MIRA INFORM REPORT

Report No. :	309646
Report Date :	12.05.2015

IDENTIFICATION DETAILS

Name :	STYLEONE PROPERTIES PRIVATE LIMITED (w.e.f.09.01.2013)

Formerly Known As :	LEELA PRIME PROPERTIES CHENNAI PRIVATE LIMITED

Registered Office :	19, Gandhi Nagar, First Main Road, Adyar, Chennai – 600020, Tamilnadu
Tel. No.:	91-40-42105111

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	02.09.2011

Com. Reg. No.:	18-082157

Capital Investment / Paid-up Capital :	Rs. 0.300 Million

CIN No.: [Company Identification No.]	U70200TN2011PTC082157

TIN No.:	33260864558

TAN No.: [Tax Deduction & Collection Account No.]	CHEL05101F

PAN No.: [Permanent Account No.]	AACCL0960F

Legal Form :	Private Limited Liability Company

Line of Business :	Construction Activity

No. of Employees :	40 (10 in Office and 30 in Site) (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. Mr. S. Rajesh, Marketing Manager has provided information to us and claimed that company has undertaken a project of residential premises which is expected to complete till June 2015. As per the financial record of 2014, the company has achieved sales turnover growth over previous year but profitability of the company remains low. Rating further constrained on account of huge external borrowings taken by the company which threatening to the liquidity profile of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. In view of huge borrowing backed by lower profitability margins, 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

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. S. Rajesh
Designation :	Marketing Manager
Contact No.:	91-9940011118
Date :	07.05.2015

LOCATIONS

Registered Office/ Factory :	19, Gandhi Nagar, First Main Road, Adyar, Chennai – 600020, Tamilnadu, India
Tel. No.:	91-40-42105111
Mobile No.:	91-9789911111
Fax No.:	Not Available
E-Mail :	santhosh@styleone.in rajesh@styleone.in deepa@styleone.in
Website :	http://www.styleoneproperties.com
Location :	Owned

DIRECTORS

AS ON 30.09.2013

Name :

Mrs. Kalpana Santosh Sharma

Designation :

Director

Address :

No.16/35, Kamarajar Avenue, 1st Cross Street, Adayar, Chennai - 600020, Tamilnadu, India

Date of Birth/Age :

20.08.1979

Date of Appointment :

03.09.2014

PAN No.:

BMEPS1132E

DIN No.:

06925220

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	Company/ LLP Status	Defaulting status
1	U70200TN2011PTC082157	STYLEONE PROPERTIES PRIVATE LIMITED	Director	03-09-2014	15-07-2014	Active	NO

Name :

Parasmal Santosh Sharma

Designation :

Director

Address :

No.16/35, Kamarajar Avenue, 1st Cross Street, Adayar, Chennai - 600020, Tamilnadu, India

Date of Appointment :

02.09.2011

PAN No.:

APIPS0964A

DIN No.:

01657653

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	Company/ LLP Status	Defaulting status
1	U17299TN2007PTC064354	STYLEONE RETAIL PRIVATE LIMITED	Director	01-08-2007	01-08-2007	Active	NO
2	U52322TN2010PTC074818	STYLEONE RETAIL CONCEPTS PRIVATE LIMITED	Managing director	08-03-2010	08-03-2010	Active	NO
3	U70200TN2011PTC082157	STYLEONE PROPERTIES PRIVATE LIMITED	Director	02-09-2011	02-09-2011	Active	NO

KEY EXECUTIVES

Name :	Mr. S. Rajesh
Designation :	Marketing Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Parasmal Vinodh Sharma	1000	33.33
Parasmal Prakash Sharma	1000	33.33
Parasmal Santosh Sharma	1000	33.33

Total	3000	100.00

AS ON 30.09.2013

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

Total	100.00

BUSINESS DETAILS

Line of Business :	Construction Activity

Brand Names :	--

Agencies Held :	--

Exports :
Products :	--
Countries :	--

Imports :
Products :	--
Countries :	--

Terms :
Selling :	--

Purchasing :	--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Chennai Steel Tubes
Name of the Person (Designation):	Mr. Bhavani Shankar (Proprietor)
Contact Number:	91-9600056384
Since how long known:	4 Years
Maximum limit dealt:	As per requirement
Experience:	Payment Behaviour = Good Market Goodwill = Good Overall = Overall
Remark	He told that the company clears their dues on time and also they have good market record.

