MIRA INFORM REPORT

Report No. :	356776
Report Date :	29.12.2015

IDENTIFICATION DETAILS

Name :	ASCENDAS SERVICES (INDIA) PRIVATE LIMITED (w.e.f. 13.03.2010)
Formerly Known As :	ASCENDAS PROPERTY MAANGEMENT SERVICES (INDIA) PRIVATE LIMITED TPM SERVICES (INDIA) PRIVATE LIMITED
Registered Office :	1st Floor, Innovator Building, International Tech Park, Whitefield Road, Bangalore-560066, Karnataka
Tel. No.:	91-80-41880000
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	09.04.1997
Com. Reg. No.:	08-022096
Capital Investment / Paid-up Capital :	Rs. 62.083 Million
CIN No.: [Company Identification No.]	U45208KA1997PTC022096
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACT7290C
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Real Estate Development. (Registered Activity)
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of “Ascendas Services Pte Limited, Singapore. It was incorporated in the year 1997 and has satisfactory track. The company has incurred losses from its operations in FY2015, which has eroded the networth position of the company. Further, the debt level also reported to be high during the year under consideration. However, the company receives managerial and technical support from its holding company. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. In view of stretched liquidity position, the company can be considered for business dealings with some 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 – 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

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 BY

Name :	Mr. Sunil
Contact No.:	91-80-41880000
Date :	24.12.2015

LOCATIONS

Registered Office :	1st Floor, Innovator Building, International Tech Park, Whitefield Road, Bangalore-560066, Karnataka, India
Tel. No.:	91-80-41880000
Fax No.:	91-80-41880311
E-Mail :	chawla.g@ascendas.com joey.khoo@ascendas.com
Branch Offices :	Located at: · Chennai · Gurgaon · Coimbatore · Hyderabad · Pune

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Anirban Choudhury
Designation :	Director
Address :	No.6,Clifton Apartments, Ratna Avenue,, Richmond Road, Behind M G Road Kids Kemp,, Bangalore-560025, Karnataka, India
Date of Appointment :	24.07.2015
DIN No.:	06942855
Name :	Mr. Sirdeshpande R Chidambar
Designation :	Director
Address :	Flat#315, Pyramid Greenwoods, Shabarinagar, Ayappa, Temple Road, Byatarayanapura, Intl Airport Road,, Bengaluru-560092, Karnataka, India
Date of Birth/Age :	16.02.1974
Qualification :	Graduate
Date of Appointment :	11.08.2014
DIN No.:	06942851

KEY EXECUTIVES

Name :	Mr. Rahul Ramesh Nibandhe
Designation :	Secretary
Address :	Flat No. E - 111, Gopalan Splendour, Near Cmr Institute, Whitefield, Bangalore- 560037, Karnataka, India
Date of Birth/Age :	13.11.1976
Date of Appointment :	28.03.2012
PAN No.:	ADGPN0529C
Name :	Mr. Lee Fu Nyap
Designation :	Chief Executive Officer
Name :	Mr. Foo Chek Kiang
Designation :	Chief Financial Officer
Name :	Mr. Khoo Kai Leong
Designation :	VP-Marketing and CS

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2015

Names of Shareholders (Equity Shares)	No. of Shares
Ascendas Services Pte Limited, Singapore	60292
Balaji V V	1
Manish Mathru	1
Total	60294

Names of Shareholders (Preference Shares)	No. of Shares
Ascendas Services Pte Limited, Singapore	560538
Total	560538

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	99.99
Directors or relatives of directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in Real Estate Development. (Registered Activity)
Brand Names :	--
Agencies Held :	--
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	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 :

Not Divulged

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 :

--

Banking Relations :	--
Auditors :
Name :	S.R.Batliboi and Company Chartered Accountants
Address :	U B City, Canberra Block,12th and 13^th Floor, Bangalore-560001, Karnataka, India
Tel. No.:	91-80-67275000
Fax No.:	91-80-22106000
Income-tax PAN of auditor or auditor's firm :	AALFS0506L
Memberships :	--
Collaborators :	--
Holding Company :	Ascendas Services Pte Limited, Singapore
Ultimate Holding Company :	Ascendas Pte Limited, Singapore
Fellow Subsidiary Company :	· Ascendas IT Park (Pune) Private Limited · Ascendas SEZ IT Park Private Limited · Dr. Fresh Health Care Private Limited · Dr. Fresh SEZ Phase I Private Limited · Ascendas (India) Private Limited · Ascendas India Development Fund Management Pte Limited · Ascendas Land (Singapore) Pte Limited · Ascendas Property Fund Trustee Pte Limited · Ascendas India Development VI Pte Limited
Other Related Parties :	· Information Technology Park Limited · Ascendas IT Park (Chennai) Limited · Vanenburg IT Park Private Limited · Cyber Pearl Information Technology Park Private Limited, India (U72900TN2002PTC099624) · Hyderabad Infratech Private Limited, India (U45400TG2011PTC072296) · True Developers Private Limited, India (U70109TN2006PTC065397)

