director	03-11-08	03-11-08	-	Active	NO
7	U93000DL2009PTC188502	PI ADVISORY PRIVATE LIMITED	Director	20-03-09	20-03-09	19-11-10	Active	NO
8	U45201DL2005PLC133161	EMAAR MGF LAND LIMITED	Director	25-11-09	25-09-09	-	Active	NO

Name :

Mr. Abhiram Lekh Ram Seth

Designation :

Director

Address :

18, Anand Lok, New Delhi-110049, India

Date of Birth/Age :

09.12.1951

Date of Appointment :

30.09.2010

DIN No.:

00176144

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1995PTC074505	CARDS SERVICES INDIA PRIVATE LIMITED	Director	18-12-95	18-12-95	-	Active	NO
2	U15419PB1989PTC009114	PEPSI FOODS PRIVATE LIMITED	Director	01-07-98	01-07-98	27-03-08	Active	NO
3	U01110MH1995PLC091478	ION EXCHANGE ENVIRO FARMS LIMITED	Director	28-07-99	28-07-99	-	Active	NO
4	L74899DL1930PLC000208	THE MOTOR AND GENERAL FINANCE LIMITED	Director	29-04-06	29-04-06	-	Active	NO
5	U72900DL2000PTC105782	ATS SERVICES PRIVATE LIMITED	Director	30-09-06	24-06-06	-	Active	NO
6	U01229DL2007PTC194698	AQUAGRI PROCESSING PRIVATE LIMITED	Managing director	19-03-10	20-06-08	-	Active	NO
7	L74999MH1964PLC014258	ION EXCHANGE INDIA LIMITED	Additional director	25-07-08	25-07-08	-	Active	NO
8	U01403KA2007PTC042002	DRAKSHA VINEYARDS PRIVATE LIMITED	Director	26-11-08	26-11-08	05-12-09	Active	NO
9	U15500DL2009PTC189198	DAAWAT FRESH CUISINES PRIVATE LIMITED	Director	08-04-09	08-04-09	-	Active	NO
10	U73100DL2009PTC189597	APT BIOTECH PRIVATE LIMITED	Director	22-04-09	22-04-09	-	Active	NO
11	U45201DL2005PLC133161	EMAAR MGF LAND LIMITED	Director	30-09-10	28-12-09	-	Active	NO
12	U15209DL2005PLC135838	DAAWAT FOODS LIMITED	Director	29-09-10	28-01-10	-	Active	NO

Name :

Mr. Shilpa Gupta

Designation :

Director

Address :

44A, Amrita Shergil Marg, New Delhi - 110 003

Date of Birth/Age :

27.01.1976

Date of Appointment :

28.09.2012

DIN No.:

00037755

Name :

Mr. Haroon Saeed Siddiqui

Designation :

Director

Address :

Post Box 35229, Dubai - 3522

Date of Birth/Age :

01.04.1942

Date of Appointment :

25.05.2012

DIN No.:

05250916

KEY EXECUTIVES

Name :	Mr. Bharat Bhushan Garg
Designation :	Secretary
Address :	KH-249, Kavi Nagar, Ghaziabad-201001, Uttar Pradesh, India
Date of Birth/Age :	27.11.1973
Date of Appointment :	27.04.2009
PAN No.:	AAXG0721B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Emaar Holding II, Mauritius	445876032
Shilpa Gupta	161542640
Kallarister Trading Limited, Cyprus	70133213
Siddharth Gupta	68794672
Snelvor Holdings Limited, Cyprus	46471865
Yulita Consultants Limited, Cyprus	39826863
Loupen Services Limited, Cyprus	28743096
Siddharth Sareen	24000408
Coniza Promoters Private Limited, India	9593600
J. P. Morgan Mauritius Holdings II Limited, India	7237704
Elephant Investments Limited, Cayman Island	3831560
ANI Capital Holdings India Limited, Cayman Island	3128312
Abhaar International LLC, UAE	1083800
Pearl India Opportunities, Mauritius	928020
Blue Line India Opportunities, Mauritius	271980
Bennett, Coleman and Company Limited, India	549450
New Delhi Television Limited, India	362318
Parul Gupta	171312
MGF Developments Limited, India	72000
Shravan Gupta	1000
Total	912619845

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	70.95
Bodies corporate	1.16
Directors or relatives of Directors	27.89
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is in the business of promotion, construction, development and sale of integrated townships, residential and commercial multistoried buildings, houses, flats, shopping malls, hotels, IT parks, SEZs, etc.