Reference:	Nahar Electrical
Name of the Person (Designation):	Mr. Thansingh Nahar (Proprietor)
Contact Number:	91-9884000231
Since how long known:	4 Years
Maximum limit dealt:	Depend on Project Rs. 10.000 to 20.000 Million [Monthly]
Experience:	Payment Behaviour = Average Market Goodwill = Good Overall = Overall
Remark	They clear their dues on time but sometimes they take 10 to 15 days grace period for payment.

· Mahaveer Internationals

Address: No. 15 (42), Jermiah Road, Vepery, Chennai – 600007, Tamilnadu, India

Contact Person: Mr. Shyam

Contact No.: 91-9962037670

· V.S. Enterprises

Address: Flat No. A/2, 23/10, Saravana Street, T. Nagar, Chennai – 600017, Tamilnadu, India

Contact Person: Mr. Vijay

Contact No.: 91-9381041547

· Z.Z. Architects

Address: No. A-403, Prathmesh Tower, Raghuvanshi Mills Compound, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Contact Person: Mr. Irfan

Contact No.: 91-9773094959

· T.R.G. Construction

Address: No. 32, Najanai Koil Street, Hasthinapuram, Chennai – 600064, Tamilnadu, India

Contact Person: Mr. Gokul

Contact No.: 91-9841777668

Customers :

Retailers

No. of Employees :

40 (10 in Office and 30 in Site) (Approximately)

Bankers :

Bank Name:	Corporation Bank
Branch:	Indiranagar, Chennai – 600020, Tamilnadu, India
Person Name (with Designation):	Mr. P. Ramesh Prabhu [Chief Manager]
Contact Number:	91-9940572512
Name of Account Holder:	Styleone Properties Private Limited
Account Number:	CBCA:01 : 002012
Account Since (Date/ Year of A/c Opening):	07.01.2014
Average Balance Maintained (Optional):	Rs. 0.500 Million [Approx.]
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not availed credit facilities
Account Operation:	Satisfactory
Remarks:	--

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
LONG-TERM BORROWINGS
Term Loans From Banks - DHFL	59.903	0.000

Total	59.903	0.000


Financial Institution :	· Dewan Housing Finance Corporation Limited Warden House 2nd Floor, Sir P M Road, Fort, Mumbai - 400001, Maharashtra, India

Auditors :
Name :	G. Gopal Chartered Accountants
Address :	2A/9, Sivaprakasam Street, Pondy Bazaar, T. Nagar, Chennai – 600017, Tamilnadu, India
Mobile No.:	91-9841049772
E-Mail :	gopaganesan@gmail.com
Income-tax PAN of auditor or auditor's firm :	AALPG0286B

Memberships :	--

Collaborators :	--

Associates :	· Styleone Retail Private Limited · Styleone Retail Concepts Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

5,000	Equity Shares	Rs. 100/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3,000	Equity Shares	Rs. 100/- each	Rs. 0.300 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	0.300	0.300	0.300
(b) Reserves & Surplus	1.541	0.181	0.000
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	37.500	54.504	54.504
Total Shareholders’ Funds (1) + (2)	39.341	54.985	54.804

(3) Non-Current Liabilities
(a) Long-term borrowings	59.903	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)	59.903	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	1.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	40.611	7.929	0.114
(d) Short-term provisions	3.192	2.489	0.000
Total Current Liabilities (4)	43.803	10.418	1.114

TOTAL	143.047	65.403	55.918

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.093	0.000	0.000
(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	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	0.093	0.000	0.000

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	44.332	61.789	54.758
(c) Trade receivables	26.764	0.000	0.000
(d) Cash and cash equivalents	8.861	0.845	1.053
(e) Short-term loans and advances	60.536	0.000	0.000
(f) Other current assets	2.461	2.769	0.107
Total Current Assets	142.954	65.403	55.918

TOTAL	143.047	65.403	55.918

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from Operations	238.240	32.178	0.000
		Other Income	0.000	0.000	0.000
		TOTAL (A)	238.240	32.178	0.000

