MIRA INFORM REPORT

Report No. :	341780
Report Date :	23.09.2015

IDENTIFICATION DETAILS

Name :	MAYFAIR SPACES LIMITED (w.e.f. 13.04.2012)
Formerly Known As :	MAYFAIR SPACES PRIVATE LIMITED (w.e.f.04.12.2011) DIAMOND POWER INFRASTRUCTURE DEVELOPMENT COMPANY PRIVATE LIMITED
Registered Office :	Opposite Delhi Public School, Old Padra, Vadsar Ring Road, Vadodara – 390012, Gujarat
Tel. No.:	91-265-6555033
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	13.03.2007
Com. Reg. No.:	04-050205
Capital Investment / Paid-up Capital :	Rs. 46.840 Million
CIN No.: [Company Identification No.]	U70106GJ2007PLC050205
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject in engaged into real estate development
No. of Employees :	Information declined by the Management

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 336000
Status :	Moderate
Payment Behavior :	Slow and delayed
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2007. It is having moderate track as a real estate developer in Gujarat. Rating takes into consideration moderate financial risk profile of the company marked by leveraged capital structure along with decreased net profit in the year FY14. Rating further factors in the risk involved in the nature of real estate business along with liquidity crunch that the Indian construction industry is facing at present. However, trade relations are fair. Business is active. Payment terms are slow and delayed. In view of high dependence on external borrowings, 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 – 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

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 31-03-2015.

INFORMATION DECLINED

MANAGEMENT NON-CO-OPERATIVE

Contact No: 91-265-6555033

LOCATIONS

Registered Office / Corporate Office :	Opposite Delhi Public School, Old Padra, Vadsar Ring Road, Vadodara – 390012, Gujarat
Tel. No.:	91-265-6555033
Fax No.:	Not Available
E-Mail :	info@mayfairspaces.com rajesh.nimkar@gmail.com
Website :	http://mayfairspaces.com

DIRECTORS

AS ON 30.09.2014

Name :

Aswini Kumar Sahoo

Designation :

Director

Address :

Flat 406, Tower B, Raheja Sherwood, Goregaon (East), Mumbai - 400063, Maharashtra, India

Date of Birth/Age :

02.03.1974

Date of Appointment :

30.09.2013

DIN No.:

01931805

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	U55101MH2007PTC170188	ORCHID HOTELS PUNE PRIVATE LIMITED	Director	29/11/2007	29/11/2007	18/05/2009	Active	NO
2	U65993MH2004PTC144260	ALTICO CAPITAL INDIA PRIVATE LIMITED	Director	29/09/2009	03/04/2009	27/03/2012	Active	NO
3	L31300GJ1992PLC018198	DIAMOND POWER INFRASTRUCTURE LIMITED	Director	25/03/2015	30/06/2009	29/05/2015	Active	NO
4	L25202MP1993PLC034616	FLEXITUFF INTERNATIONAL LIMITED	Nominee director	20/01/2010	20/01/2010	09/02/2012	Active	NO
5	L55101MH1986PLC039307	KAMAT HOTELS (INDIA) LIMITED	Nominee director	25/08/2010	25/08/2010	10/07/2012	Active	NO
6	L51100GJ1982PLC005131	SAYAJI HOTELS LIMITED	Nominee director	14/11/2011	14/11/2011	30/04/2012	Active	NO
7	U55101GJ2011PLC068108	MAYFAIR LEISURES LIMITED	Director	30/09/2013	18/06/2012	-	Active	NO
8	U70106GJ2007PLC050205	MAYFAIR SPACES LIMITED	Director	30/09/2013	18/06/2012	-	Active	NO
9	L36990GJ1943PLC000363	JYOTI LIMITED	Additional director	13/02/2014	13/02/2014	31/07/2014	Active	NO
10	U74900MH2014PTC252631	SAMENA INDIA ADVISORS PRIVATE LIMITED	Director	30/09/2014	25/03/2014	-	Active	NO
11	U60231KA2006PTC041231	S C FULFIL SERVICES INDIA PRIVATE LIMITED	Additional director	01/06/2015	01/06/2015	-	Active	NO

Name :

Ms. Mona Amit Bhatnagar

Designation :

Director

Address :

6 Green Park, Nizampura, Vadodara - 390002, Gujarat, India

Date of Birth/Age :

05.04.1972

Date of Appointment :

30.09.2013

DIN No.:

03041485

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	U70106GJ2007PLC050205	MAYFAIR SPACES LIMITED	Director	30/09/2013	02/11/2011	-	Active	NO
2	U55101GJ2011PLC068108	MAYFAIR LEISURES LIMITED	Director	07/12/2011	07/12/2011	-	Active	NO

