MIRA INFORM REPORT

Report No. :	341766
Report Date :	24.09.2015

IDENTIFICATION DETAILS

Name :	KANAKIA DESIGN AND CONSTRUCTION PRIVATE LIMITED
Registered Office :	215, Atrium, 10^th Floor, Opposite Divine High School, J.B. Nagar, Andheri Kurla Road, Andheri (East), Mumbai – 400093, Maharashtra
Tel. No.:	91-22-67266666/67267777
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.04.2008
Com. Reg. No.:	11-181566
Capital Investment / Paid-up Capital :	Rs. 10.740 Million
CIN No.: [Company Identification No.]	U45202MH2008PTC181566
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMK20075G
PAN No.: [Permanent Account No.]	AADCK4298A
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged into real estate and construction business.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 1400000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is a subsidiary of “Kanakia Spaces Private Limited” and it is engaged into real estate and construction business. It belongs to “Kanakia Group”, which has presence in other verticals such as entertainment, hospitality and education. As claimed by Mr. Suresh, Senior Manager (Accounts and Tax Department) that subject project is under implementation and revenue will be reflected in the financial of 2015. The rating is constrained on company moderate financial risk profile, moderate capital structure and below average debt protection metrics. Rating further constrained, current slowdown being witnessed in Mumbai commercial and residential real estate market, as well as the bulky debt repayments scheduled. However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Suresh
Designation :	Senior Manager in Accounts and Taxation
Contact No.:	91-22-67266666
Date :	21.09.2015

LOCATIONS

Registered Office :	215 - Atrium, 10^th Floor, Opposite Divine High School, J.B. Nagar, Andheri Kurla Road, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-67266666/67267777
Fax No.:	91-22-66937777
E-Mail :	invetsor@kanakia.com sunil.agarwal@kanakia.com
Website :	www.kanakia.com

DIRECTORS

As on 30.09.2014

Name :

Mr. Himanshu Babubhai Kanakia

Designation :

Managing Director

Address :

Vrusti Swastik, Plot 20, Road No. 2, JVPD, Vile Parle (West), Mumbai – 400056, Maharashtra, India

Date of Birth/Age :

01.01.1964

Date of Appointment :

24.04.2008

DIN No.:

00015908

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	U45200MH1993PTC070610	EVERGREEN HOME MAKERS PVT LTD	Director	02/02/1993	02/02/1993	-	Amalgamated	NO
2	U45200MH1994PTC083271	KANAKIA PROPERTIES PRIVATE LIMITED	Director	25/11/1994	25/11/1994	-	Amalgamated	NO
3	U45200MH1992PTC069422	KANAKIA SPACES PRIVATE LIMITED	Director	25/11/1994	25/11/1994	-	Active	NO
4	U45200MH1994PTC083490	INDICON DEVELOPERS PRIVATE LIMITED	Director	15/09/1998	15/09/1998	-	Amalgamated	NO
5	L92142MH2002PLC135964	CINELINE INDIA LIMITED	Managing director	01/05/2011	22/05/2002	-	Active	NO
6	U74900DL1989PLC258881	NIKMO ENTERTAINMENT LIMITED	Director	22/08/2012	01/10/2004	08/01/2013	Amalgamated	NO
7	U70101MH1994PTC079253	SUPREME REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	08/12/2004	08/12/2004	28/03/2014	Active	NO
8	U92132DL2002PLC258299	VISTA ENTERTAINMENT LIMITED	Director	22/08/2012	20/12/2004	08/01/2013	Amalgamated	NO
9	U55101MH2005PTC158245	KANAKIA HOSPITALITY PRIVATE LIMITED	Director	22/12/2005	22/12/2005	-	Active	NO
10	U92190DL2004PLC257878	GROWEL ENTERTAINMENT LIMITED	Director	22/08/2012	01/09/2006	08/01/2013	Amalgamated	NO
11	U55206MH2007PTC168670	KANAKIA HOTELS & RESORTS PRIVATE LIMITED	Director	13/03/2007	13/03/2007	-	Active	NO
12	U45201MH2004PTC146948	KANAKIA SPACES REALTORS PRIVATE LIMITED	Whole-time director	01/03/2015	21/11/2007	-	Active	NO
13	U45200MH2007PTC168508	VRUSTI REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	28/09/2011	05/02/2008	-	Active	NO
14	U45200MH2007PTC168471	VRUTANT REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	25/09/2008	05/02/2008	-	Active	NO
15	U92100DL2008PLC256340	CINEMAX MOTION PICTURES LIMITED	Director	22/04/2008	22/04/2008	08/01/2013	Amalgamated	NO
16	U45200MH2008PTC181564	KANAKIA BUILDERS PRIVATE LIMITED	Director	24/04/2008	24/04/2008	05/03/2015	Active	NO
17	U45202MH2008PTC181567	R&H SPACES PRIVATE LIMITED	Director	24/04/2008	24/04/2008	-	Active	NO
18	U45202MH2008PTC181566	KANAKIA DESIGN & CONSTRUCTION PRIVATE LIMITED	Director	24/04/2008	24/04/2008	-	Active	NO
19	U45202MH2008PTC181565	R&H HOMES PRIVATE LIMITED	Director	24/04/2008	24/04/2008	-	Active	NO
20	U45202MH2008PTC181574	POSITANO REALTY PRIVATE LIMITED	Director	25/04/2008	25/04/2008	18/02/2010	Active	NO
21	U51900MH1999PTC122297	SARANG PROPERTY DEVELOPERS PRIVATE LIMITED	Director	29/09/2008	09/05/2008	05/03/2015	Active	NO
22	U45202MH2010PTC199826	VRUSTI PROPERTY DEVELOPERS PRIVATE LIMITED	Director	08/02/2010	08/02/2010	-	Active	NO
23	U85190MH2010PTC199817	R&H SPA SERVICES PRIVATE LIMITED	Director	08/02/2010	08/02/2010	05/03/2015	Active	NO
24	U70102MH2010PTC199945	R & H REAL ESTATE AND LAND DEVELOPERS PRIVATE LIMITED	Director	11/02/2010	11/02/2010	05/03/2015	Active	NO
25	U55101MH2009PTC252506	ATITHYA INN PRIVATE LIMITED	Director	28/09/2011	18/02/2010	-	Active	NO
26	U45400MH2010PTC207274	KANAKIA HOME MAKERS PRIVATE LIMITED	Director	30/08/2010	30/08/2010	-	Active	NO
27	U45400MH2010PTC207453	KANAKIA RESIDENTIAL PRIVATE LIMITED	Director	06/09/2010	06/09/2010	-	Active	NO
28	U45400MH2010PTC207486	KANAKIA BHUMI CONSTRUCTION PRIVATE LIMITED	Director	07/09/2010	07/09/2010	-	Active	NO
29	U45400MH2010PTC207817	KANAKIA ROTUNDA CONSTRUCTIONS PRIVATE LIMITED	Director	18/09/2010	18/09/2010	-	Active	NO
30	U45400MH2010PTC207961	KANAKIA KING STYLE CONSTRUCTION PRIVATE LIMITED	Director	21/09/2010	21/09/2010	05/03/2015	Active	NO
31	U45400MH2010PTC208027	KANAKIA SUPREMO CONSTRUCTION PRIVATE LIMITED	Director	22/09/2010	22/09/2010	-	Active	NO
32	U92199DL2002PLC259704	ODEON SHRINE MULTIPLEX LIMITED (CN)	Director	22/08/2012	01/10/2010	08/01/2013	Amalgamated	NO
33	U45400MH2010PTC208661	KANAKIA WATER FAIRY CONSTRUCTION PRIVATE LIMITED	Director	06/10/2010	06/10/2010	-	Converted to LLP and dissolved	NO
34	U45400MH2010PTC209223	KANAKIA SERRATULA CONSTRUCTION PRIVATE LIMITED	Director	20/10/2010	20/10/2010	-	Converted to LLP and dissolved	NO
35	U45200MH2010PTC209374	KANAKIA ANETH CONSTRUCTION PRIVATE LIMITED	Director	23/10/2010	23/10/2010	-	Converted to LLP and dissolved	NO
36	U45400MH2010PTC209381	KANAKIA BLACK PEARL CONSTRUCTION PRIVATE LIMITED	Director	24/10/2010	24/10/2010	-	Active	NO
37	U70102MH2007PTC168559	NIYATI REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	28/09/2011	08/11/2010	-	Active	NO
38	U45202MH2010PTC201253	FLEXON CONSTRUCTIONS PRIVATE LIMITED	Director	24/01/2011	24/01/2011	25/01/2011	Active	NO
39	L93030DL2011PLC262151	CINEMAX INDIA LIMITED	Managing director	01/04/2012	30/09/2011	08/01/2013	Amalgamated	NO
40	U63090MH2005PTC152612	RBK EDUCATION SOLUTIONS PRIVATE LIMITED	Director	30/09/2013	01/10/2011	05/03/2015	Active	NO
41	U63040MH2011PTC223842	TOUR DE WORLD PRIVATE LIMITED	Director	12/11/2011	12/11/2011	05/03/2015	Active	NO
42	U45200MH1995PTC092842	VRUSTI BUILDERS PRIVATE LIMITED	Director	30/09/2014	14/08/2014	-	Active	NO
43	U51507MH2005PTC154040	DYNASTY HOME MAKERS PVT LTD	Director	17/12/2014	17/12/2014	-	Active	NO
44	AAB-9262	KANAKIA VIHANG CONSTRUCTION LLP	Designated Partner	12/12/2013	12/12/2013	-	Active	NO
45	AAC-0197	KANVI CONSTRUCTION LLP	Designated Partner	21/01/2014	21/01/2014	-	Active	NO
46	AAD-7640	KANAKIA ANETH CONSTRUCTION LLP	Designated Partner	15/04/2015	15/04/2015	-	Active	NO
47	AAD-7641	KANAKIA WATER FAIRY CONSTRUCTION LLP	Designated Partner	15/04/2015	15/04/2015	-	Active	NO
48	AAD-9700	KANAKIA SERRATULA CONSTRUCTION LLP	Designated Partner	19/05/2015	19/05/2015	-	Active	NO

