MIRA INFORM REPORT

Report Date :

15.05.2014

IDENTIFICATION DETAILS

Name :	CITY VIEW BANGALORE PROPERTIES PRIVATE LIMITED (w.e.f. 22.05.2008)
Formerly Known As :	ETA STAR CITI CENTRE BANGALORE PRIVATE LIMITED (w.e.f. 02.11.2007) ETA STAR CITI CENTRE BANGALORE LIMITED
Registered Office :	Flat No. 854, Second Floor, Pocket B and C, Sector A, Vasant Kunj, New Delhi - 110070
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.08.2007
Com. Reg. No.:	08-228691
Capital Investment / Paid-up Capital :	Rs.1049.930 Millions
CIN No.: [Company Identification No.]	U45202DL2007PTC228691
PAN No.: [Permanent Account No.]	AABCE8281F
Legal Form :	Private Limited Liability Company
Line of Business :	The main objective of the Company is to develop a real estate property (residential and non-residential) in Bangalore.
No. of Employees :	(Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 13300000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is an established company having a moderate track record. The company has incurred a continuous loss from its operations. However, trade relations are reported to be fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.

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	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities: “BBB-”
Rating Explanation	Have moderate degree of safety and carry moderate credit risk.
Date	15.01.2014

Rating Agency Name	CARE
Rating	Short term bank facilities : “A3”
Rating Explanation	Have moderate degree of safety and carry higher credit risk.
Date	15.01.2014

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.: 91-80-22661000)

LOCATIONS

Registered Office :	Flat No.854,Second Floor, Pocket B and C, Sector A, Vasant Kunj, New Delhi - 110070
Tel. No. :	Not Available
Fax No. :	Not Available
E-Mail :	rakesh.sharma@westcourtre.com cityview@westcourtre.com neil.kapoor@westcourier.com

DIRECTORS

As on 30.10.2013

Name :

Mr. Neil Kapoor

Designation :

Director

Address :

M-26, Greater Kailash - II, New Delhi - 110048, India

Date of Birth/Age :

27.03.1978

Date of Appointment :

24.09.2012

PAN No.:

ASYPK7528D

DIN No. :

00212174

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	U51909DL1998PTC096665	NEIL MANIMPEX PRIVATE LIMITED	Director	01/06/2005	01/06/2005	-	Active	NO
2	U45201DL1996PTC078550	FIRSTCITY DEVELOPMENTS PRIVATE LIMITED	Director	01/06/2005	01/06/2005	-	Active	NO
3	U70101DL2006PTC153941	CITY LINE DEVELOPERS PRIVATE LIMITED	Director	16/09/2006	16/09/2006	-	Active	NO
4	U45200DL2007PTC159157	WESTCOURT REAL ESTATE PRIVATE LIMITED	Director	12/02/2007	12/02/2007	30/10/2007	Active	NO
5	U70102DL2007PTC167143	STUDIO U PLUS A ADVISORY PRIVATE LIMITED	Director	20/08/2007	20/08/2007	14/11/2008	Active	NO
6	U45202DL2007PTC228691	CITY VIEW BANGALORE PROPERTIES PRIVATE LIMITED	Director	24/09/2012	12/11/2007	-	Active	NO
7	U45202KA2007PTC043426	WEST ONE ELECTRONIC CITY PRIVATE LIMITED	Director	27/09/2012	16/02/2008	-	Active	NO

Name :

Mr. Kevin G Kochar

Designation :

Alternate director

Address :

Flat 2B, Epsilon Apartments, Yemlur Village Main Road, Bangalore – 560037, Karnataka, India

Date of Birth/Age :

11.09.1970

Date of Appointment :

23.10.2013

DIN No. :

02466235

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	U45202DL2007PTC228691	CITY VIEW BANGALORE PROPERTIES PRIVATE LIMITED	Alternate director	23/10/2013	24/12/2008	-	Active	NO
2	U45400DL2007PTC165517	SH TECH PARK DEVELOPERS PRIVATE LIMITED	Director	30/09/2009	24/12/2008	03/07/2013	Active	NO
3	U45202KA2007PTC043426	WEST ONE ELECTRONIC CITY PRIVATE LIMITED	Alternate director	27/09/2013	17/01/2009	-	Active	NO

Name :

Mr. Ravindra Panemangalore Pai

Designation :

Director

Address :

No. 25, Farm House Bellary Road, Byatarayanpur, Bangalore - 560092, Karnataka, India

Date of Birth/Age :

10.05.1976

Date of Appointment :

02.12.2008

PAN No. :

AJEPP7496G

DIN No. :

