MIRA INFORM REPORT

Report No. :	306746
Report Date :	17.02.2015

IDENTIFICATION DETAILS

Name :	VBHC MUMBAI VALUE HOMES PRIVATE LIMITED
Registered Office :	H.M. Strafford House, 29/4, 3^rd Floor, 7^th Cross, Vasanthnagar Extension, Off Millers Road, Bangalore – 560052, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	01.06.2010
Com. Reg. No.:	053889
Capital Investment / Paid-up Capital :	Rs. 1.235 Millions
CIN No.: [Company Identification No.]	U45201KA2010PTC053889
IEC No.:	Not Available
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 :	The company is engaged in the business of developing low cost affordable housing projects.
No. of Employees :	Not Available

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

Maximum Credit Limit :	USD 15000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company weak financial risk profile and huge external borrowing taken by the company which acts as threatening to liquidity position. However, trade relations are fair. Business is active. Payments are reported to be slow. 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 – 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

Rating Agency Name	ICRA
Rating	Term Loan = BBB-
Rating Explanation	Moderate degree of safety and moderate credit risk.
Date	December 2014

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.

LOCATIONS

Registered Office :	H.M. Strafford House, 29/4, 3^rd Floor, 7^th Cross, Vasanthnagar Extension, Off Millers Road, Bangalore – 560052, Karnataka
Tel. No.:	91-80-43479500
Fax No.:	91-80-43479502
E-Mail :	srinivas.thatikonda@vbhc.com
Website :	www.vbhc.com
Design Office :	Located At: Bangalore Chennai Mumbai (Western Suburbs Office)
Branch Office :	Located At : Mumbai Delhi

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Ashok Kumar Sharma

Designation :

Nominee Director

Address :

21 Aantriksh Bhawan Near IDBI Dadar West, Mumbai – 400028, Maharashtra, India

Date of Birth/Age :

15.07.1961

Date of Appointment :

26.12.2013

DIN No. :

05276443

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	U65900MH2008PLC178883	LICHFL ASSET MANAGEMENT COMPANY LIMITED	Whole-time director	20/09/2012	19/04/2012	-	Active	NO
2	U45201MH1996PTC099529	RIVER VIEW PROPERTIES PRIVATE LIMITED	Nominee director	31/10/2012	31/10/2012	-	Active	NO
3	U45201KA2010PTC053889	VBHC Mumbai Value Homes Private Limited	Nominee director	26/12/2013	26/12/2013	-	Active	NO
4	U70100KA2012PTC063263	REDDY SHELTERS PRIVATE LIMITED	Nominee director	24/02/2014	24/02/2014	-	Active	NO

Name :

Mr. Rahul Sabharwal

Designation :

Director

Address :

No. 705/805 Raxton Divyashree Elan sarjapur Road, Opposite Total Mall , Bangalore – 560102, Karnataka India

Date of Birth/Age :

03.03.1974

Date of Appointment :

25.09.2013

DIN No. :

06517864

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	U45201KA2010PTC053889	VBHC Mumbai Value Homes Private Limited	Director	25/09/2013	15/03/2013	-	Active	NO
2	U45201KA2009PTC051022	VBHDC Bangalore Value Homes Private Limited	Director	25/09/2013	15/03/2013	06/01/2014	Active	NO
3	U45205KA2012PTC066074	FIRSTHOUSE Budget Homes Private Limited	Director	25/09/2013	15/03/2013	24/07/2014	Active	NO
4	U45201KA2010PTC053496	VBHC Hyderabad Value Homes Private Limited	Director	25/09/2013	15/03/2013	12/07/2014	Active	NO
5	U45300KA2010PTC053188	VBHC Chennai Value Homes Private Limited	Director	25/09/2013	15/03/2013	07/08/2014	Active	NO
6	U45201KA2010PTC053585	VBHC Delhi Projects Private Limited	Director	25/09/2013	15/03/2013	06/01/2014	Active	NO
7	U45201KA2010PTC053386	VBHC Delhi Value Homes Private Limited	Director	25/09/2013	15/03/2013	12/07/2014	Active	NO
8	U80301KA2010PTC053882	Founding Years Learning Solutions Private Limited	Director	25/09/2013	15/03/2013	20/01/2015	Active	NO

Name :

Mr. Sanjeev Kumar

Designation :

Director

Address :

No. 407 12^th Main Hig Sector A Yelhanka New Town, Bangalore – 560064, Karnataka, India

Date of Birth/Age :

09.12.1965

Date of Appointment :

29.09.2014

DIN No. :

06924724

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	U45300KA2010PTC053188	VBHC Chennai Value Homes Private Limited	Additional director	15/07/2014	15/07/2014	07/08/2014	Active	NO
2	U45201KA2010PTC053889	VBHC Mumbai Value Homes Private Limited	Director	29/09/2014	28/07/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Equity Shareholders	No. of Shares
Value and Budget Housing Corporation Private Limited, India	500000
Value and Budget Housing Corporation Private Limited, India	500000
Lichfl Urban Development Fund, India	235000
Total	1235000