Name :

Ms. Asha Hemant Shah

Designation :

Director

Address :

12/15, Tukaram, Jambli Naka, Thane- 400601, Maharashtra, India

Date of Appointment :

28.09.2011

DIN No.:

03529743

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	U45201MH2004PTC146948	KANAKIA SPACES REALTORS PRIVATE LIMITED	Director	29/09/2012	13/05/2011	-	Active	NO
2	U51900MH1999PTC122297	SARANG PROPERTY DEVELOPERS PRIVATE LIMITED	Director	28/09/2011	13/05/2011	-	Active	NO
3	U45200MH1992PTC069422	KANAKIA SPACES PRIVATE LIMITED	Director	28/09/2011	13/05/2011	-	Active	NO
4	U45202MH2008PTC181566	KANAKIA DESIGN & CONSTRUCTION PRIVATE LIMITED	Director	28/09/2011	01/06/2011	-	Active	NO
5	U45400MH2010PTC207486	KANAKIA BHUMI CONSTRUCTION PRIVATE LIMITED	Director	29/09/2012	01/06/2011	-	Active	NO
6	U63040MH2011PTC223842	TOUR DE WORLD PRIVATE LIMITED	Director	12/11/2011	12/11/2011	-	Active	NO

Name :

Rupal Rasesh Kanakia

Designation :

Additional Director

Address :

Ashish Bunglow, Plot No. 18, JVPD Scheme, M.S. Road No. 4, Vile Parle (West), Mumbai - 400056, Maharashtra, India

Date of Appointment :

05.03.2015

DIN No.:

00015888

KEY EXECUTIVES

Name :	Mr. Suresh
Designation :	Senior Manager in Accounts and Taxation

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Equity Shareholders	No. of Shares
Rasesh Kanakia on Behalf of Kanakia Spaces Private Limited, India	10
Himanshu Kanakia on Behalf of Kanakia Spaces Private Limited, India	10
Kanakia Spaces Private Limited, India	33977
ICICI Purdential Asset Management Company Limited, India	20398
India Opportunity Real Estate Fund (Mauritius)	13599
Total	67994

Names of Series A Equity Share	No. of Shares
ICICI Purdential Asset Management Company Limited, India	18941
Total	18941

Names of Series B Equity Share	No. of Shares
Kanakia Spaces Private Limited, India	31568
Total	31568

Names of Series C Equity Share	No. of Shares
India Opportunity Real Estate Fund (Mauritius)	12627
Total	12627

Names of Compulsory Convertible Preference Shares	No. of Shares
India Opportunity Real Estate Fund (Mauritius)	506893
Rasesh Kanakia	246404
Himanshu Kanakia	246405
Total	999702

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	20.00
Bodies corporate	80.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged into real estate and construction business.
Products / Services :	Construction Business
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash, Advances Payment and Cheque
Purchasing :	Cash, Advances Payment and Cheque

