MIRA INFORM REPORT

Report Date :

19.12.2014

IDENTIFICATION DETAILS

Name :	PNK SPACE DEVELOPMENT PRIVATE LIMITED [w.e.f.02.08.2013]
Formerly Known As :	PNK SPACES REDEVELOPMENT PRIVATE LIMITED
Registered Office :	Flat No. 601, Purva Plaza CHSG. Limited, Opposite Reliance Energy, Shimpoli Road, Borivali [West], Mumbai – 400092, Maharashtra
Country :	India
Financials (as on) :	16.12.2014 [Provisional]
Date of Incorporation :	12.10.2010
Com. Reg. No.:	11-208867
Capital Investment / Paid-up Capital :	Rs.0.188 Million [As on 31.03.2014]
CIN No.: [Company Identification No.]	U70109MH2010PTC208867
TAN No.: [Tax Deduction & Collection Account No.]	MUMP28758C
PAN No.: [Permanent Account No.]	AAFCP7042M
Legal Form :	Private Limited Liability Company
Line of Business :	Real Estate Developer
No. of Employees :	12 (2 in Office and 10 in Branch Office) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Project under implementation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Even though the company was incorporated on 12.10.2010, project of the company is under implementation. Mr. Sandeep Jain, Accounts Manager provided information and also claimed that subject is into project of constructing residential building and the project will get completed in the year 2016 As per available financials, Company has incurred a pre-operative expense which has eroded capital structure of the company. Business is active and under implementation stage. Payment terms are unknown. The company can be considered for business dealings on a safe and secured trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Sandeep Jain
Designation :	Accounts Manager
Contact No.:	91-8879604869
Date :	17.12.2014

LOCATIONS

Registered Office :	Flat No. 601, Purva Plaza CHSG. Limited, Opposite Reliance Energy, Shimpoli Road, Borivali [West], Mumbai – 400092, Maharashtra, India
Tel. No.:	91-22-28338294
Mobile No.:	91-8879604869 [Mr. Sandeep Jain]
Fax No.:	Not Available
E-Mail :	pnk_group@rediffmail.com pnkgroup3@gmail.com
Area :	1200 Sq. ft.
Location :	Rented
Branch Office :	1^st Floor, Above Casedella, Poonam Sagar Complex, Opposite Sector 9, Shanti Nagar, Mira Road [East], District Thane – 401107, Maharashtra, India
Tel. No.:	91-22-28550204
Area :	6615 Sq. ft.
Location :	Owned

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Praful Shantilal Tank

Designation :

Director

Address :

B‐102, Mayur Krupa, Shimpoli Road, Borivali (West), Mumbai ‐ 400092, Maharashtra, India

Date of Birth/Age :

18.08.1977

Qualification :

Graduate

Experience :

15 Years

Date of Appointment :

12.10.2010

PAN No.:

AACPT8421E

Profile :

He is very active and instrumental in the rapid growth of the PNK group together with his elder brother. He entered into the arena of the PNK group almost 13 years back and has gained rich experience of the construction industry. He follows business principles, ethics and standards set by his family. He has made vast contributions in the growth of the PNK group by infusing his new ideas and imaginations. He is involved in the sales and marketing segment of the group and has developed good relations and rapport with banks and financial institutions. He completes his work with aggressiveness and dedication and reaches at the logical end of the work.

DIN No.:

01001102

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	U70102MH2005PTC150657	AVISHKAR HOUSING PRIVATE LIMITED	Director	14/01/2005	14/01/2005	01/04/2011	Active	NO
2	U45201MH2006PTC164310	SADGURU KRUPA COMMERCIAL PREMISES PRIVATE LIMITED	Director	29/09/2012	14/03/2007	-	Active	NO
3	U32109MH1993PTC074444	STRAWBERRY CONSTRUCTIONS PRIVATE LIMITED	Director	02/04/2007	02/04/2007	-	Active	NO
4	U70200MH2007PTC169675	AKSHAR SHANTI REALTORS PRIVATE LIMITED	Director	05/04/2007	05/04/2007	-	Active	NO
5	U45400MH2007PTC170112	PNK REDEVELOPMENT PRIVATE LIMITED	Director	19/04/2007	19/04/2007	-	Active	NO
6	U45203MH2008PTC184955	SADGURU FOUNDATIONS PRIVATE LIMITED	Additional director	28/08/2008	28/08/2008	16/10/2008	Active	NO
7	U70109MH2010PTC208867	PNK SPACE DEVELOPMENT PRIVATE LIMITED	Director	12/10/2010	12/10/2010	-	Active	NO
8	U70100MH2012PTC227064	PNK ANMOL REALITY PRIVATE LIMITED	Director	17/02/2012	17/02/2012	-	Active	NO
9	AAB-1105	SUMIT GARDEN GROVE CONSTRUCTION LLP	Body corporate as Designated Partner	14/12/2013	14/12/2013	-	Active	NO

Name :

Mr. Nilesh Shantilal Tank

Designation :

Director

Address :

1101, Shri Rameshwar Tower, Shimpoli Road, Borivali (West), Mumbai ‐ 400092, Maharashtra, India

Date of Birth/Age :

31.10.1970

Qualification :

Graduate

Experience :

25 Years

Date of Appointment :

12.10.2010

PAN No.:

AACPT5851E

Profile :

He is the original brain child behind the birth and rapid growth of the PNK group. He had entered into the business of construction some 19 years ago. He has got varied experience of last 14 years of construction business. He is a dynamic leader of the group, who made entry of PNK group at the top of the construction industry in the area and did disciplined hard work and concrete efforts to make the PNK group a household name. He sets his plans with a right approach, takes right decisions, gives right commitments and does his work. He never compromises with the quality and standards. With dedication and determination to complete work at its logical end, he has developed so many projects. He is a force behind the development of the PNK group. He identifies requirements of the people and accordingly develops the buildings and complexes with best plans and amenities.

DIN No.:

00294808

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	U45201MH2006PTC164310	SADGURU KRUPA COMMERCIAL PREMISES PRIVATE LIMITED	Director	29/09/2012	14/03/2007	Active	NO
2	U32109MH1993PTC074444	STRAWBERRY CONSTRUCTIONS PRIVATE LIMITED	Director	02/04/2007	02/04/2007	Active	NO
3	U70200MH2007PTC169675	AKSHAR SHANTI REALTORS PRIVATE LIMITED	Director	05/04/2007	05/04/2007	Active	NO
4	U45400MH2007PTC170112	PNK REDEVELOPMENT PRIVATE LIMITED	Director	19/04/2007	19/04/2007	Active	NO
5	U70109MH2010PTC208867	PNK SPACE DEVELOPMENT PRIVATE LIMITED	Director	12/10/2010	12/10/2010	Active	NO
6	U70100MH2012PTC227064	PNK ANMOL REALITY PRIVATE LIMITED	Director	17/02/2012	17/02/2012	Active	NO

Name :

Mr. Kiran Shantilal Tank

Designation :

Director

Address :

A-1102, Rameshwar Tower, Shimpoli Road, Borivali (West), Mumbai – 400092, Maharashtra, India

Date of Birth/Age :

24.01.1975

Date of Appointment :

12.10.2010

PAN No.:

AACPT5854B

Profile :

He is also instrumental in the growth of the PNK group. He has done interior designer and joined the PNK group and handled various projects of the PNK group independently with sheer determination and dedication. He is the prime interior designer of the PNK Group. He pays attention in the quality of the designs and develops new designs for each project. He interacts with the Architects of the group and makes suitable changes in the plans also by giving the new ideas and dimensions. He has always fulfilled time bound commitments and completed all projects on scheduled time.

