MIRA INFORM REPORT

Report Date :

07.09.2013

IDENTIFICATION DETAILS

Name :	J.R. RECREATION CLUBS AND RESORTS LIMITED

Registered Office :	10-11, Dwarkapuri Jamnalal Bajaj Marg, C-Scheme, Jaipur – 302 006, Rajasthan

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	21.04.1998

Com. Reg. No.:	17-014779

Capital Investment / Paid-up Capital :	Rs.2.220 Millions

CIN No.: [Company Identification No.]	U55101RJ1998PLC014779

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Subject is engaged in Hospitality Business.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (31)

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

Maximum Credit Limit :	USD 1133400

Status :	Project under Implementation

Payment Behaviour :	Unknown

Litigation :	--

Comments :	Subject is wholly owned subsidiary of DS Hotel and Resorts (India) Limited. The company has started the construction of a five star hotel which is under implementation at Jaipur. The ratings take into consideration the favorable location at the hotel property. However, trade relations are fair. Business is active. Payment terms are unknown. In view of strong promoters and holding company the subject 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

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure. Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	IRCA
Rating	“BB+”
Rating Explanation	Term Loans : Moderate risk of default
Date	December 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 :	10-11, Dwarkapuri Jamnalal Bajaj Marg, C-Scheme Jaipur – 302 006, Rajasthan, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	companysecretary@dsgroup.com nilinbhandari@dsgroupindia.com

Corporate Office :	A-85-86, Sector-2, Noida- 201 301, Uttar Pradesh, India
Tel. No.:	91-120-2522140/ 2530554
Fax No.:	91-120-2522592
E-Mail :	dsl@dsgroupindia.com
Website :	www.dsgroupindia.com

DIRECTORS

AS ON 22.09.2012

Name :

Mr. Saurabh Gupta

Designation :

Director

Address :

43/1, Rajpur Road, Delhi- 110 054, India

Date of Birth/Age :

16.05.1982

Date of Appointment :

08.08.2009

DIN No.:

01952020

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	U55101RJ1998PLC014779	J.R. RECREATION CLUBS AND RESORTS LIMITED	Director	08-08-09	30-03-09	-	Active	NO
2	U63040RJ1995PTC010264	BLUE WINGS TOURS AND TRAVELS PVT LTD	Director	08-08-09	30-03-09	30-09-09	Active	NO
3	U55101DL2005PLC137295	DS HOTELS AND RESORTS (INDIA) LIMITED	Director	31-01-10	30-03-09	-	Active	NO
4	U55101DL1988PLC033048	MANU MAHARANI HOTELS LIMITED	Director	30-09-10	30-09-09	-	Active	NO
5	U01119DL2007PTC158135	DS GREEN AGROTECH PRIVATE LIMITED	Director	28-09-10	01-02-10	-	Active	NO
6	U52100DL2011PLC216226	DS LUXURY RETAIL LIMITED	Director	21-03-11	21-03-11	-	Active	NO
7	U55101DL2001PLC112138	KOLKATTA HOTELS LIMITED	Director	29-09-11	01-06-11	-	Active	NO
8	U55102DL2007PLC166683	DS (ASSAM) HOSPITALITY LIMITED	Director	29-09-11	01-06-11	-	Active	NO
9	U52100DL2011PLC220344	Prive Luxury Limited	Director	03-06-11	03-06-11	-	Active	NO
10	U55101DL2010PTC198671	SEVEN R HOTELS PRIVATE LIMITED	Director	21-09-12	13-10-11	-	Active	NO
11	U92490DL2012PLC229849	BEST BROADCASTING COMPANY LIMITED	Director	12-01-12	12-01-12	-	Active	NO
12	U92100DL2012PLC230204	BHARAT BROADCASTING COMPANY LIMITED	Director	18-01-12	18-01-12	-	Active	NO
13	U55101DL2013PTC254724	DS GROUP HOSPITALITY PRIVATE LIMITED	Director	02-07-13	02-07-13	-	Active	NO

Name :

Mr. Bharat Singh Negi

Designation :

Director

Address :

A-7/413, Ganesh Nagar-ll, Shakarpur, Delhi- 110 092,India

Date of Birth/Age :

17.10.1947

Date of Appointment :

08.08.2009

DIN No.:

00035717

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	U45201DL2005PTC136857	ABHAAS CONSTRUCTION PRIVATE LIMITED	Director	30-05-05	30-05-05	-	Active	NO
2	U45201DL2005PTC138376	ABHIJAY DEVELOPERS PRIVATE LIMITED.	Director	06-07-05	06-07-05	-	Active	NO
3	U74899DL2005PTC142962	SANDARBH BUILDCON PRIVATE LIMITED	Director	24-11-05	24-11-05	-	Active	NO
4	U70101DL2006PTC146704	NILAY DWELLERS PRIVATE LIMITED	Director	22-02-06	22-02-06	-	Strike off	NO
5	U70101DL2006PTC146684	AVICHAL INFRASTRUCTURE PRIVATE LIMITED	Director	22-02-06	22-02-06	-	Active	NO
6	U70101DL2006PTC146777	AVICHAL BUILDCON PRIVATE LIMITED	Director	24-02-06	24-02-06	-	Active	NO
7	U70101DL2006PTC146854	ABHISAR BUILDWELL PRIVATE LIMITED	Director	27-02-06	27-02-06	-	Active	NO
8	U45201DL2005PTC136856	SPIRITUAL ESTATES PRIVATE LIMITED	Director	30-05-06	30-05-06	-	Active	NO
9	U45201DL2005PTC136858	DHRADH DEVELOPERS PRIVATE LIMITED	Director	30-05-06	30-05-06	-	Active	NO
10	U70109DL2007PTC157649	ASA ESTATES PRIVATE LIMITED	Director	10-01-07	10-01-07	-	Strike off	NO
11	U45200DL2007PTC157770	ABIBA ESTATES AND DEVELOPERS PRIVATE LIMITED	Director	11-01-07	11-01-07	-	Strike off	NO
12	U45200DL2007PTC157876	RAMONA ESTATES PRIVATE LIMITED	Director	15-01-07	15-01-07	-	Strike off	NO
13	U45200DL2007PTC158277	GATIK INFRATECH PRIVATE LIMITED	Director	23-01-07	23-01-07	-	Active	NO
14	U26940ML2007PTC008262	NILANCHAAL CEMENT PRIVATE LIMITED	Director	24-09-08	01-12-07	-	Active	NO
15	U63040RJ1995PTC010264	BLUE WINGS TOURS AND TRAVELS PVT LTD	Director	08-08-09	30-03-09	30-09-09	Active	NO
16	U74899DL1978PTC008971	DEE PEE KAGAJ UDYOG PVT LTD	Director	29-09-09	30-03-09	-	Active	NO
17	U55101RJ1998PLC014779	J.R. RECREATION CLUBS AND RESORTS LIMITED	Director	08-08-09	30-03-09	-	Active	NO
18	U01119DL2007PTC158135	DS GREEN AGROTECH PRIVATE LIMITED	Director	29-09-09	31-03-09	-	Active	NO
19	U01122DL2006PTC144969	DS AGRI ESTATES PRIVATE LIMITED	Director	23-09-09	31-03-09	-	Active	NO
20	U45201DL2005PTC138345	YUKTI CONSTRUCTION PRIVATE LIMITED.	Director	11-09-09	31-03-09	-	Active	NO
21	U55101DL2010PTC204042	SINDHUDURG HOSPITALITY PRIVATE LIMITED	Director	14-06-10	14-06-10	21-01-11	Active	NO
22	U55101DL2010PTC204201	SINDHUDURG GOA HOSPITALITY PRIVATE LIMITED	Director	16-06-10	16-06-10	21-01-11	Active	NO
23	U10100ML2007PTC008292	Divyansh Mining Developers Private Limited	Director	24-09-11	19-11-10	-	Active	NO

Name :

Mr. Jayesh Dolatrai Desai

Designation :

Director

Address :

39-A, Kamla Nagar, Delhi- 110 007,India

Date of Birth/Age :

17.07.1957

Date of Appointment :

08.08.2009

DIN No.:

00035376

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	U45201DL2005PTC136855	SPIRITUAL DWELLERS PRIVATE LIMITED	Director	30-05-05	30-05-05	-	Active	NO
2	U45201DL2005PTC136859	SPIRITUAL BUILDCON PRIVATE LIMITED	Director	30-05-05	30-05-05	-	Active	NO
3	U70101DL2006PTC146705	OOJAM DWELLERS PRIVATE LIMITED	Director	22-02-06	22-02-06	-	Active	NO
4	U70101DL2006PTC146706	NILAY INFRASTUCTURE PRIVATE LIMITED	Director	22-02-06	22-02-06	-	Active	NO
5	U00500DL2005PTC138377	WAVES REALTORS PRIVATE LIMITED	Director	06-07-06	06-07-06	-	Active	NO
6	U70109DL2006PTC150796	VACHAN REALTORS PRIVATE LIMITED.	Director	10-07-06	10-07-06	-	Active	NO
7	U45201DL2005PTC138798	MANAS DWELLERS PRIVATE LIMITED	Director	18-07-06	18-07-06	-	Active	NO
8	U45201DL2005PTC139013	MANAS BUILDCON PRIVATE LIMITED	Director	25-07-06	25-07-06	-	Active	NO
9	U70109DL2006PTC153197	SAHAJ BUILDCON PRIVATE LIMITED	Director	06-09-06	06-09-06	-	Strike off	NO
10	U45200DL2006PTC153446	VACHAN DEVELOPERS PRIVATE LIMITED.	Director	09-09-06	09-09-06	-	Active	NO
11	U70109DL2006PTC153769	PRATUL BUILDWELL PRIVATE LIMITED	Director	15-09-06	15-09-06	-	Strike off	NO
12	U70109DL2006PTC154203	VIPRA REALTORS PRIVATE LIMITED	Director	22-09-06	22-09-06	-	Active	NO
13	U45201DL2005PTC142934	BHAUMIK SHELTERS PRIVATE LIMITED	Director	24-11-06	24-11-06	-	Active	NO
14	U45200DL2007PTC157616	ADITA BUILDCON PRIVATE LIMITED	Director	09-01-07	09-01-07	12-07-07	Active	NO
15	U26940ML2007PTC008262	NILANCHAAL CEMENT PRIVATE LIMITED	Director	24-09-08	01-12-07	-	Active	NO
16	U63040RJ1995PTC010264	BLUE WINGS TOURS AND TRAVELS PVT LTD	Director	08-08-09	30-03-09	30-09-09	Active	NO
17	U74899DL1978PTC008971	DEE PEE KAGAJ UDYOG PVT LTD	Director	29-09-09	30-03-09	-	Active	NO
18	U55101RJ1998PLC014779	J.R. RECREATION CLUBS AND RESORTS LIMITED	Director	08-08-09	30-03-09	-	Active	NO
19	U10100ML2007PTC008292	Divyansh Mining Developers Private Limited	Director	24-09-11	19-11-10	-	Active	NO

Name :

Mr. Ganpahyagraharam Venkatesan Viswanathan

Designation :

Director

Address :

H. No-2167, Sector-9, AD, Faridabad- 110 054, Haryana, India

Date of Birth/Age :

28.03.1948

Date of Appointment :

27.09.2011

DIN No.:

03607014

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	U55102DL2007PLC166683	DS (ASSAM) HOSPITALITY LIMITED	Director	29-09-11	01-09-11	Active	NO
2	U55101DL2001PLC112138	KOLKATTA HOTELS LIMITED	Director	29-09-11	01-09-11	Active	NO
3	U55101RJ1998PLC014779	J.R. RECREATION CLUBS AND RESORTS LIMITED	Director	27-09-11	01-09-11	Active	NO
4	U55101DL2005PLC137295	DS HOTELS AND RESORTS (INDIA) LIMITED	Director	29-09-11	01-09-11	Active	NO
5	U55101DL2010PTC198671	SEVEN R HOTELS PRIVATE LIMITED	Director	21-09-12	13-10-11	Active	NO

MAJOR SHAREHOLDERS

AS ON 22.09.2012

Names of Shareholders		No. of Shares
DS Hotels and Resorts (India) Limited, India		221360
Ravinder Kumar Gupta		100
Rajiv Kumar Gupta		100
Rita Kumari		100
Sunita Gupta		100
Ritesh Kumar		100
Atul Jain		100
Total		221960

Equity Share Break up (Percentage of Total Equity)

As on 22.09.2012

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Hospitality Business.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of Bikaner and Jaipur,16/67-68, Faiz Road, Karol Bagh, New Delhi- 110 005, Delhi, India

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions
Long Term Borrowings
-From Banks	171.038
Total	171.038

Note :

Term loan from banks comprises of project loan taken from State Bank of Bikaner and Jaipur Rs.60.258 Millions (2011 Rs. nil), Canara Bank Rs. 76.400 Millions (2011 Rs. nil) & State Bank of Travancore Rs. 34.381 Millions (2011 Rs. nil), repayable in 28 quarterly installments beginning from June'2013.

