MIRA INFORM REPORT

Report No. :	352730
Report Date :	04.12.2015

IDENTIFICATION DETAILS

Name :	RUSTOMJEE CONSTRUCTIONS PRIVATE LIMITED
Registered Office :	702 Natraj, MV Road, Junction Western Express Highway, Andheri (East), Mumbai – 400069, Maharashtra
Tel. No.:	91-22-66766888
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	09.03.2007
Com. Reg. No.:	11-168509
Capital Investment / Paid-up Capital :	Rs. 5.200 Million
CIN No.: [Company Identification No.]	U45200MH2007PTC168509
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	MUMR21522E
PAN No.: [Permanent Account No.]	AADCR5566J
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Development of Real Estate Residential Project (Registered Activity)
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject was incorporate in the year 2007 having moderate track. For the year 2015, the company has achieved average sales turnover, however has reported continues accumulated losses from its operations. The company has eroded net worth base marked by hefty debt levels and low cash accruals. Business is active. Payments are slow. In view of weak financial conditions, the company can be considered for business dealings on fully safe and secured 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.

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 31-03-2015.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE

(TEL. NO.: 91-22-66766888)

LOCATIONS

Registered Office :	702 Natraj, MV Road, Junction Western Express Highway, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-66766888 / 889
Fax No.:	Not Available
E-Mail :	cs@rustomjee.com
Website :	http://www.rustomjee.com

DIRECTORS

AS ON 28.09.2015

Name :	Mr. Chandresh Dinesh Mehta
Designation :	Director
Address :	Flat No.1001, Beuna Vista, 10th floor, St. Alexius Lane, off. Turner Road, Bandra (West), Mumbai - 400050, Maharashtra, India
Date of Birth/Age :	19.02.1969
Date of Appointment :	09.03.2007
PAN No. :	AAEPM9694C
DIN No.:	00057575
Name :	Mr. Boman Rustom Irani
Designation :	Director
Address :	1602, Rustomjee La Solita, TPS III, Off. Turner, Road, Near Guru Nanak Park, Bandra (West), Mumbai - 400050, Maharashtra, India
Date of Birth/Age :	14.06.1969
Date of Appointment :	09.03.2007
PAN No. :	AADPI6172L
DIN No.:	00057453

KEY EXECUTIVES

Name :	Mr. Yojeshkumar Dolatsinh Thakor
Designation :	Secretary
Address :	105 - Sai Shrusti, Sai Wadi, Andheri East, Mumbai - 400069, Maharashtra, India
Date of Appointment :	25.03.2015
PAN No.:	ADMPT3807D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.09.2015

Names of Shareholders	No. of Shares
Keystone Realtors Private Limited	519999
Boman Irani (Nominee of KRPL)	1
Total	520000

AS ON 27.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.99
Other	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Development of Real Estate Residential Project (Registered Activity)

Products :

ITC Code No.	Product Descriptions
99531121	Multi Dwelling Residential Buildings units held by the families

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	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 (Designation):	Not Divulged
Contact Number:	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 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 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

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
SHORT TERM BORROWINGS
Non-convertible debentures others	714.286	967.615
Rupee term loans from others	450.000	0.000
Total	1164.286	967.615

Banking Relations :	--
Financial Institution :	· IDBI Trusteeship Services Limited Asian Building, Ground Floor, 17, R. Kamani Marg,  Ballard Estate, Mumbai - 400001, Maharashtra, India
Auditors :
Name :	Shyam Malpani and Associates Chartered Accountants
Address :	307 – Chartered House, 297/299, Dr. C. H. Street, Near. Marine Lines Church, Mumbai, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AADPM2684D
Memberships :	--
Collaborators :	--
Holding Company :	Keystone Realtors Private Limited (U45200MH1995PTC094208)
Fellow Subsidiary company:	· Kapstone Constructions Private Limited (U45200MH2003PTC140091) · Suranjan Holding and Estate Developers Private Limited (U99999MH1995PTC088867)
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	Skyscraper Care JV

