MIRA INFORM REPORT

Report No. :	333984
Report Date :	07.08.2015

IDENTIFICATION DETAILS

Name :	ARVIND AND SMART VALUE HOMES LLP
Registered Office :	Trade World, B Wing, 2^nd Floor, Kamala Mills, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra
Mobile. No.:	91-9898280092 (Mr. Vatsal Gandhi)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	25.04.2011
Total Obligation of Contribution:	Rs.1355.914 Million
LLPIN:	AAA-4587
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Limited Liability Partnership
Line of Business :	Subject is engaged into real estate development and its key activities includes project conceptualizing and designing, development, management and marketing.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established limited liability partnership incorporated in the year 2011, having satisfactory track. Rating takes into consideration sound financial risk profile, marked by strong capital base and decent profitability of the concern in FY 14. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The subject can be considered for business dealings with 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2013.

INFORMATION DECLINED BY

Name :	Mr. Vatsal Gandhi
Designation :	Finance Manager
Contact No.:	91-9898280092
Date :	28.07.2015

LOCATIONS

Registered Office :	Trade World, B Wing, 2^nd Floor, Kamala Mills, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9898280092 (Mr. Vatsal Gandhi)
Fax No.:	Not Available
E-Mail :	corporategovernance.thgroup@gmail.com amitshah@tatahousing.com
Website :	www.arvind.com

PARTNERS

As on 31.03.2014

Name :

Mr. Kamal Singal

Designation :

Designated Partner

Address :

E-1103, Safal Parivesh, Nr. Prahaladnagar Garden,, 100 Foot Road, Vejalpur,, Ahmedabad, 380051, Gujarat, India

Date of Birth/Age :

02.03.21972

Occupation :

Service

Date of Appointment :

21.05.2015

PAN No.:

AIIPS4380D

Passport No.:

G3685447

DPIN No.:

02524196

Name :

Mr. Govinder Singh

Designation :

Designated Partner

Address :

Flat 502, Naval Society,, Union Park, Nargis Datta Road, Khar (West), Mumbai, 400052, Maharashtra, India

Date of Birth/Age :

11.03.1956

Date of Appointment :

25.04.2011

PAN No.:

AEWPS1727C

Passport No.:

F4756332

DPIN No.:

00025406

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	U67120MH1976PLC019304	ARCHWAY INVESTMENT COMPANY LIMITED	Director	21/02/2005	21/02/2005	12/06/2008	Active	NO
2	U65990MH1983PLC031492	SCAL SERVICES LIMITED	Director	22/02/2005	22/02/2005	16/04/2008	Active	NO
3	U45400MH2009PLC195605	TATA VALUE HOMES LIMITED	Director	08/09/2009	08/09/2009	-	Active	NO
4	U45400MH2011PTC224084	Kriday Realty Private Limited	Director	18/11/2011	18/11/2011	26/11/2012	Active	NO
5	U45201DL2005PTC135768	PRINCETON INFRASTRUCTURE PRIVATE LIMITED	Director	29/09/2012	04/04/2012	-	Active	NO
6	U45202DL2011PTC277182	LEMON TREE LAND AND DEVELOPERS PRIVATE LIMITED	Director	07/09/2012	09/05/2012	-	Active	NO
7	U45401MH2007PTC170381	Casa Decor Private Limited	Director	11/07/2013	06/11/2012	-	Active	NO
8	U45200DL2013PTC254832	HL PROMOTERS PRIVATE LIMITED	Director	20/12/2013	21/11/2013	-	Active	NO
9	AAA-4587	ARVIND AND SMART VALUE HOMES LLP	Body corporate as Designated Partner	25/04/2011	25/04/2011	-	Active	NO
10	AAB-2208	SOHNA CITY LLP	Body corporate as Designated Partner	22/11/2012	22/11/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Srikumar Balakrishnan
Designation :	Authorizing Officer
SRN No.: [Service Request Number]	1100501814
Name :	Mr. Aashish Bhatt
Designation :	Company Secretary

CONTRIBUTION DETAILS

As on 31.03.2015

As per Clause 5.1.1 Agreement of limited Liability Partnership dated May 13, 2011 (amended vide Supplementary Limited Liability Partnership Agreement dated September 26, 2013 and Second Supplementary Limited Liability Partnership Agreement dated December 01, 2014) (Collectively referred as LLP Agreement), the Initial Fixed Capital Contribution (IFCC) duty received from the Partners, as per following details.

	Initial Fixed Capital Contribution
Names of Partner	As on 31.03.2015	As on 31.03.2014
Tata Value Homes Limited	50000	50000
Arvind Limited	50000	1000
Arvind Infrastructure Limited	--	49000
Total	100000	100000

Further, the LLP has also received Additional Contribution as per Clause 5.1.2 of the LLP Agreement from the Partners, the details is as under.

