MIRA INFORM REPORT

Report Date :

09.05.2014

IDENTIFICATION DETAILS

Name :	NAIKNAVARE CONSTRUCTIONS PRIVATE LIMITED

Registered Office :	1204/4 , Ghole Road, Shivaji Nagar, Pune – 411 004, Maharashtra

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	07.06.2007

Com. Reg. No.:	11-130271

Capital Investment / Paid-up Capital :	Rs.8.500 millions

CIN No.: [Company Identification No.]	U45202PN2007PTC130271

TAN No.: [Tax Deduction & Collection Account No.]	PNEN06048A

Legal Form :	Private Limited Liability Company

Line of Business :	Construction Activity

No. of Employees :	Information declined by the Management.

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 3077000

Status :	Project under implementation

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Even though the company was incorporated during 07^th June 2007, project of the company is still under implementation. As claimed by Mr. Balchandra Sane, Accounts Manager that company’s project is under implementation and it will complete after 2 years. As per available financial record of 2013, the company has incurred huge pre-operating expenses which resulting into losses recorded by the company. As per the status in the registrar of companies business appears to be active. Payment terms are unknown. The company can be considered for business dealing with great caution.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

India

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

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 PARTED BY (PARTIAL DETAILS)

Name :	Mr. Balchandra Sane
Designation :	Accounts Manager
Contact No.:	91-20-25533700
Date :	06.05.2014

LOCATIONS

Registered Office :	1204/4 , Ghole Road, Shivaji Nagar, Pune – 411 004, Maharashtra
Tel. No.:	91-20-25533700
Mobile No.:	91-9850053237 (Mr. Sandesh)
Fax No.:	Not Available
E-Mail :	gajanan@naiknavare.com
Website :	http://www.naiknavare.com

DIRECTORS

AS ON 26.09.2013

Name :

Mr. Hemant Dattaji Naiknavare

Designation :

Director

Address :

Sonjai, Flat No.108, Lane No.15, Prabhat Road, Ernadwane, Pune – 411 004, Maharashtra, India

Date of Birth/Age :

01.10.1960

Date of Appointment :

07.06.2007

DIN No.:

00763802

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	U45202PN1990PTC058235	NAIKNAVARE ASSOCIATES PROMOTERS AND BUILDERS PRIVATE LIMITED	Director	20-09-1990	20-09-1990	-	Active	NO
2	U24117PN1991PTC015637	NAIKNAVARE CHEMICALS LIMITED	Director	28-06-1991	28-06-1991	-	Active	NO
3	U24230MH1991PTC062793	RANQ PHARMACEUTICALS AND EXCIPIENTS PRIVATE LIMITED	Director	02-08-1991	02-08-1991	-	Active	NO
4	U45309PN2003PTC018510	ALUFORM CONSTRUCTION SYSTEMS PRIVATE LIMITED	Director	29-10-2003	29-10-2003	-	Active	NO
5	U45201PN2004PTC019443	SYNERGY DEVELOPMENT CORPORATION PRIVATE LIMITED	Director	28-06-2004	28-06-2004	-	Active	NO
6	U55101PN2006PTC128823	SEASONS SERVICE APARTMENTS HOTEL PRIVATE LIMITED	Director	31-07-2006	31-07-2006	-	Active	NO
7	U45202PN2007PTC129973	NAIKNAVARE HOUSING DEVELOPMENTS PRIVATE LIMITED	Director	17-04-2007	17-04-2007	-	Active	NO
8	U45202PN2007PTC130271	NAIKNAVARE CONSTRUCTIONS PRIVATE LIMITED	Director	07-06-2007	07-06-2007	-	Active	NO
9	U45200PN2007PTC130283	NAIKNAVARE TOWNSHIPS PRIVATE LIMITED	Director	08-06-2007	08-06-2007	-	Converted to LLP and dissolved	NO
10	U45200PN2007PTC131033	NAIKNAVARE DEVELOPERS PRIVATE LIMITED	Director	26-11-2007	26-11-2007	-	Active	NO
11	U45200PN2008PTC131639	NAIKNAVARE PROFILE ENVIRON HOUSING PRIVATE LIMITED	Director	18-03-2008	18-03-2008	-	Active	NO
12	AAA-8259	NAIKNAVARE DEVELOPERS AND SUNHAR INFRACOM LLP	Body corporate as Designated Partner	07-03-2012	07-03-2012	-	Active	NO
13	AAB-0754	NAIKNAVARE TOWNSHIPS LLP	Designated Partner	21-08-2012	21-08-2012	-	Active	NO
14	AAC-2025	NAIKNAVARE PROFILE DEVELOPERS LLP	Designated Partner	24-03-2014	24-03-2014	-	Active	NO

