MIRA INFORM REPORT

Report Date :

03.03.2014

IDENTIFICATION DETAILS

Name :	PENINSULA LAND LIMITED
Registered Office :	Peninsula Spenta, Mathuradas Mills, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.08.1871
Com. Reg. No.:	11-000005
Capital Investment / Paid-up Capital :	Rs. 559.000 Millions
CIN No.: [Company Identification No.]	L17120MH1871PLC000005
TAN No.: [Tax Deduction & Collection Account No.]	MUMT09602F
PAN No.: [Permanent Account No.]	AAACT5173A
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Real Estate Development.
No. of Employees :	328 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 69400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well-established company having fine track record. The rating reflects healthy financial risk profile supported by adequate liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National  Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled  Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Non-convertible debenture: “A”
Rating Explanation	Adequate degree of safety and low credit risk.
Date	December, 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-66229300)

LOCATIONS

Registered Office :	Peninsula Spenta, Mathuradas Mills, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No. :	91-22-66229300/ 66154651
Fax No. :	91-22-66229302
E-Mail :	corporatesecretarial@ashokpiramalgroup.com info@peninsula.co.in
Website :	www.peninsula.co.in
Regional Offices 1:	Goa Peninsula Centre, Samprajanata, 850, Alto – Porvorim, Bardez, Goa – 403521, India
Tel. No.:	91-832-6512444 / 6517 342s
E-Mail :	info@peninsula.co.in
Regional Offices 2:	Pune Peninsula Centre, Galaxy Co-operative Housing Society, Plot No. 04, Off Dhole Patil Road, Pune – 411001, Maharashtra, India
Tel. No. :	91-20-66063000
E-Mail :	info@peninsula.co.in

DIRECTORS

As on 31.03.2013

Name :	Ms. Urvi A. Piramal
Designation :	Chairperson
Date of Birth/Age :	60 Years
Qualification :	Bachelor of Science degree
Name :	Mr. Rajeev A. Piramal
Designation :	Vice Chairman & Managing Director
Date of Birth/Age :	12.05.1976
Qualification :	Mr. Rajeev A. Piramal holds a BBA (Bachelor in Business Administration) from Baldwin Wallace College, Cleveland, USA.
Date of Appointment :	27.07.2004
Name :	Mr. Mahesh S. Gupta
Designation :	Group Managing Director
Date of Birth/Age :	56 Years
Qualification :	Degree in B.Com; L.L.B (Gen)
Name :	Mr. Jaydev Mody
Designation :	Non-Executive Non-Independent Director
Date of Birth/Age :	57 Years
Qualification :	graduate in Arts
Experience:	25 Years
Name :	Ms. Bhavna Doshi
Designation :	Independent Director
Date of Birth/Age :	59 Years
Qualification :	Masters Degree in Commerce
Name :	Mr. C.M. Hattangdi
Designation :	Independent Director
Date of Birth/Age :	82 Years
Qualification :	Graduated from Bombay University with Chemistry and Physics
Name :	Mr. Sudhindar Khanna
Designation :	Independent Director
Date of Birth/Age :	60 Years
Qualification :	Chartered Accountant and Bachelor in Economics
Name :	Mr. D. M. Popat
Designation :	Independent Director
Date of Birth/Age :	18.12.1933
Qualification :	Mr. D. M. Popat has completed his B.A., B.Com and LL.B. and is an Attorney at Law.
Date of Appointment :	11.09.1970
Name :	Dr. Ajay Dua
Designation :	Independent Director
Date of Birth/Age :	15.07.1947
Qualification :	Dr. Ajay Dua is a Civil servant in the Indian Administrative Service.
Date of Appointment :	19.10.2012

KEY EXECUTIVES

Name :	Mr. Bharat Sanghavi
Designation :	Chief Financial Officer
Name :	Mr. Rajshekhar Reddy
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.2013