Name :

Mr. Rajesh Mohanlal Nimkar

Designation :

Director

Address :

47 Dahibanagar, Manjalpur, Vadodara - 390011, Gujarat, India

Date of Birth/Age :

05.11.1978

Date of Appointment :

28.10.2010

DIN No.:

03043108

Other Directorship:

.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	U70106GJ2007PLC050205	MAYFAIR SPACES LIMITED	Director	28/10/2010	28/10/2010	-	Active	NO
2	U55101GJ2011PLC068108	MAYFAIR LEISURES LIMITED	Director	07/12/2011	07/12/2011	-	Active	NO
3	U27310MH2012PTC232306	VIKAS COATING PRIVATE LIMITED	Director	18/06/2012	18/06/2012	-	Active	NO
4	U28999DL2012PTC238096	PINNACLE CABLES PRIVATE LIMITED	Director	27/06/2012	27/06/2012	-	Active	NO
5	U31100MH2012PTC232824	SIGNATURE ELECTRICALS PRIVATE LIMITED	Director	02/07/2012	02/07/2012	-	Active	NO
6	U31300RJ2012PTC039435	RHOMBUS CABLES PRIVATE LIMITED	Director	06/07/2012	06/07/2012	-	Active	NO

Name :

Ms. Richa Sumit Bhatnagar

Designation :

Director

Address :

6 Green Park, Nizampura, Vadodara - 390002, Gujarat, India

Date of Birth/Age :

29.07.1975

Date of Appointment :

30.09.2013

DIN No.:

03352061

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	U70106GJ2007PLC050205	MAYFAIR SPACES LIMITED	Director	30/09/2013	10/10/2011	-	Active	NO
2	U55101GJ2011PLC068108	MAYFAIR LEISURES LIMITED	Director	07/12/2011	07/12/2011	-	Active	NO
3	U15410HR2013PTC051301	MAGENTA FOODWORKS PRIVATE LIMITED	Director	20/10/2014	25/06/2014	-	Active	NO

Name :

Ms. Madhurilata Suresh Bhatnagar

Designation :

Director

Address :

6 Green Park, Nizampura, Vadodara - 390002, Gujarat, India

Date of Birth/Age :

21.07.1945

Date of Appointment :

30.09.2013

DIN No.:

03634635

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	U70106GJ2007PLC050205	MAYFAIR SPACES LIMITED	Director	30/09/2013	10/10/2011	-	Active	NO
2	U55101GJ2011PLC068108	MAYFAIR LEISURES LIMITED	Director	07/12/2011	07/12/2011	-	Active	NO

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Suresh N Bhatnagar	103400
Amit Suresh Bhatnagar	103300
Sumit Suresh Bhatnagar	3300
Richa Bhatnagar	100000
Madhurilata Bhatnagar	402000
Rajesh Nimkar	300000
Diamond Info Systems Limited, India	1100000
Diamond Projects Limited, India	962000
Madhuri Finserve Private Limited [Formerly Known as Diamond Tele- Cabs Private Limited], India	1610000
Total	4684000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	78.40
Directors or relatives of Directors	21.60
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject in engaged into real estate development
Products / Services :	Real Estate Development
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Amerikan Steel Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

• Birla Corporation Limited
• Earth Power Spares Private Limited
• Ess Key Engineers
• H R Trading Company
• Phenix Procon Private Limited

Customers :

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

No. of Employees :

Information declined by the Management

Bankers :

Bank Name	AXIS Bank Limited
Branch	"Vardhaman Complex", Opposite G.E.B. Office, Race Course (North), Vadodara – 390007, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• ICICI Bank Limited

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
ICICI Car Loans (Audi Cars)	10.046	13.406
Loan from corporation Bank	94.075	0.000
Short-term borrowings
Cash Credit	385.466	0.000
Total	489.587	13.406

Note:

LONG-TERM BORROWING :

Three term loans obtained from ICICI bank for the purchase of three Audi cars ad are secured against hypothecation of the cars purchased. The loans bear interest rate of 10.16% p.a. and are repayable and equated monthly installments for each car with the first installments starting from 01st October. 2012 and last installments payable on 01st September, 2017.