Names of Preference Shareholders	No. of Shares
Srikanth Sundararajan	10
Nisha Suresh Mundra and Suresh K Mundra	10
Laxman Bharwaney	10
Yasmin Polly Patel and Polly Bhikaji Patel	10
Chandrashekhar Rammohan Chetty and Kanchan Chandrashekar Chetty	10
Davar Management Private Limited, India	10
CK Gupta HUF	10
Mahakhurshid K Byramjee and Rishad K Byramjee	10
Sudhir shantilal Shah and Parul Sudhir Shah	10
Ariz Aspl Anklesaria	100
Piyush Pandey	10
Sulbhanand Rane and Urmila Sulbhanand Rane	10
Dilipkumar Dulabji Tanna and Manju Dilipkumar Tanna	10
Urvashi Kirtbhai Shah	10
Amratlal Ranchhodas Panchal	10
Kalpanaben Jaydevbhai Patel	10
Chandrika kishor Sheth and Kishor Sunderlal Sheth	10
Dotch Sales Privae Limited	10
Kamal Bhatiya	10
Muralidharan Srinivasan	100
Shakuntalam Holdings Private Limited	10
Randhir Puran Behi	10
Sanjay Kumar Srivastava	10
Uma Kannan	10
Apurva Goswamy	10
Total	430

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The company is engaged in the business of developing low cost affordable housing projects.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

PRODUCTION STATUS

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Banker Name	Kotak Mahindra bank Limited
Branch Address	36-38A, Nariman Bhavan 227, D, Nariman Point, Mumbai – 400021, Maharashtra, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Auditors :
Name :	BSR and Associates Chartered Accountants
Address :	Maruti Info – Tech Centre, 11-12/1, Inner Ring Road, Koramangala Bangalore – 560071, Karnataka, India
PAN No.:	AAIFB7357B
Memberships :	Not Available
Collaborators :	Not Available
Parent Company (As on 31.03.2013) :	Value and Budget Housing Corporation Private Limited
Fellow Subsidiaries (As on 31.03.2013) :	VBHDC Bangalore Value Homes Private Limited VBHC Chennai Value Homes Private Limited VBHC Education Services Private Limited VBHC Delhi Projects Private Limited

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.1/- each	Rs.1.500 Millions
500000	Preference Shares	Rs.1/- each	Rs. 0.500 Million
	Total		Rs. Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1235000	Equity Shares	Rs.1/- each	Rs. 1.235 Millions
430	Preference Shares	Rs.1/- each	Rs. 0.000 Millions
	Total		Rs. 1.235 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

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	1.235	1.000	1.000
(b) Reserves & Surplus	4.238	(2.881)	18.983
(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)	5.473	(1.881)	19.983
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.764	0.000	0.073
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.623	0.254	0.069
Total Non-current Liabilities (3)	1.387	0.254	0.142
(4) Current Liabilities
(a) Short term borrowings	1676.306	1148.512	1301.867
(b) Trade payables	13.871	10.058	5.686
(c) Other current liabilities	184.871	55.017	5.001
(d) Short-term provisions	0.809	0.000	5.868
Total Current Liabilities (4)	1875.857	1213.587	1318.422
TOTAL	1882.717	1211.960	1338.547
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	31.063	7.070	1.687
(ii) Intangible Assets	1.752	1.364	0.985
(iii) Capital work-in-progress	0.359	2.923	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	17.935	12.568	6.091
(e) Other Non-current assets	0.000	0.618	1.672
Total Non-Current Assets	51.109	24.543	10.435
(2) Current assets
(a) Current investments	0.000	0.000	181.208
(b) Inventories	1361.254	741.331	364.620
(c) Trade receivables	54.644	0.000	0.000
(d) Cash and cash equivalents	18.891	0.587	54.718
(e) Short-term loans and advances	396.201	441.428	720.107
(f) Other current assets	0.618	4.071	7.459
Total Current Assets	1831.608	1187.417	1328.112
TOTAL	1882.717	1211.960	1338.547

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME	334.852	7.965	31.209
Less	TOTAL EXPENSES	326.970	31.456	5.871
	PROFIT/ (LOSS) BEFORE TAX	7.882	(23.491)	25.338
Less	TAX	0.764	(1.627)	5.942
	PROFIT/ (LOSS) AFTER TAX	7.118	21.864	19.396
	Earnings / (Loss) Per Share (Rs.)	5.76	17.70	15.70

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	0.38	1.81	1.45
Return on Investment (ROI) (PBT/Networth)		1.44	12.49	1.27
Debt Equity Ratio (Total Debt /Networth)		306.29	(610.59)	65.15
Current Ratio (Current Asset/Current Liability)		0.98	0.98	1.01

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1.000	1.000	1.235
Reserves & Surplus	18.983	(2.881)	4.238
Net worth	19.983	(1.881)	5.473
long-term borrowings	0.000	0.000	0.000
Short term borrowings	1301.867	1148.512	1676.306
Total borrowings	1301.867	1148.512	1676.306
Debt/Equity ratio	65.149	(610.586)	306.286

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	31.209	7.965	334.852
		(74.479)	4,104.043

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	31.209	7.965	334.852
Profit	19.396	21.864	7.118
	62.15%	274.50%	2.13%

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	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three 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	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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	No
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

OPERATIONS:

The Company has been incorporated for the purpose of engaging itself in the business of acquiring by purchase, lease and exchange or otherwise land and building of any description situate in any place in India, preparing building sites and constructing service apartments. Houses etc.

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10444820	10/07/2013	150,000,000.00	IL & FS TRUST COMPANY LIMITED	IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA  - 400051, INDIA	B81201527
2	10415051	10/07/2013 *	50,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B82323213
3	10392793	08/12/2012	250,000,000.00	CENTRAL BANK OF INDIA	CORPORATE FINANCE BRANCH-NARIMANPOINT, CHANDERMU  KHI, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B64445042
4	10383165	18/09/2014 *	400,000,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA	C26916353

* Date of charge modification

FIXED ASSETS

• Computer
• Office equipment
• Furniture and Fixture
• Motor Vehicle
• Construction Equipment
• Lab Equipment
• 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 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. 62.20
UK Pound	1	Rs. 95.99
Euro	1	Rs. 71.00

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		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	--

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.