DIN No.:

02156717

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	U70200MH2007PTC169675	AKSHAR SHANTI REALTORS PRIVATE LIMITED	Director	05/04/2007	05/04/2007	Active	NO
2	U45400MH2007PTC170112	PNK REDEVELOPMENT PRIVATE LIMITED	Director	19/04/2007	19/04/2007	Active	NO
3	U70109MH2010PTC208867	PNK SPACE DEVELOPMENT PRIVATE LIMITED	Director	12/10/2010	12/10/2010	Active	NO
4	U70100MH2012PTC227064	PNK ANMOL REALITY PRIVATE LIMITED	Director	17/02/2012	17/02/2012	Active	NO

Name :

Mr. Mansukh Gokal Tank

Designation :

Director

Address :

C‐201, Avishkar Garden CHS Limited, Poonam Vihar Complex, Opposite Shanti Nagar, Sector ‐ 2, Mira Road (East), Mumbai ‐ 401107, Maharashtra, India

Date of Birth/Age :

19.10.1962

Date of Appointment :

09.04.2012

PAN No.:

AACPT5850F

DIN No.:

03325515

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	U45400MH2007PTC170112	PNK REDEVELOPMENT PRIVATE LIMITED	Director	30/09/2011	06/12/2010	Active	NO
2	U70109MH2010PTC208867	PNK SPACE DEVELOPMENT PRIVATE LIMITED	Director	29/09/2012	09/04/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Sandeep Jain
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Kiran Shantilal Tank	5000	26.67
Nilesh Shantilal Tank	5000	26.67
Praful Shantilal Tank	5000	26.67
Mansukh Gokal Tank	3750	20.00
Total	18750	100.00

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Real Estate Developer
Brand Names :	--
Agencies Held :	--
Exports :	--
Imports :	--
Terms :
Selling :	--
Purchasing :	Credit [60 Days]

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Apex Construction
Name of the Person (Designation):	Mr. Sunil Parmar
Contact Number:	91-9820033171
Since how long known:	2010
Maximum limit dealt:	--
Experience:	Payment Behaviour = Excellent
Remark	--

· The India Cements Limited

Address: Office No. 1 and 2, 3^rd Floor, H. No. 321/A/3, Vardhaman 7 Laves Chowk, Above Choughle Motors, Mahatma Phule Peth, Pune – 411042, Maharashtra, India

Material: Cement

· Ambuja Cements Limited

Address: Near Ulwa Reti Bunder, Moha Village, Panvel HO, Raigad, Panvel – 410206, Maharashtra, India

Material: Cement

· Neelesh Industrial Agency Private Limited

Address: A-31/32, Gold Filled Heights, Sion Bandra Link Road, Sion [West], Mumbai – 400017, Maharashtra, India

Material: Cement

· Arihant Steel and Metal Trading Company

Address: 10, Saraswat Bhuvan, Ganjawale Lane, Behind Bhoomi Saraswati, Near Chamunda Circle, Borivali [West], Mumbai – 400092, Maharashtra, India

Material: Steel

· Thane Steels Private Limited

Address: Village Wasuri Khurd Post, Khupari Tal, Wada, District Thane – 421303, Maharashtra, India

Material: Steel

· Vadilal Shah and Company

Address: M-2, Steel Centre Ahemedabad Street, Iron Market, Mumbai – 400009, Maharashtra, India

Material: Steel

· A.A.K. Traders

Address: Zulfi Villa, Near Noor Apartment, Opposite Ahemediya Masjid, Mira Bhayander Road, Kashimira, District Thane – 401104, Maharashtra, India

Material: Sand, Soil, Mud, Murrum

· J.P. Pile Foundation

Address: Gala No. 1, Shree Balaji Industrial Complex, Behind Dodhia Petrol Pump, W.E. Highway, Kashmira, Thane – 401104, Maharashtra, India

Material: Piling Work

· Foundation Engineering Company

Address: G-6, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India

Material: Piling Work

· Narayan Construction

Address: Flat No. 002, Marcury CHS Limited, Poonam Sagar Complex, Mira Road [East], Thane – 401107, Maharashtra, India

Material: Labour Contractor

· Apex Construction

Address: Flat No. 103, C-4, Shanti Vihar CHS Limited, Mira Road [East], Thane – 401107, Maharashtra, India

Material: Labour Contractor

Customers :

End Users

Reference:	Narayan Construction
Name of the Person (Designation):	Mr. Narayan Reddy [Proprietor]
Contact Number:	91-8652752362
Since how long known:	2 Years
Maximum limit dealt:	Approx. Rs. 20.000 Millions
Experience:	Payment Behaviour = Good Market Goodwill = Good Overall = Good
Remark	It’s a very good company and they know the promoters from long time.

No. of Employees :

12 (2 in Office and 10 in Branch Office) (Approximately)

Bankers :

Bank Name:	Bank of India
Branch:	Santacruz (West) Branch, Mumbai, Maharashtra, India
Person Name (with Designation):	Mr. Ravindra Dungarshi [Senior Manager [Credit]]
Contact Number:	91-22-26492100
Name of Account Holder:	PNK Space Development Private Limited
Account Number:	004020110000818
Account Since (Date/ Year of A/c Opening):	20.11.2014
Average Balance Maintained (Optional):	Rs. 0.025 Million
Credit Facilities Enjoyed (CC/OD/Term Loan):	Applied for Term Loan
Account Operation:	Any one director
Remarks: New Account [Satisfactory]

· Kokan Mercantile Co-operative Bank Limited

Mira Road [East], Thane, Maharashtra, India

Facilities :

OD = Rs. 17.500 Millions / Term Loan = Rs. 12.400 Millions [From Kokan Mercantile Co-operative Bank Limited]

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans From Banks Kokan Mercantile Co-operative Bank Limited	9.005	10.746
From NBFC Kotak Mahindra Prime Limited	1.614	0.000
Kotak Mahindra Prime Limited	1.317	1.936
Total	11.936	12.682

Auditors :
Name :	Ajay Shah and Company Chartered Accountants
Address :	A-303, Pranay Vidya, Borsa Pada, Kandivali (West), Mumbai – 400067, Maharashtra, India
Mobile No.:	91-9820617243
E-Mail :	ajay_c_shah@hotmail.com
Income-tax PAN of auditor or auditor's firm :	ACEPS2541N
Related Parties :	· Strawberry Construction Private Limited Address: 11^th Floor, Plaza Panchsheel, 55, Dr. Huges Road, Mumbai – 400007, Maharashtra, India Activity: Developers · PNK Redevelopment Private Limited Address: Office No.1, Building No. C-5, Near P.G. Vora High School, Shanti Vihar, Mira Road [East], Thane – 401107, Maharashtra, India Activity: Developers · PNK Construction Address: A/1103, Rameshwar Tower, Shimpoli Road, Borivali [West], Mumbai – 400092, Maharashtra, India Activity: Developers · Akshar Shanti Realtors Private Limited Address: B-102, Mayur Maa Plaza, Shimpoli Road, Borivali [West], Mumbai – 400092, Maharashtra, India Activity: Developers

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000	Equity Shares	Rs. 10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18,750	Equity Shares	Rs. 10/- each	Rs. 0.188 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		01.04.2014 to 16.12.2014 [Provisional]
SHAREHOLDERS FUNDS
1] Share Capital		(0.512)
2] Share Application Money		0.000
3] Reserves & Surplus		(2.627)
4] (Accumulated Losses)		(39.734)
NETWORTH		(42.873)
LOAN FUNDS
1] Secured Loans		26.531
2] Unsecured Loans		446.950
TOTAL BORROWING		473.481
DEFERRED TAX LIABILITIES		0.000
TOTAL		430.608
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.404
Capital work-in-progress		0.000
INVESTMENT		1.880
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	155.648
	Sundry Debtors	0.000
	Cash & Bank Balances	(0.287)
	Other Current Assets	14.540
	Loans & Advances	237.239
Total Current Assets		407.140
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.044
	Other Current Liabilities	(0.183)
	Provisions	(0.039)
Total Current Liabilities		0.822
Net Current Assets		406.318
MISCELLANEOUS EXPENSES		0.006
TOTAL		430.608

