MIRA INFORM REPORT

Report Date :

27.09.2014

IDENTIFICATION DETAILS

Name :	ADARSH REALTY AND HOTELS PRIVATE LIMITED
Registered Office :	No. 10, Vittal Mallya Road, Bangalore – 560001, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	26.08.1996
Com. Reg. No.:	08-021038
Capital Investment / Paid-up Capital :	Rs.1000.000 Millions
CIN No.: [Company Identification No.]	U70101KA1996PTC021038
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of property development and land acquisition activities.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 4900000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject belongs to reputed “Adarsh Group”. It is a company having moderate track. The company possesses a moderate financial profile marked by adequate networth base considering infusion of funds from the promoters along with huge gearing as a result of debt for the under construction hotel which will generate potential revenues, as it was scheduled to start its operations from September 14, but has failed to do so and has already witnessed time and cost over runs during the year under review. Management has reported a minimal profitability form its operation during FY 13 which may be assigned to the existing other hotels run by the group. Trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct. In view of experienced promoters and tie ups with the “SHANGRI LA” brand which imports good brand recognition, the company can be considered for business dealings with 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 – 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	ICRA
Rating	Term Loan : BB
Rating Explanation	Moderate risk of default regarding timely servicing and high
Date	August 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 DECLINED BY

Name :	Mr. D Shekhar
Designation :	Finance Manager (of Adarsh on Realty)
Contact No.:	91-80-41343400
Date :	25.09.2014

LOCATIONS

Registered Office :	No. 10, Vittal Mallya Road, Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-41343400
Fax No.:	Not Available
E-Mail :	shekar@adarshdevelopers.com
Hotel:	No 56, Palace Road, Bangalore – 560052, Karnataka, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Jayashankar Bilidale Madaiah

Designation :

Managing director

Address :

245/B-6, 18^th Cross, Supper Place Orchards, Sadashiva Nagar, Bangalore – 560080, Karnataka, India

Date of Birth/Age :

03.02.1956

Date of Appointment :

26.08.1996

DIN No.:

00745118

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	U45201KA1981PTC004086	ORCHIDS APARTMENTS PRIVATE LIMITED	Managing director	07/04/1994	07/04/1994	-	Active	NO
2	U45202KA1994PTC015636	RMZ ECOWORLD INFRASTRUCTURE PRIVATE LIMITED	Managing director	13/05/1994	13/05/1994	02/07/2012	Active	NO
3	U70101KA1996PTC021038	ADARSH REALTY AND HOTELS PRIVATE LIMITED	Managing director	26/08/1996	26/08/1996	-	Active	NO
4	U29293KA1985PTC006928	V.K.BOARDS AND PAPERS PRIVATE LIMITED	Managing director	16/12/1996	16/12/1996	-	Active	NO
5	U92411KA2003PTC032702	PALM MEADOWS CLUB PRIVATE LIMITED	Managing director	10/10/2003	10/10/2003	-	Active	NO
6	U70102KA2007PTC043642	AKARSHA REALTY PRIVATE LIMITED	Director	20/08/2007	20/08/2007	-	Active	NO
7	U45201KA2008PTC046960	SHRESHTA APARTMENTS PRIVATE LIMITED	Director	27/06/2008	27/06/2008	-	Active	NO
8	U70102KA2008PTC046959	AKARSHAK INFRASTRUCTURE PRIVATE LIMITED	Director	27/06/2008	27/06/2008	-	Active	NO
9	U45200KA2008PTC046956	SHIVAKAR DEVELOPERS PRIVATE LIMITED	Director	27/06/2008	27/06/2008	-	Active	NO
10	U40108KA2008PTC048707	MAHADESHWARA POWER PRIVATE LIMITED	Whole-time director	16/04/2009	16/04/2009	20/12/2012	Active	NO
11	U45201WB2005PTC101058	SHUBHACHANDI GRIHA NIRMAN PRIVATE LIMITED	Director	01/09/2009	01/09/2009	-	Active	NO
12	U45202KA2009PTC051267	ADARSH NEST PRIVATE LIMITED	Managing director	22/10/2009	22/10/2009	-	Active	NO
13	U45201KA2009PTC051270	AKARSH AVENUE PRIVATE LIMITED	Managing director	22/10/2009	22/10/2009	-	Active	NO
14	U45202KA2009PTC051266	ADARSH HAVEN PRIVATE LIMITED	Managing director	22/10/2009	22/10/2009	-	Active	NO
15	U45201KA2009PTC051265	AKARSH RESIDENCE PRIVATE LIMITED	Managing director	22/10/2009	22/10/2009	-	Active	NO
16	U45300KA2009PTC051264	ADARSH ECSTASY PROJECTS PRIVATE LIMITED	Managing director	22/10/2009	22/10/2009	-	Active	NO
17	U45201KA2009PTC051263	ADARSHA PALACE PRIVATE LIMITED	Managing director	22/10/2009	22/10/2009	-	Active	NO
18	U45200KA2009PTC051262	AKARSHA PRIME PROJECT PRIVATE LIMITED	Managing director	22/10/2009	22/10/2009	-	Active	NO
19	U45203KA2009PTC051268	ADARSH NIVAAS PRIVATE LIMITED	Managing director	22/10/2009	22/10/2009	-	Active	NO
20	U45201KA2009PTC051472	AKARSH DWELLINGS PRIVATE LIMITED	Director	12/11/2009	12/11/2009	-	Active	NO
21	U45300KA2011PTC059836	VISMAYA DEVELOPERS PRIVATE LIMITED	Director	02/08/2011	02/08/2011	-	Active	NO