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	5586110	2.00
Bodies Corporate	66414	0.02
Any Others (Specify)	149929248	53.70
ESOP / ESOS	1000000	0.36
Trusts	148929248	53.34
Sub Total	155581772	55.72
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	155581772	55.72
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	29323	0.01
Financial Institutions / Banks	884402	0.32
Insurance Companies	12321150	4.41
Foreign Institutional Investors	49346524	17.67
Sub Total	62581399	22.41
(2) Non-Institutions
Bodies Corporate	27991502	10.03
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	24023805	8.60
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	7957254	2.85
Any Others (Specify)	1065488	0.38
Non Resident Indians	729682	0.26
Clearing Members	335806	0.12
Sub Total	61038049	21.86
Total Public shareholding (B)	123619448	44.28
Total (A)+(B)	279201220	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	279201220	100.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Name of the Shareholder	Details of Shares held
	No. of Shares held	As a %
Urvi A Piramal	27,92,015	1.00
Rajeev A Piramal	9,21,365	0.33
Harshvardhan A Piramal	9,21,365	0.33
Nandan A Piramal	9,21,365	0.33
Kalpana Singhania	30,000	0.01
Powerjet Carriers and Transporters Private Limited	66,414	0.02
Morarjee Goculdas Spinning and Weaving Company Limited Senior Employees Stock Option Scheme through its trustees Urvi A Piramal and Mahesh S Gupta	10,00,000	0.36
Ashok Piramal Group Real Estate Trust Through its Trustee Ms Urvi A Piramal	14,89,29,248	53.34
Total	15,55,81,772	55.72

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Name of the Shareholder	No. of Shares held	Shares as %
Life Insurance Corporation of India	7411369	2.65
Franklin Templeton Investment Funds	20709266	7.42
Universal Investmnet GMBH A/c Bayvk A-2 Funds	3945423	1.41
Templeton Emerging Markets Investment Trust PLC	15595175	5.59
Highend Mercantile Private Limited	4241308	1.52
Newdeal Multitrade Private Limited	12404106	4.44
Blossom Mercantile Private Limited	4710645	1.69
Peninsula Land Ltd Employee Stock Option Scheme through its trustee Mahesh Shrikrishna Gupta jointly with Narendra Kumar Aneja	3411307	1.22
Total	72428599	25.94

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as %
Franklin Templeton Investment Funds	20709266	7.42
Templeton Emerging Markets Investment Trust PLC	15595175	5.59
Total	36304441	13.00

Details of Locked-in Shares

Name of the Shareholder	No. of Shares	Locked-in Shares as %
Ashok Piramal Group Real Estate Trust Through its Trustee Ms Urvi A Piramal	2,92,20,513	10.47
Total	2,92,20,513	10.47

BUSINESS DETAILS

Line of Business :

Real Estate Development.

GENERAL INFORMATION

No. of Employees :

328 (Approximately)

Bankers :

· Kotak Mahindra Bank Limited, 36-38a, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India

Axis Bank Limited, Corporate Banking Branch, Axis House, Gr. Floor,
Wadia International Center, Worli, Mumbai - 400025, Maharashtra, India

ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
From Banks (Term Loan)	2833.500	3363.200
From Financial Institutions	661.000	2750.000
Debentures	3617.800	0.000
Total	7112.300	6113.200

Banking Relations :	--
Financial Institution:	· 3I Infotech Trusteeship Services Limited, 3rd To 6th Floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai - 400703, Maharashtra, India IDBI Trusteeship Services Limited, Asian Building, 17 R Kamani Marg, Ballard Estate, Mumbai, Mumbai - 400001, Maharashtra, India Tata Capital Financial Services Limited, One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, India Housing Development Finance Corporation Limited, Ramon House 169backbay Reclamation, H T Parekh Marg, Mumbai - 400020, Maharashtra, India
Auditors :
Name :	Haribhakti and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Controlling Entities:	· Ashok Piramal Group Real Estate Trust Morarjee Goculdas Spinning and Weaving Company Limited Senior ESOP Trust
Subsidiary Companies:	· Peninsula Mega Properties Private Limited Peninsula Holdings and Investments Private Limited Renato Finance and Investments Private Limited Peninsula Crossroads Private Limited
Step Down Subsidiary Companies:	· City Parks Private Limited (Onestar Mercantile Company Private Limited merge with the Company during the year) Goodtime Real Estate Development Private Limited Inox Mercantile Company Private Limited Peninsula Facility Management Services Limited Peninsula Investment Management Company Limited Peninsula Mega City Development Private Limited Peninsula Mega Township Developers Private Limited Peninsula Pharma Research Centre Private Limited Peninsula Real Estate Management Private Limited Peninsula Trustee Limited Planetview Mercantile Company Private Limited RR Mega Property Developers Private Limited RR Real Estate Development Private Limited Takenow Property Developers Private Limited Hem Infrastructure and Development Private Limited Flaxo Real Estate Private Limited Wismore Real Estate Private Limited Pavurotti Finance and Investments Private Limited Peninsula Integrated Land Developers Privated Limited
Associate Companies with whom the Company had transactions during the year:	· JM Realty Management Private Limited SEW Engineering (India) Private Limited RA Realty Ventures Private Limited
Companies where Key Management Personnel /their relatives exercise significant influence:	· Ashok Piramal Management Corporation Limited Freedom Registry Limited Morarjee Textiles Limited Thundercloud Technologies (India) Private Limited Peninsula SA Realty Private Limited Peninsula Townships Development Private Limited Delta Corp Limited Rockfirst Real Estate Limited Ashok Piramal Mega - City Development Private Limited Ashok Piramal Mega Properties Private Limited Ashok Piramal Township Development Private Limited Goldlife Mercantile Company Private Limited Jammin Recreation Private Limited Pune Football Club Limited Topvalue Brokers Private Limited Integra Appareals and Textiles Limited, a division of Morarjee Textiles Limited CAMS Learning Private Limited EDUSTAR Learning Private Limited Bridgepoint Learning Private Limited Rockfield Trading Private Limited Red Rocket Entertainment Private Limited Piramal Land Private Limited Piramal Roads Infra Private Limited Antartica Trading Company Private Limited APG Infrastructure Private Limited Cromwell Tools (India) Private Limited Miranda Few Tools Private Limited Miranda Ultra Tools Private Limited PMP Auto Components Private Limited Peninsula Sports Club Private Limited
Joint Venture (Entire Equity is held through wholly owned subsidiary):	· Bridgeview Real Estate Development Private Limited Peninsula Brookfield Trustee Private Limited Peninsula Brookfield Investment Managers Private Limited
Enterprises where Key Management Personnel /their relatives exercise significant influence:	· Ashok G. Piramal Trust Peninsula Land Limited ESOP Trust Urvi Ashok Piramal Foundation
Enterprises over which Company exercise significant control:	· Peninsula GSG MHP Project - AOP (50% share) Argento Real Estate LLP Gorena Real Estate LLP Maxis Real Estate LLP Nebustar Real Estate LLP Regena Real Estate LLP Eastgate Real Estate LLP Westgate Real Estate Developers LLP