Products :

Description of product or service category	ITC Code
Construction and maintenance of buildings	99541121

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Housing Development Finance Corporation Limited, Ramon House 169backbay Reclamation, H T Parekh Marg, Mumbai - 400020, Maharashtra, India

· State Bank of Patiala, Commercial Branch, Chandralok, 36, Janpath, New Delhi - 110001, Delhi, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2013	As on 31.03.2012
Long-term borrowings
Non-convertible debentures others	15142.000	0.000
Short-term borrowings
Non-convertible debentures government semi-government	1800.000	3850.000
Term loans from banks	12.870	27.480
Term loans from others	4229.880	4862.270
Working capital loans from banks	3336.180	4267.510
Total	24520.930	13007.260

Banking Relations :	---
Financial Institutions :	· IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R.Kamani Marg, Ballard Estate,, Mumbai - 400001, Maharashtra, India · Religare Finvest Limited, D3, P3B, District Centre, Saket, New Delhi - 110017, India
Auditors :
Name :	S R Batliboi and Company Chartered Accountants
Address :	Golf View, Corporate Tower-B, Sector-42, Sector Road, Gurgaon-122002, Haryana, India
PAN No.:	ACFHS9180N
Entities substantially owned directly or indirectly by the Company, irrespective of whether transactions have occurred or not	· Aashirwad Conbuild Private Limited · Abbey Properties Private Limited · Abbot Builders Private Limited · Abhinav Projects Private Limited · Abyss Properties Private Limited · Accession Buildwell Private Limited · Accordion Buildwell Private Limited · Achates Buildcons Private Limited · Acorn Buildmart Private Limited · Acorn Developers Private Limited · Active Promoters Private Limited · Active Securities Limited · Acutech Estates Private Limited · Adze Properties Private Limited · Allegiance Conbuild Private Limited · Allied Realty Private Limited · Alpine Buildcon Private Limited · Amar Gyan Developments Private Limited · Amardeep Buildcon Private Limited · Aparajit Promoters Private Limited · Archit Promoters Private Limited · Ardor Conbuild Private Limited · Arma Buildmore Private Limited · Arman Promoters Private Limited · Armour Properties Private Limited · Auspicious Realtors Private Limited · Authentic Properties Private Limited · Avinashi Buildtech Private Limited · Bailiwick Builders Private Limited · Balalaika Builders Private Limited · Ballad Conbuild Private Limited · Bhavishya Buildcon Private Limited · Bhavya Conbuild Private Limited · Bhumika Promoters Private Limited · Brijbasi Projects Private Limited · Brilliant Build Tech Private Limited · Budget Hotels India Private Limited · Camarederie Properties Private Limited · Camellia Properties Private Limited · Capex Projects Private Limited · Casing Properties Private Limited · Cassock Properties Private Limited · Cats Eye Properties Private Limited · Charbhuja Properties Private Limited · Charismatic Realtors Private Limited · Chhavi Buildtech Private Limited · Chintz Conbuild Private Limited · Chirayu Buildtech Private Limited · Choir Developers Private Limited · Chum Properties Private Limited · Compact Projects Private Limited · Consummate Properties Private Limited · Crock Buildwell Private Limited · Crocus Builders Private Limited · Crony Builders Private Limited · Deep Jyoti Projects Private Limited · Divit Estates Private Limited · Dove Promoters Private Limited · Ducat Builders Private Limited · Dumdum Builders Private Limited · Easel Propbuild Private Limited · Easter Conbuild Private Limited · Ecliptic Conbuild Private Limited · Eclogue Conbuild Private Limited · Ecru Builders Private Limited · Ecstasy Conbuild Private Limited · Eddy Conbuild Private Limited · Edenic Propbuild Private Limited · Edge Conbuild Private Limited · Edict Conbuild Private Limited · Edifice Conbuild Private Limited · Edit Estates Private Limited · Educt Propbuild Private Limited · Effusion Conbuild Private Limited · Elan Conbuild Private Limited · Elegant Propbuild Private Limited · Elite Conbuild Private Limited · Elixir Conbuild Private Limited · Elver Conbuild Private Limited · Emaar MGF Construction Private Limited · Emaar MGF Hospitality Private Limited · Emaar MGF Projects Private Limited · Emaar MGF Services Private Limited · Eminence Conbuild Private Limited · Enamel Propbuild Private Limited · Enigma Properties Private Limited · Epitome Propbuild Private Limited · Estuary Conbuild Private Limited · Eternal Buildtech Private Limited · Ether Conbuild Private Limited · Ethic Conbuild Private Limited · Ethnic Properties Private Limited · Everwel Estates Private Limited · Expanse Conbuild Private Limited · Exponent Conbuild Private Limited · Extremity Conbuild Private Limited · Fable Conbuild Private Limited · Façade Conbuild Private Limited · Facet Estate Private Limited · Flick Propbuild Private Limited · Fling Propbuild Private Limited · Flip Propbuild Private Limited · Floret Propbuild Private Limited · Flotilla Propbuild Private Limited · Flounce Propbuild Private Limited · Flue Propbuild Private Limited · Fluff Propbuild Private Limited · Fluke Propbuild Private Limited · Foal Propbuild Private Limited · Fondant Propbuild Private Limited · Foray Propbuild Private Limited · Forsythia Propbuild Private Limited · Fount Propbuild Private Limited · Foyer Propbuild Private Limited · Fray Propbuild Private Limited · Frieze Propbuild Private Limited · Frisson Propbuild Private Limited · Frond Propbuild Private Limited · Froth Propbuild Private Limited · Futuristic Buildwell Private Limited · Gable Propbuild Private Limited · Gadget Propbuild Private Limited · Gaff Propbuild Private Limited · Gaiety Propbuild Private Limited · Gait Propbuild Private Limited · Galleon Propbuild Private Limited · Gallery Propbuild Private Limited · Gallium Propbuild Private Limited · Gambit Propbuild Private Limited · Gamete Propbuild Private Limited · Gamut Propbuild Private Limited · Garland Estate Private Limited · Garnet Propbuild Private Limited · Garuda Properties Private Limited · Gateau Propbuild Private Limited · Gaucho Propbuild Private Limited · Gauge Propbuild Private Limited · Gauntlet Propbuild Private Limited · Gavel Properties Private Limited · Gems Buildcon Private Limited · Genre Propbuild Private Limited · Gentian Propbuild Private Limited · Gentry Propbuild Private Limited · Geodesy Properties Private Limited · Gibbon Propbuild Private Limited · Girder Propbuild Private Limited · Glade Propbuild Private Limited · Glaze Estates Private Limited · Glen Propbuild Private Limited · Glen Propbuild Private Limited (Singapore) · Glimpse Propbuild Private Limited · Glitz Propbuild Private Limited · Globule Propbuild Private Limited · Gloss Propbuild Private Limited · Glove Propbuild Private Limited · Godawari Buildwell Private Limited · Godson Propbuild Private Limited · Golliwog Propbuild Private Limited · Gracious Technobuild Private Limited · Gradient Developers Private Limited · Grail Propbuild