Term loan of Rs. 95.000 million obtained from corporation bank for development of residential project in name of Mayfair sunrise situated at revenue survey no. 92, village antiradar, Vadodara consisting total built up area of 1,44,900 sq.ft. the term loan is secured by first charge on the entire an project land of Mayfair sunrise bearing at above address and also hypothecation of all movable assets with bank accounts related to this project. The loan bears interest rate of 16.35% (base rate + 6.10 bps – floating) and is repayable in 30 months including moratorium period of 18 months from date of first release and repayment period 12 monthly installment i.e. 11 installments of Rs. 8.000 Million each and last installments of Rs. 7.000 Million

Auditors :
Name :	Naresh and Company. Chartered Accountants
Address :	City Enclave, Near Baroda High School, Opposite Polo Ground, Vadodara – 390001, Gujarat, India
PAN. No.:	AACFM7595C
Memberships :	-----
Collaborators :	-----
Enterprises over which key managerial person have significant influence :	Gallops Developers Mayfair Leisure Limited Diamond Inforsystems Limited Diamond Projects Limited Diamond Tele-Cabs Private Limited Diamond Power Infrastructure Limited Diamond Power Transformers Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4684000	Equity Shares	Rs.10/- each	Rs. 46.840 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	46.840	46.840	46.840
(b) Reserves & Surplus	70.800	49.179	0.185
(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)	117.640	96.019	47.025
(3) Non-Current Liabilities
(a) long-term borrowings	406.638	248.184	164.444
(b) Deferred tax liabilities (Net)	0.367	0.236	0.005
(c) Other long term liabilities	8.416	3.120	0.744
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	415.421	251.540	165.193
(4) Current Liabilities
(a) Short term borrowings	397.389	0.000	0.000
(b) Trade payables	206.245	56.691	7.260
(c) Other current liabilities	463.974	398.268	21.050
(d) Short-term provisions	10.700	25.500	0.056
Total Current Liabilities (4)	1078.308	480.459	28.366
TOTAL	1611.369	828.018	240.584
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	22.505	20.724	0.459
(ii) Intangible Assets	0.428	0.641	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	238.000	238.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.500	0.500	0.500
(e) Other Non-current assets	0.045	0.090	0.135
Total Non-Current Assets	261.478	259.955	1.094
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1101.281	298.082	89.562
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	19.760	15.927	76.833
(e) Short-term loans and advances	152.894	244.680	71.537
(f) Other current assets	75.956	9.374	1.558
Total Current Assets	1349.891	568.063	239.490
TOTAL	1611.369	828.018	240.584

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Revenue from construction operations	401.769	304.420	32.344
	Revenue from direct land sale	0.000	120.000	0.000
	Other Income	0.536	0.537	0.276
	TOTAL	402.305	424.957	32.620
Less	EXPENSES
	Acquisition of land	613.460	217.998	56.129
	Purchases of construction materials	282.587	153.044	36.984
	Direct construction expenses	170.251	99.828	21.290
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(803.199)	(208.520)	(88.309)
	Exceptional item	(4.000)	(4.000)	0.000
	Extraordinary items	0.131	1.814	0.000
	Employees benefits expense	12.289	8.330	1.640
	Other expenses	45.704	29.640	4.378
	TOTAL	317.223	298.134	32.112
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	85.082	126.823	0.508
Less	FINANCIAL EXPENSES	46.612	48.702	0.194
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	38.470	78.121	0.314
Less/ Add	DEPRECIATION/ AMORTISATION	6.017	3.398	0.066
	PROFIT/ (LOSS) BEFORE TAX	32.453	74.723	0.248
Less	TAX	10.831	25.730	0.063
	PROFIT/ (LOSS) AFTER TAX	21.622	48.993	0.185
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	49.179	0.185	0.000
	Balance Carried to the B/S	70.801	49.178	0.185
	Earnings / (Loss) Per Share (Rs.)	4.62	10.46	0.18

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt / finance lease obligations car loan – audio (installment due within one year)	3.359	3.036	0.000
Cash generated from operations	(470.745)	NA	NA
Net cash flow from (used in) operations	(497.812)	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	5.38	11.54	0.57
Operating Profit Margin (PBIDT/Sales)	(%)	21.18	29.88	1.57
Return on Total Assets (PBT/Total Assets}	(%)	2.36	12.66	0.10
Return on Investment (ROI) (PBT/Networth)		0.28	0.78	0.01
Debt Equity Ratio (Total Debt /Networth)		6.86	2.62	3.50
Current Ratio (Current Asset/Current Liability)		1.25	1.18	8.44

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	46.840	46.840	46.840
Reserves & Surplus	0.185	49.179	70.800
Share Application money pending allotment	0.000	0.000	0.000
Net worth	47.025	96.019	117.640
long-term borrowings	164.444	248.184	406.638
Short term borrowings	0.000	0.000	397.389
Current maturities of long-term debts	0.000	3.036	3.359
Total borrowings	164.444	251.220	807.386
Debt/Equity ratio	3.497	2.616	6.863