Name :

Mr. Ranjit Dattaji Naiknavare

Designation :

Director

Address :

Sonjai, Flat No.108, Lane No.15, Prabhat Road, Ernadwane, Pune – 411 004, Maharashtra, India

Date of Birth/Age :

20.10.1962

Date of Appointment :

07.06.2007

DIN No.:

00151409

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	U45202PN1990PTC058235	NAIKNAVARE ASSOCIATES PROMOTERS AND BUILDERS PRIVATE LIMITED	Director	20-09-1990	20-09-1990	-	Active	NO
2	U24117PN1991PTC015637	NAIKNAVARE CHEMICALS LIMITED	Director	28-06-1991	28-06-1991	-	Active	NO
3	U45309PN2003PTC018510	ALUFORM CONSTRUCTION SYSTEMS PRIVATE LIMITED	Director	29-10-2003	29-10-2003	-	Active	NO
4	U55101PN2006PTC128823	SEASONS SERVICE APARTMENTS HOTEL PRIVATE LIMITED	Director	31-07-2006	31-07-2006	-	Active	NO
5	U45202PN2007PTC129973	NAIKNAVARE HOUSING DEVELOPMENTS PRIVATE LIMITED	Director	17-04-2007	17-04-2007	-	Active	NO
6	U45202PN2007PTC130271	NAIKNAVARE CONSTRUCTIONS PRIVATE LIMITED	Director	07-06-2007	07-06-2007	-	Active	NO
7	U45200PN2007PTC130283	NAIKNAVARE TOWNSHIPS PRIVATE LIMITED	Director	08-06-2007	08-06-2007	-	Converted to LLP and dissolved	NO
8	U45209PN2006PLC021791	PREFERRED BUILDERS AND PROMOTERS REALTY LIMITED	Managing director	10-08-2007	10-08-2007	-	Under liquidation	NO
9	U45200PN2007PTC131033	NAIKNAVARE DEVELOPERS PRIVATE LIMITED	Director	26-11-2007	26-11-2007	-	Active	NO
10	U45200PN2008PTC131639	NAIKNAVARE PROFILE ENVIRON HOUSING PRIVATE LIMITED	Director	18-03-2008	18-03-2008	-	Active	NO
11	AAB-0754	NAIKNAVARE TOWNSHIPS LLP	Designated Partner	21-08-2012	21-08-2012	-	Active	NO
12	AAC-2025	NAIKNAVARE PROFILE DEVELOPERS LLP	Designated Partner	24-03-2014	24-03-2014	-	Active	NO

Name :

Mr. Zoltan Varga

Designation :

Nominee Director

Address :

Chateau De Park, 8MT Kellet Road, The Pea, Hong Kong

Date of Birth/Age :

25.02.1974

Date of Appointment :

20.10.2009

DIN No.:

01336565

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	U72200AP2003PTC040445	ICONIC DESIGNS PRIVATE LIMITED	Nominee director	06-12-2006	06-12-2006	-	Active	NO
2	L07010KA2004PLC033412	NITESH ESTATES LIMITED	Director	17-07-2007	12-01-2007	08-10-2009	Active	NO
3	U70101WB2003PLC096525	PRAGATI 47 DEVELOPMENT LIMITED	Director	06-10-2007	12-04-2007	08-09-2010	Active	NO
4	U70101PN2008PTC131638	MARVELEDGE REALTORS PRIVATE LIMITED	Director	26-09-2008	27-03-2008	-	Active	NO
5	U70102DL2008PTC172384	P. E. ANALYTICS PRIVATE LIMITED	Director	18-09-2008	18-09-2008	-	Active	NO
6	U45202PN2007PTC130271	NAIKNAVARE CONSTRUCTIONS PRIVATE LIMITED	Nominee director	20-10-2009	20-10-2009	-	Active	NO
7	U45202PN2007PTC129973	NAIKNAVARE HOUSING DEVELOPMENTS PRIVATE LIMITED	Nominee director	20-10-2009	20-10-2009	-	Active	NO
8	U45200PN2007PTC130565	MARVEL LANDMARKS PRIVATE LIMITED	Nominee director	28-09-2010	20-10-2009	-	Active	NO
9	U74899HR2000PLC043893	ELDECO INFRASTRUCTURE AND PROPERTIES LIMITED	Director	24-09-2010	21-10-2009	-	Active	NO
10	U45201TN2005PTC057627	SRI CITY PRIVATE LIMITED	Director	29-09-2010	21-10-2009	-	Active	NO
11	U72200AP2007PLC056007	CTRL S DATACENTERS LIMITED	Additional director	22-10-2009	22-10-2009	-	Active	NO
12	U70102KA2007PTC043539	EPSILLON REAL ESTATE PRIVATE LIMITED	Director	22-09-2010	29-10-2009	-	Active	NO

Name :

Mr. Anand Balakrishna Madduri

Designation :

Nominee Director

Address :

FT-C, 11/F, Branksome Grande, 3, Trigunter Path, MID-Levels, Hong Kong

Date of Birth/Age :

11.08.1972

Date of Appointment :

01.07.2013

DIN No.:

01038783

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	U72900PN2005PTC142131	PANCHSHIL CORPORATE PARK PRIVATE LIMITED	Director	20-12-2006	20-12-2006	07-07-2008	Active	NO
2	U45200PN2005PTC143269	PANCHSHIL INFRASTRUCTURE HOLDINGS PRIVATE LIMITED	Director	21-12-2006	21-12-2006	07-07-2008	Active	NO
3	U70102KA1990PTC027924	MANTRI DEVELOPERS PRIVATE LIMITED	Director	25-07-2007	26-12-2006	07-07-2008	Active	NO
4	L45200MH1998PLC114818	OBEROI REALTY LIMITED	Director	29-09-2007	17-01-2007	07-07-2008	Active	NO
5	U74899DL1979PTC010091	IHHR HOSPITALITY PRIVATE LIMITED	Director	29-03-2007	29-03-2007	07-07-2008	Active	NO
6	U45201DL2003PTC123135	ALPHA G:CORP DEVELOPMENT PRIVATE LIMITED	Director	29-12-2007	11-06-2007	07-07-2008	Active	NO
7	U45200AP2006PTC049680	APARNA INFRAHOUSING PRIVATE LIMITED (PART IX )	Director	26-07-2007	26-07-2007	07-07-2008	Active	NO
8	U55701PN1991PTC134103	PREMSAGAR INFRA REALTY PRIVATE LIMITED	Additional director	12-11-2007	12-11-2007	07-07-2008	Active	NO
9	U70102KA2007PTC043539	EPSILLON REAL ESTATE PRIVATE LIMITED	Director	25-09-2013	28-06-2013	-	Active	NO
10	U72200AP2007PLC056007	CTRL S DATACENTERS LIMITED	Additional director	01-07-2013	01-07-2013	-	Active	NO
11	U70102DL2008PTC172384	P. E. ANALYTICS PRIVATE LIMITED	Nominee director	01-07-2013	01-07-2013	-	Active	NO
12	U70101PN2008PTC131638	MARVELEDGE REALTORS PRIVATE LIMITED	Nominee director	01-07-2013	01-07-2013	-	Active	NO
13	U45200PN2007PTC130565	MARVEL LANDMARKS PRIVATE LIMITED	Nominee director	01-07-2013	01-07-2013	-	Active	NO
14	U45202PN2007PTC129973	NAIKNAVARE HOUSING DEVELOPMENTS PRIVATE LIMITED	Nominee director	01-07-2013	01-07-2013	-	Active	NO
15	U45202PN2007PTC130271	NAIKNAVARE CONSTRUCTIONS PRIVATE LIMITED	Nominee director	01-07-2013	01-07-2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Balchandra Sane
Designation :	Accounts Manager