Term Loans are secured by first pari passu charge on the entire assets of the company (immovable & movable) & assignment of material project contracts both present & future including equitable mortgage on land & building and current assets including receivables of the company. Additionally secured by personal guarantee of a promoter director of the company

Banking Relations :	--
Auditors :
Name :	H.R. Surendra and company Chartered Accountants
Address :	F-11B, Sector-27, Noida- 201 301, Uttar Pradesh, India
PAN No.:	AAGPG5425K

Holding Company :	DS Hotels and Resorts (India) Limited CIN No : U55101DL2005PLC137295

Ultimate Holding Company :	Dharampal Satyapal Limited

Subsidiary Companies of Holding Company :	Manu Maharani Hotels Limited

Subsidiary of Ultimate Holding Company :	· Kolkatta Hotels Limited · DS (Assam) Hospitalities Limited · Ds Tsukioka Luxury Food Limited

Wholly Owned Subsidiaries of Ultimate Holding Company :	· Abhijay Developers Private Limited · Abhisar Buildwell Private Limited · Avichal Buildcon Private Limited · Avichal Infrastructure Private Limited · Best Broadcasting Company Limited · Best Dwellers Private Limited · Bharat Broadcasting Company Limited · Bhaumik Buildwell Private Limited · Bhaumik Shelters Private Limited · Dee Pee Kagaj Udyog Private Limited · Divyansh Mining Developers Private Limited · Divyansh Powergen Private Limited · DS Agri Estates Private Limited · DS Agrodevelopers Private Limited · DS Businesses AG · DS Green Agrotech Private Limited · DS Luxury Couture Limited · DS Luxury Retail Limited · DS Milk Product Limited · DS Realetors Private Limited · Galaxy Dwellers Private Limited · Goa Luxury Hotels And Resorts Private Limited · Hans Buildcon Private Limited · Hitech Dwellers Private Limited · Kailash Dwellers Private Limited · Lord Krishna Dwellers Private Limited · Manas Dwellers Private Limited · Nilanchaal Cement Private Limited · Nilay Infrastructure Private Limited · Precision Dwellers Private Limited · RD Educational Institute Private Limited · Revati Agrifarms Private Limited · Rishika Agrodevelopers Private Limited · S K R Properties Private Limited · Sabhrant Estates Private Limited · Sandarbh Buildcon Private Limited · Sandharbh Dwellers Private Limited · Santati Agriestates Private Limited · Seven R Hotels Private Limited · Shape Builders Private Limited · Silverlake Realtors Private Limited · Sindhudurg Goa Hospitality Private Limited · Sindhudurg Goa Luxury Hotels And Resorts Private Limited · Sindhudurg Hospitality Private Limited · Sindhudurg Luxury Hotels And Resorts Private Limited · Spiritual Dwellers Private Limited · Sunrise Dwellers Private Limited · Talish Agroestates Private Limited · Vachan Realtors Private Limited · Vihaan Agriestates Private Limited · Vintage Builders Private Limited · Vipra Realtors Private Limited · Yukti Construction Private Limited.

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	Rs. 10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

283466	Equity Shares	Rs. 10/- each	Rs.2.835 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

500000	Equity Shares	Rs. 10/- each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

221960	Equity Shares	Rs. 10/- each	Rs.2.220 Millions

The Company has only one class of share referred to as equity shares with the par value of Rs.10/- per share.

Each holder of equity share is entitled to one vote per share and dividend when declared by the company out of profits. The dividend approved by the Board of Directors is subject to approval of shareholders. For the year ended March 31, 2012 no dividend is proposed as the hotel is under construction and business operations have not commenced as yet. In the event of liquidation of the Company, the holder of equity shares will be entitled to remaining assets of the company, after distribution of all preferential assets on a pari passu basis among themselves.

Out of above share capital Rs.0.222 Million (Previous Year-1,18,999) Equity Shares are held by the holding company DS Hotels and Resorts (India) Ltd.

The reconciliation of the number of Equity shares outstanding at the beginning and at the end of the year is setout below:

Particulars	As at 31^st March 2012
Particulars	No. of Shares	Amount (Rs. In Millions)
Number of shares at the beginning of the year	182999	1.830
Add/(Less) : Issued during the year	38961	0.390

Number of shares at the end of the year	221960	2.220

FINANCIAL DATA

[all figures are in Rupees Millions]

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.220	1.830
(b) Reserves & Surplus	281.154	206.582
(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)	283.374	208.412

(3) Non-Current Liabilities
(a) long-term borrowings	171.038	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	6.592	2.015
(d) long-term provisions	0.023	0.023
Total Non-current Liabilities (3)	177.653	2.038

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.000	0.000
(c) Other current liabilities	6.048	11.505
(d) Short-term provisions	0.002	0.002
Total Current Liabilities (4)	6.050	11.507

TOTAL	467.077	221.957
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24.264	24.403
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	372.959	165.942
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	63.021	31.526
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	460.244	221.871