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

• Ambica Enterprise
• Ankur Enterprises
• Apsha Hospitality A1 Services
• Bharat Transport
• Bombay Steel Trader
• Composites Combine Technocrats Private Limited
• Darshan Enterprises-Rm-Ziilion
• Deepak Enterprises
• Express Pesticides Private Limited
• Express Pesticides Private Limited-Rm-Ziilion
• Fusion Facade Consultants Private Limited
• Ganesh Engineering Company
• Gayatri Trading Company
• Giriraj and Sons
• Giriraj and Sons-Rm-Zillion
• Global Corporation
• Glow Stock Images (India) Private Limited
• Janvi Enterprises-Rm-Zillion
• Jay Enterprises
• Laxmi Engineering Company
• Lourdes Enterprises
• Nina Concrete Systems Private Limited
• Nina Concrete Systems Private Limited-Rm-Zillion
• Prime Time Infrastructure
• Print Point Stationary and Xerox
• Retention R K Steelworks
• Retention Senghani Associates
• Shivang International
• Shree Sai Plywood and Timber
• Unique: Enterprise
• Utracon Structural Systems Private Limited

Reference :	ACC 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

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 :

400 (Approximately)

Bankers :

State Bank of India, SME Shivsagar, Worli (South), Dr. A. B. Road, Mumbai – 400018, Maharashtra, India

Bank Name	Bank of Baroda
Branch	J. B. Nagar, Andheri (East), Mumbai, Maharashtra, 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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Term Loan
ICICI Bank Limited	308.148	891.132
State Bank of India	747.540	558.537
Debentures
ICICI Prudential Asset Management Company Limited { 43,51,455; Optionally Convertible Debentures of Rs. 100/- each ) (p. y .74,97 ,722 Optionally Convertible Debentures of Rs. 100/- each )	435.146	749.772
Rasesh B. Kanakia {15,73,134 optionally Convertible Debentures of Rs.100/- each )	157.314	0.000
Himanshu B. Kanakia {15,73,133 optionally Convertible Debentures of Rs. 100/- each )	157.313	0.000
Total	1805.461	2199.441

Auditors :
Name :	A.J. Kanakia and company Chartered Accountants
Address :	1, Alankar Building, 251, Sion Main Road, Sion (West), Mumbai – 400022, Maharashtra, India
Tel. No.:	91-22-24070092
Fax No.:	91-22-24097878
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFA2089B
Memberships :	--
Collaborators :	--
Associates :	Everqreen Financial Services
Holding Company :	Kanakia Spaces Private Limited CIN No.: U45200MH1992PTC069422

CAPITAL STRUCTURE

As on As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs. 15.000 Million
20000	Series A Equity Shares	Re.1/- each	Rs. 0.020 Million
35000	Series B Equity Shares	Re.1/- each	Rs. 0.035 Million
15000	Series C Equity Shares	Re.1/- each	Rs. 0.015 Million
1000000	Compulsory Convertible Preference Shares	Rs.10/- each	Rs, 10.000 Million
25000	Preference Shares	Rs.10/- each	Rs. 0.250 Million
	Total		Rs. 25.320 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
67994	Ordinary Equity Shares	Rs.10/- each	Rs. 0.679 Million
18941	Series A Equity Shares	Re.1/- each	Rs. 0.019 Million
31568	Series B Equity Shares	Re.1/- each	Rs. 0.032 Million
12627	Series C Equity Shares	Re.1/- each	Rs. 0.013 Million
999702	Compulsory Convertible Preference Shares	Rs.10/- each	Rs. 9.997 Million
	Total		Rs. 10.740 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	10.740	10.740	10.740
(b) Reserves & Surplus	475.837	486.941	489.729
(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)	486.577	497.681	500.469
(3) Non-Current Liabilities
(a) long-term borrowings	1805.461	2199.441	2081.001
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	568.665	132.207	3.022
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	2374.126	2331.648	2084.023
(4) Current Liabilities
(a) Short term borrowings	1070.467	652.283	631.547
(b) Trade payables	304.211	359.823	347.559
(c) Other current liabilities	557.703	273.503	14.801
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	1932.381	1285.609	993.907
TOTAL	4793.084	4114.938	3578.399
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	0.034	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	0.037	0.000	0.000
(c) Deferred tax assets (net)	5.673	0.000	37.445
(d) Long-term Loan and Advances	194.725	300.725	300.725
(e) Other Non-current assets	46.282	44.595	0.000
Total Non-Current Assets	246.751	345.320	338.170
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	4485.149	3745.002	3097.008
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	17.161	9.835	135.825
(e) Short-term loans and advances	44.023	14.781	7.396
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	4546.333	3769.618	3240.229
TOTAL	4793.084	4114.938	3578.399