22	U45200KA2011PTC059868	SHIVAKAR INFRA PRIVATE LIMITED	Director	04/08/2011	04/08/2011	-	Active	NO
23	U45200KA2011PTC059884	VISMAYA SUPERPROJECTS PRIVATE LIMITED	Director	05/08/2011	05/08/2011	-	Active	NO
24	U45200KA2011PTC059905	EARNEST CONSTRUCTIONS PRIVATE LIMITED	Director	08/08/2011	08/08/2011	-	Active	NO
25	U45200KA2011PTC059904	ALEKHYA PROPERTY DEVELOPMENTS PRIVATE LIMITED	Director	08/08/2011	08/08/2011	-	Active	NO
26	U45200KA2011PTC059903	AKARSHAK REALTY PRIVATE LIMITED	Director	08/08/2011	08/08/2011	-	Active	NO
27	U45205KA2011PTC059902	AKARSH PROPERTY DEVELOPMENTS PRIVATE LIMITED	Director	08/08/2011	08/08/2011	-	Active	NO
28	U45203KA2011PTC059981	AKARSHAK BUILDERS AND DEVELOPERS PRIVATE LIMITED	Director	12/08/2011	12/08/2011	-	Active	NO
29	U45200KA2011PTC059980	VARIN INFRA PROJECTS PRIVATE LIMITED	Director	12/08/2011	12/08/2011	-	Active	NO
30	U45200KA2011PTC060003	NAVARATNA INFRASTRUCTURE PRIVATE LIMITED	Director	16/08/2011	16/08/2011	-	Active	NO
31	U45200KA2011PTC060070	VISMAYA INFRASTRUCTURE PRIVATE LIMITED	Director	19/08/2011	19/08/2011	-	Active	NO
32	U45200KA2011PTC060113	NAVARATNA SUPERPROJECTS PRIVATE LIMITED	Director	23/08/2011	23/08/2011	-	Active	NO
33	U45205KA2011PTC060160	VISMAYA BUILDERS AND DEVELOPERS PRIVATE LIMITED	Director	26/08/2011	26/08/2011	-	Active	NO
34	U45200KA2011PTC060518	VIVIDHA VENTURES PRIVATE LIMITED	Director	20/09/2011	20/09/2011	-	Active	NO
35	U45200KA2011PTC060517	SHRESHTA INFRA PROJECTS PRIVATE LIMITED	Director	20/09/2011	20/09/2011	-	Active	NO
36	U45200KA2011PTC060514	KALPAK DEVELOPERS PRIVATE LIMITED	Director	20/09/2011	20/09/2011	-	Active	NO
37	U45200KA2011PTC060527	ABHIJAY SUPERPROJECTS PRIVATE LIMITED	Director	21/09/2011	21/09/2011	-	Active	NO
38	U45202KA2011PTC060669	HOUSING BUILDERS AND DEVELOPERS PRIVATE LIMITED	Director	04/10/2011	04/10/2011	-	Active	NO
39	U45202KA2011PTC060668	KALPAK REALTY PRIVATE LIMITED	Director	04/10/2011	04/10/2011	-	Active	NO
40	U70109KA2011PTC061157	KRISHI PROPERTY DEVELOPMENTS PRIVATE LIMITED	Director	14/11/2011	14/11/2011	-	Active	NO
41	U45205KA2011PTC061155	KALPAK SUPERPROJECTS PRIVATE LIMITED	Director	14/11/2011	14/11/2011	-	Active	NO
42	U45202KA2011PTC061292	VIVIDHA PROPERTIES PRIVATE LIMITED	Director	23/11/2011	23/11/2011	-	Active	NO
43	U45202KA2011PTC061560	ABHISHAYA INFRASTRUCTURE PRIVATE LIMITED	Director	09/12/2011	09/12/2011	08/08/2012	Active	NO