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.188	0.188	0.150
(b) Reserves & Surplus	(2.627)	(0.035)	(0.062)
(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)	(2.439)	0.153	0.088
(3) Non-Current Liabilities
(a) Long-term borrowings	414.214	347.909	300.238
(b) Deferred tax liabilities (Net)	0.000	0.035	0.062
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	414.214	347.944	300.300
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	2.783	1.743	0.164
(c) Other current liabilities	19.385	2.282	1.521
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	22.168	4.025	1.685
TOTAL	433.943	352.122	302.073
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	23.866	22.808	20.237
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.760	0.310	0.310
(c) Deferred tax assets (net)	0.090	0.000	0.000
(d) Long-term Loan and Advances	252.564	241.109	228.307
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	277.280	264.227	248.854
(2) Current assets
(a) Current investments	0.720	0.000	0.000
(b) Inventories	155.649	86.348	51.170
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.288	1.535	2.031
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	0.006	0.012	0.018
Total Current Assets	156.663	87.895	53.219
TOTAL	433.943	352.122	302.073

PROFIT & LOSS ACCOUNT

	PARTICULARS		01.04.2014 to 16.12.2014 [Provisional]
	SALES
		Income	0.000
		Other Income	0.000
		TOTAL	0.000
Less	EXPENSES
		Cost of Goods sold	0.674
		Direct Expenses	22.600
		Salary	0.331
		Advocate Fees	0.400
		Bank Interest	1.416
		Electricity Charges	1.082
		Insurance Charges	0.119
		Interest on Loan	0.698
		Interest on TDS	0.165
		MBMC Charges	9.359
		Professional Charges	1.465
		Rent Paid	0.240
		Repairs and Maintenance	0.272
		Security Charges	0.209
		Software	0.150
		Telephone charges	0.210
		Other Expenses	0.344
		TOTAL	39.734
	NET PROFIT/ [LOSS]		(39.734)

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	69.300	35.178	51.061
		Other Income	0.038	0.003	0.000
		TOTAL (A)	69.338	35.181	51.061
Less	EXPENSES
		Construction Expenses	47.725	9.941	34.736
		Administration Expenses	0.851	2.542	0.523
		Employees Cost	0.151	0.147	0.054
		Other Non-Operating Expenses	0.058	0.214	0.029
		TOTAL (B)	48.785	12.844	35.342
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		20.553	22.337	15.719
Less	FINANCIAL EXPENSES (D)		21.367	21.497	15.293
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.814)	0.840	0.426
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.903	0.840	0.426
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(2.717)	0.000	0.000
Less	TAX (H)		(0.124)	(0.027)	0.062
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(2.593)	0.027	(0.062)
	Earnings/ (Loss) Per Share (Rs.)		(138.27)	1.47	(4.15)

KEY RATIOS

PARTICULARS		16.12.2014 [Provisional]	31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.00	(3.74)	0.08	(0.12)
Operating Profit Margin (PBDIT/Sales)	(%)	NA	29.66	63.50	30.78
Return on Total Assets (PBT/Total Assets}	(%)	(9.25)	(0.63)	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		0.93	1.11	0.00	0.00
Debt Equity Ratio (Total Debt/Networth)		(11.04)	(169.83)	2273.92	3411.80
Current Ratio (Current Asset/Current Liability)		495.30	7.07	21.84	31.58

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.150	0.188	0.188
Reserves & Surplus	(0.062)	(0.035)	(2.627)
Net worth	0.088	0.153	(2.439)
Long-term borrowings	300.238	347.909	414.214
Short term borrowings	0.000	0.000	0.000
Total borrowings	300.238	347.909	414.214
Debt/Equity ratio	3,411.795	2,273.915	(169.829)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	51.061	35.178	69.300
		(31.106)	96.998

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	51.061	35.178	69.300
Profit/ (Loss)	(0.062)	0.027	(2.593)
	(0.12%)	0.08%	(3.74%)

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	Yes
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

------------------------------------------------------------------------------------------------------------------------------

UNSECURED LOANS

(RS. IN MILLIONS)

PARTICULARS	31.03.2014	31.03.2013
LONG-TERM BORROWINGS
Loans and advance from related parties
Kiran S. Tank	30.440	16.220
Nilesh S. Tank	154.002	123.283
Mansukh G. Tank	2.780	1.200
Praful S. Tank	20.973	5.468
Akshar Shanti Realtors Private Limited	4.000	0.000
From Others Ankit Diamonds	0.113	3.292
Chintamani Exports	0.035	6.648
Chetan Rasiklal Shah	26.489	0.000
Diablue Exports Private Limited	47.090	47.090
Khushboo Diamond Private Limited	6.852	12.188
Madhav Gems India Private Limited	0.000	13.850
Mahak Diamonds Private Limited	33.700	30.415
Manav Trading India Private Limited	0.000	37.672
Manmohan Exports India Private Limited	33.063	30.094
Om Khush Investment	0.000	1.307
Sanjaykumar Mafatlal Morakhia	6.500	6.500
Uttam Gems Private Limited	36.241	0.000
Total	402.278	335.227

------------------------------------------------------------------------------------------------------------------------------

PNK SPACE DEVELOPMENT PRIVATE LIMITED

COMPUTATION OF INCOME

(RS. IN MILLIONS)

PARTICULARS	31.03.2014
Profits and Gains of Business or Profession
Net Profit/ (Loss) as per Profit and Loss Account	(2.717)
Add: Depreciation taken separately	1.903
	-------------
	(0.814)
Less: Depreciation	1.331	(2.145)	(2.145)
	-------------	-------------	-------------
Gross Total Income			(2.145)
			-------------
Total Income			(2.145)
Rounded off as per section 288A			(2.145)
			========
Tax on Above	0.000
18.5% of Book Profit	(2.718)	0.000
	-------------	-------------
Net Tax		Nil

------------------------------------------------------------------------------------------------------------------------------

FINANCIAL DETAILS

(RS. IN MILLIONS)

SR. NO.	PARTICULARS	2015	2016	2017	2018	2019
		Estimated	Projected	Projected	Projected	Projected
1	Paid up Capital
	- Equity	0.200	0.200	0.200	0.200	0.200
	- Preference Shares	0.000	0.000	0.000	0.000	0.000
2	Tangible Networth	0.200	0.200	0.200	233.900	352.100
3	Investment in Cos. [of which associated companies/ subsidiaries]	0.000	0.000	0.000	0.000	0.000
4	Adjusted TNW	0.200	0.200	0.200	233.900	352.100
5	Capital Employed	100.200	296.900	83.600	233.900	352.100
6	Unsecured Loans	156.200	286.200	371.200	371.200	371.200
7	Advance from Customers	7.800	52.300	311.100	0.000	0.000
8	Net Block	0.000	0.000	0.000	0.000	0.000
9	Net Sales:
	- Domestic	0.000	0.000	0.000	1240.400	627.100
	- Exports	0.000	0.000	0.000	0.000	0.000
	Total	0.000	0.000	0.000	1240.000	627.100
10	Other Income	0.000	0.000	0.000	0.000	0.000
11	EBIDTA/ PBIDTA	3.400	36.000	69.300	391.600	180.600
12	Interest	3.400	36.000	69.300	37.500	1.600
13	Gross Profit / Loss [PBDT]	0.000	0.000	0.000	354.100	179.000
14	Taxes	0.000	0.000	0.000	120.400	60.800
15	Cash Accruals	0.000	0.000	0.000	233.700	118.200
16	Depreciation	0.000	0.000	0.000	0.000	0.000
17	Net Profit / (Loss)	0.000	0.000	0.000	233.700	118.200
18	Net Profit / Capital Employed [%]	0.000	0.000	0.000	10.000	3.400
19	Current Assets	264.200	718.700	1099.200	808.900	904.500
20	Current Liabilities	7.800	135.600	644.300	203.800	181.200
	RATIOS
21	Current Ratio	33.70	5.30	1.71	3.97	4.99
22	Debt/ Equity:
	Total Term Liabilities/ ATNW	0.00	0.00	0.00	0.00	1.05
	Total Outside Liabilities/ ATNW	0.00	0.00	0.00	0.87	1.57
	TOL/ Quasi-equity	0.00	0.00	0.00	0.87	0.51
23	Profitability %: PAT/ Net Sales	0.00%	0.00%	0.00%	0.00%	0.00%
24	DSCR Company as a whole	4.50	3.26	1.18	4.01	8.02
	For specific TL	4.50	3.26	1.18	4.01	8.02
25	Interest Coverage	1.00	1.00	1.00	10.44	115.38
26	Inventory + Receivables / Sales [%]	0.00	0.00	0.00	0.33	0.00