Less	EXPENSES
		Project Cost Recognised - Valmiki Nagar	202.154	26.553	0.000
		Employees benefits expense	9.439	4.105	0.000
		Other expenses	9.021	1.258	0.000
		TOTAL (B)	220.614	31.916	0.000

	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17.626	0.262	0.000

Less	FINANCIAL EXPENSES (D)		15.596	0.000	0.000

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2.030	0.262	0.000

Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.014	0.000	0.000

	PROFIT BEFORE TAX (E-F) (G)		2.016	0.262	0.000

Less	TAX (H)		0.683	0.081	0.000

	PROFIT AFTER TAX (G-H) (I)		1.333	0.181	0.000

	Earnings Per Share (Rs.)		4.44	0.60	0.00

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.56	0.56	0.00

Operating Profit Margin (PBDIT/Sales)	(%)	7.40	0.81	0.00

Return on Total Assets (PBT/Total Assets}	(%)	1.41	0.40	0.00

Return on Investment (ROI) (PBT/Networth)		0.05	0.00	0.00

Debt Equity Ratio (Total Debt/Networth)		1.52	0.00	0.02

Current Ratio (Current Asset/Current Liability)		3.26	6.28	50.20

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	0.300	0.300	0.300
Reserves & Surplus	0.000	0.181	1.541
Share Application money pending allotment	54.504	54.504	37.500
Net worth	54.804	54.985	39.341

Long-term borrowings	0.000	0.000	59.903
Short term borrowings	1.000	0.000	0.000
Total borrowings	1.000	0.000	59.903
Debt/Equity ratio	0.018	0.000	1.523

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	0.000	32.178	238.240
		#DIV/0!	640.382

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	0.000	32.178	238.240
Profit	0.000	0.181	1.333
		0.56%	0.56%

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	No
19]	Payments terms	Yes
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	Yes
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

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COST OF PROJECT

(RS. IN MILLION)

SR. NO.	PARTICULARS	AMOUNT

1	Land Cost – Security Deposit	72.000

2	Buildings Construction	800.000

3	Approval and Premium FSI Fees	110.000

4	Common Facilities	120.000

	Total	1102.000

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MEANS OF FINANCE

(RS. IN MILLION)

SR. NO.	PARTICULARS	AMOUNT

1	Capital Contribution	227.500

2	Quasi Capital – Unsecure loans from friends and relatives	219.500

3	Receipts from Project	274.500

4	Term Loans from Bank	600.000

------------------------------------------------------------------------------------------------------------------------------

PROJECTED PROFITABILITY STATEMENT

(RS. IN MILLION)

SR. NO.	PARTICULARS	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20

a.	Gross Revenue from Operations
	- Percentage Completion of Project	10%	30%	30%	25%	5%	--
	- Cum Percentage completion of Project	10%	40%	70%	95%	100%	100%

	- Gross Receipts	0.000	50.107	128.787	403.823	654.082	470.702
	- Cum Gross Receipts	0.000	50.107	178.894	582.718	1236.800	1707.502
	Out of above
	- Income credited to P&L Account	0.000	20.043	105.183	428.356	683.218	470.702

	Total	0.000	20.043	105.183	428.356	638.218	470.702

b.	Contribution @ 39.7%	0.000	7.953	41.735	169.963	271.088	186.765

c.	Project Management Expenses	6.000	24.000	24.000	24.000	20.000	8.000

d.	Interest Cost	1.719	36.781	63.708	57.625	22.017	0.000

e.	Net Profit before Tax	(7.719)	(52.829)	(45.973)	88.338	229.071	178.765

f.	Tax Provision	0.000	0.000	0.000	16.343	42.378	54.702

g.	Net Profit after Tax	(7.719)	(52.829)	(45.973)	71.995	186.692	124.063

h.	DSCR	(3.5)	(0.4)	0.3	2.25	9.48	2647668.17

i.	Average DSCR	0.8

WIP CALCULATIONS

PARTICULARS	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20

Spent during the year	110.000	440.000	264.000	186.000	30.000	--

Cumulative Spent (A)	110.000	550.000	814.000	1000.000	1030.000	1030.000

Less: Debited to Profit and Loss Account during the year	--	12.090	63.449	258.392	412.130	283.936

