MIRA INFORM REPORT

Report No. :	356152
Report Date :	30.12.2015

IDENTIFICATION DETAILS

Name :	DSL INFRASTRUCTURE AND SPACE DEVELOPERS PRIVATE LIMITED
Registered Office :	603/4, Upper Sixth Floor, Block No. 1, White House, Begumpet, Hyderabad – 500036, Telangana
Tel. No.:	91-40-23435125
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	16.09.2006
Com. Reg. No.:	36-051181
Capital Investment / Paid-up Capital :	Rs. 252.119 Million
CIN No.: [Company Identification No.]	U70102TG2006PTC051181
IEC No.:	Not Applicable (As claimed by company management that company does not export and import)
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 :	Providing the best services in the field of real estate development. [Confirmed by management]
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow and delayed
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2006. It has satisfactory track. Management of the company has failed to file financials for the year 2015 with the government department. However, the rating takes into account the strong financial risk profile of the company marked by debt free capital structure and healthy free cash flows generated by the company. However, reserves level of the company was reported low. Further, the company has successfully wiped off losses of previous year in FY14. However, rating also takes into consideration the risk involved in the nature of real estate business along with liquidity crunch that the Indian construction industry is facing at present. Trade relations are fair. Business is active. Payment terms are reported to be slow and delayed. In view of improving financial condition, the company can be considered for normal 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	ICRA RATING
Rating	Long Term Unallocated Limited = BB-
Rating Explanation	Inadequate credit quality and high credit risk
Date	August 2015

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 PARTED BY

Name :	Manoj Agarwal
Designation :	Director
Contact No.:	91-40-23435125
Date :	23.12.2015

LOCATIONS

Registered Office :	603/4, Upper Sixth Floor, Block No. 1, White House, Begumpet, Hyderabad – 500036, Telangana, India
Tel. No.:	91-40-23435125/126
Fax No.:	91-40-23435127
E-Mail :	info@dslinfra.com
Website :	http://www.dslinfra.com
Area :	2000 sq. ft.
Location :	Owned
Locality :	Commercial
Administrative Office :	G-1/A, Lower Ground Floor, Fortune – 9, 6-3-1091/C/1, Rajbhavan Road, Somajiguda, Hyderabad – 500082, Telangana, India
Tel. No.:	91-40-23312787

DIRECTORS

AS ON 30.09.2015

Name :

Manoj Kumar Agarwal

Designation :

Whole-Time Director

Address :

1-10-98/10, Begumpet, Hyderabad - 500016, Telangana, India

Date of Birth/Age :

10.06.1974

Date of Appointment :

16.09.2006

DIN No.:

01722874

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	U70102TG2006PTC051181	DSL INFRASTRUCTURE AND SPACE DEVLOPERS PRIVATE LIMITED	Whole-time director	16/09/2006	16/09/2006	-	Active	NO
2	U45201TG1999PTC031936	PRANETA HOUSING PRiVATE LIMITED	Director	31/08/2007	31/08/2007	-	Active	NO
3	U01122TG1970PLC001375	DARSITH AGROTECH LIMITED	Director	30/09/2009	25/09/2009	-	Active	NO
4	U45300TG2005PTC045875	A.B. BUILDING MAINTENANCE SERVICES PRIVATE LIMITED	Additional director	17/02/2010	17/02/2010	-	Active	NO
5	U45400TG2015PTC102245	ZAHAUSE PROPERTIES PRIVATE LIMITED	Director	14/12/2015	14/12/2015	-	Active	NO

Name :

Suraj Prasad

Designation :

Director

Address :

1.2.398/1, Domalguda, Himayatnagar, Hyderabad - 500029, Telangana, India

Date of Birth/Age :

22.06.1946

Date of Appointment :

23.08.2010

DIN No.:

02127757

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	U01122TG1970PLC001375	DARSITH AGROTECH LIMITED	Director	16/11/1970	16/11/1970	-	Active	NO
2	U45300TG2005PTC045875	A.B. BUILDING MAINTENANCE SERVICES PRIVATE LIMITED	Director	12/04/2005	12/04/2005	-	Active	NO
3	U91110TG1964NPL001030	THE FEDERATION OF TELANGANA AND ANDHRAPRADESH CHAMBERS OF COMMERCE AND INDUSTRY (FTAPCCI)	Director	15/06/2007	15/06/2007	-	Active	NO
4	U70102TG2008PTC059177	LANDMARK SPACE DEVELOPERS INDIA PRIVATE LIMITED.	Director	15/05/2008	15/05/2008	-	Active	NO
5	U70102TG2006PTC051181	DSL INFRASTRUCTURE AND SPACE DEVLOPERS PRIVATE LIMITED	Director	23/08/2010	05/04/2010	-	Active	NO
6	U93000TG2011PTC073468	STEPPING MEADOWS PROJECT MAINTENANCE SERVICES PRIVATE LIMITED	Director	24/03/2011	24/03/2011	-	Active	NO

Name :

Arvind Krishnamachary

Designation :

Nominee Director

Address :

B-704, Vasant Prakash Chs, 7 Bungalows,, Andheri (West), Mumbai - 400061, Maharashtra, India

Date of Appointment :

01.10.2015

DIN No.:

07022646

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	U45202MH2009PTC192761	SRM SITES PRIVATE LIMITED	Nominee director	11/12/2014	11/12/2014	-	Active	NO
2	U70102TG2006PTC051181	DSL INFRASTRUCTURE AND SPACE DEVLOPERS PRIVATE LIMITED	Nominee director	01/10/2015	01/10/2015	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Equity Shareholders	No. of Shares
Manoj Kumar	8722500
Kanta Devi Agarwal	7887500
IL and FS Trust Company Limited, India	567
IIRF Holdings XII Limited, Mauritius	3745
Total	16614312

Names of Preference Shareholders	No. of Shares
IL and FS Trust Company Limited, India	1785061
IIRF Holdings XII Limited, Mauritius	11792445
Total	13577506

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	0.02
Bodies corporate	0.03
Directors or relatives of Directors	99.95
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing the best services in the field of real estate development. [Confirmed by management]
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit (30/60/90 days)
Purchasing :	Cash and Credit (30/60/90 days)

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 :

50 (Approximately)

Bankers :

Banker Name	Not Divulged
Branch Address	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 :	Venugopal and Chenoy Chartered Accountant
Address :	4-1-889/16/2, Tilak Road, Hyderabad – 500001, Telangana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFV0612M
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	SV Properties Balaji Constructions

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
28000000	Equity Shares	Rs.10/- each	Rs. 280.000 Million
22000000	Preference Shares	Rs. 10/- each	Rs. 220.000 Million
	Total		Rs. 500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16614312	Equity Shares	Rs.10/- each	Rs. 166.143 Million
13577606	Preference Shares	Rs. 10/- each	Rs. 135.776 Million
	Total		Rs. 301.919 Million

AS ON 31.03.2014

Authorised Capital: Rs. 500.000 Million

Issued, Subscribed & Paid-up Capital: Rs. 252.119 Million

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) Share Capital	252.119	194.019
(b) Reserves & Surplus	177.183	175.646
(c) Money received against share warrants		0.000
(2) Share Application money pending allotment	5.250	54.800
Total Shareholders’ Funds (1) + (2)	434.552	424.465
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	1.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.000	1.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	2.115	0.310
(c) Other current liabilities	0.000	0.000
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	2.115	0.310
TOTAL	436.667	425.775
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	197.837	197.682
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	102.206	52.182
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	27.723	82.810
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	327.766	332.674
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	0.000	0.000
(c) Trade receivables	0.000	0.000
(d) Cash and cash equivalents	43.135	1.801
(e) Short-term loans and advances	65.663	91.278
(f) Other current assets	0.103	0.022
Total Current Assets	108.901	93.101
TOTAL	436.667	425.775

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013
	SALES	NA	NA
Less	EXPENSES	NA	NA
	PROFIT BEFORE TAX	NA	NA
Less	TAX	NA	NA
	PROFIT AFTER TAX	1.537	(0.258)

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 flows from (used in) operations	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Return on Total Assets (PBT/Total Assets}	(%)	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		0.00	0.00
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		51.49	300.33

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	194.019	252.119
Reserves & Surplus	175.646	177.183
Net worth	424.465	434.552
long-term borrowings	0.000	0.000
Short term borrowings	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

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	Yes
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	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	Yes
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	No
26	Turnover of firm for last two years	No
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	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

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 :	PPT
Analysis Done by :	KIN
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.