PARTICULARS	2015	2016	2017	2018	2019
	Estimated	Projected	Projected	Projected	Projected
TNW	0.200	0.200	0.200	233.900	352.100
Unsecured Loans [Promoter Contribution]	156.200	286.200	371.200	371.200	371.200
Advance from Customers	7.800	52.300	311.100	0.000	0.000
Total Non-Debt Fund	164.200	338.700	682.500	605.100	723.300
Total liability excluding unsecured loans and advance from customers	100.000	380.000	416.700	203.800	181.200
DER/ QDER	0.61	1.12	0.61	0.34	0.25

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MR. KIRAN SHANTIBHAI TANK

(RS. IN MILLIONS)

[AS AT 31.03.2014]

PARTICULARS	COST PRICE
Immovable Property	16.357
Movable Property	0.557
Investments	19.038
Current Assets	43.149
Gold and Jewellery	1.034
Less: Current Liabilities and Loans	0.000
TOTAL NETWORTH	80.135

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MR. PRAFUL SHANTIBHAI TANK

(RS. IN MILLIONS)

[AS AT 31.03.2014]

PARTICULARS	COST PRICE
Immovable Property	13.725
Movable Property	0.293
Investments	21.763
Current Assets	46.481
Gold and Jewellery	1.345
Less: Current Liabilities and Loans	0.000
TOTAL NETWORTH	83.607

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MR. NILESH SHANTIBHAI TANK

(RS. IN MILLIONS)

[AS AT 31.03.2014]

PARTICULARS	COST PRICE
Immovable Property	16.250
Movable Property	0.399
Investments	21.867
Current Assets	114.757
Gold and Jewellery	1.165
Less: Current Liabilities and Loans	0.385
TOTAL NETWORTH	154.053

------------------------------------------------------------------------------------------------------------------------------

NETWORTH STATEMENT

MR. MANSUKH G. TANK

(RS. IN MILLIONS)

[AS AT 31.03.2014]

PARTICULARS	COST PRICE
Immovable Property	2.002
Movable Property	0.053
Investments	0.087
Current Assets	9.685
Gold and Jewellery	1.090
Less: Current Liabilities and Loans	0.000
TOTAL NETWORTH	12.917

------------------------------------------------------------------------------------------------------------------------------

PROJECT REPORT

BACKGROUND OF THE GROUP

PNK Group of Builders and Developers is been promoted by the trio brothers Mr. Nilesh S Tank, Mr. Kiran S Tank and Mr. Praful S Tank. They started the PNK group with a small base, but gradually with their sharp business acumen, intelligence and management skills, they made the PNK group a household name in the Mira Road and the northern suburbs of Mumbai.

The PNK group in the last 2 decades developed and constructed various projects in different areas of Mira road like sheetal nagar, poonam sagar complex, Shanti Park and some other areas in association with various well known builders like shanti star builders, unique shanti developers, R. G. Agarwal developers and MAC developers.

The landmark projects constructed by the PNI( group in ioint venture with shanti star builders are Shree Swami Narayan Mandir tower of 12 storey building, super market, asmita high school, centre plaza etc.

Some other projects developed under their own brand are Krishna tower, bansi tower, Krishna apartment, regal regency, dolphin garden, regal arcade, Olympia and avishkar at Mira road.

Today the PNK group has become a milestone name in Mira Road, lacs of people ranging from various castes, creeds and communities have made their dreams come true of lavish lifestyle houses at a very reasonable cost through PNK group.

The group is engaged in the business for more almost 20 years and during the period has completed residential construction of about 9.75 lacs sq. feet in Mira Road having the total sales value of about Rs. 2350.000 Millions. Further, the group has around 25.82 lac sq. feet of work under construction with an estimated sales value of about Rs 16000.000 Millions (including the proposed project).

The group has net worth of around Rs 1100.000 Millions as per the audited balance sheet as on 31.03.2014

LAND DETAILS:

Sej Laxmi Developers through its partner has acquired land bearing S. No. 135/1, 2, 136/6, 147/1, 2. 3, 148/3, 4, 7, 149/1, 3, 5, 6a, 7a and 222/2 admeasuring 19389.45 sq mtrs. village Ghodbunder, District-Thane through various Conveyance Deeds and Development agreements. The Sej Laxmi Developers in turn has given the development rights to PNK Space Development Private Limited (earlier known as PNK Spaces Redevelopment Private Limited) through registered Development Agreement dated 25.04.2011. Though the development agreement is of 26007.25 sq mtrs., the area which is being developed currently for the proposed project is 19,389.45 sq mtrs (Net plot area) and 20,089.55 sq mtrs (Gross plot area). As per the Development agreement, the developer has to pay monetary consideration of Rs 20.000 Millions and shall provide owners free of cost 36% constructed area.

Title Certificate and Search report in respect of S. no. 136/6 and 222/2 has been obtained by Advocate of High Court Kripashankar R. Tiwari dated 14.03.2013.

Title Certificate and Search report in respect of S. no. 135/1, 2, 147/1, 2, 3, 148/3, 4, 7, 149/1, 3, 5, 6a, 7a has been obtained by Advocate of High Court Chetan D Pathak dated 13.03.2013.

The constructed area of 36% is to be given in phased manner.

Security details: The developer will mortgage the FSI to the extent of 64% (developers share) of total saleable area only.

As the project is going to take up in the phases, the developer will mortgage the relevant FSI of phase I (Sale Bldg no.2, 3, 4 and 9) only.

However, if the financial institution agrees to fund phase II also at later stage, then the developer will be able to mortgage the full FSI available to the developer for sale purpose.

Project Details:

The proposed project has been approved by MMRDA under rental housing scheme. MMRDA has given the location clearance and layout approval for the said project. Under Rental Housing Scheme, the developers shall convey a minimum of 25% land (4,847.36 sq mtrs.) in the name of MMRDA as freehold and without any encumbrances along with rental houses with FSI one of net plot area in conformity with the DCR and Government orders applicable. Under rental housing scheme, developer gets FSI three (3) of the total plot area.

It is proposed to construct 11 residential buildings of which 9 are saleable buddings and 2 rental housing building. The area and unit bifurcation of the building is as follows:

Building Type	No. of Floors	No. of Flats	Construction area in Sq. ft.
Building 1	Podium + 22 Storey	173	140225
Building 2	Podium + 22 Storey	173	140225
Building 3	Podium + 22 Storey	173	140225
Building 4	Podium + 22 Storey	173	136390
Building 5	Podium + 22 Storey	129	100200
Building 6	Podium + 22 Storey	85	59500
Building 7	Podium + 22 Storey	85	73075
Building 8	Podium + 22 Storey	41	63880
Building 9	Podium + 22 Storey	95	73010
R-1	--	545	130443
R-2	--	545	130443
Total	--	2217	1187615

However, the total saleable area is 926,730 sq ft.

The Company has proposed to take up the project in 2 phases. In phase I, it is proposed to construct building No. 2, 3, 4 and 1 rental buildings R1. The total area to be constructed in phase I is 5,47,283 sq ft. However, the saleable area for phase I is 2,66,778 sq ft.

The constructable area for phase II is 4,38,775 sq ft and saleable area is 2,80,816 sq ft.

Status of the project: The work has started on the site. Piling work is going on.