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs. 100/- each	Rs. 20.000 Million
600,000	Preference Shares	Rs. 100/- each	Rs. 60.000 Million
	Total		Rs. 80.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
60,294	Equity Shares	Rs. 100/- each	Rs. 6.029 Million
560,538	Preference Shares	Rs. 100/- each	Rs. 56.054 Million
	Total		Rs. 62.083 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	62.083	62.083	62.083
(b) Reserves & Surplus	(95.045)	(92.714)	(127.204)
(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)	(32.962)	(30.631)	(65.121)
(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	10.482	7.083	7.505
Total Non-current Liabilities (3)	10.482	7.083	7.505
(4) Current Liabilities
(a) Short term borrowings	185.877	185.877	205.000
(b) Trade payables	0.532	0.404	7.713
(c) Other current liabilities	292.947	280.761	256.042
(d) Short-term provisions	12.908	10.656	9.217
Total Current Liabilities (4)	492.264	477.698	477.972
TOTAL	469.784	454.150	420.356
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.543	11.038	16.063
(ii) Intangible Assets	0.035	0.075	0.244
(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	0.000
(d) Long-term Loan and Advances	275.954	214.526	177.791
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	285.532	225.639	194.098
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	62.419	123.242	95.298
(d) Cash and cash equivalents	78.708	62.826	90.115
(e) Short-term loans and advances	16.027	16.637	13.306
(f) Other current assets	27.098	25.806	27.539
Total Current Assets	184.252	228.511	226.258
TOTAL	469.784	454.150	420.356

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Opertaions	738.343	764.503	649.901
		Other Income	1.480	5.153	5.942
		TOTAL (A)	739.823	769.656	655.843
Less	EXPENSES
		Employees benefits expense	452.028	418.258	442.750
		Other expenses	263.432	274.083	223.989
		TOTAL (B)	715.460	692.341	666.739
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		24.363	77.315	(10.896)
Less	FINANCIAL EXPENSES (D)		20.742	34.743	20.999
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3.621	42.572	(31.895)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.951	8.082	6.708
	PROFIT BEFORE TAX (E-F) (G)		(2.330)	34.490	(38.603)
Less	TAX (H)		0.000	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		(2.330)	34.490	(38.603)
	Earnings Per Share (Rs.)
	Basic		(38.65)	572.02	(640.24)
	Diluted		(38.65)	55.55	(640.24)

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	101.623	47.124	(9.766)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(0.32)	4.51	(5.94)
Operating Profit Margin (PBDIT/Sales)	(%)	3.30	10.11	(1.68)
Return on Total Assets (PBT/Total Assets}	(%)	(0.50)	7.59	(9.18)
Return on Investment (ROI) (PBT/Networth)		0.07	(1.13)	0.59
Debt Equity Ratio (Total Debt/Networth)		(5.64)	(6.07)	(3.15)
Current Ratio (Current Asset/Current Liability)		0.37	0.48	0.47

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	62.083	62.083	62.083
Reserves & Surplus	(127.204)	(92.714)	(95.045)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(65.121)	(30.631)	(32.962)
Long-term borrowings	0.000	0.000	0.000
Short term borrowings	205.000	185.877	185.877
Total borrowings	205.000	185.877	185.877
Debt/Equity ratio	(3.148)	(6.068)	(5.639)

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)
Sales	649.901	764.503	738.343
		17.634	(3.422)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	649.901	764.503	738.343
Profit	-38.603	34.490	(2.330)
	-5.94%	4.51%	(0.32%)

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	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	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 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: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULARS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
SHORT TERM BORROWINGS
Loans and advances from others	185.877	185.877
Total	185.877	185.877

FINANCIAL REVIEW:

The Company has achieved a total income of Rs. 739.823 Million for the year ended 31^st March 2015 as aginst Rs. 769.656 Million achieved during the previous year ended 31^st, March 2014. Net loss of the Company for the year ended 31^st March 2015 stood at Rs. (2.330 Million) as against Net profit of Rs. 34.490 Million for the previous year.

There are no material changes and commitments affecting financial position of the company between 31^st March, 2015 and the date of Board’s Report.

BACKGROUND

Subject was incorporated on June 22, 2004. The Company has been formed for the purpose of providing management, project consultancy and other related services to companies engaged in real estate development.

FIXED ASSETS:

Tangible Assets

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Computer Equipments

· Leasehold Improvements

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. 66.14
UK Pound	1	Rs. 98.69
Euro	1	Rs. 72.55

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KIN
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.