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
374995000	Equity Shares	Rs.2/- each	Rs. 750.000 Millions
1000	5% Cumulative Redeemable Preference Shares	Rs.10/- each	Rs. 0.000 Millions
	Total		Rs. 750.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
279201220	Equity Shares	Rs.2/- each	Rs. 558.400 Millions
	Add: Forfeiture of Shares		Rs. 0.600 Million
	Total		Rs. 559.000 Millions

Note:

a Terms /rights attached to Equity shares

The Company has only one class of equity shares having a par value of Rs. 2 per share. Each holder of equity share is entitled to one vote per share. All shares rank pari passu with regard to dividend and repayment of capital.

Board of Director's have recommended a dividend of Rs. 1.50 (P.Y. Rs. 1.10) per equity share (75% (P.Y. 55%) of Face value of equity share of Rs. 2)

b Terms /rights attached to 5% Cumulative Redeemable Preference Shares:

The Company has only one class of Preference shares having par value of Rs. 10 each Preference shares are redeemable on the expiry of ten years from the date of allotment, with an option for the Company for early redemption but not before 18 months from the date of allotment 25th January 2006.

The preference shareholder do not have any voting right

Equity Shares in the Company held by each shareholders holding more than 5% shares specifying the number of shares held:

Sr No.	Name of Share holder	31-Mar-13
		No. of shares held	% of Holding
1	Ashok Piramal Group Real Estate Trust through its Trustee Ms. Urvi A. Piramal	148929248	53.34
2	Franklin templeton investment funds	27916705	10.00
3	Templeton Emerging Markets Investment Trust PLC	15595175	5.59

5% Cumulative Redeemable Preference Shares in the Company held by each shareholders holding more than 5% shares specifying the number of shares held:

Sr No.	Name of Share holder	31-Mar-13
		No. of shares held	% of Holding
1	Ashok Piramal Group Real Estate Trust through its Trustee Ms. Urvi A. Piramal	1000	100

Details of Shares Held by Controlling entity

Sr No.	Shares Held by Controlling entity	31-Mar-13
		No. of shares held	% of Holding
1	Ashok Piramal Group Real Estate Trust through its Trustee Ms. Urvi A. Piramal	148929248	53.34

