MIRA INFORM REPORT

Report No. :	316027
Report Date :	06.04.2015

IDENTIFICATION DETAILS

Name :	SB LIFESPACES PRIVATE LIMITED
Registered Office :	J8, Magal Kunj, Jambli Galli, Borivali (West), Mumbai – 400092, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.08.2011
Com. Reg. No.:	11-221002
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U45400MH2011PTC221002
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 :	Construction Activity
No. of Employees :	10 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The company is progressing well. General financial position of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payments terms are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 PARTED BY

Name :	Mr. Sandeep Kirit Wadhwana
Designation :	Director
Contact No.:	91-9323829970
Date :	06.04.2015

LOCATIONS

Registered Office :	J8, Magal Kunj, Jambli Galli, Borivali (West), Mumbai – 400092, Maharashtra, India
Tel. No. :	Not Available
Mobile No. :	91-9323829970 (Mr. Sandeep Kirit Wadhwana)
Fax No. :	Not Available
E-Mail :	gandhimd69@rediffmail.com wadhwanahousing@gmail.com
Website :	www.wadhawanagroup.com
Head Office :	Phase I, Tirupati Nagar, 7th Floor, Sandeep House, Palghar, Virar (West), Virar – 401303, Maharashtra, India
Tel. No.:	91-250-3203218

DIRECTORS

As on 14.08.2014

Name :	Kirit Gandalal Wadhwana
Designation :	Director
Address :	Flat No. 304, Ganesh Darshan, L.T. Road, Opposite Shrisagar Hotel, Borivali (West), Mumbai - 400092, Maharashtra, India
Date of Birth/Age :	20.03.1958
Date of Appointment :	16.08.2011
DIN No. :	03245707
Name :	Ramila Kirit Wadhwana
Designation :	Director
Address :	Flat No. 304, Ganesh Darshan, L.T. Road, Opposite Shrisagar Hotel, Borivali (West), Mumbai - 400092, Maharashtra, India
Date of Birth/Age :	19.12.1962
Date of Appointment :	16.08.2011
DIN No. :	03245749
Name :	Mr. Sandeep Kirit Wadhwana
Designation :	Director
Address :	Flat No. 304, Ganesh Darshan, L.T. Road, Opposite Shrisagar Hotel, Borivali (West), Mumbai - 400092, Maharashtra, India
Date of Birth/Age :	16.06.1987
Date of Appointment :	16.08.2011
DIN No. :	03245766
Name :	Bhavin Kirit Wadhwana
Designation :	Director
Address :	Flat No. 304, Ganesh Darshan, L.T. Road, Opposite Shrisagar Hotel, Borivali (West), Mumbai - 400092, Maharashtra, India
Date of Birth/Age :	16.06.1987
Date of Appointment :	16.08.2011
DIN No. :	03356070

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 14.08.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Kirit Gandalal Wadhwana	4000	40.00
Ramila Kirit Wadhwana	4000	40.00
Sandeep Kirit Wadhwana	1000	10.00
Bhavin Kirit Wadhwana	1000	10.00
Total	10000	100.00

As on 14.08.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Construction Activity
Brand Names :
Agencies Held :
Exports :	--
Imports :	--
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

Customers :

Others and End Users

Reference:	Not Divulged
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Since How Long Known:	Not Divulged
Maximum Limit Dealt:	Not Divulged
Experience :	Not Divulged
Remarks :	Not Divulged

No. of Employees :

10 (Approximately)

Bankers :

Bank Name:	State Bank of Patiala
Branch:	Sandeep House, Tirupati Nagar Phase-I, Virar West, Thane - 401303, Maharashtra, India
Name of the Person (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

