MIRA INFORM REPORT

Report No. :	346997
Report Date :	31.10.2015

IDENTIFICATION DETAILS

Name :	REDSTONE REALTORS
Registered Office :	Everest CHS Limited, 5th Floor, Next to Rebello House, Hill Road, Bandra (West), Mumbai -400050, Maharashtra
Tel. No.:	91-22-26513222
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment :	2006
Capital Investment / Paid-up Capital :	Rs.63.371 Million
IEC No.:	Not Available
TIN No.:	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Partnership Concern with an unlimited liability of the partners
Line of Business :	Subject is engaged into of Residential Premises.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 181000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was established in the year 2006 as partnership firm and it is engaged in the construction activities of residential premises. Mr. Anil, Project Manager has provided general information to us and informed that subject firm has taken a project of the constructing residential premises which will be complete after 1.5 year. As per the financial statement of 2015, the concern has earned income from other source and it has no operational income during the year under a review. However, rating takes into consideration strong financial and managerial support that subject firm receives from Redstone Group marked by its sound capital base and above average debt coverage indicators. Rating strength partially offset by risk associated with the nature real estate business operations. However, trade relations are reported as fair. Payments are reported to be slow but correct. In view of absence of financial information, the concern can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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 :	Mr. Ali
Designation :	Project Manager
Contact No.:	91-22-26513222
Date :	28.10.2015

LOCATIONS

Registered Office :	Everest CHS Limited, 5th Floor, Next to Rebello House, Hill Road, Bandra (West), Mumbai -400050, Maharashtra, India
Tel. No.:	91-22-26513222
Fax No.:	Not Available
E-Mail :	redstonegroup@vsnl.net
Website :	www.redstone@group.in
Location :	Owned
Locality :	Commercial
Site office :	Dr. Mascarenhas Road, Opposite old Post office Mazgaon, Mumbai-400010, Maharashtra, India

PARTNERS

Name :	Mr. Afzal Jusab Ladak
Designation :	Partner
Name :	Mr. Shakeel Afzal Ladak
Designation :	Partner
Name :	Mrs. Mariam A. Ladak
Designation :	Partner
Name :	Mrs. Shabana I. Makani
Designation :	Partner
Name :	Mr. Iqbal Ebrahim Makani
Designation :	Partner

KEY EXECUTIVES

Name :	Mr. Ali
Designation :	Project Manager

BUSINESS DETAILS

Line of Business :	Subject is engaged into of Residential Premises.
Products/ Services :	Construction Activity
Brand Names :	---
Agencies Held :	---
Exports :	Not Available
Imports :
Products :	Material
Countries :	Japan
Terms :
Selling :	Cheque
Purchasing :	Cheque

GENERAL INFORMATION

Suppliers :

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

Customers :

NRI, Corporate

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

No. of Employees :

50 (Approximately)

Bankers :

Banker Name :	DCB Bank Limited
Branch Address :	Opposite Mehabole Studio, Bandra (West), Mumbai-400050, Maharashtra, India
Facilities :	Not Divulged
Person Name :	Not Divulged
Contact No.:	Not Divulged
Report :	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 :	K.M. Dalal and Company Chartered Accountants
Address :	Bandra (West), Mumbai-400050, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Group of Companies :	· Redco hotels · Redstone Spaces · Redstone Trading Address : Red Stone House, 13^th Cross, J. P. Nagar, 2^nd Phase, Bangalore, Karnataka, India Red Stone Trading · Red Stone Developers · Red Stone Projects · Red Stone Constructions · Landmark Developers · Ladak Developers

CAPITAL STRUCTURE

As on: 31.03.2015

Capital Investment :
Owned :	Rs. 63.371 Million
Borrowed :	--
Total :	Rs. 63.371 Million

FINANCIAL DATA

[all figures are in Rupees Million]

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014
SHAREHOLDERS FUNDS
1] Partner’s Capital		63.371	73.484
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		63.371	73.484
LOAN FUNDS
1] Secured Loans		0.871	57.375
2] Unsecured Loans		541.689	433.720
TOTAL BORROWING		542.560	491.095
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		605.931	564.579
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.959	15.154
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories
	Sundry Debtors
	Cash & Bank Balances
	Other Current Assets
	Loans & Advances
Total Current Assets		2089.467	1837.671
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities
	Provisions
Total Current Liabilities		1489.495	1288.246
Net Current Assets		599.972	549.425
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		605.931	564.579

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014
	SALES
		Income	0.000	0.000
		Other Income (Profit on sale of motor car)	0.634	0.000
		TOTAL	0.634	0.000
Less	EXPENSES
		Opening stock of work in progress	1604.776	1396.563
		Construction materials and contractors' charges	81.258	4.417
		Municipal taxes and fees	63.509	121.439
		Stamp Duty and Registration charges	0.000	0.111
		Electricity Charges	1.770	1.017
		Security charges	1.531	1.362
		Salaries and wages	3.301	2.762
		Staff welfare	0.080	0.151
		Vehicle expenses	0.096	0.231
		Professional fees	2.232	2.039
		Printing and stationery	0.225	0.241
		Telephone expenses	0.225	0.201
		Conveyance	0.205	0.194
		Repairs and maintenance	0.000	0.472
		Insurance	0.134	0.340
		Water charges	0.922	0.260
		Miscellaneous expenses	0.385	0.286
		Remuneration to partners	15.000	15.000
		Closing stock of work in progress	(1835.398)	(1604.776)
		TOTAL	(59.749)	(57.690)
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		60.383	57.690
Less	FINANCIAL EXPENSES		39.449	38.852
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		20.934	18.838
Less/ Add	DEPRECIATION/ AMORTISATION		0.952	2.692
	PROFIT BEFORE TAX		19.982	16.146
Less	TAX		7.500	5.101
	PROFIT AFTER TAX		12.482	11.045

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014
Net Profit Margin (PAT / Sales)	(%)	0.00	0.00
Operating Profit Margin (PBIDT/Sales)	(%)	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.95	0.87
Return on Investment (ROI) (PBT/Networth)		0.32	0.22
Debt Equity Ratio (Total Debt /Networth)		8.56	6.68
Current Ratio (Current Asset/Current Liability)		1.03	1.07

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Partner’s Capital	73.484	63.371
Reserves & Surplus	0.000	0.000
Net worth	73.484	63.371
long-term borrowings	57.375	0.871
Short term borrowings	433.720	541.689
Total borrowings	491.095	542.560
Debt/Equity ratio	6.683	8.562

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	No
10	Date of Birth of Proprietor / Partners / Directors	No
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
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	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two years	Yes
30	Major shareholders, if available	No
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

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.65.04
UK Pound	1	Rs.99.58
Euro	1	Rs.71.75

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	JYTK

SCORE & RATING EXPLANATIONS

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