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	559.000	559.000	559.000
(b) Reserves & Surplus	16,803.300	15,554.100	14,342.000
(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)	17,362.300	16,113.100	14,901.000
(3) Non-Current Liabilities
(a) long-term borrowings	7,112.300	6,113.200	1,484.100
(b) Deferred tax liabilities (Net)	77.400	77.200	77.900
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	24.900	41.000	35.600
Total Non-current Liabilities (3)	7,214.600	6,231.400	1,597.600
(4) Current Liabilities
(a) Short term borrowings	66.700	355.300	0.000
(b) Trade payables	1,231.400	638.800	764.600
(c) Other current liabilities	3,897.600	5,986.900	8,297.200
(d) Short-term provisions	499.400	357.400	552.100
Total Current Liabilities (4)	5,695.100	7,338.400	9,613.900
TOTAL	30,272.000	29,682.900	26,112.500
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	534.200	564.200	439.500
(ii) Intangible Assets	2.200	2.200	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	2,470.400	2,329.600	2,198.900
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	17,898.000	15,907.400	11,227.700
(e) Other Non-current assets	0.000	0.000	0.000
(f) Advance to employees ESOP Trust	273.500	277.400	283.400
Total Non-Current Assets	21,178.300	19,080.800	14,149.500
(2) Current assets
(a) Current investments	0.000	27.000	0.000
(b) Inventories	3,029.200	2,773.400	2,948.800
(c) Trade receivables	965.900	3,213.700	1,895.600
(d) Cash and cash equivalents	2,600.700	3,361.900	5,024.900
(e) Short-term loans and advances	1,665.700	694.800	1,844.500
(f) Other current assets	832.200	531.300	249.200
Total Current Assets	9,093.700	10,602.100	11,963.000
TOTAL	30,272.000	29,682.900	26,112.500

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	6643.300	4779.800	4789.000
		Other Income	1854.900	1664.500	1321.500
		TOTAL (A)	8498.200	6444.300	6110.500
Less	EXPENSES
		Realty cost incurred	3783.900	1846.400
		Changes in finished goods inventory	(1279.500)	(38.600)
		Changes in realty work-in-progress	1023.500	214.100
		Employee benefit expenses	640.100	571.500
		Other expenses	487.300	375.300
		TOTAL (B)	4655.300	2968.700	2846.200
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3842.900	3475.600	3264.300
Less	FINANCIAL EXPENSES (D)		1615.700	1603.500	193.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2227.200	1872.100	3071.300
Less/ Add	DEPRECIATION/ AMORTISATION (F)		59.000	48.500	46.200
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		2168.200	1823.600	3025.100
Less	TAX (H)		198.700	254.700	567.300
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1969.500	1568.900	2457.800
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6406.600	5494.600	4088.400
Less	APPROPRIATIONS
		Transfer to Debenture Redemption Reserve	321.500	0.000	0.000
		Proposed Dividend on Equity Shares	418.800	307.100	474.600
		Distribution Tax thereon	71.200	49.800	77.000
		Transfer to General Reserve	276.000	300.000	500.000
	BALANCE CARRIED TO THE B/S		7288.600	6406.600	5494.600
	IMPORTS
		Raw Materials	0.600	16.300	2.800
	TOTAL IMPORTS		0.600	16.300	2.800
	Earnings / (Loss) Per Share (Rs.)		7.05	5.62	8.80

QUARTERLY RESULTS

PARTICULARS	30.06.2013	30.09.2013	31.12.2013
Type	1^stQuarter	2^nd Quarter	3^rdQuarter
Net Sales	157.300	1066.300	655.400
Total Expenditure	264.400	664.500	566.600
PBIDT (Excl OI)	(107.100)	401.800	88.800
Other Income	476.700	151.600	211.600
Operating Profit	369.600	553.400	300.400
Interest	328.900	214.800	234.000
Exceptional Items	0.000	0.000	0.000
PBDT	40.700	338.600	66.400
Depreciation	13.600	37.600	27.500
Profit Before Tax	27.100	301.000	38.900
Tax	(3.300)	4.700	(117.300)
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	30.400	296.300	156.200
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	30.400	296.300	156.200

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	23.18	24.35	40.22
Net Profit Margin (PBT/Sales)	(%)	32.64	38.15	63.17
Return on Total Assets (PBT/Total Assets}	(%)	21.89	15.93	23.85
Return on Investment (ROI) (PBT/Networth)		0.12	1.44	1.24
Debt Equity Ratio (Total Debt/Networth)		0.41	0.40	0.10
Current Ratio (Current Asset/Current Liability)		1.60	1.44	1.24

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	559.000	559.000	559.000
Reserves & Surplus	14342.000	15554.100	16803.300
Net worth	14,901.000	16,113.100	17,362.300
Long-term borrowings	1484.100	6113.200	7112.300
Short term borrowings	0.000	355.300	66.700
Total borrowings	1,484.100	6,468.500	7,179.000
Debt/Equity ratio	0.100	0.401	0.413