Other approvals:

NA NOC (IOD) permission has been obtained by MBMC vide order no. MB/MNP/NR/1333/2013-14 dated 17.07.2013.

NOC from Estate Investment Co. Private Limited has been obtained vide no. EI/222, 224, 225 and 226 dated 16.11.2009.

Rental Housing Scheme has been approved by Mumbai Metropolitan Region Development Authority vide no. MMRDA/RHD/RHS-177/12/527 dated 6th November, 2012

Commencement Certificate and Buildings plans has been approved by Mira Bhayander Municipal Corporation vide no. MB/MNP/NR/3057/2013-14 dated 18th November, 2013.

------------------------------------------------------------------------------------------------------------------------------

PROJECT VALUATION REPORT

(GENERAL DETAILS)

Name and address of the Project:

Name:

Address:

Proposed Residential Project at Mira Road

Developer: PNK Spaces Redevelopment Private Limited

Owner: Sej Laxmi Developers

National Highway, Kashimira, Near Dara’s Dhaba and Western Inn Hotel, Mira Road [East], District Thane – 401107

Date of inspection

01.10.2014

State name and designation of company officials if they accompanied during inspection

Mr. James [Site Engineer] from PNK Group Builders and Developers.

Name the City/ Town/ Panchayat of the project

Mira Road

Name of the Municipality within whose limits the project is situated

It is coming under Mira Bhayander Municipal Corporation limit.

LAND

Plot area

Total gross plot area: 19955.94 Sq. Mt.

Boundaries

North	Western Inn Hotel/ Existing Building/ Open Plot
South	Dara’s Dhaba/ Nalla/ Open land
East	Service Road/ National Highway
West	Open Land

Survey No.

S. Nos. 135/1, 2; 136/6; 147/1, 2, 3; 148/3, 4, 7; 149/1, 3, 5, 6-A, 7-A; 222/2 Village Ghodbunder, Taluka and District Thane

Is the site accessible by proposed road

Said property is having access from existing service road of National Highway on East side of property and also having proposed access from 18.00 Mt. D.P. Road on North side not yet constructed as on site.

Rental plot (A2) having access from proposed 9.00 Mt. wide internal road on South side abutting existing service road.

Is the site free from any encroachments

No structures as on site. Said plot demarcated by tin sheets/ existing compound wall. Encroachment area of 201.03 Sq. Mt. abutting North-East corner of property already deducted.

Existing structures on site

No existing structures as on site except temporary site office sheds erected.

Specify whether the area comes any sanctioned development plan or T.P. Scheme. If so, what is the permitted land use

Land falls under Mira Bhayander development scheme as mentioned in zonal remarks issued dated 01.06.2011 and 02.07.2011. D.P. plan issued dated 14.05.1997. Land is coming under Residential zone affected by 18.00 Mt. wide D.P Road/ National Highway set-back. Also said proposed project is sanctioned under MMRDA rental housing scheme. Building plans sanctioned by Mira Bhayander Municipal Corporation.

PLAN APPROVALS

Is the plan approved

Note: N.A. N.O.C. sanctioned plans are issued for sale component bldgs. No. 1 to 9 and MMRDA rental bldgs. No. R-1/ R-2. Plinth C.C. issued for sale component bldgs. No. R-1/ R-2 only.

N.A. N.O.C. bldg. plans sanctioned vide No. MB/MNP/NR/1333/2013-14 issued dated 17.07.2013. Commencement certificate issued vide no. MB/MNP/NR/3057/2013-14 dated 19.11.2013.

Note: Plinth checking certificate will be issued after completion of plinth work.

Approving authority: Mira Bhayander Municipal Corporation.

Is approval of town planning authority also required

Not Applicable

If approval is obtained from the village panchayat, state

Not Applicable

Whether approval of collector has been obtained. Give details

Yes, N.A. order by Collector of Thane

Position of Clearances

N.A. [Land user]

N.A. order for above mentioned property issued dated 19.03.2014 for total plot area of 19955.94 Sq. Mt. N.A. order issued for residential and commercial user. Revised N.A. order issued dated 28.04.2014 for change in name of Developer [PNK wrongly mentioned as PAK]

Zonal remarks

Issued dated 01.06.2011 and 02.07.2011. Land is coming under Residential zone affected by 18.00 Mt. wide D.P. Road and National Highway set-back.

ULC Clearance

Note: Title certificate to be verified with respect to ULC clearance for all S. Nos. mentioned above

ULC orders issued dated 10.12.1988 / 07.09.1989/ 21.08.1985/ 13.06.1988/ 05.07.2007/ 20.09.1982/ 05.07.2007/ 09.02.2010/ 03.09.2010 and developers affidavit dated 03.09.2010 regarding weaker section scheme not applicable for said plot as mentioned in N.A. N.O.C. and C.C. Copies.

T.I.L.R. Plan

Issued dated 30.11.2012.

Estate Investment Co. NOC

Issued dated 16.11.2009 for above mentioned S. No. of property in question.

Plinth Checking Certificate

It will be issued after completion of plinth work for individual bldgs. Reqd. before commencement of work above plinth lvl.

Validity of C.C.

Validity upto 18.11.2014 as mentioned in C.C.

Environmental Clearance

Issued dated 11.08.2014. As per NOC, Sale bldgs. No. 1 to 9 consist of below podium + Podium + 22 upper floors having total ht. of 69.90 Mt. 2 lvl. Basements as shown in sanctioned plans area deleted and additional podium added in sale bldgs. Hence amended bldg. plans and amended C.C. is reqd.

Consent to Established

Not yet issued. Application made to Maharashtra Pollution Control Board vide letter dated 05.04.2014.

Civil Aviation N.O.C.

Not Applicable

High rise committee approval

Not applicable since total bldgs. ht is less than 70 Mt. [Average bldg. ht. as per sanctioned plan is 69.95 Mt.]

C.F.O. N.O.C

Note: Revised NOC is reqd. with respect to sanctioned plans of sale bldgs. to be amended as Stilt + Podium + 22 upper floors deleting basement lvls. and adding additional podium lvl.

Provisional CFO NOC issued dated 02.05.2013 for sale bldgs. No. 2, 3, 4. 9 and for MMRDA rental bldgs. No. R-1, R-2. Bldg. No. 2 to 4 having ht. 37.75 Mt. [2 basements + Gr. + 12 floors], Bldg. No. 9 having ht. 17.75 Mt. [2 basements + Gr. + 5 floors] and Rental bldgs. No. R-1 and R-2 having ht. 44.10 Mtrs [Gr. + 14 floors] CFO NOC not issued for sale bldgs. No. 1, 5, 6, 7 and 8. Also CFO NOC reqd. for balance upper floors for sale and rental bldgs. above 45 M.

C.R.Z. approval

Nor Applicable

MMRDA location clearance

Note: Under Rental Housing scheme Total FSI sanctioned is 4.00. 25% plot shall be conveyed to MMRDA along with rental bldg. under FSI 1.00. balance plot and FSI 3.00 is available for sale bldg.

Issued dated 06.11.2012. Validity of location clearance is upto 05.05.2014. Further revalidation reqd. As per location clearance issued, net plot area is 19389.45 Sq. Mt. 25% i.e. 4847.36 Sq. Mt. is to be allotted in name of MMRDA under FSI 1.00 Minimum 970 units of 160.00 Sq. ft. carpet area to be handed over to MMRDA. Convenience shopping upto extent of 15% of total FSI 1.00 to be provided. Construction work of rental and sale bldgs. shall advance concurrently. Public street to proposed rental housing components to be hand over to competent authority.

MMRDA layout approval for rental housing scheme

Issued vide No. MMRDA/ RHD/ RHS-177/R/ 527 dated 06.11.2012. Plot A is sub-divided into sub plot A1 for free sale component and sub plot A2 for rental housing component. Area under rental plot is 4847.36 Sq. Mt. and under sale plot is 14542.09 Sq. Mt. 6.00 Mt. wide access road for rental building plot to be amended to 9.00 Mt. wide road as shown in municipal sanctioned layout.