01516428

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	U31909KA1988PTC008879	PAI ELECTRONICS SYSTEMS PRIVATE LIMITED	Director	16/10/2003	16/10/2003	-	Active	NO
2	U45202KA1973PTC002442	CENTURY BUILDING INDUSTRIES PRIVATE LIMITED	Director	16/10/2003	16/10/2003	-	Active	NO
3	U01549KA2003PTC032880	SKANDA CENTURY FOODS PRIVATE LIMITED	Director	18/11/2003	18/11/2003	-	Active	NO
4	U05190KA2004PTC034731	RETINA MARKETING AND COMMUNICATIONS PRIVATE LIMITED	Director	21/09/2004	21/09/2004	-	Strike off	NO
5	U55101KA2002PTC030183	MANIPAL RESORTS COMPANY PRIVATE LIMITED	Director	28/01/2005	28/01/2005	05/12/2013	Active	NO
6	U65993KA1994PLC016000	AKJ CREDIT LIMITED	Director	21/02/2005	21/02/2005	-	Strike off	NO
7	U66000KA1989PLC010453	VULCAN INTERNATIONAL INSURANCE BROKERS LIMITED	Director	30/06/2005	30/06/2005	-	Active	NO
8	U65991KA1995PLC030034	VULCAN BENEFIT FUND LIMITED	Director	28/09/2005	28/09/2005	-	Active	NO
9	U70102KA2006PTC038550	INDILAND DEVELOPERS BANGALORE PRIVATE LIMITED	Director	21/02/2006	21/02/2006	-	Active	NO
10	U85320KA2006PTC038972	CENTURY RETIREMENT LIVING PRIVATE LIMITED	Director	10/04/2006	10/04/2006	-	Active	NO
11	U05510KA1999PTC025690	CENTURY HOSPITALITY HOLDINGS PRIVATE LIMITED	Director	02/05/2006	02/05/2006	-	Active	NO
12	U45201KA2003PTC033023	MANTRI TECHZONE PRIVATE LIMITED	Director	28/12/2006	28/12/2006	-	Active	NO
13	U70101KA2007PTC042078	CENTURY REAL ESTATE HOLDINGS PRIVATE LIMITED	Managing director	01/07/2008	13/03/2007	-	Active	NO
14	U70102KA2006PTC038971	CENTURY PROPERTY MANAGEMENT COMPANY PRIVATE LIMITED	Director	24/08/2007	24/08/2007	-	Active	NO
15	U45201KA2007PTC043960	CENTURY PRAKRUTI INFRA PROJECTS PRIVATE LIMITED	Director	25/09/2007	25/09/2007	-	Active	NO
16	U45202DL2007PTC228691	CITY VIEW BANGALORE PROPERTIES PRIVATE LIMITED	Director	02/12/2008	12/11/2007	-	Active	NO
17	U45202KA2008PTC045537	CENTURY BANGALORE CITY CENTRE PRIVATE LIMITED	Director	09/09/2009	31/03/2008	-	Active	NO
18	U51101KA1965PTC001585	HAJEES ENTERPRISES PRIVATE LIMITED	Director	01/10/2009	01/10/2009	-	Active	NO
19	U45201KA2003PTC064723	SURUCHI PROPERTIES PRIVATE LIMITED	Director	28/07/2010	28/07/2010	-	Active	NO
20	U80301KA1999PTC024775	GEETANJALI EFFECTIVE REALTY SOLUTIONS PRIVATE LIMITED	Director	15/05/2011	15/05/2011	-	Active	NO
21	U80211KA2011PTC059613	MANASA EDUCATIONAL ACADEMY PRIVATE LIMITED	Director	18/07/2011	18/07/2011	-	Active	NO
22	U67110KA2013PTC070000	TRIVEDA CAPITAL ADVISORS PRIVATE LIMITED	Director	05/07/2013	05/07/2013	17/07/2013	Active	NO

Name :

Mr. Sandeep Bhardwaj

Designation :

Alternate Director

Address :

NH-103, Sriram Spandhana Appts, Wind Tunnel Road, Chalaghatta Yamlur, Bangalore – 560037, Karnataka, India

Date of Birth/Age :

19.05.1980

Date of Appointment :

23.10.2013

DIN No. :

05157956

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	U45202KA2007PTC043426	WEST ONE ELECTRONIC CITY PRIVATE LIMITED	Alternate director	26/09/2013	14/01/2012	Active	NO
2	U45202DL2007PTC228691	CITY VIEW BANGALORE PROPERTIES PRIVATE LIMITED	Alternate director	23/10/2013	21/06/2013	Active	NO

Name :

Chhaya Patel Prasad

Designation :

Director

Address :

7, Hornbeam Gardens, New Malden, United Kingdom, KT36PY

Date of Birth/Age :