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
37,450,000	Equity Shares	Rs. 10/- each	Rs. 374.500 Million
50,000	Preference Shares	Rs. 10/- each	Rs. 0.500 Million
	Total		Rs. 375.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5,20,000	Equity Shares	Rs. 10/- each	Rs. 5.200 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	5.200	5.200	5.200
(b) Reserves & Surplus	(9.109)	3.052	36.292
(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)	(3.909)	8.252	41.492
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(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)	0.000	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	1705.286	1082.028	32.501
(b) Trade payables	16.491	16.713	9.205
(c) Other current liabilities	3248.582	4393.836	4620.311
(d) Short-term provisions	0.227	9.403	5.501
Total Current Liabilities (4)	4970.586	5501.980	4667.518
TOTAL	4966.677	5510.232	4709.010
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.724	0.062	0.014
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	1.927
(d) Long-term Loan and Advances	28.604	32.173	9.200
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	29.328	32.235	11.141
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4772.539	4486.815	3146.399
(c) Trade receivables	5.401	6.575	6.360
(d) Cash and cash equivalents	2.505	0.522	0.858
(e) Short-term loans and advances	111.281	848.404	1438.527
(f) Other current assets	45.623	135.681	105.725
Total Current Assets	4937.349	5477.997	4697.869
TOTAL	4966.677	5510.232	4709.010

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	0.000	0.000
		Other Income	55.822	137.974
		TOTAL (A)	55.822	137.974	112.381
Less	EXPENSES
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(276.612)	(1362.392)
		Employees benefits expense	0.000	0.105
		Other expenses	288.274	1374.013
		TOTAL (B)	11.662	11.726	34.997
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		44.160	126.248	(Including Financial and Depreciation Expenses )
Less	FINANCIAL EXPENSES (D)		56.271	157.555
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(12.111)	(31.307)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.050	0.005
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(12.161)	(31.312)	77.384
Less	TAX (H)		0.000	1.927	26.530
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(12.161)	(33.239)	50.854
	Earnings/(Loss) Per Share (Rs.)		(23.39)	(63.92)	97.80

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash Generated from Operations	NA	NA	NA
Net Cash Flow from used in Operations	(1479.168)	(1614.106)	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.00	0.00	NA
Operating Profit Margin (PBDIT/Sales)	(%)	0.00	0.00	NA
Return on Total Assets (PBT/Total Assets}	(%)	(0.24)	(0.57)	1.64
Return on Investment (ROI) (PBT/Networth)		3.11	(3.79)	1.87
Debt Equity Ratio (Total Debt/Networth)		(436.25)	131.12	0.78
Current Ratio (Current Asset/Current Liability)		0.99	1.00	1.01

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	5.200	5.200	5.200
Reserves & Surplus	36.292	3.052	(9.109)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	41.492	8.252	(3.909)
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	32.501	1082.028	1705.286
Total borrowings	32.501	1082.028	1705.286
Debt/Equity ratio	0.783	131.123	(436.246)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	112.381	137.974	55.822
		22.773	(59.542)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	112.381	137.974	55.822
Profit/(Loss)	50.854	(33.239)	(12.161)
	45.25%	(24.09%)	(21.79%)

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	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
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	Yes
21	Banking facility details	Yes
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 three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three 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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10572705	29/05/2015	5,000,000,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG,  BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	C55335236

UNSECURED LOANS

PARTICULARS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
Intercorporate borrowings	541.000	114.413
Total	541.000	114.413

COMPANY OVERVIEW

The company was incorporated on 9 March 2007 to construct, purchase, acquire, hire, operate, manage and develop land of any real and personnel estate property such as residential units / complexes, commercial complexes, hotels, motels, clubs, malls, apartments, shopping complexes and any other types of infrastructure projects etc. on ownership basis or on Built Own Lease and Transfer basis in India or abroad. The Company is a wholly owned subsidiary of Keystone Realtors Private Limited, the holding company.

The Company is engaged in development of a real estate residential project in Mumbai.

FIXED ASSETS:

· Plant and Equipment

· Office Equipment

· Computer Equipment’s

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.66.75
UK Pound	1	Rs.99.61
Euro	1	Rs.70.67

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	AMR
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	1
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		12

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.