Name :	Mr. Sandesh
Designation :	Chief Engineer

Name :	KANJ and Associates
Designation :	Company Secretaries
Address :	3-4, “Aishwarya Sankul”, S.No.17, G.A. Kulkarni Path, Opposite Joshi Railway Museaum, Kothrud, Pune – 411 038, Maharashtra, India
Tel. No.:	91-20-25466265/ 65206055
Tel/Fax No.:	91-20-25461561

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2013

Names of Shareholders (Class A Equity Shares)		No. of Shares
Dattaji Prabhuji Naiknavare		1
Hemant Dattaji Naiknavare		1
Ranjit Dattaji Naiknavare		1
Gauri Hemant Naiknavare		1
Naiknavare Developers Private Limited, India		59996
AMIF RE Investment V Limited, Mauritius		40000
Total		100000

Names of Shareholders (Class B Equity Shares)

No. of Shares

AMIF RE Investment V Limited, Mauritius

300000

Total

300000

Names of Shareholders (Class C Equity Shares)

No. of Shares

Naiknavare Developers Private Limited, India

450000

Total

450000

AS ON 26.09.2013

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		40.00
Bodies corporate		59.99
Directors or relatives of directors		0.01
Total		100.00

BUSINESS DETAILS

Line of Business :

Construction Activity

GENERAL INFORMATION

No. of Employees :

Information declined by the Management.

Bankers :

Bank of Maharashtra, Lokmangal, 1501, Shivajinagar, Pune – 411 005, Maharashtra, India

Facilities :

Secured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans
- From Banks	92.500	0.000
Total	92.500	0.000

a) Details of guarantee for each type of borrowings (for total amount of loan sanctioned)

Guaranteed by

Mr. Hemant Dattaji Naiknavare – Director

Mr. Ranjit Dattaji Naiknavare – Director

Naiknavare Developers Private Limited – Holding Company

b) Details of term loans from banks

On 6 June 2012, the Company entered into an agreement with Bank of Maharashtra for a term loan facility of Rs.350.000 millions (Previous Year Nil) for the working capital requirements of the company. It is sewed as below -

Primary Security

(a) Loan from bank is secured by way of equitable mortgage on land and structure situated at Village Panelim, Taluka Tiswadi, Goa 403402 viz. Gat No.14/-1B and 15/-1B in the name of the Company, to be constructed out of bank finance.

(b) Assignment of the Receivables having total Sales Value of Rs.2078.300 millions. Negative lien on unsold flats.

Collateral

a) Land owned by the Company adjoining the site to give an additional collateral due of Rs.200.000 millions.

c) Terms of repayment of term loans

Term loan is repayable after April 2014 in eight equal instalments.


Banking Relations :	--

Auditors :
Name :	Walker, Chandiok and Company Chartered Accountants
Address :	16^th Floor, Tower II, Indiabulls Finance Centre, S.B. Marg, Elphinstone (West), Mumbai – 400 013, Maharashtra, India
Tel. No.:	91-22-66262600
Fax No.:	91-22-66262601
E-Mail :	MUMBAI@in.gt.com
PAN No.:	AAAFW4298E

Holding Company :	Naiknavare Developers Private Limited, India CIN No.: U45200PN2007PTC131033