Banking Relations :	--
Auditors :
Name :	M.D. Gandhi and Company Chartered Accountants
Address :	129/130, Ground Floor, Raghuleela Mall, Behind Poisar Bus Depot, Kandivali (West), Mumbai – 400067, Maharashtra, India
Tel. No. :	91-22-67589267
Mobile No. :	91-9870297705
E-Mail :	gandhimd69@rediffmail.com gandhimd_ca@yahoo.com
Income-tax PAN of auditor or auditor's firm :	AADPG4694H
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

As on 14.08.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
100,000	Equity Shares	Rs.10/- each	Rs. 1.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100	0.100
(b) Reserves & Surplus	9.420	5.086	2.046
(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)	9.520	5.186	2.146
(3) Non-Current Liabilities
(a) Long-term borrowings	8.214	13.287	1.991
(b) Deferred tax liabilities (Net)	0.000	0.099	0.032
(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)	8.214	13.386	2.023
(4) Current Liabilities
(a) Short term borrowings	0.396	0.900	5.859
(b) Trade payables	17.698	12.182	15.169
(c) Other current liabilities	65.973	55.703	49.400
(d) Short-term provisions	1.052	0.535	0.066
Total Current Liabilities (4)	85.119	69.320	70.494
TOTAL	102.853	87.892	74.663
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.580	1.958	2.501
(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	25.103	0.000	0.000
(c) Deferred tax assets (net)	0.084	0.000	0.000
(d) Long-term Loan and Advances	3.324	4.919	0.607
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	30.091	6.877	3.108
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	35.562	24.125	31.166
(c) Trade receivables	33.640	33.812	0.768
(d) Cash and cash equivalents	1.301	0.705	6.920
(e) Short-term loans and advances	2.250	0.000	0.000
(f) Other current assets	0.009	22.373	32.701
Total Current Assets	72.762	81.015	71.555
TOTAL	102.853	87.892	74.663

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		61.234	0.000
		Other Income		0.228	0.194
		TOTAL (A)	NA	61.462	0.194
Less	EXPENSES
		Cost of Materials Consumed			(7.267)
		Other expenses			4.337
		Extraordinary Items			0.033
		TOTAL (B)	NA	56.410	(2.897)
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6.499	5.052	3.091
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	NA	0.124
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		NA	NA	2.967
Less	TAX (H)		NA	NA	0.921
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		4.334	3.039	2.046
	Earnings / (Loss) Per Share (Rs.)		433.40	303.90	204.60

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	NA	4.96	0.00
Return on Total Assets (PBT/Total Assets}	(%)	NA	NA	3.97
Return on Investment (ROI) (PBT/Networth)		NA	NA	1.38
Debt Equity Ratio (Total Debt/Networth)		0.90	2.74	3.66
Current Ratio (Current Asset/Current Liability)		0.85	1.17	1.02

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.100	0.100	0.100
Reserves & Surplus	2.046	5.086	9.420
Net worth	2.146	5.186	9.520
Long-term borrowings	1.991	13.287	8.214
Short term borrowings	5.859	0.900	0.396
Total borrowings	7.850	14.187	8.610
Debt/Equity ratio	3.658	2.736	0.904

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
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

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10531861	28/10/2014	120,000,000.00	STATE BANK OF PATIALA	SANDEEP HOUSE, TIRUPATI NAGAR PHASE-I, VIRAR WEST, THANE - 401303, MAHARASHTRA, INDIA	C33985219

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG TERM BORROWINGS
Other Long Term Borrowings Unsecured Loans – From Directors	8.214	13.287
SHORT TERM BORROWINGS
Other Loans and Advances
Kotak Mahindra Bank Limited – O/D A/c	0.046	0.000
Sandeep Electricals	0.350	0.900
Total	8.610	14.187

FIXED ASSETS

· Generator

· Maruti Eco Car

· Mini Cool Cab

· Motor

· Refrigerator

· Skoda Laura

· Washing Machine

· Computer

· Tea Machine

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.59
UK Pound	1	Rs.92.46
Euro	1	Rs.67.51

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	DIV
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	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	NO
--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		45

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.