Less: Cumulative Expenses debited to Profit and Loss Account (B)	--	12.090	75.539	333.931	746.062	1029.998

WIP (A - B)	110.000	537.910	738.461	666.069	283.938	--

ADVANCE RECEIPTS FROM CUSTOMERS

PARTICULARS	2015-16	2016-17	2017-18	2018-19	2019-20

Received during the year	50.107	128.787	403.823	654.082	470.702

Cumulative received	50.107	178.894	582.718	1236.800	1707.502

Less: Income recognized in Profit and Loss Account	20.043	105.183	428.356	683.218	470.702

Less: Cumulative Income credited	20.043	125.226	553.582	1236.800	1707.502

Advances received from Customers	30.064	53.668	29.136	--	--

------------------------------------------------------------------------------------------------------------------------------

PROJECTED BALANCE SHEET

(RS. IN MILLION)

PARTICULARS	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20
	3	12	12	12	12	12
SOURCES
Share Capital	80.000	147.500	192500	227.500	227.500	227.500

Reserves and Surplus	(7.700)	(60.500)	(106.500)	(34.500)	152.200	276.200

Unsecured Loans	0.000	110.000	170.000	219.500	219.500	219.500

Advance Receipts from Customers	0.000	30.064	53.668	29.136	0.000	0.000

Project Loan from Bank	100.000	385.000	501.634	306.704	0.000	0.000

Tax Liability	0.000	0.000	0.000	0.000	0.000	0.000

Total	172.281	612.017	811.282	748.315	599.168	723.231

APPLICATIONS
WIP	110.000	537.910	738.461	666.069	283.938	0.200

Cash Balance	(9.719)	2.107	0.821	10.246	243.229	723.229

Deposits	72.000	72.000	72.000	72.000	72.000	0.000

Total	172.281	612.017	811.282	748.315	599.168	723.231

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PROJECTED PROFITABILITY STATEMENT

EXISTING ACTIVITIES

(RS. IN MILLION)

SR. NO.	PARTICULARS	2014-15	2015-16

a.	Gross Revenue from Operations
	- Gross Receipts	75.000	120.000

b.	Less: Cost of Materials and Labour	60.000	90.000

c.	Contribution	15.000	30.000

e.	Project Management Expenses	4.800	3.600

f.	Interest Cost	0.600	0.000

g.	Net Profit before Tax	9.600	26.400

h.	Tax Provision	0.000	0.000

i.	Net Profit after Tax	9.600	26.400

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PROJECTED BALANCE SHEET

EXISTING ACTIVITIES

(RS. IN MILLION)

PARTICULARS	2014-15	2015-16

SOURCES
Share Capital	50.000	50.000

Share Application	0.000	0.000

Reserves and Surplus	11.141	37.541

Advance receipts from Customers	10.000	10.000

Project loan from Bank	0.000	0.000

Current Liabilities	2.000	2.400

Total	73.141	99.941

------------------------------------------------------------------------------------------------------------------------------

PROJECTED BALANCE SHEET

(RS. IN MILLION)

PARTICULARS	2014-15	2015-16

SOURCES
Share Capital	90.000	157.500

Reserves and Surplus	(7.700)	(59.300)

Unsecured Loans	0.000	110.000

Advance receipts from Customers	0.000	30.064

Project loan from Bank	100.000	375.000

Tax Liability	0.000	0.000

Total	182.281	613.220

------------------------------------------------------------------------------------------------------------------------------

PROJECTED PROFITABILITY STATEMENT

(RS. IN MILLION)

SR. NO.	PARTICULARS	2014-15	2015-16

a.	Gross Revenue from Operations
	- Percentage Completion of Project	10%	30%
	- Cum Percentage completion of Project	10%	40%

	- Gross Receipts	0.000	50.107
	- Cum Gross Receipts	0.000	50.107
	Out of above
	- Income credited to P&L Account	0.000	20.043