CAPITAL STRUCTURE

AS ON 26.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
120000	Class A Equity Shares	Rs.10/- each	Rs.1.200 millions
350000	Class B Equity Shares	Rs.10/- each	Rs.3.500 millions
530000	Class C Equity Shares	Rs.10/- each	Rs.5.300 millions
	Total		Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Class A Equity Shares	Rs.10/- each	Rs.1.000 million
300000	Class B Equity Shares	Rs.10/- each	Rs.3.000 millions
450000	Class C Equity Shares	Rs.10/- each	Rs.4.500 millions
	Total		Rs.8.500 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital	8.500	8.500	8.500
(b) Reserves & Surplus	760.680	782.275	786.437
(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)	769.180	790.775	794.937

(3) Non-Current Liabilities
(a) Long-term borrowings	92.500	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	92.500	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	0.000	25.066	4.416
(b) Trade payables	14.355	5.558	0.504
(c) Other current liabilities	6.441	0.291	0.096
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	20.796	30.915	5.016

TOTAL	882.476	821.690	799.953

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.189	0.000	0.000
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.140	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2.329	0.000	0.000

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	857.760	821.246	798.918
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	19.201	0.103	0.536
(e) Short-term loans and advances	3.186	0.341	0.499
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	880.147	821.690	799.953

TOTAL	882.476	821.690	799.953

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.000	0.000	0.000
		TOTAL	0.000	0.000	0.000

Less	EXPENSES
		General and Administrative Expenses	21.581	4.162	0.795
		TOTAL	21.581	4.162	0.795

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(21.581)	(4.162)	(0.795)

Less/ Add	DEPRECIATION/ AMORTISATION		0.014	0.000	0.000

	PROFIT / (LOSS) BEFORE TAX		(21.595)	(4.162)	(0.795)

Less	TAX		0.000	0.000	0.000

	PROFIT / (LOSS) AFTER TAX		(21.595)	(4.162)	(0.795)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(17.483)	(13.321)	(12.526)

	BALANCE CARRIED TO THE B/S		(39.078)	(17.483)	(13.321)

	Earnings / (Loss) Per Share (Rs.)		(215.95)	(41.62)	(7.95)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.00	0.00	0.00

Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00

Return on Total Assets (PBT/Total Assets}	(%)	(2.45)	(0.51)	(0.10)

Return on Investment (ROI) (PBT/Networth)		(0.03)	(0.01)	0.00

Debt Equity Ratio (Total Debt/Networth)		0.12	0.03	0.01

Current Ratio (Current Asset/Current Liability)		42.32	26.58	159.48

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	8.500	8.500	8.500
Reserves & Surplus	786.437	782.275	760.680
Net worth	794.937	790.775	769.180

Long-term borrowings	0.000	0.000	92.500
Short term borrowings	4.416	25.066	0.000
Total borrowings	4.416	25.066	92.500
Debt/Equity ratio	0.006	0.032	0.120

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	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	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes
31) Date of Birth of Proprietor/Partner/Director, if available	Yes
32) PAN of Proprietor/Partner/Director, if available	No
33) Voter ID No of Proprietor/Partner/Director, if available	No
34) External Agency Rating, if available	No

INDEX OF CHARGES:

No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

10381092

24/09/2012

350,000,000.00

BANK OF MAHARASHTRA

LOKMANGAL, 1501, SHIVAJINAGAR, PUNE, MAHARASHTRA -
411005, INDIA

B59915603

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Loan from Naiknavare Developers Private Limited, the holding company	0.000	25.066
Total	0.000	25.066

BACKGROUND AND PRINCIPAL ACTIVITIES:

The Company was incorporated in India on 7 June 2007 as a private limited company. The Company is formed for the development of integrated township at Goa. On 15 April 2003 the Company has entered into Shareholders Agreement and Share Subscription Agreement with AMIF RE Investment V Limited, a company registered under the laws of Mauritius.

FIXED ASSETS:

· Furniture

· Computer

· Office Equipment

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.59.99
UK Pound	1	Rs.101.75
Euro	1	Rs.83.48

INFORMATION DETAILS

Information Gathered by :	NYA / HNA

Analysis Done by :	KAR

Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	-
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.

MIRA INFORM REPORT

0.00

0.00

(2.45)

(0.51)

(0.10)

(0.03)

(0.01)

0.00

0.12

42.32

Unit