MIRA INFORM REPORT

Report Date :

29.11.2014

IDENTIFICATION DETAILS

Name :	DOSAL ENTERPRISES PRIVATE LIMITED (w.e.f.23.10.2009)
Formerly Known As :	DOSAL ENGINEERING AND CONSTRUCTION PRIVATE LIMITED (w.e.f.29.03.2007) DOSAL PRIVATE LIMITED
Registered Office :	702, Prism Tower, A- Wing, Mindspace, Link Road, Goregaon (West), Mumbai-4000062, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	01.03.1948
Com. Reg. No.:	11-006195
Capital Investment / Paid-up Capital :	Rs. 826.263 millions
CIN No.: [Company Identification No.]	U15122MH1948PTC006195
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 3900000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The rating takes into consideration demonstrated track record of the promoters in EPC execution supported by established franchisee model for ‘pizza hut’ in the casual dining industry, sound financial base and favorable liquidity profile of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIC
Rating	Long term bank facilities BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	April 15, 2014

Rating Agency Name	CRISIC
Rating	Short term bank facilities A3
Rating Explanation	Moderate degree of safety and high credit risk
Date	April 15, 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 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Shiv Madiwal
Designation :	Accounts Manager
Contact No.:	Not Available
Date :	26.11.2014

LOCATIONS

Registered Office :	702, Prism Tower, A- Wing, Mindspace, Link Road, Goregaon (West), Mumbai-4000062, Maharashtra, India
Tel. No.:	91-22-40095200
Fax No.:	91-022-40033509
E-Mail :	dodsal@dodsal.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Ramanujam Alasingrashar Mandayam

Designation :

Director

Address :

102 C Eden Iv Co-Operative, Housing Societylimited, Central Avenue, Haranandani Gardens Powai, Mumbai-4000761, Maharashtra, India

Date of Birth/Age :

14.10.1947

Date of Appointment :

19.11.2009

DIN No.:

01758766

Name :

Mahesh Jayendrakanth Joshi

Designation :

Director

Address :

Flat No. 601, 6^th Floor C. Wing Old Ashok Nagar C.H.S. Ltd 179 L.T. Road, Borivali (West), Mumbai-400091, Maharashtra, India

Date of Birth/Age :

03.09.1959

Date of Appointment :

22.10.2012

DIN No.:

01743305

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	U55101MH1999PTC117897	DODSAL CORPORATION PRIVATE LIMITED	Additional director	25/07/2007	25/07/2007	-	Amalgamated	NO
2	U15122MH1948PTC006195	DODSAL ENTERPRISES PRIVATE LIMITED	Additional director	22/10/2012	25/07/2007	-	Active	NO
3	U28920MH1979PTC021827	DODSAL AGENCIES SERVICES PRIVATE LIMITED	Director	01/08/2007	01/08/2007	20/11/2008	Amalgamated	NO
4	U92412MH2012PTC232891	Mumbai Tigers Football Club Private Limited	Director	28/09/2013	15/06/2013	-	Active	NO
5	U29111MH2005PTC234412	Dodsal Engineering and Construction (India) Private Limited	Additional director	09/10/2013	09/10/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Shiv Madiwal
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage
Rajan Arvind Kilachand	4858067	58.80
Samir rajan kilachand	20667	0.25
Nikhil rajen kilachand	20667	0.25
Nayantara rajen kilachand	20666	0.25
Dodsal lifestyle Mauritius limited	3039555	36.79
Dodsal nki Mauritius limited	303003	3.67
Nina rajen kilachand	3	0.00
Total	8262628	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	40.46
Directors or relatives of Directors	59.54
Total	100.00

BUSINESS DETAILS

Line of Business :
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

Not Divulged

No. of Employees :

Not Divulged

Bankers :

· IDBI Trusteeship Services Limited Asian Building, Ground Floor, 179 Kamani Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India

· Yes Bank Limited9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2013	As on 31.03.2012
Long Term Borrowing
Rupee term loan from banks	285.637	121.356
Loans taken for vehicle	8.547	11.562
Short Term Borrowing
Working capital loans from banks	15.000	15.000
Other loans and advances	138.761	37.591
Total	447.945	185.509