Name :

Mr. Karunesh Bilidale Madaiah

Designation :

Director

Address :

No. 47, Adarsh Palmmeadows, Whitefield Airport Road, Ramagondanahallo, Bangalore – 560066, Karnataka, India

Date of Birth/Age :

11.07.1964

Date of Appointment :

10.10.2003

DIN No.:

00693174

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	U45202KA1994PTC015636	RMZ ECOWORLD INFRASTRUCTURE PRIVATE LIMITED	Director	06/03/1995	06/03/1995	02/07/2012	Active	NO
2	U70101KA1996PTC021038	ADARSH REALTY AND HOTELS PRIVATE LIMITED	Director	10/10/2003	10/10/2003	-	Active	NO
3	U70102KA2007PTC043642	AKARSHA REALTY PRIVATE LIMITED	Director	20/08/2007	20/08/2007	-	Active	NO
4	U45201KA2008PTC046960	SHRESHTA APARTMENTS PRIVATE LIMITED	Director	27/06/2008	27/06/2008	-	Active	NO
5	U70102KA2008PTC046959	AKARSHAK INFRASTRUCTURE PRIVATE LIMITED	Director	27/06/2008	27/06/2008	-	Active	NO
6	U45200KA2008PTC046956	SHIVAKAR DEVELOPERS PRIVATE LIMITED	Director	27/06/2008	27/06/2008	-	Active	NO
7	U45201WB2005PTC101058	SHUBHACHANDI GRIHA NIRMAN PRIVATE LIMITED	Director	01/09/2009	01/09/2009	-	Active	NO
8	U45201KA2009PTC051270	AKARSH AVENUE PRIVATE LIMITED	Director	22/10/2009	22/10/2009	-	Active	NO
9	U45202KA2009PTC051266	ADARSH HAVEN PRIVATE LIMITED	Director	22/10/2009	22/10/2009	-	Active	NO
10	U45201KA2009PTC051265	AKARSH RESIDENCE PRIVATE LIMITED	Director	22/10/2009	22/10/2009	-	Active	NO
11	U45300KA2009PTC051264	ADARSH ECSTASY PROJECTS PRIVATE LIMITED	Director	22/10/2009	22/10/2009	-	Active	NO
12	U45201KA2009PTC051263	ADARSHA PALACE PRIVATE LIMITED	Director	22/10/2009	22/10/2009	-	Active	NO
13	U45200KA2009PTC051262	AKARSHA PRIME PROJECT PRIVATE LIMITED	Director	22/10/2009	22/10/2009	-	Active	NO
14	U45203KA2009PTC051268	ADARSH NIVAAS PRIVATE LIMITED	Director	22/10/2009	22/10/2009	-	Active	NO
15	U45202KA2009PTC051267	ADARSH NEST PRIVATE LIMITED	Director	22/10/2009	22/10/2009	-	Active	NO
16	U45201KA2009PTC051472	AKARSH DWELLINGS PRIVATE LIMITED	Director	12/11/2009	12/11/2009	-	Active	NO
17	U45200KA2011PTC059905	EARNEST CONSTRUCTIONS PRIVATE LIMITED	Director	08/08/2011	08/08/2011	-	Active	NO
18	U45200KA2011PTC059904	ALEKHYA PROPERTY DEVELOPMENTS PRIVATE LIMITED	Director	08/08/2011	08/08/2011	-	Active	NO
19	U45200KA2011PTC059903	AKARSHAK REALTY PRIVATE LIMITED	Director	08/08/2011	08/08/2011	-	Active	NO
20	U45205KA2011PTC059902	AKARSH PROPERTY DEVELOPMENTS PRIVATE LIMITED	Director	08/08/2011	08/08/2011	-	Active	NO
21	U45200KA2011PTC059884	VISMAYA SUPERPROJECTS PRIVATE LIMITED	Director	29/09/2012	08/08/2011	-	Active	NO
22	U45300KA2011PTC059836	VISMAYA DEVELOPERS PRIVATE LIMITED	Director	29/09/2012	08/08/2011	-	Active	NO
23	U45200KA2011PTC059868	SHIVAKAR INFRA PRIVATE LIMITED	Director	29/09/2012	08/08/2011	-	Active	NO
24	U45200KA2011PTC059980	VARIN INFRA PROJECTS PRIVATE LIMITED	Director	12/08/2011	12/08/2011	-	Active	NO
25	U45200KA2011PTC060003	NAVARATNA INFRASTRUCTURE PRIVATE LIMITED	Director	16/08/2011	16/08/2011	-	Active	NO
26	U45200KA2011PTC060070	VISMAYA INFRASTRUCTURE PRIVATE LIMITED	Director	19/08/2011	19/08/2011	-	Active	NO
27	U45200KA2011PTC060113	NAVARATNA SUPERPROJECTS PRIVATE LIMITED	Director	23/08/2011	23/08/2011	-	Active	NO
28	U45205KA2011PTC060160	VISMAYA BUILDERS AND DEVELOPERS PRIVATE LIMITED	Director	26/08/2011	26/08/2011	-	Active	NO
29	U45203KA2011PTC059981	AKARSHAK BUILDERS AND DEVELOPERS PRIVATE LIMITED	Director	29/09/2012	01/09/2011	-	Active	NO
30	U45200KA2011PTC060518	VIVIDHA VENTURES PRIVATE LIMITED	Director	20/09/2011	20/09/2011	-	Active	NO
31	U45200KA2011PTC060517	SHRESHTA INFRA PROJECTS PRIVATE LIMITED	Director	20/09/2011	20/09/2011	-	Active	NO
32	U45200KA2011PTC060514	KALPAK DEVELOPERS PRIVATE LIMITED	Director	20/09/2011	20/09/2011	-	Active	NO
33	U45200KA2011PTC060527	ABHIJAY SUPERPROJECTS PRIVATE LIMITED	Director	21/09/2011	21/09/2011	-	Active	NO
34	U45202KA2011PTC060669	HOUSING BUILDERS AND DEVELOPERS PRIVATE LIMITED	Director	04/10/2011	04/10/2011	-	Active	NO
35	U45202KA2011PTC060668	KALPAK REALTY PRIVATE LIMITED	Director	04/10/2011	04/10/2011	-	Active	NO
36	U70109KA2011PTC061157	KRISHI PROPERTY DEVELOPMENTS PRIVATE LIMITED	Director	14/11/2011	14/11/2011	-	Active	NO
37	U45205KA2011PTC061155	KALPAK SUPERPROJECTS PRIVATE LIMITED	Director	14/11/2011	14/11/2011	-	Active	NO
38	U45202KA2011PTC061292	VIVIDHA PROPERTIES PRIVATE LIMITED	Director	23/11/2011	23/11/2011	-	Active	NO
39	U45202KA2011PTC061560	ABHISHAYA INFRASTRUCTURE PRIVATE LIMITED	Director	09/12/2011	09/12/2011	08/08/2012	Active	NO

Name :