Tree Authority NOC

Issued dated 17.06.2013. As per NOC, existing 17 Nos. of trees to be retained. Final NOC will be granted prior to O.C.

Tata power supply NOC

Proposal letter for LT power supply issued dated 19.11.2013. 3 Nos. of consumer sub stations to be installed as mentioned.

Highway authority NOC

Not yet issued. Recommendation for access permission to National Highways Authority of India by project director issued vide letter dated 17.03.2008.

Nalla Remarks

Issued dated 07.03.2013 stating adjoining existing nalla having width of 9.00 Mt.

Approval Details

Approval Status

Building	Sanctioned plan details	C.C. details	Further potential
Sale Building Nos. 1 to 9	2 lvls basement + Stilt + 23 upper floors	C.C. issued for sale bldg. No. 2 [Basement + stilt + 4 floors] and sale bldg. Nos. 3/4 [2 lvl basement + stilt + 9 floors] for BUA of 8045.79 Sq. Mt.	Nil since total FSI 4.00 already sanctioned under Rental .housing scheme.
Rental bldg. R-1	Gr. / stilt + 18 [part] upper floors	Gr. + 9 floors for BUA of 4001.31 Sq. Mt.	Nil
Rental bldg. R-2	Gr. / stilt + 19 upper floors	Gr. + 10 floors for BUA of 4996.30 Sq. Mt.	Nil
	Total Proposed BUA as per sanctioned plan is 75499.87 Sq. Mt.	18043.40 Sq. Mt. is release as per C.C. Further C.C. not yet issued.

Note:

1) Commencement certificate was restricted for BUA below 20000.00 Sq. Mt. since Environmental clearance was not issued at that time. Now since environmental clearance is already issued further C.C. is permissible.

2) Sale and Rental bldg. C.C. are restricted upto 45 Mt. bldg. ht. since CFO NOC above 45 Mt. ht. is not yet issued. Further C.C. will be issued after obtaining revised CFO NOC.

3) Plinth checking certificate is necessary before commencement of work above plinth lvl.

4) C.C. for upper floors above 4^th floor for sale bldg. No. 2 and above 9^th floor for sale bldgs. No. 3/ 4 not yet issued.

5) C.C. for sale bldg. No. 1, 5, 6, 7, 8 and 9 not yet issued.

6) Further C.C. for rental bldg. R-1 above 9^th floor and rental bldg. R-2 above 10^th floor not yet issued.

7) Sanctioned sale bldg. plans are reqd. to be amended as per environment clearance NOC Amended sale bldgs. to have Stilt + podium + 22 upper floors by adding additional podium floor and deleting 2 lvl. Basements along with 23^rd upper floor. Revised C.C. s also reqd.

AREA AND F.S.I. STATEMENT

Plot area statement

Total Gross Plot Area

19955.94 Sq. Mt.

As per rental housing scheme, details as mentioned below:

Gross Plot Area	20089.55 Sq. Mt.
Net Plot Area	19389.45 Sq. Mt.
Rental Housing Plot	4847.38 Sq. Mt.
Sale bldg. plot	14542.09 Sq. Mt.

Note:

As per MMRDA rental housing scheme layout approval, total plot will be bifurcated in 2 parts i.e. 25% rental housing component plot to be allotted to MMRDA and 75% for free sale.

Permissible FSI statement [As per sanctioned bldg. plans dated 17.07.2013]

SR. NO.	AREA STATEMENT	SQ. MT.
1	Area of plot	19955.94
2	Deduction [from Gross plot area]
	a) Road set back area	616.70
	b) Proposed road	191.87
	c) Reserve area	0.00
	d) NDZ area	0.000
	e) Other [Encroached, Nalla etc.]	275.99
	Total [a + b + c + d + e]	1084.56
3	Balance area of plot	18871.38
4	Deductions for
	a) Amenity space [if deductable]	0.00
	b) Recreational ground [if deductable]	0.00
5	Net balance plot area of plot	18871.38
6	Additions for
	a) Road setback area	0.00
	b) Proposed road area	0.00
	c) Amenity space	0.00
	d) Reserve area	74.96
	Total [a + b + c + d]	74.96
7	Net Plot Area	18946.34
8	Permissible FSI factor	4.00
	Permissible built up area	75785.36
9	TDR Area	0.00
10	Special cases FSI	0.00
11	Total permissible built up area	75785.36
12	Proposed areas
	a) Proposed residential area	74151.10
	b) Proposed commercial area	1343.86
	c) Proposed industrial area	0.00
	d) Proposed special use area	0.00
	Total [a + b + c + d]	75494.96
13	Sub structure area addition	0.00
14	Sub structure area deduction	0.00
15	Excess balcony area	4.91
16	Excess stair + Passage area	0.00
17	Existing built up area	0.00
18	Total built up area proposed	75499.87
19	Consumed FSI	3.9849

Note:

1) Above mentioned proposal is sanctioned under MMRDA rental housing scheme. Total FSI sanctioned on gross plot area is 4.00 F.S.I.

2) Additional TDR FSI not applicable for said plot.

3) Rental bldg. R-1 and R-2 to be allotted to MMRDA along with 25% of total land area adm 4847.38 Sq. Mt. and balance 75% of Sale bldg. plot adm 14542.09 Sq. Mt. is comprising of Bldg. No. 1 to 9 as mentioned in MMRDA location clearance.

4) Necessary revisions reqd. in sanctioned area statement with respect to sale bldgs. to be amended as Stilt + Podium + 22 upper floors adding add. Podium lvl. and deleting 23^rd floor.

Sanctioned Proposed BUA bifurcation as per sanctioned plan

1	Total Permissible BUA	75785.36
2	Total Proposed BUA	75499.87
3	Rental bldg. BUA	18945.63
4	Sale bldg. BUA	56554.24
5	Balance BUA [Not consumed]	285.49

Note:

As per sanctioned bldg. plans 23 upper floors i.e. upto 70 Mt. ht. are permissible.

Revised Proposed BUA [As per Environmental clearance]

1	Total Permissible BUA	75785.36
2	Total Proposed BUA	73005.53
3	Rental bldg. BUA	18945.63
4	Sale bldg. BUA	54059.90
5	Balance BUA [Not consumed]	2779.83

Note:

As per environmental clearance 23^rd floor is to be deleted. Since 2 lvls basement are deleted additional podium floor is to be added for parking. Hence to restrict the total bldg. ht. upto 70 Mt. top 23^rd floors is to be deleted.

Total carpet area and Saleable area:

BUILDING NO.	TYPE OF FLATS	CARPET AREA	SALEABLE AREA	NOS. OF FLATS	TOTAL SALEABLE AREA
1	1 BHK	424.00	700.00	88	61600.00
	2 BHK	559.00	925.00	85	78625.00
	TOTAL			173	140225.00
2	1 BHK	424.00	700.00	88	61600.00
	2 BHK	559.00	925.00	85	78625.00
	TOTAL			173	140225.00
3	1 BHK	424.00	700.00	88	61600.00
	2 BHK	559.00	925.00	85	78625.00
	TOTAL			173	140225.00
4	1 BHK	424.00	700.00	85	59500.00
	1 BHK	435.00	720.00	22	15840.00
	2 BHK	559.00	925.00	66	61050.00
	TOTAL			173	136390.00
5	1 BHK	424.00	700.00	85	59500.00
	2 BHK	559.00	925.00	44	40700.00
	TOTAL			129	100200.00
6	1 BHK	424.00	700.00	85	59500.00
	TOTAL			85	59500.00
7	1 BHK	414.00	685.00	19	13015.00
	2 BHK	551.00	910.00	66	60060.00
	TOTAL			85	73075.00
8	2 BHK	675.00	1115.00	6	6690.00
	3 BHK	911.00	1505.00	38	57190.00
	TOTAL			44	63880.00
9	1 BHK	405.00	670.00	41	27470.00
	1 BHK	442.00	730.00	18	13140.00
	2 BHK	545.00	900.00	36	32400.00
	TOTAL			95	73010.00
	GRAND TOTAL			1130	926730.00

Note:

1) Saleable area loading on usable carpet area is 65%.