Auditors :
Name :	Price Waterhouse Chartered Accountant
Address :	252 Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai, Maharashtra, India
PAN No.:	ABQPH1457F
Subsidiary :	Pizzeria Pure Foods Restaurants (India) Private Limited, India
Holding Company :	Dodsal Mauritius Limited, India

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital : Rs. 1140.000 millions

Issued, Subscribed & Paid-up Capital : Rs.620.798 millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
9400000	Equity Shares	Rs.100/- each	Rs.940.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8262628	Equity Shares	Rs.100/- each	Rs.82.626 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	826.263	826.263	826.263
(b) Reserves & Surplus	537.553	518.692	510.427
(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)	1363.816	1344.955	1336.690
(3) Non-Current Liabilities
(a) long-term borrowings	294.184	132.918	4.142
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	29.413	26.512	0.000
(d) long-term provisions	8.008	5.501	21.128
Total Non-current Liabilities (3)	331.605	164.931	25.270
(4) Current Liabilities
(a) Short term borrowings	153.761	52.591	64.364
(b) Trade payables	445.537	318.852	172.353
(c) Other current liabilities	797.108	584.445	121.290
(d) Short-term provisions	5.537	5.916	3.152
Total Current Liabilities (4)	1401.943	961.804	361.159
TOTAL	3097.364	2471.690	1723.119
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1066.068	783.162	550.321
(ii) Intangible Assets	108.169	59.543	66.961
(iii) Capital work-in-progress	1.664	5.273	7.508
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	168.383	159.814	31.464
(c) Deferred tax assets (net)	350.178	370.306	237.637
(d) Long-term Loan and Advances	0.023	0.023	0.023
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1694.485	1378.121	893.914
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	383.285	263.541	139.227
(c) Trade receivables	64.115	65.670	52.890
(d) Cash and cash equivalents	168.605	267.607	124.525
(e) Short-term loans and advances	299.681	32.859	48.975
(f) Other current assets	487.193	463.892	463.588
Total Current Assets	1402.879	1093.569	829.205
TOTAL	3097.364	2471.690	1723.119

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL (A)	1114.100	94.900	0.700
Less	EXPENSES
		TOTAL (B)	898.600	(71.100)	(171.000)
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		215.500	166.000	171.700
Less/ Add	DEPRECIATION/ AMORTISATION (F)		190.100	155.400	168.200
	PROFIT BEFORE TAX (E-F) (G)		25.400	10.600	3.500
Less	TAX (H)		6.539	2.336	(99.027)
	PROFIT AFTER TAX (G-H) (I)		18.861	8.264	102.527
	Earnings Per Share (Rs.)		2.28	---	----

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	1.69	8.71	14646.71
Return on Total Assets (PBT/Total Assets}	(%)	0.99	0.55	0.24
Return on Investment (ROI) (PBT/Networth)		0.02	0.01	0.00
Debt Equity Ratio (Total Debt /Networth)		0.33	0.14	0.05
Current Ratio (Current Asset/Current Liability)		1.00	1.14	2.30

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	826.263	826.263	826.263
Reserves & Surplus	510.427	518.692	537.553
Net worth	1336.690	1344.955	1363.816
long-term borrowings	4.142	132.918	294.184
Short term borrowings	64.364	52.591	153.761
Total borrowings	68.506	185.509	447.945
Debt/Equity ratio	0.051	0.138	0.328

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	0.700	94.900	1114.100
		13,457.143	1,073.973

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	0.700	94.900	1114.100
Profit	102.527	8.264	18.861
	14646.71%	8.71%	1.69%

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	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	No
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	10385393	07/11/2012 *	6,520,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 179 KAMANI MARG,BAL  LARD ESTATE, MUMBAI, Maharashtra - 400001, INDIA	B64210305
2	10369787	20/06/2012	123,600,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra -  400018, INDIA	B45405925
3	10350437	25/04/2012	200,000,000.00	ICICI Bank	ICICI Bank Towers, Bandra Kurla Complex, Mumabi,  Maharashtra - 400051, INDIA	B37796539
4	10207401	18/02/2013 *	306,800,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.  ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra -  400018, INDIA	B70292537

* Date of charge modification

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

· Vehicle

· Computer

· Furniture and fixture

· Land

· Building

· Machinery

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. 61.97
UK Pound	1	Rs.97.36
Euro	1	Rs.77.16

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		48

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.