05.10.1977

Date of Appointment :

30.10.2013

DIN No. :

06500634

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	U45202DL2007PTC228691	CITY VIEW BANGALORE PROPERTIES PRIVATE LIMITED	Director	30/10/2013	05/03/2013	Active	NO
2	U45202KA2007PTC043426	WEST ONE ELECTRONIC CITY PRIVATE LIMITED	Director	30/09/2013	22/08/2013	Active	NO

Name :

Mr. Jonathan Richard Vanica

Designation :

Director

Address :

Flat B7/F, 3 South Bay Close, South Bay, Hong Kong

Date of Birth/Age :

29.10.1973

Date of Appointment :

30.10.2013

DIN No. :

06512304

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	U74899DL1998PLC094773	VATIKA LIMITED	Director	29/07/2013	04/03/2013	Active	NO
2	U45202DL2007PTC228691	CITY VIEW BANGALORE PROPERTIES PRIVATE LIMITED	Director	30/10/2013	05/03/2013	Active	NO
3	U51909MH2007PTC170877	M. PALLONJI ENTERPRISES PRIVATE LIMITED	Director	30/09/2013	29/04/2013	Active	NO
4	U31200MH1974PLC017538	STERLING AND WILSON LIMITED	Nominee director	10/05/2013	10/05/2013	Active	NO
5	U99999MH2005PLC157078	TIMES INNOVATIVE MEDIA LIMITED	Director	27/09/2013	17/05/2013	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.10.2013

Names of Equity Shareholders	No. of Shares
Century Real Estate Holdings Private Limited, India	27000000
WWD Pearl Limited, Mauritius	73000000
Total	100000000

Names of Preference Shareholders	No. of Shares
Century Real Estate Holdings Private Limited, India	4993000
Total	4993000

As on 30.10.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	73.00
Other top fifty shareholders	27.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The main objective of the Company is to develop a real estate property (residential and non-residential) in Bangalore.

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

Not Available

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Rupee term loans from banks	1861.200	1001.000
Total	1861.200	1001.000

Banking Relations :	--
Financial Institute :	Axis Trustee Services Limited, Maker Towers 'F', 13th Floor, Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India
Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	5^th Floor, Tower D, The Millenia1 & 2 Murphy Road, Ulsoor, Bangalore, India
Income-tax PAN of auditor or auditor's firm :	AADFP9359C
Ultimate Holding Company:	The Goldman Sachs Group Inc., United States
Fellow Subsidiary Company:	Green Banatelis Limited, Cyprus
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Century Real Estate Holdings Private Limited CIN No.: U70101KA2007PTC042078 Century Building Industries Private Limited CIN No.: U45202KA1973PTC002442
Others:	· Goldman Sachs Developing Markets Real Estate Coopertief U.A, The Netherlands India Investments Holdings (Cayman) Limited, Cayman Islands WWD Investment Holdings Limited, Mauritius WWDI Investments Limited, Mauritius WWD Pear l Limited, Mauritius

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000,000	Equity Shares	Rs.10/- each	Rs. 1000.000 Millions
10,000,000	Preference Shares	Rs.10/- each	Rs. 100.000 Millions
	Total		Rs. 1100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100,000,000	Equity Shares	Rs.10/- each	Rs. 1000.000 Millions
4,993,000	Preference Shares	Rs.10/- each	Rs. 49.930 Millions
	Total		Rs. 1049.930 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	1049.930	1049.930	1049.930
(b) Reserves & Surplus	2274.721	2875.589	3003.635
(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)	3324.651	3925.519	4053.565
(3) Non-Current Liabilities
(a) long-term Borrowings	3936.400	2811.000	2241.000
(b) Deferred Tax Liabilities (Net)	0.000	0.000	0.000
(c) Other Long Term Liabilities	293.339	284.934	276.800
(d) long-term Provisions	0.417	0.213	0.000
Total Non-current Liabilities (3)	4230.156	3096.147	2517.800
(4) Current Liabilities
(a) Short Term Borrowings	0.000	0.000	0.000
(b) Trade Payables	63.649	51.312	61.471
(c) Other Current Liabilities	455.067	190.387	132.587
(d) Short-term Provisions	0.000	0.000	0.000
Total Current Liabilities (4)	518.716	241.699	194.058
TOTAL	8073.523	7263.365	6765.423
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible Assets	4315.025	4547.336	4509.397
(ii) Intangible Assets	0.008	0.021	0.005
(iii) Capital Work-in-Progress	1641.371	1083.474	741.155
(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	231.120	144.085	142.066
(e) Other Non-current Assets	0.000	16.393	0.000
Total Non-Current Assets	6187.524	5791.309	5392.623
(2) Current assets
(a) Current Investments	0.000	0.000	0.000
(b) Inventories	1213.911	1014.951	875.062
(c) Trade Receivables	0.000	0.000	0.000
(d) Cash and Cash Equivalents	320.586	336.093	471.899
(e) Short-term Loans and Advances	233.538	90.089	22.327
(f) Other Current Assets	117.964	30.923	3.512
Total Current Assets	1885.999	1472.056	1372.800
TOTAL	8073.523	7263.365	6765.423