Private Limited · Grampus Propbuild Private Limited · Gran Propbuild Private Limited · Granar Propbuild Private Limited · Grange Propbuild Private Limited · Granule Propbuild Private Limited · Grapeshot Propbuild Private Limited · Grassroot Promoters Private Limited · Gravel Propbuild Private Limited · Grebe Propbuild Private Limited · Griddle Propbuild Private Limited · Grog Propbuild Private Limited · Grove Propbuild Private Limited · Grunge Propbuild Private Limited · Guffaw Propbuild Private Limited · Gull Propbuild Private Limited · Guru Rakha Projects Private Limited · Gurkul Promoters Private Limited · Gyan Jyoti Estates Private Limited · Gyankunj Constructions Private Limited · Gyankunj Estates Private Limited · Haddock Propbuild Private Limited · Haft Propbuild Private Limited · Hake Developers Private Limited · Halibut Developers Private Limited · Hamlet Buildwell Private Limited · Hammock Buildwell Private Limited · Hartej Estates Private Limited · Hope Promoters Private Limited · Immense Realtors Private Limited · Jamb Propbuild Private Limited · Janitor Propbuild Private Limited · Jasper Propbuild Private Limited · Jaunt Propbuild Private Limited · Jay Propbuild Private Limited · Jemmy Propbuild Private Limited · Jerkin Propbuild Private Limited · Jetty Propbuild Private Limited · Jig Propbuild Private Limited · Jive Propbuild Private Limited · Juhi Promoters Private Limited · Kamdhenu Projects Private Limited · Kartikay Buildwell Private Limited · Kayak Propbuild Private Limited · Kedge Propbuild Private Limited · Kestrel Propbuild Private Limited · Kismet Propbuild Private Limited · Knoll Propbuild Private Limited · Kudos Propbuild Private Limited · Ladle Propbuild Private Limited · Lavish Propbuild Private Limited · Legend Buildcon Private Limited · Legend Buildwell Private Limited · Lifeline Build Tech Private Limited · Locus Propbuild Private Limited · Logical Developers Private Limited · Logical Estates Private Limited · Lotus Technobuild Private Limited · Maestro Estates Private Limited · Mahonia Estate Private Limited · Mansarovar Projects Private Limited · Markwel Promoters Private Limited · Mega City Promoters Private Limited · M G Colonizers Private Limited · Milky Way Realtors Private Limited · Modular Estates Private Limited · Monarch Buildcon Private Limited · Monga Properties Private Limited · Multitude Infrastructures Private Limited · Naam Promoters Private Limited · Nandita Promoters Private Limited · Navrattan Buildcon Private Limited · Nayas Projects Private Limited · Nettle Propbuild Private Limited · Newt Propbuild Private Limited · Nipper Propbuild Private Limited · Nishkarsh Estates Private Limited · Notch Propbuild Private Limited · Pansy Buildcons Private Limited · Paving Propbuild Private Limited · Perch Conbuild Private Limited · Perpetual Realtors Private Limited · Pipalashray Estate Private Limited · Potential Propbuild Private Limited · Pragya Buildcon Private Limited · Pratham Promoters Private Limited · Pratiksha Buildcon Private Limited · Prayas Buildcon Private Limited · Prezzie Buildcon Private Limited · Progeny Buildcon Private Limited · Prosperous Constructions Private Limited · Prosperus Buildcon Private Limited · Pukhraj Realtors Private Limited · Pulse Estates Private Limited · Pushkar Projects Private Limited · Raksha Buildtech Private Limited · Ram Ban Projects Private Limited · Rolex Estates Private Limited · Rose Gate Estates Private Limited · Rudraksha Realtors Private Limited · Sacred Estates Private Limited · Sambhavee Projects Private Limited · Sandesh Buildcon Private Limited · Sankalp Buildtech Private Limited · Sankalp Promoters Private Limited · Sanskar Buildcon Private Limited · Sanskar Buildwell Private Limited · Sanyukta Promoters Private Limited · Sapphire and Sands Private Limited (Singapore) · Sarvodaya Buildcon Private Limited · Sarvpriya Realtors Private Limited · Seriel Build Tech Private Limited · Sewak Developers Private Limited · Sharyans Buildcon Private Limited · Shaurya Propbuild Private Limited · Shitij Buildcon Private Limited · Shrestha Conbuild Private Limited · Shrey Promoters Private Limited · Sidhivinayak Durobuild Private Limited · Sidhant Buildcon Private Limited · Sidhivinayak Buildcon Private Limited · Signages Properties Private Limited · Silver Sea Vessel Management Private Limited (Singapore) · Smridhi Technobuild Private Limited · Snow White Buildcon Private Limited · Sonex Projects Private Limited · Sparsh Promoters Private Limited · Spiritual Realtors Private Limited · Sprouting Properties Private Limited · Spurt Projects Private Limited · Sriyam Estates Private Limited · Stash Propbuild Private Limited · Stave Propbuild Private Limited · Stein Propbuild Private Limited · Stent Propbuild Private Limited · Strut Propbuild Private Limited · Sukhda Promoters Private Limited · Sukhjit Projects Private Limited · Tacery Builders Private Limited · Tanmay Developers Private Limited · TCI Project Management Private Limited · Tinnitus Builders Private Limited · Tocsin Builders Private Limited · Toff Builders Private Limited · Tome Builders Private Limited · Tomtom Builders Private Limited · Trattoria Properties Private Limited · Trawler Properties Private Limited · Triad Properties Private Limited · True Value Build-Con Private Limited · Tushar Projects Private Limited · Utility Estates Private Limited · Utkarsh Buildcon Private Limited · Versatile Conbuild Private Limited · Virasat Buildcon Private Limited · Vitality Conbuild Private Limited · VPG Developers Private Limited · Waif Propbuild Private Limited · Wembley Estates Private Limited · Whelsh Properties Private Limited · Winkle Properties Private Limited · Yeti Properties Private Limited · Yogiraj Promoters Private Limited · Yukti Projects Private Limited · Zing Properties Private Limited · Zither Buildwell Private Limited · Zonex Developers Private Limited · Zonex Estates Private Limited · Zulu Properties Private Limited
Investing party or venturer in respect of which the reporting entity is an Associate or Joint Venture :-	· Emaar Properties, PJSC, Dubai · The Address Dubai Marina LLC, Dubai
Joint venture of the reporting entity :-	Leighton Construction (India) Private Limited
Enterprise owned by Key Management Personnel or major shareholders of the reporting enterprise and enterprises that have a member of key management in common with the reporting enterprise :-	· Boulder Hills Leisure Private Limited · Cyberabad Convention Centre Private Limited · Emaar Hills Township Private Limited · Oriole Exports Private Limited · SSP Aviation Limited · The Motor and General Finance Limited · Vishnu Apartments Private Limited · Emaar MGF Education Private Limited · Capital Vehicles Sales Limited · Moonlight Continental Private Limited · Sareen Estates Private Limited · The City Square Mall Management · MGF Mall Management · Aryan Life Style Private Limited
Associate of the reporting entity	Acreage Builders Private Limited (w.e.f 18thOct 2011)