2) Entire saleable area is unsold as informed by developer. Authenticity of the same not checked. To be verified by concerned authorities.

Residential Saleable area bifurcation Phase wise

	Phase I [Bldg. Nos. 2, 3, 4]	Phase II [Bldg. Nos. 1, 5 to 9]	Total
Total Saleable Area	416840.00	509890.00	926730.00
Land Owners Area [36%]	150062.00	183560.00	333622.00
PNK developer area	266778.00	326330.00	593108.00

Note:

1) 36% of total Residential area to be allotted to land owner Sej Laxmi in all sale bldgs. as per development agreement. Total Residential saleable area considered for valuation.

2) Bldg. No. 9 entire commercial saleable area adm 20700.00 Sq. ft. to be allotted to land owner Sej Laxmi not considered for valuation.

3) List of flats to be allotted to Land owner Sej Laxmi details to be forwarded by developer.

Construction BUA

Phase I
Building 2	119825.00 Sq. ft.
Building 3	119825.00
Building 4	115974.00
	---------------------------------------
Total	355624.00

MMRDA Rental bldg. R-1	130443.00 Sq. ft.
Podium floor [50%]	67570.00 Sq. ft.

Note:

50% of total podium area is considered for Phase I.

Phase II
Building 1	119825.00 Sq. ft.
Building 5	85658.00
Building 6	50944.00
Building 7	62504.00
Building 8	54905.00
Building 9 [Residential]	64005.00
Building 9 [Commercial]	15541.00
	----------------------------------------
Total	453382.00

MMRDA Rental bldg. R-2	130443.00 Sq. ft.
Podium floor [50%]	67570.00 Sq. ft.

Note:

50% of total podium area is considered for Phase II.

Fair market rate analysis

As per stamp duty ready Reckoner 2014 in Zone No. 8/34, Village Ghodbunder, Guideline rate of Residential premises is Rs. 5980/- per Sq. ft. and developed land rate is Rs. 2147/- per Sq. ft. But fair market rate varies depending upon location, age, specifications, services and deluxe amenities. As per prevailing market rates inquiry in said locality, saleable rates for Residential premises is Rs. 7000/- to Rs. 8000/- per Sq. ft. of Saleable BUA depending upon type of bldg., location, age, amenities provided.

Considering the Residential project yet to be commenced having proposed high rise bldgs. with superior specifications and finishing along with deluxe common amenities including basement car parking spaces and floor rise, the average fair market rate adopted for residential premises is Rs. 7000/- per Sq. ft. of Saleable BUA. Saleable rate will increase further on commencement of work depending upon real estate market condition.

As per prevailing market rates inquiry and as per sales advertisement published in reputed real estate websites in above mentioned locality of Mira road, saleable rates for residential projects are as follows:

SR. NO.	NAME OF PROJECT AND LOCATION	SALEABLE RATE PER SQ. FT.	STATUS OF PROJECT
1	Lodha Aqua	Rs. 8990/- to Rs. 11000/-	Completed
2	Darvesh Horizon	Rs. 9500/-	Under Construction
3	DB Orchid Ozone	Rs. 9000/-	Under Construction
4	Hubtown Gardenia	Rs. 8200/-	Under Construction
5	Sanghvi Ecocity	Rs. 7500/-	Under Construction
6	Span Valencia	Rs. 7200/-	Under Construction
7	Raj Estate	Rs. 6000/- to Rs. 7000/-	Under Construction
8	Amisha Empire	Rs. 7500/-	Under Construction
9	Hatkesh Heights	Rs. 6200/-	Under Construction
10	Sheetal Complex	Rs. 6800/-	Under Construction
11	Kalpataru Srishti	Rs. 8000/- to Rs. 10000/-	Completed
12	Poonam Estate	Rs. 7000/- to Rs.7700/-	Completed
13	Shanti Garden	Rs. 7000 to Rs. 8000/-	Completed
14	RNA Courtyard	Rs. 9500/-	Completed
15	Vinay Heights	Rs. 6300/-	Completed
16	Poonam Valley	Rs. 6500/-	Completed
17	Man Opus	Rs. 7700/-	Under Construction

SALIENT FEATURES OF PROJECT

Location

Residential locality abutting National highway. Adjoining locality abutting Kashimira Police Station and Kashimira Junction. Mira Bhayander Road within 10 min walking district Dahisar check naka within 10 min diriving district Ghodbunder Road connecting Thane city within 10 min. driving district Mira Road Station within 15 min. driving district.

Nos. of bldgs.

Phase I:

Sale bldg. Nos. 2, 3, 4

Rental bldg. No. R-1

Phase II:

Sale bldg. Nos. 1, 5, 6, 7, 8 and 9

Rental bldg. No. R-2

Type of foundation

Pile foundation

Nos. of floors [As per sanctioned plan]

Note: As per environmental clearance basement lvls and 23^rd floor is deleted. Revised bldg. plans approval is reqd.

Sale bldg. 1 to 8:

2 lvls basement + Stilt + 23 upper floors

Sale bldg. 9:

2 lvls basements + Gr. / Stilt [pt] + 1^st to 3^rd part comm. + 4^th to 23^rd floors

Rental bldg. R-1:

Gr. / Stilt + 18 [pt] floors

Rental bldg. R-2:

Gr. / Stilt + 19 floors

Basement floor [2 lvls]

Sale bldg. 1 to 9: Car parking facility.

No basement lvls for Rental bldgs.

Note: As per environmental clearance, basement floors to be deleted.

Ground floor

Sale bldg. 1 to 8: Entire ground floor having stilt for car parking.

Sale bldg. 9: 7 Nos. shops and part stilt for car parking.

Rental bldg. R-1 and R-2: Ground floor having 7 Nos. of shops and part stilt for car parking.

Podium floor

Nil as per sanctioned plan

Note: As per environmental clearance, podium floor to be floor.

Typical floor

Sale bldg. No. 1 to 3: 8 Nos. flats i.e. 4 Nos. 1 BHK and 4 Nos. 2 BHK

Sale bldg. No. 4: 8 Nos. flats i.e. 5 Nos. 1 BHK and 3 Nos. 2 BHK

Sale bldg. No. 5: 6 Nos. flats i.e. 4 Nos. 1 BHK and 2 Nos. 2 BHK

Sale bldg. No. 6: 4 Nos. flats i.e. 4 Nos. 1 BHK

Sale bldg. No. 7: 4 Nos. flats i.e. 1 No. 1 BHK and 3 Nos. 2 BHK

Sale bldg. No. 8: 2 Nos. flats i.e. 3 BHK

Sale bldg. No. 9: 5 Nos. flats i.e. 3 Nos. 1 BHK and 2 Nos. 2 BHK

Rental bldg. R-1: 26 Nos. of multipurpose rooms.

Rental bldg. R-2: 35 Nos. of multipurpose rooms.

Refuge floor [8^th, 13^th and 18^th floor]

Sale bldg. No. 1 to 3: 7 Nos. flats i.e. 1 BHK 4 Nos. and 2 BHK 3 Nos. with refuge area.

Sale bldg. No. 4: 7 Nos. flats i.e. 1 BHK 4 Nos. and 2 BHK 3 Nos. with refuge area.

Sale bldg. No. 5: 5 Nos. flats i.e. 1 BHK 2 Nos. and 2 BHK 3 Nos. with refuge area.

Sale bldg. No. 6: 3 Nos. of 1 BHK with refuge area.

Sale bldg. No. 7: 3 Nos. of 2 BHK with refuge area.

Sale bldg. No. 8: 2 Nos. of 2 BHK with refuge area.

Sale bldg. No. 9: 4 Nos. of flats i.e. 1 BHK 2 Nos. and 2 BHK 2 Nos. with refuge area.