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	32.344	424.420	401.769
		1212.206	(5.337)

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	32.344	424.420	401.769
Profit	0.185	48.993	21.622
	0.57%	11.54%	5.38%

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	No
8	Designation of contact person	No
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	No
17	Details of sister concerns	Yes
18	Major suppliers	Yes
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	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last 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	No
35	Negative Reporting by Auditors in the Annual Report	No

Note:

The Registered office of the company shifted from the Essen House, 5/12, B. I. D. C., Gorwa, Vadodara -390016, Gujarat, India address to the present address w.e.f. 10.04.2012

GENERAL OVERVIEW:

Mayfair Spaces Limited (“the company”) was originally incorporated in name of M/s Diamond Power Infrastructure Development Company Private Limited in March 2007 to engage in business of construction and development or residential and commercial complexes.

The company has started its construction operations and further also plans to use the name “Mayfair” for all its projects. Pursuant to this decision, the company has changed its name to Mayfair Spaces Private Limited vide approval of shareholders accorded at the EOGM held on 17th November, 2011 and the company was granted a fresh certificate of incorporation on 25th February, 2012 with the name “Mayfair Spaces Limited”.

The company has started its various residential and commercial construction projects in different locations of Vadodara city during the year after good success of its first commercial complex project named “Mayfair Atrium” which will be one of its kind in the city of Vadodara. The company is looking to be an end-to-end option provider for housing for e.g. it has undertaken a very high end residential project name “the address” which caters to the elite housing requirements. On the other hand of the spectrum, the company has undertaken project “Eklavya” which is a low cost housing scheme of 1000’s of flats catering to the lowest financial segment of the community. Both theses ambitions project are expected to be in full swing the coming year.

The company has big goals of development. It is aiming to become a major player in the real estate sector within a few years.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term borrowing
From Directors	3.021	3.334
From Members	61.610	26.628
From Other Inter Corporate Deposits	237.885	204.816
Short-term borrowing
From Others	11.923	0.000
Total	314.440	234.778

UNSECURED LOANS

The amount taken as unsecured loans from directors, members and other inter-corporate deposits are usually payable on demand but the company reserves its right of the same for a period exceeding 12 months.

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	As on 31.03.2014	As on 31.03.2013
Other moneys for which company is contingently liable	367.500	367.500

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10456429	24/09/2013	400,000,000.00	AXIS BANK LIMITED	"VARDHAMAN COMPLEX", OPPOSITE G.E.B. OFFICE, RAC  E COURSE(NORTH), VADODARA - 390007, GUJARAT, INDIA	B88104682
2	10456441	19/09/2013	400,000,000.00	AXIS BANK LIMITED	"VARDHAMAN COMPLEX", OPPOSITE G.E.B. OFFICE, RAC  E COURSE(NORTH), VADODARA - 390007, GUJARAT, INDIA	B88103411
3	10454622	30/08/2013	95,000,000.00	CORPORATION BANK	ALKAPURI BRANCH, NATIONAL PLAZA, R.C. DUTT ROAD,  VAODARA - 390007, GUJARAT, INDIA	B87367991
4	10349540	28/03/2012	67,500,000.00	SICOM LIMITED	SOLITAIRE CORPORATE PARK, BUILDING NO. 4, CHAKALA,  GURU HARIGOVINDJI ROAD, ANDHERI-GHATKOPAR LINK ROAD, MUMBAI - 400093, MAHARASHTRA, INDIA	B37535986
5	10349543	28/03/2012	100,000,000.00	SICOM LIMITED	SOLITAIRE CORPORATE PARK, BUILDING NO. 4, CHAKALA,  GURU HARIGOVINDJI ROAD, ANDHERI-GHATKOPAR LINK ROAD, MUMBAI - 400093, MAHARASHTRA, INDIA	B37537230
6	10349546	28/03/2012	200,000,000.00	SICOM LIMITED	SOLITAIRE CORPORATE PARK, BUILDING NO. 4, CHAKALA,  GURU HARIGOVINDJI ROAD, ANDHERI-GHATKOPAR LINK ROAD, MUMBAI - 400093, MAHARASHTRA, INDIA	B37537990

FIXED ASSETS

Tangible assets

• Office equipments
• Equipment (others)
• Furniture and fixture
• Vehicles
• Computer peripherals

Intangible assets

• 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 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. 65.92
UK Pound	1	Rs. 101.73
Euro	1	Rs. 73.26

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KIN
Report Prepared by :	SANS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--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 unfavorable 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.