MIRA INFORM REPORT

Report Date :

11.09.2013

IDENTIFICATION DETAILS

Name :	KEYSTONE REALTORS PRIVATE LIMITED
Registered Office :	702, Natraj, Mv Road Junction, Western Express Highway, Andheri (East), Mumbai - 400069, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.11.1995
Com. Reg. No.:	11-094208
Capital Investment / Paid-up Capital :	Rs. 0.270 Million
CIN No.: [Company Identification No.]	U45200MH1995PTC094208
TAN No.: [Tax Deduction & Collection Account No.]	MUMK05983F
PAN No.: [Permanent Account No.]	AAACK2499Q
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in redevelopment of a real estate residential and commercial project.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 15000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The company has seen a drastic dip in its sales turnover as well as the management has recorded huge loss from its operations during 2012. However, trade relations are fair. Business is active. Payment terms are 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.

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.

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED

MANAGEMENT NON COOPERATIVE (91-22-66766888)

LOCATIONS

Registered Office :	702, Natraj, Mv Road Junction, Western Express Highway, Andheri (East), Mumbai - 400069, Maharashtra, India
Tel. No.:	91-22-66766888/ 66766776/ 66766778/ 61116111
Fax No.:	91-22-66766999
E-Mail :	devangmehta@rustomjee.com rajesh@rustomjee.com secretarial@rustomjee.com bimalnanda@rustomjee.com
Website :	www.rustomjee.com
Site Offices :	Located at: Ø ELANZA, Malad (West), Mumbai, Maharashtra, India Ø ELITE, Juhu, Mumbai, Maharashtra, India Ø MERIDIAN, Kandivali (West), Mumbai, Maharashtra, India. Ø Summit, Mumbai, Maharashtra, India Ø Global City, Virar (West), Maharashtra, India Ø URBANIA, Thane (West), Maharashtra, India

DIRECTORS

As on 12.12.2012

Name :	Mr. Boman Rustom Irani
Designation :	Managing Director
Address :	1602, Rustomjee LA Solita, TPS III, Off. Turner, Road, Near Guru Nanak Park, Bandra West, Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	14.06.1969
Date of Appointment :	01.03.2005
PAN No.:	AADPI6172L
DIN No.:	00057453
Name :	Mr. Percy Sorabji Chowdhry
Designation :	Director
Address :	1501/1502, 14^th Floor, Lasonrisa Diagonally, Opposite Ruia college, L. Napoo Road, Matunga East, CR, Mumbai – 400014, Maharashtra, India
Date of Birth/Age :	14.02.1971
Date of Appointment :	03.01.1999
PAN No.:	AAEPM9694C
DIN No.:	00057529
Name :	Mr. Chandresh Dinesh Mehta
Designation :	Director
Address :	Flat No. 1001, Beuna Vista, 10th Floor, St. Alexius Lane, Off Turner Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Date of Birth/Age :	19.02.1969
Date of Appointment :	04.10.2004
PAN No.:	AAFPC4467Q
DIN No.:	00057575
Name :	Mr. Sorabh K. Jain Vikas
Designation :	Director
Address :	2301-A, Tower, Walkeshwar Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	08.10.1971
Date of Appointment :	14.12.2012
DIN No.:	00006786
Name :	Mr. Prakash Kalothia
Designation :	Director
Address :	F-18, Ground Floor, Geetanjali Enclave, New Delhi, 110017, India
Date of Birth/Age :	05.04.1974
Date of Appointment :	29.04.2009
DIN No.:	00322856
Name :	Mr. Daniel Trevelyn Joseph
Designation :	Director
Address :	Flat No. 52, 5th Floor, Jasmine CHS, Madhusudan Kalelkar Marg, Bandra (East), Mumbai, Maharashtra, India
Date of Birth/Age :	21.12.1945
Date of Appointment :	29.04.2009
DIN No.:	01716572

KEY EXECUTIVES

Name :	Mr. Devang R. Mehta
Designation :	Secretary
Address :	B-507, Shubh Kamna, Mahavir Nagar, Kandivali (West), Mumbai - 400067, Maharashtra, India
Date of Birth/Age :	04.06.1964
Date of Appointment :	28.04.2011
PAN No.:	AFIPM2204B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 12.12.2012

Names of Shareholders	No. of Shares
Boman Rustom Irani	1078
Percy Sorabji Chowdhry	539
Chandresh Dinesh Mehta	539
Mausmi SA Investments LLC, Mauritius	539
Total	2695

Equity Share Break up (Percentage of Total Equity)

As on 12.12.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	20.00
Directors or relatives of directors	80.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in redevelopment of a real estate residential and commercial project.