Mr. Sudha Shankar

Designation :

Director

Address :

245/B-6, 18^th Cross, Supper Place Orchards, Sadashiva Nagar, Bangalore – 560080, Karnataka, India

Date of Birth/Age :

11.09.1959

Date of Appointment :

26.08.1996

DIN No.:

00852735

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	U45201KA1981PTC004086	ORCHIDS APARTMENTS PRIVATE LIMITED	Director	07/04/1994	07/04/1994	-	Active	NO
2	U45202KA1994PTC015636	RMZ ECOWORLD INFRASTRUCTURE PRIVATE LIMITED	Director	13/05/1994	13/05/1994	02/07/2012	Active	NO
3	U70101KA1996PTC021038	ADARSH REALTY AND HOTELS PRIVATE LIMITED	Director	26/08/1996	26/08/1996	-	Active	NO
4	U29293KA1985PTC006928	V.K.BOARDS AND PAPERS PRIVATE LIMITED	Director	16/12/1996	16/12/1996	-	Active	NO
5	U92411KA2003PTC032702	PALM MEADOWS CLUB PRIVATE LIMITED	Director	10/10/2003	10/10/2003	-	Active	NO
6	U70102KA2007PTC043642	AKARSHA REALTY PRIVATE LIMITED	Director	20/08/2007	20/08/2007	-	Active	NO
7	U45201KA2008PTC046960	SHRESHTA APARTMENTS PRIVATE LIMITED	Director	27/06/2008	27/06/2008	-	Active	NO
8	U70102KA2008PTC046959	AKARSHAK INFRASTRUCTURE PRIVATE LIMITED	Director	27/06/2008	27/06/2008	-	Active	NO
9	U45200KA2008PTC046956	SHIVAKAR DEVELOPERS PRIVATE LIMITED	Director	27/06/2008	27/06/2008	-	Active	NO
10	U45201WB2005PTC101058	SHUBHACHANDI GRIHA NIRMAN PRIVATE LIMITED	Director	01/09/2009	01/09/2009	-	Active	NO
11	U45202KA2009PTC051267	ADARSH NEST PRIVATE LIMITED	Director	22/10/2009	22/10/2009	-	Active	NO
12	U45201KA2009PTC051265	AKARSH RESIDENCE PRIVATE LIMITED	Director	30/09/2013	22/10/2009	-	Active	NO
13	U45201KA2009PTC051270	AKARSH AVENUE PRIVATE LIMITED	Director	22/10/2009	22/10/2009	-	Active	NO
14	U45202KA2009PTC051266	ADARSH HAVEN PRIVATE LIMITED	Director	22/10/2009	22/10/2009	-	Active	NO
15	U45300KA2009PTC051264	ADARSH ECSTASY PROJECTS PRIVATE LIMITED	Director	22/10/2009	22/10/2009	-	Active	NO
16	U45201KA2009PTC051263	ADARSHA PALACE PRIVATE LIMITED	Director	22/10/2009	22/10/2009	-	Active	NO
17	U45200KA2009PTC051262	AKARSHA PRIME PROJECT PRIVATE LIMITED	Director	22/10/2009	22/10/2009	-	Active	NO
18	U45203KA2009PTC051268	ADARSH NIVAAS PRIVATE LIMITED	Director	22/10/2009	22/10/2009	-	Active	NO
19	U45201KA2009PTC051472	AKARSH DWELLINGS PRIVATE LIMITED	Director	12/11/2009	12/11/2009	-	Active	NO
20	U45202KA2011PTC060668	KALPAK REALTY PRIVATE LIMITED	Additional director	01/10/2013	01/10/2013	-	Active	NO
21	U70102KA2005PTC037481	BANGALORE BEST REALTY PRIVATE LIMITED	Director	30/08/2014	28/07/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. D Shekhar
Designation :	Finance Manager (of Adarsh on Realty)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares
Jayashankar Bilidale Madaiah	258498
Jayashankar Bilidale Madaiah	149740000
Sudha Shankar	1500
Karunesh Bilidale Madaiah	02
Total	150000000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Directors or relatives of Directors	0.17
Other top fifty shareholders	99.83
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of property development and land acquisition activities.