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000000	Equity shares	Rs. 10/- each	Rs.30000.000 Millions
3000000000	Preference Shares	Rs. 10/- each	Rs.30000.000 Millions
	Total		Rs.60000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
912619845	Equity Shares	Rs. 10/- each	Rs.9126.198 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9126.200	9126.200	9126.200
(b) Reserves & Surplus	29244.730	34076.660	38120.030
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	38370.930	43202.860	47246.230
(3) Non-Current Liabilities
(a) long-term borrowings	15142.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	324.370	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	15466.370	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	25349.280	39992.080	42825.180
(b) Trade payables	5202.300	5474.000	4763.420
(c) Other current liabilities	49484.360	40006.470	29778.690
(d) Short-term provisions	369.660	407.690	140.700
Total Current Liabilities (4)	80405.600	85880.240	77507.990
TOTAL	134242.900	129083.100	124754.220
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5264.380	5320.270	5375.910
(ii) Intangible Assets	2.510	5.950	6.860
(iii) Capital work-in-progress	407.030	400.620	388.240
(iv) Intangible assets under development	1038.250	1035.420	1035.420
(b) Non-current Investments	7334.520	1442.330	670.310
(c) Deferred tax assets (net)	0.000	0.000	255.000
(d) Long-term Loan and Advances	8709.850	9605.220	9457.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	22756.540	17809.810	17188.740
(2) Current assets
(a) Current investments	645.280	316.970	131.280
(b) Inventories	39112.420	36889.160	30967.550
(c) Trade receivables	592.210	792.680	831.170
(d) Cash and cash equivalents	4024.970	4794.210	3713.840
(e) Short-term loans and advances	64822.870	65902.840	70762.980
(f) Other current assets	2888.610	2577.430	1158.660
Total Current Assets	112086.360	111273.290	107565.480
TOTAL	134242.900	129083.100	124754.220