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	4789.000	4779.800	6643.300
		(0.192)	38.987

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	4789.000	4779.800	6643.300
Profit	2457.800	1568.900	1969.500
	51.32%	32.82%	29.65%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Current Maturities of Long term debt	3316.500	5303.400	7957.300

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	Yes
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	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10478948	14/02/2014	850,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA	B96936216
2	10474338	30/01/2014	500,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI - 400703, MAHARASHTRA, INDIA	B94987963
3	10452420	11/09/2013	1,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, 17 R KAMANI MARG, BALLARD ESTATE, MUMBAI, MUMBAI - 400001, MAHARASHTRA, INDIA	B86342870
4	10447203	28/08/2013	850,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	B84113810
5	10439650	29/07/2013	400,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	B80676075
6	10434511	05/09/2013 *	500,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, AXIS HOUSE, GR. FLOOR, WADIA INTERNATIONAL CENTER, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA	B84533066
7	10410467	30/01/2013	1,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	B70311816
8	10410604	29/01/2013	1,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	B70195797
9	10379561	27/09/2012	1,000,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI - 400020, MAHARASHTRA, INDIA	B59319624
10	10379565	27/09/2012	1,500,000,000.00	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	RAMON HOUSE 169BACKBAY RECLAMATION, H T PAREKH MARG, MUMBAI - 400020, MAHARASHTRA, INDIA	B59320275
11	10378710	13/07/2013 *	600,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, T OWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, N AVI MUMBAI, MAHARASHTRA - 400703, INDIA	B79550547
12	10383085	31/08/2012	600,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B60741147
13	10292622	13/07/2013 *	2,350,000,000.00	3I INFOTECH TRUSTEESHIP SERVICES LIMITED	3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, T OWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, N AVI MUMBAI, MAHARASHTRA - 400703, INDIA	B79548707
14	10294695	20/06/2011	1,250,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, PUNE, TARA CHAMBERS, MUMBAI-PUNE ROAD, PUNE - 411003, MAHARASHTRA, INDIA	B15966021
15	10278213	11/04/2011	2,350,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA	B09917014
16	90232304	05/01/2005	180,000,000.00	HDFC BANK LIMITED	169; BACKBAY RCL. HT PAREKH, MUMBAI, MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Bank Overdraft Terms of Loan Repayment : Bank Overdraft is repayable on demand	32.600	355.300
Others (Company in which Director is member/director) Terms of Loan Repayment : Repayable on demand	34.100	0.000
Total	66.700	355.300

OPERATIONS OF THE COMPANY

During the year ended 31st March, 2013, the Company has earned revenue of Rs. 8498.200 Millions as compared to Rs. 6444.300 Millions for the previous year ended 31^st March, 2012. Profit after Tax was Rs.1969.500 Millions as against Rs. 1568.900 Millions in the previous year ended 31st March, 2012.

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC OVERVIEW

GLOBAL ECONOMY

The economic environment continued to remain somber in the year 2012. After a sharp decline in the global growth momentum in the year 2011 to 4.0 percent from 5.3 percent in the year 2010, the global growth declined further to 3.2 percent in the year 2012, barely above the recessionary growth of 3 percent. One of the key reasons for the growth slowdown was sharp decline in the growth of emerging economies during the year to 5.1 percent against the growth of 6.3 percent in the year 2011.

Number of positive policy actions taken during the year, especially by the key policy makers of the advanced economies would likely help in arresting this slide. These actions also address a few major concerns including the threat of a euro area breakup and the possibility of triggering the “fiscal cliff” in the US leading to its sharp fiscal contraction. Timely policy actions after a leadership change in European Central Bank (ECB) and in a few of the Euro member countries have resulted in bringing stability to the region’s debt and currency market.

The global economy remains well supported by the exceptionally benign monetary policy by central banks of most advanced economies. These policy actions include Fed’s open ended third round of quantitative easing, ECB’s commitment to do whatever it takes to preserve the euro and Japan’s USD 1.4 trillion quantitative easing. The interest rates in all these economies continue to be at a record low and in May 2013, ECB further reduced its interest rates by 25bps to a new record low of 0.5 percent.

Another positive factor was the resilience and better than the expected growth of the US economy. Despite a sharp slowdown and lower than the projected growth of almost all major economies, US grew much faster at 2.2 percent against the projected growth of 2.1 percent in April 2012. The US economy has been consistently building on its slow yet steady growth momentum and the unemployment rate in the US declined to a four year low of 7.6 percent in April 2013.