Rental bldg. R-1: 22 Nos. of multipurpose rooms with refuge area.

Rental bldg. R-2: 30 Nos. of multipurpose rooms with refuge area.

Total Nos. of flats

Note: After deleting 23^rd floor of all sale bldgs. as per environmental clearance.

Sale Bldg. 1	173 Nos.
Bldg. 2	173 Nos.
Bldg. 3	173 Nos.
Bldg. 4	173 Nos.
Bldg. 5	129 Nos.
Bldg. 6	85 Nos.
Bldg. 7	85 Nos.
Bldg. 8	44 Nos.
Bldg. 9	95 Nos.
Total	1130 Nos.

Rental bldg. R-1	440 Nos.
Rental bldg. R-2	650 Nos.
Total	1090 Nos.

Total Nos. of shop / commercial

Bldg. No. 9 having 7 Nos. of shops on ground floor and office premises on 1^st and 3^rd floor.

Car parking

Proposed car parking: 7599 Nos. as per sanctioned plan.

Note: 2 lvls basement floors to be deleted as per environmental clearance and podium floor to be added.

SPECIFICATIONS

Proposed specification for sale bldg. as informed

Ventilation

Natural light and ventilation to be provided for all rooms.

Elevation

Elegantly designed elevational façade as shown in sale brochure

Doors

Decorative laminated internal doors with teak wood frame and quality fittings.

Windows

Marble window frame. Colour anodized aluminum sliding windows with tinted glass

Floor Finish

Vitrified flooring in all rooms. Anti-skid ceramic tiles in toilets with full ht. dado

Kitchen

Granite double kitchen platform with designer tiles dado, stainless steel sink and modular trolley cabinet.

Electrical system

Concealed copper wiring and branded switches with telephone, T.V. and A.C. point in living and bedroom. Safety features like E.L.C.B.

Sanitation

Concealed plumbing with superior quality sanitary fittings and jaquar plumbing fittings.

Staircases

2 Nos. of R.C.C. staircase blocks per bldg.

Lift

3 Nos. of proposed high speed passenger lifts per bldg. of reputed make.

Fire escapes

Fire escape staircase lobby, refuge terraces and fire escape passage as per C.F.O. requirement

Fire fighting

Fire duct with fire hydrant and static tank as per C.F.O. requirement along with firefighting systems.

Water, power etc.

Available on site. New connection for said residential bldgs. on entire completion.

Any other amenities included, specify

Stilt and podium floor for car parking. Landscapes garden, senior citizen sit-out area, jogging track, kids play area with play equipments, chequered tile pavement in entire compound, video door phone with intercom facility and CCTV camera at security cabin.

Progress of construction work

As on site, said plot is vacant demarcated by existing compound wall and tin sheets.

Proposed construction work not yet commenced.

Period of completion

4 to 5 years [Approx.]

VALUATION

Method adopted for valuation:

Residual Method of valuation is adopted for said property. Entire development potential of said property with respect to sale component is taken into consideration to work out the residual value of land. Based on which total saleable value of the project is computed and after deducting the total cost of project including construction cost, other miscellaneous expense, liabilities and developers profit, residual value of land is worked out with respect to saleable F.S.I. on entire development.

Valuation Details

Phase I is taken into consideration

Total Saleable Value

Residential saleable value

416840.00 Sq. ft. x Rs. 7000/- [Average fair market rate for residential premises including floor rise and podium car parking]

= Rs.2917.880 Millions

Say Rs. 2917.900 Millions [A]

Total Cost of project

Project Construction Cost

Residential sale bldg.

355624.00 Sq. ft. x Rs. 2000/-

= Rs. 711.248 Millions [i]

Podium area

67570.00 Sq. ft. x Rs. 1200/-

= Rs. 81.084 Millions [ii]

MMRDA Rental bldg.

130443.00 Sq. ft. x Rs. 1700/-

= Rs. 221.753 Millions [iii]

Total

Rs. 1014.085 Millions

Say Rs. 1014.100 Millions [1]

Consultancy charges [1 ½ % on const. cost] Includes Architect, R.C.C. consultant and other service consultants

Rs. 15.200 Millions [2]

Contingency charges [10% on const. cost] Includes development charges, premium, overhead, administrative and miscellaneous charges

Rs. 101.400 Millions [3]

Legal, Brok. and Advertisement charges

2% on saleable value 2917.900 Millions

Rs. 58.400 Millions [4]

Financial charges 15% for period of 1 ½ years i.e. half the const. period on total const. cost

Rs. 228.200 Millions [5]

Total Cost of project including construction cost and others [1 to 5]

Rs. 1417.300 Millions [B]

VALUATION SUMMARY

Total Saleable Value

Rs. 2917.900 Millions [A]

Less: Total Cost of Project

Rs. 1417.300 Millions [B]

Less: Developers profit 15% on saleable value

Rs. 437.700 Millions [C]

Total Market Value of land [A – [B + C]] with respect to Sanctioned Sale FSI i.e. [FSI 3.00] under MMRDA rental housing scheme.

Rs. 1062.900 Millions

Present cost of construction

Nil

Total Market Value of land and bldg.

Rs. 1062.900 Millions

Distress Value [85% of market value]

Rs. 903.500 Millions

Valuation Details

Phase II is taken into consideration

Total Saleable Value

Residential saleable value

509890.00 Sq. ft. x Rs. 7000/- [Average fair market rate for residential premises including floor rise and podium car parking]

= Rs. 3569.230 Millions

Say Rs. 3569.200 Millions [A]

Total Cost of project

Project Construction Cost

Residential sale bldg.

453382.00 Sq. ft. x Rs. 2000/-

= Rs. 906.764 Millions [i]

Podium area

67570.00 Sq. ft. x Rs. 1200/-

= Rs. 81.084 Millions [ii]

MMRDA Rental bldg.

130443.00 Sq. ft. x Rs. 1700/-

= Rs. 221.753 Millions [iii]

Total

Rs. 1209.601 Millions

Say Rs. 1209.600 Millions [1]

Consultancy charges [1 ½ % on const. cost] Includes Architect, R.C.C. consultant and other service consultants

Rs. 18.200 Millions [2]

Contingency charges [10% on const. cost] Includes development charges, premium, overhead, administrative and miscellaneous charges

Rs. 121.000 Millions [3]

Legal, Brok. and Advertisement charges

2% on saleable value 3569.200 Millions

Rs. 71.400 Millions [4]

Financial charges 15% for period of 1 ½ years i.e. half the const. period on total const. cost

Rs. 272.200 Millions [5]

Total Cost of project including construction cost and others [1 to 5]

Rs. 1692.400 Millions [B]

VALUATION SUMMARY

Total Saleable Value

Rs. 3569.200 Millions [A]

Less: Total Cost of Project

Rs. 1692.400 Millions [B]

Less: Developers profit 15% on saleable value

Rs. 535.400 Millions [C]

Total Market Value of land [[A – [B + C]] with respect to Sanctioned Sale FSI i.e. [FSI 3.00] under MMRDA rental housing scheme.]

Rs. 1341.400 Millions

Present cost of construction

Nil

Total Market Value of land and bldg.

Rs. 1341.400 Millions

Distress Value [85% of market value]

Rs. 1140.200 Millions

ENTIRE PROJECT VALUATION SUMMARY

Phase I Valuation

Rs. 1062.900 Millions

Phase II Valuation

Rs. 1341.400 Millions

Total Valuation of entire project

Rs. 2404.300 Millions

Distress Value [85% of market value]

Rs. 2043.700 Millions

------------------------------------------------------------------------------------------------------------------------------

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

CORPORATE INFORMATION

Subject was incorporated on 12.10.2010. it is predominantly engaged in Real Estate Development in Mira Road.

FIXED ASSETS:

· Computer

· Printer

· Air Conditioner

· Furniture and Fixture

· Buildings

· Vehicles

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. 63.32
UK Pound	1	Rs. 98.68
Euro	1	Rs. 78.11

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUM
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	2
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		11

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.