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	9363.710	12630.650	10386.920
		Other Income	451.510	256.910	(820.540)
		TOTAL (A)	9815.220	12887.560	9566.380
Less	EXPENSES
		Cost of materials consumed	5232.440	9969.960	7412.750
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(2235.530)	(5959.780)	(5578.180)
		Employee benefit expense	1077.410	1063.180	803.190
		Other expenses	4592.990	5341.580	3234.370
		Prior period items	0.110	420.880	-4.570
		TOTAL (B)	8667.420	10835.820	5867.560
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1147.800	2051.740	3698.820
Less	FINANCIAL EXPENSES (D)		5570.660	5749.120	5653.020
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(4422.860)	(3697.380)	(1954.200)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		84.700	90.990	165.540
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(4507.560)	(3788.370)	(2119.740)
Less	TAX (H)		0.000	255.000	(60.300)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(4507.560)	(4043.370)	(2059.440)
	IMPORTS
		Project Items	26.780	48.270	NA
	TOTAL IMPORTS		26.780	48.270	NA
	Earnings / (Loss) Per Share (Rs.)		(4.94)	(4.43)	(2.26)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(45.92)	(31.37)	(21.53)
Net Profit Margin (PBT/Sales)	(%)	(48.14)	(29.99)	(20.41)
Return on Total Assets (PBT/Total Assets}	(%)	(3.58)	(3.00)	(1.73)
Return on Investment (ROI) (PBT/Networth)		(0.12)	(0.09)	(0.04)
Debt Equity Ratio (Total Debt /Networth)		1.06	0.93	0.91
Current Ratio (Current Asset/Current Liability)		1.39	1.30	1.39