Going forward, while there are several downside risks that can derail the global growth momentum, the global GDP growth is expected to increase slightly to 3.3 percent during the year 2013 and more appreciably to 4.0 percent in the year 2014.

INDIAN ECONOMY

During the fiscal 2012-13 (FY’13), Indian economic growth continued to remain weak and the economy grew at a decade low rate of less than 5 percent, much lower than the estimated growth rate of 6.7 percent at the start of the financial year and lower than the growth rate of 6.2 percent and 9.3 percent achieved in the financial years 2011-2012 and 2010-2011, respectively.

During the financial year, especially in the first half, almost all macroeconomic factors continued to deteriorate. Despite a sharp slowdown in growth and Reserve Bank of India’s (RBI) tough stance to keep interest rates high, the inflation, especially the Consumer Price Index (CPI), remained in double digits for almost the entire year. The negative real rate of return pulled savings away from productive financial assets into unproductive physical assets like gold, which led to an increase in the current account deficit. During the year, India witnessed one of its highest current account deficits with Q3FY13’s current account deficit widening to 6.7 per cent of the GDP which is way above the often stated comfortable level of 3 per cent of the GDP. Other factors like high fiscal deficit and low corporate profitability also contributed to the reduction in savings and increase in the current account deficit.

During the year, the merchandise trade deficit increased further from 10.2 percent to 10.9 percent of the GDP due to a decline in exports.

On the positive side, the government took a number of bold steps during the second half of the financial year that are expected to have a positive impact on the economy. The government’s commitment to meet its guidance on the fiscal deficit number; consistently reduce fiscal deficit by cutting subsidies and hence free up capital for the more productive private sector; take constructive steps to boost investor confidence and there-by to ensure sufficient external funding to meet its current account deficit and stability of rupee over the short-term, should gradually get the economy back into a higher growth momentum.

REAL ESTATE SECTOR

Real estate is a very important sector and one of the biggest drivers of economic growth and investments. The Indian real estate sector can be broadly categorized as residential, commercial, retail and hospitality. The real estate demand from the hospitality sector is very modest compared to the other three segments. While a bulk of the current real estate demand comes from the residential segment, retail and commercial segments are expected to grow much faster over the next few years.

The fast improving quality and opportunity landscape of the Indian real estate sector has attracted many globally renowned companies, retailers, architects and planners to bring their operations in India. As a result, many foreign investment companies that focus on real estate, like private equity funds, pension funds and development companies are drawn to invest in the sector.

Construction development is one of the largest recipients of FDI and has attracted 11.5 percent of the total FDI inflows to the country. During the year, the sector attracted INR 683 million in FDI or 6 percent of the total FDI inflows to the country.

RESIDENTIAL SEGMENT

While the strong structural economic drivers like the rising income level, increasing mobility of the workforce, reducing family size, increasing aspirations, easier access to credit at competitive rates, favourable demographic and growing urbanisation, have helped in maintaining the demand of the quality residential spaces, the cyclical factors like the weakness in economic growth momentum, high input cost inflation leading to sharp price appreciation, execution delays and high interest rates have kept the demand momentum under check during the last 6-8 quarters.

Despite slow growing demand momentum, most cities witnessed a slight increase in capital values with a few cities like Delhi, Hyderabad, Mumbai and Pune witnessing a double digit increase in prices.

COMMERCIAL SEGMENT

The demand of commercial properties in India is strongly related to the growth and prospects of service sector, especially the IT-ITES sector, their net hiring and their future outlook. As shown in the graph alongside, the IT sector was the largest office occupier, contributing to 40 percent of the occupied space.

Since the last two years, the weak growth outlook has dampened corporate sentiments and impacted their expansion and hiring plans. There has been a slowdown in the services sector including IT/ITES and BFSI. As per NASSCOM, the hiring by the Indian IT sector might reduce to 1,30,000 – 1,50,000 in FY’14 as compared to 1,80,000 in FY’13. This is when the IT industry is projected to grow by 12-14 percent in FY’14, better than the 10.2 percent growth it saw in FY’ 12-‘13.

The weakening sentiments also got reflected in the HSBC Services Purchasing Managers’ Index, where the services growth eased for the third straight month to the eighteen month low during April 2013.

During the period June 2012- Mar 2013, Mumbai, NCR and Bengaluru together accounted for over 75 percent of the total supply in the top seven cities. While within the three regions, Mumbai accounted for almost 30 percent of

the total supply, both NCR and Bengaluru accounted for around 23 percent each of the total supply.