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	3.696	4.753	0.203
Less	EXPENSES
		TOTAL	144.994	120.361	61.179
	PROFIT BEFORE TAX, EXCEPTIONAL ITEMS AND PRIOR PERIOD ITEMS		(141.298)	(115.608)	(60.976)
Less	EXCEPTIONAL ITEMS		230.844	11.345	0.000
Less	PRIOR PERIOD EXPENSES/(INCOME), NET		0.000	1.093	0.800
	PROFIT/ (LOSS) BEFORE TAX		(372.142)	(128.046)	(61.776)
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(372.142)	(128.046)	(61.776)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(10068.78)	(2694.00)	(30431.53)
Return on Total Assets (PBT/Total Assets}	(%)	(5.79)	(2.07)	(1.03)
Return on Investment (ROI) (PBT/Networth)		(0.11)	(0.03)	(0.02)
Debt Equity Ratio (Total Debt/Networth)		1.18	0.72	0.55
Current Ratio (Current Asset/Current Liability)		3.64	6.09	7.07

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	1049.930	1049.930	1049.930
Reserves & Surplus	3003.635	2875.589	2274.721
Net worth	4053.565	3925.519	3324.651
long-term borrowings	2241.000	2811.000	3936.400
Short term borrowings	0.000	0.000	0.000
Total borrowings	2241.000	2811.000	3936.400
Debt/Equity ratio	0.553	0.716	1.184

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)
Total Income	0.203	4.753	3.696
		2,241.379	(22.239)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	0.203	4.753	3.696
Profit	(61.776)	(128.046)	(372.142)
	(30431.53%)	(2694.00%)	(10068.78%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	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	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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

 IN THE HIGH COURT OF DELHI AT NEW DELHI

O.M.P. 273/2014

WESTCOURT REAL ESTATE PRIVATE LIMITED

 ..... Petitioner

Through: Mr. Sunil Narula, Savita Sarna and Sakshi Narula, Advocates

Versus

CITY VIEW BANGALORE PROPERTIES PRIVATE LIMITED

.... Respondent

Through: Mr. Amit S Chadha, Sr. Adv. with Mr. Mayank Mishra, Advocate

CORAM:

HON'BLE MR. JUSTICE VIPIN SANGHI

ORDER

16.04.2014

Learned counsel for the respondent appears and seeks time to filthe reply. Let the same be filed within three weeks. Rejoinder be filed before the next date.

 In the reply, the respondent shall disclose their latest balance sheet and details of their movables and immovable assets, securities and bank accounts.

List on 28.07.2014

VIPIN SANGHI,

APRIL 16, 2014

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10254460	10/12/2010 *	3,700,000,000.00	AXIS TRUSTEE SERVICES LIMITED	MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	B04646808

CHANGE OF ADDRESS

The registered office of the company has been shifted from Level 4, No.9, Bellary Road, Ganganagar, Bangalore – 560032, Karnataka, India to the present address w.e.f. 08.12.2011.

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Fully convertible debentures others	2075.200	1810.000
Total	2075.200	1810.000

GENERAL INFORMATION

The "Company" was incorporated on August 10, 2007 under the Companies Act, 1956. The Company is a Joint Venture between WWD Pearl Limited (a Company incorporated in Mauritius), and Century Real Estate Holding Private Limited (a Company incorporated at Bangalore, India). The main objective of the Company is to develop a real estate property (residential and non-residential) in Bangalore.

REVIEW OF OPERATIONS

The Company has achieved a total income of Rs. 3.696 Millions for the year ended March 31, 2013 as against Rs. 4.753 Millions achieved during the previous year ended March 31, 2012. Net Loss of the Company for the year ended March 31, 2013 stood at Rs. 372.142 Millions as against Net Loss of Rs. 128.046 Millions for the previous year.

FIXED ASSETS

TANGIBLE ASSETS

Land

Buildings

Plant and Equipment

Furniture and Fixtures

Office Equipment

Leasehold Improvements

INTANGIBLE ASSETS

Computer Software

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.59.88
UK Pound	1	Rs.100.98
Euro	1	Rs.82.40

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	RAS
Report Prepared by :	MRI

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	4
--PROFITABILIRY	1~10	2
--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	YES
--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		34

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.