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· Punjab National Bank, Large Corporate Branch, Centenary Building, No. 28, Mg Road, Bangalore - 560001, Karnataka, India

· Tumkur Grain Merchants Co-Operative Bank Limited, Rajaji Nagar Branch, 2nd Cross, Esi Road, Dr.Rajkumar Road, 4th Block,Rajaji Nagar, Bangalore - 560010, Karnataka, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	3572.273	3661.864
Total	3572.273	3661.864

Banking Relations :
Finance Institute:	LIC Housing Finance Limited, Bombay Life Building, 2nd Floor, 45/47, Veer Nariman Road, Mumbai- 400 001. - 400001, Maharashtra, India
Auditors :
Name :	Vankadari Associates Chartered Accountants
Address :	Bangalore, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	ACFPD7368B

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Rs.10/- each	Rs. 1500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Rs.10/- each	Rs. 1500.000 Millions

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs. 1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs. 1000.000 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	1000.000	250.000	250.000
(b) Reserves & Surplus	237.257	227.997	213.359
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	750.000	750.000
Total Shareholders’ Funds (1) + (2)	1237.257	1227.997	1213.359
(3) Non-Current Liabilities
(a) long-term borrowings	4180.901	4714.492	3850.512
(b) Deferred tax liabilities (Net)	22.651	11.543	5.454
(c) Other long term liabilities	46.432	42.769	41.573
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	4249.984	4768.804	3897.539
(4) Current Liabilities
(a) Short term borrowings	679.000	1.355	1.355
(b) Trade payables	18.621	23.000	18.947
(c) Other current liabilities	11.958	10.804	13.650
(d) Short-term provisions	16.895	15.137	39.514
Total Current Liabilities (4)	726.474	50.296	73.466
TOTAL	6213.715	6047.097	5184.364
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	614.186	594.942	54.549
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	3853.347	2940.962	2034.832
(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	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4467.533	3535.904	2089.381
(2) Current assets
(a) Current investments	0.030	0.030	0.030
(b) Inventories	4.189	4.425	2.892
(c) Trade receivables	12.150	17.045	20.415
(d) Cash and cash equivalents	115.815	48.595	749.820
(e) Short-term loans and advances	1613.998	2441.098	2321.826
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	1746.182	2511.193	3094.983
TOTAL	6213.715	6047.097	5184.364

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2013	31.03.2012	31.03.2011
	SALES
	Income	NA	NA	NA
	Other Income	NA	NA	NA
	TOTAL	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX	26.049	30.112	35.761
Less	TAX	16.788	15.474	12.089
	PROFIT/ (LOSS) AFTER TAX	9.261	14.638	23.672
	Earnings / (Loss) Per Share (Rs.)	0.09	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	1.10	0.97	1.14
Return on Investment (ROI) (PBT/Networth)		0.02	0.02	0.03
Debt Equity Ratio (Total Debt /Networth)		3.93	3.84	3.17
Current Ratio (Current Asset/Current Liability)		2.40	49.93	42.13

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	250.000	250.000	1000.000
Reserves & Surplus	213.359	227.997	237.257
Share Application money pending allotment	750.000	750.000	0.000
Net worth	1213.359	1227.997	1237.257
long-term borrowings	3850.512	4714.492	4180.901
Short term borrowings	1.355	1.355	679.000
Total borrowings	3851.867	4715.847	4859.901
Debt/Equity ratio	3.175	3.840	3.928

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	No
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

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Loans and advances from others	608.628	1052.628
Short-term borrowings
Loans and advances from related parties	679.000	1.355
Total	1287.628	1053.983

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10279340	28/03/2011	1,000,000,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, RALLARAM BUILDING, NO. 30, MISSION ROAD, BANGALORE, KARNATAKA - 560027, I NDIA	B10289288
2	10281329	21/03/2011 *	107,000,000.00	TUMKUR GRAIN MERCHANTS CO-OPERATIVE BANK LTD	RAJAJI NAGAR BRANCH, 2ND CROSS, ESI ROAD, DR.RAJK UMAR ROAD, 4THBLOCK,RAJAJI NAGAR, BANGALORE, KARN ATAKA - 560010, INDIA	B11507183
3	10248283	06/09/2013 *	3,950,000,000.00	PUNJAB NATIONAL BANK	LARGE CORPORATE BRANCH, CENTENARY BUILDING, NO. 2 8, MG ROAD, BANGALORE, KARNATAKA - 560001, INDIA	B86069531

* Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Ships vessels

· Motor vehicles

· Office equipment

· Computer equipments

· Other equipments

PRESS RELEASES

ADARSH REALTY’S HOTEL PROJECT TO BE COMPLETE BY NEXT MONTH

AUGUST 22, 2014

Adarsh Realty and Hotels Private Limited (ARHPL) expects to complete its five-star hotel project at Palace Road, Bangalore by September 2014, after considerable delay and cost overrun. The project is estimated to cost Rs 7100.000 Millions and ARHPL is implementing the project in a tie-up with the Shangri-La Group.

ARHPL is the hospitality wing of Adarsh Group. It is operating a five-star hotel at Whitefield, Bangalore since 2005 under the name Adarsh Palm Meadows Club. The hotel has 78 rooms and 3 restaurants besides other facilities. ARHPL is also operating an 82 Rooms (3 Star hotel) Hotel named “Adarsh Hamilton Hotel” located at Langford road, Richmond circle, Bangalore.

‘NRIS PUSHING UP BANGALORE LUXURY MARKET’

MAY 29, 2014

Adarsh Group is one of the premier real estate developers of Bangalore since the last two decades, having presence in residential, commercial, hospitality and SEZ developments. B M Jayeshankar is the founder, chairman and managing director of ADARSH Group of companies. He has guided the company since its inception in 1988. A Civil Engineer by education, Jayeshankar heads various group companies of Adarsh group such as Adarsh Developers, Adarsh Realty and Hotels Private Limited, Adarsh Property Developments, Adarsh Residence Private Limited and others. In conversation with Magicbricks.com Bureau’s Kanchana Dwarakanath, he talks about the role that a developer can play in water recycling, sustainability and the Bangalore property market in general.

North and East Bangalore have been hot property destinations in Bangalore for quite some time now.  But water can be a key point of concern in several localities here, which might affect property values. How are the developers addressing this issue.

The areas covered under Bangalore Development Authority (BDA) master plan will get municipal water when they complete the last phase of Cauvery river water project. However, properties under Bangalore International Airport Planning Authority (BIAPPA) in North Bangalore and Bangalore Metropolitan Region Development Authority (BMRDA) in East Bangalore may not get Cauvery water. Hence, low-density developments like residential villas with low water requirements, are best suited in these water-scarce areas. Also, if we adopt the dual-piping system to use recycled water in these developments, impact on natural water resources will be less.

Bangalore luxury real estate market is booming. What according to you are the reasons for this

Bangalore has more High Net Worth Individuals (HNIs), who are buying luxury flats and villas. A major portion of them belong to the top-line IT professionals and other business. Also, NRI professionals who are coming back are the potential buyers of luxury units.  Hence, we notice a boom in the luxury market.

North and East Bangalore were the hot property destinations in the last couple of years. However in the last couple of months developers seem to have turned their focus to South Bangalore as well with more launches happening in this geography. What do you think is the reason for this

After the NICE Road development, there is easy connectivity between Electronic city (IT Hub) and South Bangalore.  In view of this, the mid-segment market is doing well in South Bangalore.  More land is available in this geography and hence more launches are happening.

Which is the best segment to invest in for a second home in Bangalore? And what are the three top locations in the city

The best segment for a second home in Bangalore is in the price bracket of 12.500 – 20.000 Millions.  The three top locations are Bangalore East (Outer Ring Road area), South Bangalore & North Bangalore.

Kanchana Dwarakanath is an integrated communications professional with diverse experience in journalism and Marketing Communications. Her current focus areas include real estate, infrastructure, urban management and the skill development market.

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 records 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.61.57
UK Pound	1	Rs.100.42
Euro	1	Rs.78.45

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUB
Report Prepared by :	KVT

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	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		32

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.