Demand-wise, for the period June 2012- Mar 2013, Bengaluru accounted for the maximum demand amongst the top seven cities, accounting for a little less than 29 percent of the total demand, followed by Mumbai which accounted for 23 percent of the total demand and NCR accounting for close to 20 percent of the total demand.

RETAIL SEGMENT

India has one of the largest yet one of the least organized retail markets in the world. As per a study by Deloitte, over the next few years while the retail industry will continue to grow in double digit, the share of modern retail is slated to increase multifold with its penetration expected to increase from the current less than 5 percent to over 20 percent by the year 2020.

Like other real estate segments, the demand in the retail segment was impacted by the economic slowdown over the last two years. But the recent government policy actions including passage of the Bill for allowing 51 percent FDI in multi-brand retail after permitting 100 percent FDI in single brand retail is likely to provide a strong fillip to the organised retail sector and should help increase its demand momentum.

During the year, there was continued expansion in all major cities by international apparel and F&B retailers. Retail being a location driven activity, there has been an increase in competition between domestic and international retailers in select pockets. Despite the slowing growth momentum, many international brands including IKEA, Walmart, Tesco, Carrefour, Pavers, Fossil, Brooks Brothers, Damiani, Decathlon Sports, Lotus Arts De Vivre, Officina Farmaceutica Italiana, Le Creuset, Uniqlo and Starbucks among others have evinced interest to expand their operations in India.

City-wise, Delhi holds a little less than a third of the total organised retail assets in India’s top seven cities followed

by Mumbai which holds a little over a quarter.

BUSINESS OVERVIEW

Subject is a leading Indian real estate developer headquartered at Mumbai and is part of Ashok Piramal Group, a leading Indian conglomerate having business interests in textiles, auto – components, cutting tools, infrastructure, family entertainment and sports besides real estate.

Subject has its focus on all the three major business segments viz. Residential, Retail and Commercial. In the residential segment, the company has delivered projects measuring about 2.8 million sq ft till date. It has projects totalling over 3 million sq ft under various stages of execution besides another 21 million sq ft of saleable area in the pipeline across 6 cities in India.

Peninsula Land’s commercial real estate business has been more active in Mumbai compared to other cities. The Company has developed over 3 million sq ft of commercial space till date. Most of its commercial projects are located in Lower Parel. During the year, the Company sold around 3,00,000 sq ft of space in Peninsula Business Park (PBP). PBP had a total saleable area of 1.2 million sq ft out of which the company currently is left with an inventory of around 1,20,000 odd sq feet.

In the retail segment, the company is credited for developing India’s first organised retail mall, Crossroads, at par with international standards. The Company has completed two premium malls namely Crossroads and CR2 in South Mumbai.

BUSINESS SEGMENT REVIEW

During the year, despite the macroeconomic environment being a lot tougher than initially anticipated and despite continued weakness in the real estate demand especially in the commercial segment, Peninsula Land, well supported by the strong demand for its brands, has comfortably managed to achieve targets it had set for itself in FY’13, both within and outside Mumbai.

OUTLOOK

To a large degree, all three key segments of the real estate sector get influenced by the macroeconomic environment. There have been a few indications lately; both at domestic and global level that make the Company believe that the economy has moved the worst phase of the current economic slowdown. Globally, the stability of Euro region, continued recovery in US and improvement in Japanese growth outlook are expected to maintain the interest of global companies and investors in India

Since January 2012, RBI has already reduced CRR by 150 bps and repo rate by 125 bps. The banks are yet to pass the complete benefits of these reductions to the end user and generally the positive impact of such reductions become evident only after a period. Additionally, the momentum and direction of inflation appears to have moved down. The declining inflation provides additional headroom to RBI to reduce rates. Reduction in interest rates has much more positive impact on the profitability of the real estate sector as it helps to increase top-line through pick-up in demand and also improves profit margin due to reduction of the interest burden.

The speed of recovery is expected to be gradual and not as robust as was in FY’10, immediately after the year 2008 financial crisis. In line with same, the Company expects that the recovery in the first half of the FY’14 to be driven by sentiments rather than any on-ground changes, while it expects to see perceptible improvement in the real economy in the second half of the FY’14.

Leveraging its strong understanding of the real estate market backed by strong brand in each of its business segment, well-established track record, proven design capabilities, execution skill-set and large pool of highly satisfied customer base, the Company is gradually expanding its footprints outside Mumbai as well. The key focus markets are located in southern and western India. The Company has moved into the cities which are established or upcoming IT hubs like Pune, Hyderabad and Bengaluru and in cities where there is already an established second home market like Alibaug, Lonavala and Nasik.