	Total	0.000	20.043

b.	Contribution @ 39.7%	0.000	7.953

c.	Project Management Expenses	6.000	24.000

d.	Interest Cost	1.719	35.578

e.	Net Profit before Tax	(7.719)	(51.626)

f.	Tax Provision	0.000	0.000

g.	Net Profit after Tax	(7.719)	(51.626)

h.	DSCR	(3.5)	(0.5)

i.	Average DSCR	0.8

------------------------------------------------------------------------------------------------------------------------------

PROJECTED PROFITABILITY STATEMENT

EXISTING ACTIVITIES

(RS. IN MILLION)

SR. NO.	PARTICULARS	2014-15	2015-16

a.	Gross Revenue from Operations
	- Gross Receipts	75.000	140.043

b.	Less: Cost of Materials and Labour	60.000	102.090

c.	Contribution	15.000	37.953

e.	Project Management Expenses	10.800	27.600

f.	Interest Cost	2.319	35.578

g.	Net Profit before Tax	1.881	(25.226)

h.	Tax Provision	0.566	0.000

i.	Net Profit after Tax	1.315	(25.226)

	DSCR	1.6	0.3

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PROJECTED BALANCE SHEET

(RS. IN MILLION)

PARTICULARS	2014-15	2015-16

SOURCES
Share Capital	140.000	207.500

Reserves and Surplus	3.422	(21.803)

Advance receipts from Customers	10.000	40.064

Project loan from Bank	100.000	375.000

Current Liabilities	2.000	2.400

Total	255.422	603.161

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STATEMENT OF ASSETS AND LIABILITIES

MRS. KALPANA SHARMA

(RS. IN MILLION)

LIABILITIES	31.01.2015	ASSETS	31.01.2015

Capital	38.020	Land	14.500

		Investments
		Capital Investments
		Styleone Properties Private Limited	25.200

		Jewellery
		Gold	2.800

		Loans and Advances
		Advance paid for land	10.000

		Cash and Bank
		Union Bank	0.020
		Cash	0.050

------------------------------------------------------------------------------------------------------------------------------

STATEMENT OF ASSETS AND LIABILITIES

MR. SANTOSH SHARMA

(RS. IN MILLION)

LIABILITIES	31.01.2015	ASSETS	31.01.2015

Capital	140.648	Land	14.500

Bank Loan	1.300	Investments
		Capital Investments
		Styleone Retail Private Limited	36.942
		Styleone Properties Private Limited	64.800
		Shoppers	2.000

		Jewellery
		Gold	2.800
		Silver	0.200

		Insurance Policies
		LIC Policy	0.269
		HDFC	0.350

		Loans and Advances
		Advance paid for land	20.000

		Cash and Bank
		Corporation Bank	0.005
		UBI Bank	0.017
		Indian Bank	0.012
		Cash	0.053


Total	141.948	Total	141.948

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VALUATION REPORT

(GENERAL DETAILS)

Name of the owners of the entire land

Mr. L K Sudhish and Mrs. S Poornajothi alias Sudhish Poorrnajothi

Brief description of the entire land

Description	As per document	As per Patta	As per JDA	As existing

Land	91577 Sq. ft. or 8514 Sq. Mt.	91644 Sq. ft. or 8514 Sq. Mt.	91476 Sq. ft. or 8498 Sq. Mt.	91612 Sq. ft. or 8511 Sq. Mt.

Location of the entire land

The property is situated near flyover at the junction of 200’ Inner Ring Road and GNT Road.

Survey No.	1353/2A and 1353/2B

T.S. No.	6 and 7

Block No.	53

Ward No.	D

Village and Taluk	Madhavaram

District	Thiruvallur

Local Authority	Madhavaram Municipality

Sub Registration office	Madhavaram – 600060

Registration District	North Chennai

Latitude	13.139867

Longitude	80.218734

Boundaries of the entire land

North by	Land comprised in Survey No. 1352

South by	Property comprised in Survey No. 1353/2CI

East by	Property comprised in Survey No. 1304

West by	Inner Ring Road

Boundaries of the entire land as per sale deed

	As per Joint Development Agreement	As existing
North	Land comprised in T.S. No. 5	Vacant Land