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	0.000	0.000	0.000
	Other Income	0.022	0.005	0.000
	TOTAL (A)	0.022	0.005	0.000
Less	EXPENSES
	Purchases of Stock-in-Trade	196.972	79.499	23.416
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(738.729)	(643.926)	(381.496)
	Other expenses	265.804	252.518	205.311
	Extraordinary Item (Share of Profit)	(0.197)	0.000	0.000
	TOTAL (B)	(276.150)	(311.909)	(152.769)
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	276.172	311.914	152.769
Less	FINANCIAL EXPENSES (D)	292.946	314.701	152.866
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(16.774)	(2.787)	(0.097)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	0.003	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(16.777)	(2.787)	(0.097)
Less	TAX (H)	(5.673)	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(11.104)	(2.787)	(0.097)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(2.912)	(0.125)	(0.028)
	BALANCE CARRIED TO THE B/S	(14.016)	(2.912)	(0.125)
	Earnings / (Loss) Per Share (Rs.)	(249.64)	(40.99)	(1.43)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt
ICICI Bank Limited	546.486	108.268	0.000
State Bank of India	-	118.478	0.000
Cash generated from operations	NA	NA	NA
Net Cash Flow from / (used in) Operating Activities	(16.802)	(265.165)	(832.945)

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.00	0.00	0.00
Operating Profit Margin (PBIDT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(0.35)	(0.07)	0.00
Return on Investment (ROI) (PBT/Networth)		(0.03)	(0.01)	0.00
Debt Equity Ratio (Total Debt /Networth)		7.03	6.19	5.42
Current Ratio (Current Asset/Current Liability)		2.35	2.93	3.26

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	10.740	10.740	10.740
Reserves & Surplus	489.729	486.941	475.837
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	500.469	497.681	486.577
long-term borrowings	2081.001	2199.441	1805.461
Short term borrowings	631.547	652.283	1070.467
Current maturities of long-term debts	0.000	226.746	546.486
Total borrowings	2712.548	3078.470	3422.414
Debt/Equity ratio	5.420	6.186	7.034

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	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	Yes
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS

LITIGATION DETAILS
Bench:- Bombay
Lodging No. :	OLRL/484/2015	Failing Date:-	13/08/2015	Reg. No:-	OLR/484/2015	Reg. Date:-	13/08/2015
Petitioner:-	THE OFFICIAL LIQUIDATOR HIGH COURT BOMBAY		Respondent:-	KANAKIA DESIGN AND CONSTRUCTION PRIVATE LIMITED
Petn.Adv:-	THE OFFICIAL LIQUIDATOR (00)		Resp. Adv.:	0 (0)
District:-	MUMBAI
Bench:-	SINGLE		Category:-	MISC. APPLICATION
Status:-	Pre-Admission		Stage:-	OLR FOR APPOINTMENT FOR C.A.
Last Date:-	21/08/2015
Last Coram:-	HON'BLE SHRI JUSTICE S.C. GUPTE
Act. :	Companies Act & Rules 1956 Companies Act & Rules 1956

NOTE: Registered office of the company has been shifted from 349, Business Point, 5th Floor, Western Express Highway, Andheri (East), Mumbai – 400069, Maharashtra, India to the present address w.e.f. 20.09.2010

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Loans and advances from related parties
Kanakia Spaces Private Limited	67.350	145.288
Rasesh B. Kanakia	278.026	257.193
Himanshu B. Kanakia	249.801	249.802
Other Loans and Advances
Vidyut Merchandise Private Limited	50.000	0.000
Current Capital with Partnership Firm
Evergreen Financial Services	425.290	0.000
Total	1070.467	652.283

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10591837	15/09/2015	650,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	C64636152
2	10570852	30/04/2015	500,000,000.00	JM Financial Credit Solutions Limited	7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, MUMBAI, Maharashtra - 400025, INDIA	C54346671
3	10539258	30/12/2014	900,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	C38427001
4	10506985	20/06/2014	1,750,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	C09869058
5	10272166	25/02/2011 *	1,750,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B08523268

*Date of charge modification

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.65.62
UK Pound	1	Rs.101.73
Euro	1	Rs.73.26

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KSH
Report Prepared by :	ART

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	4
--PROFITABILITY	1~10	-
--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	YES
--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		27

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.