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	6.833	0.076
(e) Short-term loans and advances	0.000	0.010
(f) Other current assets	0.000	0.000
Total Current Assets	6.833	0.086

TOTAL	467.077	221.957

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1.122
2] Share Application Money		0.000
3] Reserves & Surplus		71.276
4] (Accumulated Losses)		0.000
NETWORTH		72.398
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000

TOTAL		72.398

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		24.119
Capital work-in-progress		44.554

INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	0.237
	Other Current Assets	0.000
	Loans & Advances	4.524
Total Current Assets		4.761
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.806
	Other Current Liabilities	0.230
	Provisions	0.000
Total Current Liabilities		1.036
Net Current Assets		3.725

MISCELLANEOUS EXPENSES		0.000

TOTAL		72.398

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.000	0.011	0.000
		TOTAL (A)	0.000	0.011	0.000

Less	EXPENSES
		Payment to Auditors	0.034	0.007	0.000
		Other expenses	0.004	0.114	0.000
		TOTAL (B)	0.038	0.121	0.000

Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.038)	(0.110)	0.000

Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000

	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.038)	(0.110)	0.000

Less/	DEPRECIATION/ AMORTISATION (F)		0.000	0.000	0.000

	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(0.038)	(0.110)	0.000

Less	TAX (H)		0.000	0.000	0.000

	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(0.038)	(0.110)	0.000


	Earnings Per Share (Rs.)		(0.18)	(0.79)	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.00	(1000.00)	NA

Return on Total Assets (PBT/Total Assets}	(%)	(0.12)	(0.45)	NA

Return on Investment (ROI) (PBT/Networth)		0.00	0.00	NA

Debt Equity Ratio (Total Debt /Networth)		0.60	0.00	0.00

Current Ratio (Current Asset/Current Liability)		1.13	19.29	4.60

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

INDEX OF CHARGE:

Sr .No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10303130	17/08/2011	900,700,000.00	STATE BANK OF BIKANER AND JAIPUR	16/67-68, FAIZ ROAD, KAROL BAGH, NEW DELHI, Delhi - 110005, INDIA	B19152552

NOTE : Registered office of the company has been shifted from SB-51, Ganesh Marg, Bapu Nagar, Jaipur- 302 015, Rajasthan, India to the present address w.e.f. 10.05.2006

COMPANY OVERVIEW :

The Company is a 100% subsidiary of DS Hotels & Resorts (India) Limited. The company is setting up a five star hotel in collaboration with IHG Intercontinental Hotel Group, at Jaipur Rajasthan.

FUTURE PROSPECTS AND BUSINESS PERFORMANCE:-

The Company is engaged in Hospitality Business as the Hotel Industry in India has witnessed tremendous boom in recent years. Hotel Industry is linked to the tourism industry and the Growth in the Indian tourism industry has fuelled the growth of Indian Hotel industry. The thriving economy and increased business opportunities in India have acted as a boon for Indian hotel industry.

The company has started the construction of 218 keys 5 Star Hotel under the brand name ‘Crown Plaza’ at Plot no SP-1, Sitapura Industrial Area, Tonk Road, Jaipur. The company has entered into a MOU with Intercontinental Hotels Group (Asia Pacific) Pte Limited (IHGAP) on July 9, 2009 for obtaining its marketing franchise and operating the hotel under the ‘Crowne Plaza’ brand name.

The hotel project will comprise of contemporary rooms and other facilities such as multiple restaurants, coffee shop, bar, health club etc. The 218 Room 5 star Hotel will consist of 20 suites and 157 standard rooms and 41 pool villas. It will also consist of 5 F&B outlets comprising of 3 restaurants with a total seating capacity of 200 persons and 2 bars with a seating capacity of 100 persons, 3 ballrooms, a health club. The hotel structure will comprise of 2 Basements, Ground, Service & 4 Guest room Floors.

The hotel project is situated in Sitapura Industrial Area, Tonk Road Jaipur on a plot area of 3.90 acre. All the necessary statutory approvals are in place. The total cost of the hotel project is estimated at Rs.1801.400 Millions.

FIXED ASSETS:

· Hotel Land

· Air Conditioners

· Computers

· Generator

· Office Equipments

· Electrical Fittings and Installations

· Furniture and Fixtures

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.65.96
UK Pound	1	Rs.102.91
Euro	1	Rs.86.58

INFORMATION DETAILS

Report Prepared by :

NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		31

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 unfavorable 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.

MIRA INFORM REPORT

0.00

(0.12)

0.00

0.60

1.13

Unit