Products / Services :

Item Code No.	Product Description
99531121	Multi – dwelling Residential Buildings units held by the families

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· The Zoroastrain Co-operative Bank Limited, Borivali (West) Branch, 8/1 Dattani Trade Centre, Chandvarkar Road, Borivali (West), Mumbai – 400092, Maharashtra, India

· ICICI Bank Limited, ICICI Bank Tower, Bandra Kurla Complex, Bandra East, Mumbai - 400051,Maharashtra, India

· State Bank of India, Commercial Branch(Advances), N.G.N. Vaidya Marg, Bank Street, Horniman Circle, Post Box No.10141,Fort, Mumbai - 400001, Maharashtra, India

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Non-convertible debentures others (Mortgage of free land area)	1345.151	0.000
Other loans and advances	0.076	0.511
Rupee term loans from banks	0.000	1015.768
Short-term borrowings	0	0
Working capital loans from bank	47.075	333.155
Total	1392.302	1349.434

Banking Relations :
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	1^st Floor Lodha Excelus, Apollo Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai-400011, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAIFB0630K
Subsidiary company:	· Kapstone Constructions Private Limited, India CIN: U45200MH2003PTC140091 · Nouveau Developers Private Limited, India CIN: U45400MH2007PTC169945 · Rustomjee Realty Private Limited, India CIN: U70100MH2003PTC140087 · Rustomjee Constructions Private Limited, India CIN: U45200MH2007PTC168509 · Enigma Constructions Private Limited, India CIN: U45400MH2008PTC178625 · Suranjan Holding and Estate Developers Private Limited, India CIN: U99999MH1995PTC088867 · Gemstone Developers Private Limited, India CIN: U45200MH2007PTC169511 · Montage Developers Private Limited, India CIN: U45201MH2007PTC173340 · Panchgani Real Estate Private Limited, India CIN: U70102MH2008PTC177657 · Paradigm Builders Private Limited, India CIN: U45400MH2008PTC178624 · Xcellent Realty Private Limited, India CIN: U70100MH2007PTC169611 · Sanguinity Realty Private Limited, India CIN: U45201MH2006PTC165655
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Rustomjee Buildcon Private Limited, India CIN: U45202MH2008PTC184015 · Megacorp Constructions Private Limited, India CIN: U45400MH2007PTC171396 · Rustomjee Knowledge City Private Limited, India CIN: U80301MH1995PTC089819
Other Related Party:	· Rustomjee Evershine Joint Venture · Success Developers Private Limited, India CIN: U45203MH1995PTC084462 · Skyscraper – Care Joint Venture

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
15000	Equity Shares	Rs.100/- each	Rs. 1.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2695	Equity Shares	Rs.100/- each	Rs. 0.270 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.270	0.270
(b) Reserves & Surplus	3729.166	3901.911
(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)	3729.436	3902.181
(3) Non-Current Liabilities
(a) long-term borrowings	3695.139	3366.190
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	381.392	605.177
(d) long-term provisions	14.601	11.962
Total Non-current Liabilities (3)	4091.132	3983.329
(4) Current Liabilities
(a) Short term borrowings	1974.206	890.439
(b) Trade payables	228.282	194.780
(c) Other current liabilities	5415.234	4871.229
(d) Short-term provisions	177.123	234.910
Total Current Liabilities (4)	7794.845	6191.358
TOTAL	15615.413	14076.868
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	71.761	87.075
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	53.888	24.337
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	7499.237	7499.187
(c) Deferred tax assets (net)	1200.153	1074.627
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	58.193	51.366
Total Non-Current Assets	8883.232	8736.592
(2) Current assets
(a) Current investments	0.000	12.836
(b) Inventories	4498.723	4001.354
(c) Trade receivables	518.724	32.254
(d) Cash and cash equivalents	216.154	259.194
(e) Short-term loans and advances	1361.723	730.411
(f) Other current assets	136.857	304.227
Total Current Assets	6732.181	5340.276
TOTAL	15615.413	14076.868