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 LOAN

Rs. In Millions

Particular	As on 31.03.2013	As on 31.03.2012
Short-term borrowings
Fully convertible debentures others	2500.000	18499.500
Non-convertible debentures others	6626.460	1415.310
Rupee term loans from banks	1967.300	1467.300
Working capital loans from banks	303.690	322.560
Deferred payment liabilities	4572.900	5280.150
Total	15970.350	26984.820

CORPORATE INFORMATION

Subject a Company registered under Indian Companies Act, 1956, incorporated on 18thFebruary, 2005, is a Joint Venture between Emaar Properties, PJSC (Dubai, UAE) and MGF Developments Limited. The Company is primarily engaged in the business of promotion, construction, development and sale of integrated townships, residential and commercial multistoried buildings, houses, flats, shopping malls, hotels, IT parks, SEZs, etc.

PERFORMANCE REVIEW

As reported above, the total revenue during the current financial year ending on March 31, 2013, stood at Rs. 9818.440 millions as compared to Rs. 12896.400 millions during the previous year. The Company incurred a net loss of Rs. 4507.560 millions during the financial year as compared to a loss of Rs. 4043.370 millions during the previous year.

On consolidated basis, the turnover of the Company stood as Rs. 10635.20s millions during the current financial year ending on March 31, 2013, as against Rs. 13618.750 millions during the previous year. The Company incurred a consolidated loss of Rs. 4759.150 millions in the current financial year as against previous year loss of Rs. 4469.510 millions.

The Company is presently developing 45 residential and 8 commercial/retail projects, with an aggregate saleable area of approximately 42 million square feet spread across 9 cities including Delhi, Gurgaon / NCR, Mohali, Hyderabad, Chennai and Lucknow.

During the financial year 2012-13, the Company launched 2(two) residential projects and 1(one) commercial project with an aggregate saleable area of approximately 3 million square feet and booked more than 1,000 units for sale in the newly launched projects.

CONTINGENT LIABILITIES NOT PROVIDED FOR (As on 31.03.2013)

(i) Corporate guarantees given by the Company to banks for facilities availed by Subsidiary companies outstanding as at March 31, 2013 – Rs. 216.250 millions

(ii) Corporate guarantees given by the Company to financial institutions for facilities availed by a promoter Group company outstanding as at March 31, 2013– Rs. 7.850 millions

(iii) Architectural Claims received from vendors / contractors, not accepted by the Company – Rs. 70.630 millions. The Company has been advised that these claims are not tenable.

(iv) Claim for expenses by a promoter Company, not accepted by the Company– Rs.191.670 millions. The Company has been advised that these claims are not tenable.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10455885	25/09/2013	750,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169 BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA	B87764189
2	10445258	31/07/2013	250,000,000.00	RELIGARE FINVEST LIMITED	D3, P3B,, DISTRICT CENTRE, SAKET, NEW DELHI, DELHI - 110017, INDIA	B83150391
3	10403771	21/01/2013	1,250,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169 BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA	B68380765
4	10395157	05/12/2012	5,750,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG,  BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	B64322647
5	10388095	29/10/2012	1,000,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169 BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA	B62601331
6	10359800	19/06/2012 *	22,600,000,000.00	IL AND FS TRUST COMPANY LIMITED	IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA	B42528851
7	10346582	28/03/2012	1,000,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169 BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA	B36669406
8	10253507	04/11/2010	2,500,000,000.00	STATE BANK OF PATIALA	COMMERCIAL BRANCH, CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI, DELHI - 110001, INDIA	A99830457
9	10238547	31/08/2010	2,500,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA	A93610640
10	10189294	15/12/2012 *	2,500,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169 BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA	B65888364

* Date of charge modification

FIXED ASSETS

· Freehold Land

· Leasehold land

· Building

· Leasehold Improvement

· Plant and Machinery

· Office Equipments

· Computers

· Furniture and Fixtures

· Vehicles

· Computers 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.63.02
UK Pound	1	Rs.102.04
Euro	1	Rs.84.92

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.