South	Land comprised in T.S. No. 8 and 9	No. 11, Okey Logistic Private Limited

East	Land comprised in T.S. No. 11	Vacant Land

West	T.S. No. 89	200’ wide Inner Ring Road

Extent of land as per sale deeds

2.10 Acres (or)

91577 Sq. ft. (or) 8508 Sq. Mt.

Extent of land as per patta

8514 Sq. Mt. (or) 91644 Sq. ft.

Extent of land as existing

8511 Sq. Mt. (or) 91612 Sq. ft.

Extent of land as per Joint Development Agreement

8498 Sq. Mt. (or) 91476 Sq. ft.

Extent of land as considered

8498 Sq. Mt. (or) 91476 Sq. ft.

Extent of the UDS of land retained by the land owners

29603.92 Sq. ft.

Extent of the UDS of land agreed to be conveyed to the developer by the land owners

61872.08 Sq. ft.

CHARACTERISTICS OF THE SITE

Is the property situated in residential / commercial / industrial / mixed area?

Mixed Area

[Residential / Commercial]

Classification of the locality

Residential middle class and commercial

Classification of the property as per land use map of CMDA

Mixed Residential

Shape of the land

Fairly Rectangular

Level of land with topographical condition

Level

Development of surrounding areas

Partially developed

Is the locality subjected to frequent flooding?

Proximity to civic amenities like schools, hospitals, bus stop, market etc.

Nearby

Road facilities

200 feet bituminous road

Means and proximity to surface communication by the locality is served

Road / Nearby

Water potentiality

Good

Landmark

Flyover @ the junction of Inner Ring Road and GNT Road.

METHOD OF VALUATION

The value of the land depends upon location of the property, development of the area, type of road, road width, frontage of the property, proximity to civic amenities, quality of water available, etc. the prevailing market rate are noticed in the specific area and a suitable rate per unit area has been adopted for valuation.

DEVELOPMENT RIGHTS OF THE PROPERTY

Dimensions of the land as per patta

North	90.569 m

South	119.20 m

East	83.00 m

West	87.00 m

Extent of the plot considered	8498 Sq. Mt. (or) 91476 Sq. ft.

Width of the Road	200 feet

Frontage of the plot	87 m

Since the width of the road is more than 18 m, the plot frontage is more than 40 m and the extent of land is more than 2500 Sq. Mt, the eligible for the construction of a multi-storeyed residential apartment complex with maximum floor space index (FSI) is 2.5, plot coverage of 30% and height of 60 m and above as per the Special Rules for Multi-storeyed buildings of Second Volume II Development Regulations of CMDA.

Built up area (FSI) eligible for approval

2.5 x 8498 Sq. Mt.

21245 Sq. Mt. (or) 228680 Sq. ft.

ENTIRE LAND

VALUATION OF ENTIRE LAND BY ADOPTING GUIDELINE RATE (GLR)

Guideline rate as obtained from net	Rs. 3500/- Sq. ft.

Value of land by adopting GLR [91476 Sq. ft. @ Rs. 3500/- Sq. ft.]	Rs. 320.166 Million

VALUATION OF ENTIRE LAND BY ADOPTING PREVAILING MARKET RATE [PMR]

Prevailing market rate of lands in the surrounding areas	Rs. 12.500 Million to Rs. 15.000 Million / Ground

Unit rate adopted in this valuation after considering the characteristics of the subject land	Rs. 12.000 Million / Ground (or) Rs. 5000/- Sq. ft.

Value of land by adopting PMR (91476 Sq. ft. @ Rs. 5000/- Sq. ft.)	Rs. 457.380 Million

OPINION FOR ENTIRE LAND

· The Marketability of the entire land is good.

· The Market Value of the entire land is Rs. 457.300 Million.

· The Forced Sale Value of the entire land is Rs. 360.000 Million.

· The Registration Value of the property is Rs. 320.000 Million.

VALUATION OF UDS OF LAND AGREED TO BE CONVEYED TO THE DEVELOPER BY THE LAND OWNERS

VALUATION OF UDS OF LAND BY ADOPTING GUIDELINE RATE (GLR)

Guideline rate as obtained from net	Rs. 3500/- Sq. ft.

Value of land by adopting GLR [91476 Sq. ft. @ Rs. 3500/- Sq. ft.]	Rs. 216.552 Million

VALUATION OF UDS OF LAND BY ADOPTING PMR

Prevailing market rate of lands in the surrounding areas	Rs. 12.500 Million to Rs. 15.000 Million / Ground

Unit rate adopted in this valuation after considering the characteristics of the subject land	Rs. 12.000 Million / Ground (or) Rs. 5000/- Sq. ft.