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		0.270
2] Share Application Money		0.000
3] Reserves & Surplus		4244.367
4] (Accumulated Losses)		(452.900)
NETWORTH		3791.737
LOAN FUNDS
1] Secured Loans		1433.326
2] Unsecured Loans		2774.911
TOTAL BORROWING		4208.237
DEFERRED TAX LIABILITIES		0.000
TOTAL		7999.974
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.898
Capital work-in-progress		0.000
INVESTMENT		6190.130
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2144.674
	Sundry Debtors	295.388
	Cash & Bank Balances	68.122
	Other Current Assets	0.000
	Loans & Advances	2780.855
Total Current Assets		5289.039
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	149.233
	Other Current Liabilities	3115.447
	Provisions	234.413
Total Current Liabilities		3499.093
Net Current Assets		1789.946
MISCELLANEOUS EXPENSES		0.000
TOTAL		7999.974

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income		3004.300	3650.500
		Other Income		280.400	263.700
		TOTAL (A)	2729.688	3284.700	3914.200
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	2902.433 (Including Financial Expenses and Depreciation)	2194.900	2866.200
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			1089.800	1048.000
Less	FINANCIAL EXPENSES (D)			609.200	849.800
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			480.600	198.200
Less/ Add	DEPRECIATION/ AMORTISATION (F)			9.100	6.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(172.745)	471.500	192.200
Less	TAX (H)		0.000	112.200	28.300
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(172.745)	359.300	163.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		465.800	(452.900)	(616.900)
Add	Adjusted on Amalgamation		NA	616.900	0.000
	Loss after tax for the period from 1.04.2009 to 31.03.2010 incorporated pursuant to schedule of Amalgamation		NA	(57.500)	0.000
	BALANCE CARRIED TO THE B/S		NA	465.800	(452.900)
	VALUE OF IMPORTS (CALCULATED ON CIF BASIS)		7.068	54.914	7.874
	Earnings/ (Loss) per share (Rs.)
	Basic		64098.33	133,318	61,785
	Diluted		--	47,100	30,305

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(6.33)	10.94	4.19
Net Profit Margin (PBT/Sales)	(%)	NA	15.69	5.27
Return on Total Assets (PBT/Total Assets}	(%)	(2.52)	3.51	3.62
Return on Investment (ROI) (PBT/Networth)		(0.05)	0.12	0.05
Debt Equity Ratio (Total Debt /Networth)		1.52	1.09	1.11
Current Ratio (Current Asset/Current Liability)		1.81	0.86	1.51

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Current maturities of long-term debt	1270.370	0.399	NA
Total	1270.370	0.399	NA

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	No

NOTE:

The registered office of the company has been shifted from 3rd Floor, JMC House, Bisleri Compound, Western Express Highway, Andheri (East), Mumbai – 400099, Maharashtra, India to the present address w.e.f.15.10.2010

FINANCIAL OVERVIEW

The total income of the Company for Financial Year ended on 31st March, 2012 stood at Rs. 2729.688 Millions. The Company recorded a net loss after tax of Rs. 172.745 Millions for the year as against the net profit after tax of Rs. 359.292 Millions for the previous Financial Year

COMPANY OVERVIEW

Subject was incorporated on 6 November 1995 to construct, purchase, acquire, hire, operate, manage and develop land of real and personnel estate property such as residential units / complexes, commercial complexes, hotels, motels, clubs, malls, apartments, shopping complexes and any other types of infrastructure projects etc. on ownership basis or on Built Own Lease and Transfer basis in India. The Company is engaged in redevelopment of a real estate residential and commercial project in Mumbai.

During the previous year, the Board of Directors of the Company at their meeting held on 9 September, 2010 approved the Scheme of Amalgamation of the wholly owned subsidiaries Bricklayer Constructions Private Limited, Resilience Realty Private Limited and Revelation Realty Private Limited (collectively referred to as the Transferor Companies) with the Company (Transferee Company) w.e.f 1 April 2009. The Scheme was approved by the Hon’ble High Court of Judicature at Bombay vide its order dated 28 January 2011 and filed with the registrar of Companies on 26 February, 2011 as required under Section 391(3) of the Companies Act, 1956 (the Act). Also refer schedule 2.30.

