MIRA INFORM REPORT

Report No. :	332736
Report Date :	21.07.2015

IDENTIFICATION DETAILS

Name :	LAP DEVELOPERS PRIVATE LIMITED
Registered Office :	G-3, Deepkamal Shopping Center, Varachha Road, Beside SMC Nature Park, Surat – 395 008, Gujarat
Tel. No.:	91-9537100000
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.06.2011
Com. Reg. No.:	04-066020
Capital Investment / Paid-up Capital :	Rs.15.000 million
CIN No.: [Company Identification No.]	U70101GJ2011PTC066020
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	SRTL01046D
PAN No.: [Permanent Account No.]	AACCL0580D
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged as developers in Real Estates.
No. of Employees :	20 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 206000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be fair. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at 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 PARTED BY (GENERAL DETAILS)

Name :	Mr. Subhendu Satyanarayan Panda
Designation :	Director
Contact No.:	91-9537100000
Date :	21.07.2015

LOCATIONS

Registered Office :	G-3, Deepkamal Shopping Center, Varachha Road, Beside SMC Nature Park, Surat – 395 008, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9537100000 (Mr. Subhendu Satyanarayan Panda)
Fax No.:	Not Available
E-Mail :	paresh@shilpriya.com
Location :	Owned
Locality :	Commercial

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Amrutbhai Chhotubhai Patel

Designation :

Director

Address :

Nava Falia, Katargam, Surat – 395 004, Gujarat, India

Date of Birth/Age :

13.02.1940

Date of Appointment :

01.09.2012

DIN No.:

01751715

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	U17121GJ2007PTC051230	SHILPRIYA INDUSTRIES PRIVATE LIMITED.	Director	28/06/2007	28/06/2007	-	Active	NO
2	U70101GJ2011PTC066020	LAP DEVELOPERS PRIVATE LIMITED	Director	01/09/2012	01/09/2012	-	Active	NO

Name :

Mr. Subhendu Satyanarayan Panda

Designation :

Director

Address :

225, Sarswati Nagar Pplod Gam, Piplod Jakat Naka, Surat – 395 007, Gujarat, India

Date of Birth/Age :

08.04.1969

Date of Appointment :

22.06.2011

DIN No.:

03542847

Name :

Mr. Pareshbhai Hasmukhbhai Patel

Designation :

Additional Director

Address :

Patel Falia, Saniya, Hemad, Taluka-Choryasi, Surat – 395 010, Gujarat, India

Date of Birth/Age :

23.05.1972

Date of Appointment :

24.12.2012

DIN No.:

01751697

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	U17121GJ2007PTC051230	SHILPRIYA INDUSTRIES PRIVATE LIMITED.	Director	28/06/2007	28/06/2007	-	Active	NO
2	U74140WB2003PTC095719	DYNAMIC TIE-UP PRIVATE LIMITED	Director	07/09/2007	07/09/2007	07/01/2008	Active	NO
3	U70101GJ2011PTC066020	LAP DEVELOPERS PRIVATE LIMITED	Additional director	24/12/2012	22/06/2011	-	Active	NO
4	U50100GJ2011PTC067007	LAP MOTORS PRIVATE LIMITED	Director	05/09/2011	05/09/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Pareshbhai Hasmukhbhai Patel	940000	62.67
Subhendu Satyanarayan Panda	560000	37.33
Total	1500000	100.00

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged as developers in Real Estates.
Products/ Services :	Construction Activities
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

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 :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	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 :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

20 (Approximately)

Bankers :

Banker Name	Axis Bank Limited
Branch Address	Varachha Road Branch, Surat – 395 008, Gujarat
Person Name (With Designation)	Not Divulged
Contact Number	91-261-2540332
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 responding properly.

Facilities :

Secured Loans	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loans from Banks	4.371	0.000
Total	4.371	0.000

Banking Relations :	--
Auditors :
Name :	Kansariwala and Chevli Chartered Accountants
Address :	2/1447, Utttkarsh Apartment, Sagrampura, Surat – 395 002, Gujarat, India
Income-tax PAN of auditor or auditor's firm :	AAFFK4329R
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 million

FINANCIAL DATA

[all figures are in Rupees Million]

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	15.000	15.000	2.500
(b) Reserves & Surplus	54.719	0.418	0.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	2.449	7.655	9.070
Total Shareholders’ Funds (1) + (2)	72.168	23.073	11.570
(3) Non-Current Liabilities
(a) Long-term borrowings	14.096	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)	14.096	0.000	0.000
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	27.546	47.522	42.067
(c) Other current liabilities	24.183	14.706	4.784
(d) Short-term provisions	26.390	0.336	0.044
Total Current Liabilities (4)	78.119	62.564	46.895
TOTAL	164.383	85.637	58.465
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6.315	0.260	0.302
(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)	0.077	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.073	0.105	0.137
Total Non-Current Assets	6.465	0.365	0.439
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	96.248	83.902	57.088
(c) Trade receivables	5.296	0.000	0.000
(d) Cash and cash equivalents	1.570	0.119	0.938
(e) Short-term loans and advances	0.000	0.000	0.000
(f) Other current assets	54.804	1.251	0.000
Total Current Assets	157.918	85.272	58.026
TOTAL	164.383	85.637	58.465

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	NA	NA	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		80.515	0.636	0.000
Less	TAX		26.367	0.218	0.000
	PROFIT/ (LOSS) AFTER TAX		54.148	0.418	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.908	1.490	NA
	BALANCE CARRIED TO THE B/S		56.056	1.908	NA
	Earnings/ (Loss) Per Share (Rs.)		36.10	0.28	0.00

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current maturities of long-term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	49.00	0.74	0.00
Return on Investment (ROI) (PBT/Networth)		1.12	0.03	0.00
Debt Equity Ratio (Total Debt /Networth)		0.20	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.02	1.36	1.24

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	2.500	15.000	15.000
Reserves & Surplus	0.000	0.418	54.719
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	9.070	7.655	2.449
Net worth	11.570	23.073	72.168
Long-term borrowings	0.000	0.000	14.096
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	14.096
Debt/Equity ratio	0.000	0.000	0.195

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	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	No
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	No
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last about 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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Particulars	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loan from Directors	9.725	0.000
Total	9.725	0.000

INDEX OF CHARGES:

No Charges Exist for Company.

FIXED ASSETS:

· Generators

· Air Conditioner

· C.C. Camera

· Car

· HP Printer

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.63.55
UK Pound	1	Rs.99.10
Euro	1	Rs.68.83

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	SAN
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.