(Rs. In Million)

	Additional Contribution
Names of Partner	As on 31.03.2015	As on 31.03.2014
Tata Value Homes Limited	677907183	677907183
Arvind Limited	677907183	13558144
Arvind Infrastructure Limited	--	664349039
Total	1355814366	1355814366

BUSINESS DETAILS

Line of Business :	Subject is engaged into real estate development and its key activities includes project conceptualizing and designing, development, management and marketing.
Products/ Services :	Real Estate Development
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	T.P. Ostwal and Associates Chartered Accountants
Address :	Bharat House, 4^th Floor, 104, Mumbai Samachar Marg, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-40693939
Fax No.:	91-22-40693999
E-Mail :	ostwaltp@gmail.com
Website :	http://www.tpostwal.in
Memberships :	Not Available
Collaborators :	Not Available
Joint Venture Partner :	Arvind Limited (Joint Venture Partner – 1%) Arvind Infrastructure Limited (Joint Venture Partner – 49%) Tata Value Homes Limited (Formerly Known as Smart Value Homes Limited) (Joint Venture Partner – 50%)
Subsidiary of Partner-Tata Value Homes Limited (Formerly – Smart Value Homes Limited) :	Smart Value Homes – Peenya Project Private Limited

CONTRIBUTION

As on 31.03.2014

Capital Contribution by Partners

Particulars	As at 31^st March 2014
Capital Contribution by the Joint Venture partners
Initial Fixed Capital Contribution	0.100
Additional Contribution	0.100
Current Contribution	1355.814
Contributed by the joint venture partners, Arvind Limited, Arvind Infrastructure Limited and Tata Value Homes Limited (Formerly Known as Smart Value Homes Limited) in the profit sharing ratio
Total	1355.914

Reconciliation of Outstanding during the year ended 31 March 2014

Particulars	Initial Fixed Capital	Additional Contribution	Current Contribution
Capital Outstanding at the beginning of the year	0.100	1120.415	69.485
Capital issued during the year	0.049	1057.997	0.000
Profit distributors	0.000	40.751	0.000
Capital withdrawn during the year	0.049	863.349	69.485
Capital Outstanding at the end of the year	0.100	1355.814	0.000

Details of Partners holding more than 5 % Capital

Name of Partner	As at 31^st March 2014
	% of Holding
Arvind Limited	1
Arvind Infrastructure Limited	49
Tata Value Homes Limited (Formerly Known as Smart Value Homes Limited)	50

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Partners Capital	1355.914	1190.000
(b) Reserves & Surplus	21.362	40.751
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1377.276	1230.751
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	18.400
(c) Other long term liabilities	9.206	4.522
(d) long-term provisions	1.743	0.961
Total Non-current Liabilities (3)	10.949	23.883
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	104.699	84.965
(c) Other current liabilities	17.360	21.706
(d) Short-term provisions	1.109	0.813
Total Current Liabilities (4)	123.168	107.484
TOTAL	1511.393	1362.118
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7.330	10.538
(ii) Intangible Assets	0.106	0.178
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	2.123	0.000
(d) Long-term Loan and Advances	10.418	46.725
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	19.977	57.441
(2) Current assets
(a) Current investments	25.718	158.716
(b) Inventories	1272.475	902.323
(c) Trade receivables	69.297	121.354
(d) Cash and cash equivalents	10.595	16.461
(e) Short-term loans and advances	46.503	15.438
(f) Other current assets	66.828	90.385
Total Current Assets	1491.416	1304.677
TOTAL	1511.393	1362.118

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES
	Revenue from Operation	526.589	343.721
	Other Income	14.662	2.953
	TOTAL	541.251	346.674
Less	EXPENSES
	Cost of Sales	447.900	268.895
	Employees benefits expense	8.779	4.699
	Other expenses	45.137	46.477
	TOTAL	501.816	320.071
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	39.435	26.603
Less	FINANCIAL EXPENSES	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	39.435	26.603
Less/ Add	DEPRECIATION/ AMORTISATION	3.754	3.954
	PROFIT/ (LOSS) BEFORE TAX	35.681	22.649
Less	TAX	14.319	7.000
	PROFIT/ (LOSS) AFTER TAX	21.362	15.649

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA
Cash generated from operations	NA	NA
Net cash flow from operating activity	(277.906)	80.996

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	4.06	4.55
Operating Profit Margin (PBIDT/Sales)	(%)	7.49	7.74
Return on Total Assets (PBT/Total Assets}	(%)	2.36	1.66
Return on Investment (ROI) (PBT/Networth)		0.03	0.02
Debt Equity Ratio (Total Debt /Networth)		0.00	0.01
Current Ratio (Current Asset/Current Liability)		12.11	12.14

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Share Capital	1190.000	1355.914
Reserves & Surplus	40.751	21.362
Net worth	1230.751	1377.276
long-term borrowings	18.400	0.000
Short term borrowings	0.000	0.000
Total borrowings	18.400	0.000
Debt/Equity ratio	0.015	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	343.721	526.589
		53.202

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)
Sales	343.721	526.589
Profit	15.649	21.362
	4.55%	4.06%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

Subject was incorporated on 25^th April 2011 as a Joint Venture between Arvind Limited and Tata Homes Limited (Formerly Known as Smart Value Homes Limited), both of them holding equal share in the venture.

During the year, Arvind Limited, withdrew 49% of its contribution, and simultaneously Arvind Infrastructure Limited (100% subsidiary of Arvind Limited) contributed the same.

The revised profit sharing ratios are, Arvind Limited, - 1%, Arvind Infrastructure Limited, 49% and Tata Value Homes Limited (Formerly Known as Smart Value Homes Limited) 50%.

Subject is into real estate development and its key activities include project conceptualizing and designing, development, management and marketing.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

Tangible Assets

• Leasehold Improvement
• Office Equipment
• Computer
• Furniture and Fitting
• Vehicles

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 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.63.76
UK Pound	1	Rs.99.60
Euro	1	Rs.69.70

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KIN
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--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		44

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.