Value of land by adopting PMR (91476 Sq. ft. @ Rs. 5000/- Sq. ft.)	Rs. 309.360 Million

OPINION FOR UDS OF LAND TO BE CONVEYED TO DEVELOPER

The Market Value of the UDS of land is Rs. 309.300 Million.

The Forced Sale Value of the property is Rs. 250.000 Million.

The Registration Value of the property is Rs. 216.500 Million.

PROJECT

The extent of land as per the plan to be submitted for approval and as per site is Rs. 8511 Sq. Mt. (or) 91612 Sq. ft. The extent of land as per patta is 8514 Sq. Mt. (or) 91644 Sq. ft.

The extent of land as per Joint Development Agreement is 8498 Sq. Mt. (or) 91476 Sq. ft. The extent of UDS of land retained by the land owners is 29603.92 Sq. ft. The extent of UDS of land agreed to be conveyed to the developer by the owners is 61872.08 Sq. ft.

Dimensions of the land as per patta:

North	90.569 m

South	119.20 m

East	83.00 m

West	87.00 m

Extent of the plot considered	8498. Sq. Mt. (or) 91476 Sq. ft.

Width of the Road	200 feet

Frontage of the plot	87 m

Since the width of the road is more than 18 m, the plot frontage is more than 40 m and the extent of land is more than 2500 Sq. Mt., the eligible for the construction of a multi-storeyed residential apartment complex with maximum floor space index (FSI) is 2.5, plot coverage of 30% and height of 60 m and above as per the Special Rules for Multi-storeyed buildings of the Second Master Plan – Volume II Development Regulations of CMDA.

As the project land is abutting the road having width of 18 m and above, the premium FSI of 40% of normally allowable FSI (i.e. 40% of 2.5 = 1) is permissible according to the GO No. 163 dated 09.09.2009 of Housing and Urban Development (UD I) Department, the land the company is applying for premium FSI of 1% on payment of necessary premium FSI charges as reported, the max. FSI permissible is 2.5 + 1 = 3.5.

Built-up FSI area permissible

3.5 x 8498 Sq. Mt.

29743 Sq. Mt. (or) 320153 Sq. ft.

The multi-storeyed residential project consists of 6 towers with 240 flats as per the plans furnished by the company. Basement Stilt, First Floor and Second Floor are planned as podium for car parking spaces and two wheeler parking spaces.

Basement consists of 59 car parking spaces and 66 two wheeler parking spaces. Stilt consists of 55 car parking spaces and 66 two wheeler parking spaces. First floor consists of 55 car parking spaces and 66 two wheeler parking spaces. Second floor consists of 58 car parking spaces and 66 two wheeler parking spaces. The number of open car parking spaces will be 115. The total number of car parking spaces is 342 and two wheeler parking spaces is 264.

Third floor is planned as service area consisting of care taker room, association office room, store room, generator room, electrical room, pump room, swimming pool, plant room, change room, etc.

Fourth floor to 23^rd floor i.e. 20 floors consist of 240 flats. Each floor consists of 12 flats out of which 7 flats are 3 BHK and 5 flats are 2 BHK.

Plinth area of basement	3658 Sq. Mt. (or) 39375 sq. ft.

Plinth area of Stilt	3658 Sq. Mt. (or) 39375 sq. ft.

Plinth area of First floor	3658 Sq. Mt. (or) 39375 sq. ft.

Plinth area of Second floor	3658 Sq. Mt. (or) 39375 sq. ft.

Plinth area of Third floor	1569.20 Sq. Mt. (or) 16890 Sq. ft.

Plinth area of 4^th Floor to 23^rd Floor [20 x 16890 Sq. ft.]	337817 Sq. ft.

Total	512207 Sq. ft.

Parking area and others	163142 Sq. ft.

FSI area	319777 Sq. ft.

Free FSI area	26651 Sq. ft.

Non-FSI area	2637 Sq. ft.

Total Saleable Area	349065 Sq. ft.