While in near future, the projects in south and central Mumbai would continue to drive bulk of the revenues, the Company expects projects outside Mumbai to gradually increase their contribution to the overall revenues and growth. The Management would also continue to closely monitor the business environment and evaluate opportunities for optimizing its land holdings to derive the best potential.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER/ NINE MONTHS ENDED 31^ST DECEMBER, 2013

PART I

	Particulars	Quarter Ended		Nine Months Ended
		31.12.2013	30.09.2013	31.12.2013
1(a)	Income from operations	654.900	1065.900	1877.700
1(b)	Other operating income	0.500	0.400	1.200
	Total income from operation (1a+ab)	655.400	1066.300	1878.900
3	Total Expenditure:
	a) Realty cost	364.600	5443.800	5860.200
	b) Changes in realty inventories	(24.300)	(5105.200)	(5181.400)
	c) Employees benefits expeses	103.500	186.700	433.900
	d) Depreciation	27.500	37.600	78.700
	e) Other expenditure	122.800	139.200	382.500
	Total (a+b+c+d+e)	594.100	702.100	1573.900
3	Profit from operations before other income, finance costs and exceptional items	61.300	364.200	305.000
4	Other Income	211.600	151.600	839.800
5	Profit from Ordinary Activities before finance costs and exceptional items	272.900	515.800	1144.800
6	Finance Cost	234.000	214.800	777.800
7	Profit from Ordinary Activities after finance costs but before exceptional items	38.900	301.000	367.000
8	Exceptional Items	--	--	--
9	Profit from Ordinary Activities before Tax	38.900	301.000	367.000
10	Provision for Taxation
	a)Current tax	--	65.900	71.000
	b) MAT Credit (entitlement) / Utilisation	--	(65.900)	(71.000)
	c) Tax effect of debenture issue expenses directly adjusted against reserves	39.500	--	39.500
	d) Deferred Tax	(156.800)	4.700	(155.400)
	Total Provision for Tax (a+b+c+d)	(117.300)	4.700	(115.900)
11	Net Profit After Tax	156.200	296.300	482.900
12	Paid Up Equity Capital (Face Value of equity shares : Rs. 2/- each)	558.400	558.400	558.400
13	Reserve excluding revaluation reserves
14	Basic and Diluted EPS (Rs.) (Not Annualised)
	Basic	0.56	1.06	1.73
	Diluted	0.56	1.06	1.73

PART - II
A	PARTICULARS OF SHAREHOLDING
1	Public shareholding
	a.	Number of shares	123619448	123619448	123619448
	b.	Percentage of shareholding	44.28%	44.28%	44.28%
2	Promoters and promoter group shareholding
	a.	Pledged/Encumbered
	Number of shares		42666914	42666914	42666914
		Percentage of shares (as a % of the total shareholding of promoter and promoter group)	27.42%	27.42%	27.42%
		Percentage of shares (as a % of the total share capital of the Company)	15.28%	15.28%	15.28%
	b.	Non-encumbered
	Number of shares		112914858	112914858	112914858
		Percentage of shares (as a % of the total shareholding of promoter and promoter group)	72.58%	72.58%	72.58%
		Percentage of shares (as a % of the total share capital of the Company)	40.44%	40.44%	40.44%

B INVESTOR COMPLAINTS (Nos.)	31.12..2013
Pending at the beginning of the quarter	Nil
Received during the quarter	1
Disposed of during the quarter	1
Remaining unresolved at the end of the quarter	Nil

NOTE:

1. The above results for the quarter ended 31st December 2013, which have been subjected to a limited review by the auditors of the company, were reviewed and recommended by the audit committee and subsequently approved by the Board of Directors at its meeting held on 13th February, 2014 in terms of Clause 41 of the Listing Agreement.

2. The Company is engaged in Real Estate Development business only, hence, there is no reportable segment as required by Accounting Standard AS-17

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
a. Claims against the Company not acknowledged as debts in respect of
i Income tax demand under appeal (excluding contingent interest) (Comprising additions made during assessments disputed by the Company)	35.800	318.100
b. Estimated amount of contracts remaining to be executed on capital account and not provided for (Net off Advances Rs. 80.000 Millions previous year Rs. 50.000 Millions)	57.000	87.000

FIXED ASSETS

· Free hold Land

Building

Office Equipments and Computers

Construction Equipments

Furniture and Fixtures

Motor 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.62.07
UK Pound	1	Rs.103.61
Euro	1	Rs.85.03

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.