SCHEME OF AMALGAMATION

In the previous year, the Board of Directors of the Company at their meeting held on 9 September 2010 approved the Scheme of Amalgamation (the Scheme) between the Company, Bricklayer Constructions Private Limited (Bricklayer), Resilience Realty Private Limited (Resilience) and Revelation Realty Private Limited (Revelation).

The Scheme was approved by the Hon’ble High Court of Judicature at Bombay vide its order dated 28 January 2011. The Scheme inter-alia provided for the following: the amalgamation of Bricklayer with the Company effective 1 April 2009; and the merger of the Resilience and Revelation with the Company effective 1 April 2009;

The Scheme was filed with the Registrar of Companies (ROC) on 26 February, 2011 as required under Section 391(3) of the Companies Act, 1956 (the Act).

The amalgamating companies are engaged in real estate residential and commercial projects in and around Mumbai.

In accordance with the requirements of the Scheme, the merger of Bricklayer, Resilience and Revelation has been adequately accounted for. In the previous year, had the Company followed the accounting treatment pooling of interest method prescribed by AS-14 Accounting for Amalgamation generally accepted accounting principles in

India: the assets and liabilities of Bricklayer had been transferred at fair value as per the scheme which should have been at book value the excess of investments over net assets acquired for the Company amounting to Rs 173.500 Millions would have been transferred to Goodwill and would have been amortised over 5 years. The debit balance in the statement of profit and loss amounting Rs 616.854 Millions of the transferee Company would not have been transferred to general reserve.

Accordingly, in the previous year, had the Scheme been accounted for in compliance with the requirements of AS-14 generally accepted Accounting principles in India, the profit for the previous year before tax would have been lower by Rs 34.700 Millions and loss for the current year would have been higher by Rs 34.700 Millions and in the previous year, General reserve would have been higher by Rs 173.500 Millions and Goodwill would have been stated at Rs.138.800 Millions.

During the previous year, as Bricklayer, Resilience and Revelation carried on their existing business in trust for and on behalf of the Company, all vouchers, documents etc. or the previous period were in the name of Bricklayer, Resilience and Revelation. The title deeds, agreements, loan documents etc., are being transferred in the name of the Company.

UNSECURED LOAN

PARTICULARS	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Long-term Borrowings
Fully convertible debentures others	2349.911	2349.911
Short-term borrowings	0	0
Intercorporate deposits	1927.131	557.283
Total	4277.042	2907.194

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10436155	14/06/2013	1,210,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH(ADVANCES), N.G.N.VAIDYA MARG, BANK STREET,HORNIMAN CIRCLE,POST BOX NO.10141,FORT , MUMBAI, MAHARASHTRA - 400001, INDIA	B79322855
2	10299051	27/06/2011	1,000,000,000.00	IL AND FS TRUST COMPANY LIMITED	IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA , KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA	B17621780
3	10299561	06/04/2013 *	2,100,000,000.00	IL AND FS TRUST COMPANY LIMITED	IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA , KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA	B73981896
4	10258454	02/04/2013 *	850,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWER, BANDRA KURLA COMPLEX, BANDRA EA ST, MUMBAI, MAHARASHTRA - 400051, INDIA	B74685959
5	10259232	01/11/2010	850,000,000.00	ICICI BANK LIMITED	ICICI BANK TOWER, BANDRA KURLA COMPLEX, BANDRA (E AST), MUMBAI, MAHARASHTRA - 400051, INDIA	A97957328
6	10158680	16/09/2010 *	640,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, HORNIMAN CIRCLE, N.G. N. VAID YA MARG, MUMBAI, MAHARASHTRA - 400023, INDIA	A98228364
7	10156788	20/11/2010 *	50,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, HORNIMAN CIRCLE, N.G. N. VAID YA MARG, MUMBAI, MAHARASHTRA - 400023, INDIA	B03087608
8	90149894	23/11/2011 *	75,000,000.00	PUNJAB AND NATIONAL BANK	LINKING ROAD, BANDRA (WEST),BRANCH., MUMBAI, MAHAR ASHTRA - 400050, INDIA	B28638005

Note: * Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in millions)

Particulars	31.03.2012	31.03.2011
		--
Claims against the Company, not acknowledged as debts	49.620	26.657
Guarantees	4560.000	5670.000

FIXED ASSETS

Tangible assets

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

· Leasehold improvements

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 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] on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] 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.64.22
UK Pound	1	Rs.100.83
Euro	1	Rs.85.21

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	KVT

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	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		33

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.