SPECIFICATION

Structure	RCC framed structure with solid blocks / bricks

Joineries	TW main door CW flush doors UPVC glazed windows MS grills

Floor finish	Vitrified tiles

Common amenities	Generator backup of 500 VA for light and fan points and 100% for common areas Club house Swimming pool Multi-purpose hall to seat 50-100 Fully equipped gym Children’s play area Lush landscapes with water bodies Walkways Jogging track Outdoor games-to discuss with Arch based on space availability High Speed elevators-required numbers. Amenities for drivers, maids, security Maintenance rooms Security features like CCTV in common areas Intercom connection DTH provision Sewerage treatment plant / Water treatment plant Lightning protection system Fire protection and fighting works Video door phone, Cameras and access control systems.

PLAN APPROVAL

The building plans are submitted for approval to Chennai Metropolitan Development Authority (CMDA) on 07.04.2015. The company should get Planning Permit from CMDA after obtaining NOCs from various Govt. agencies such as Airport Authority of India, BSNL, Traffic police, Fire and Rescue Services Department, after getting Planning Permit, the Building Permit should be obtained from Chennai Corporation. The project is of more than 20000 Sq. Mt., Environmental Impact Clearance should be obtained from Ministry of Environment and Forest, Government of India.

STATUS OF CONSTRUCTION

The site is cleared and the compound wall is constructed on the three sides except Western side. The construction will be started after obtaining the approval from the competent authorities.

ESTIMATED COST OF CONSTRUCTION

An estimated cost of Rs. 1103.397 Million has been furnished towards the construction of the multi-storeyed apartment complex project. The abstract estimated cost and detailed estimated cost are placed. The average estimated cost of construction per Sq. ft. for the said specifications towards the construction of 20 upper floors having 240 flats with basement, stilt floor and 2 exclusive car parking floors is worked out as Rs. 1103.397 Million / 349065 = Rs. 3160/- Sq. ft., which is reasonable, fair and acceptable comparing with the prevailing market rates.

The total saleable super built-up area of all flats is Rs. 400000 Sq. ft. as per Joint Development Agreement. The details of saleable super built-up area and UDS of land pertaining to each flat will be furnish by the company after getting the approval from the competent authorities as reported. The details of flats with proportionate UDS of land allotted to the land owners and the developer will also be furnished after getting the approval as reported.

ESTIMATED COST OF THE PROJECT

DESCRIPTION OF WORKS	ESTIMATED COST

Construction	675.576

Mechanical, Electrical and Plumbing (MEP)	142.368

Common facilities	18.557

Consultant fees	51.006

Approval Charges	40.000

Perimium FSI Charges	128.040

OSR Charges	32.010

Model Flat	15.840

Total	1103.397

THE CONSTRUCTION OF RESIDENTIAL APARTMENT AT MADHAVARAM CHENNAI

COST BOQ: MAIN BUILDING

SR. NO.	DESCRIPTION	AMOUNT IN MILLION

1	Construction	675.576

2	MEP	139.408

3	Common facilities	18.557

4	Facilities	18.800

5	Consultant fees	51.006

6	Others	200.050

	Total	1103.397

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INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10438015	11/06/2013	140,000,000.00	DEWAN HOUSING FINANCE CORPORATION LIMITED	WARDEN HOUSE 2ND FLOORSIR P M ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	B80117450

PERFORMANCE

During the financial year 2013-2014, the Company has made a net profit of Rs. 1.333 Million after providing for all liabilities whether statutory or otherwise. In the opinion of the Board, the results are up to the expected levels in spite of tough competition and prevailing recessionary trend. The Board of Directors have pleasure in commending the employees of the company for their hard work and sense of belonging, but for it the loss could have been more.

FUTURE PROSPECTS

The Directors are in the process of improving the performance of the Company and are hopeful of achieving impressive results in the forthcoming years.

FIXED ASSETS:

· Plant and Equipment

· Furniture and Fixture

· Vehicles

· Office Equipment

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. 63.85
UK Pound	1	Rs. 98.47
Euro	1	Rs. 71.51

INFORMATION DETAILS

Information Gathered by :	SVA

Analysis Done by :	KAR

Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--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		29

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.

MIRA INFORM REPORT

Unit