MIRA INFORM REPORT

Report No. :	484468
Report Date :	05.01.2018

IDENTIFICATION DETAILS

Name :	KUNJBIHARI DEVELOPERS PRIVATE LIMITED
Registered Office :	602 E, Nilkant Building 98, Marine Drive Mumbai -400002, Maharashtra
Tel. No.:	91-22-30382856
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	23.05.2007
Com. Reg. No.:	11-171094
Capital Investment / Paid-up Capital :	INR 0.100 Million
CIN No.: [Company Identification No.]	U70102MH2007PTC171094
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
GSTIN :	Not Divulged
PAN No.: [Permanent Account No.]	AADCK1271H
Legal Form :	Private Limited Liability Company
Line of Business :	Construction Activity. (Registered activity)
No. of Employees :	Information declined by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

C

Credit Rating	Explanation	Rating Comments
C	Medium High Risk	Business dealings permissible preferably on secured basis

Status :	Ye to Commence Commercial Operation
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a subsidiary of “Edico Ventures Private Limited”. Even though the company incorporated in the year 2007, the company is yet to commence with its commercial operation. For the financial year ended 2017, the company has earned other income and reported profit. Management of the company as denied to part any information about the company. Rating remains constrained on account of erosion of entire net worth of the company, high debt level and non-commencement of operational activities. Payment terms are unknown. In view of the aforesaid, the company can be considered for business dealings on safe and secured trade terms and condition.

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 05.01.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

Name :	Mr. Shivaram Bhat
Designation :	Not Divulged
Contact No.:	91-22-30382856
Date :	05.01.2018

Mobile No.: 91-9322403519 – Not Available

Tel. No.: 91-22-30382856 / 30098181 – Continuously ringing

LOCATIONS

Registered Office :	602 E, Nilkant Building 98, Marine Drive Mumbai -400002, Maharashtra, India
Tel. No.:	91-22-30382856 / 30098181
Fax No.:	91-22-30098128
E-Mail :	kunjbihari.developers350@gmail.com

DIRECTORS

As on 31.03.2017

Name :

Mr. Tushar D Motiwala

Designation :

Director

Address :

601, 6th Floor, Munshi Manor CHS. Limited, JN of 9th and 10th Road, Near Madhu Park, Khar (West), Mumbai – 400052, Maharashtra, India

Date of Appointment :

06.12.2013

DIN No.:

00112208

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U26940MH2008PTC184353	CIM ASH PRIVATE LIMITED	07/07/2008	-
U40109MH2015PTC267775	RPL ADITYA POWER PRIVATE LIMITED	03/03/2017	-
U45200MH2005PTC156280	TRIAX DEVELOPERS PRIVATE LIMITED	22/09/2005	-
U45400MH2010PTC205316	CIMIC REALTY PRIVATE LIMITED	07/07/2010	-
U51490MH1992PTC069458	TRIAX TRADING PVT LTD	06/11/1992	-
U51505MH1997PTC105976	DOT MARKETING PRIVATE LIMITED	21/07/2001	-
U63040MH1982PTC028205	RELIANCE TRANSPORT AND TRAVELS PVT LTD	02/06/1997	-
U65923MH2007PTC168216	MIKANTRA SECURITIES PRIVATE LIMITED	28/02/2007	-
U67120MH1985PTC034987	SEASHELL HOLDINGS PRIVATE LIMITED	14/05/1996	-
U67190MH2005PTC156260	MIKANTRA FINANCIAL SERVICES PRIVATE LIMITED	01/04/2006	-

Name :

Mr. Kulai Narayan

Designation :

Director

Address :

201, Satellite 58, Tagore Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Appointment :

30.09.2014

DIN No.:

00460087

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U40109MH2015PTC267775	RPL ADITYA POWER PRIVATE LIMITED	03/03/2017	-
U85110MH1998PLC114937	MANDKE HOSPITALS LIMITED	10/06/2011	-
U99999MH1998NPL127767	MANDKE FOUNDATION	06/06/2011	-

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
Edico Ventures Private Limited, India	9999
Individual jointly with Edico Ventures Private Limited	1
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on 20.09.2017

Category	Percentage
Promoter - Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Construction Activity. (Registered activity)
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Not Divulged
Branch	--
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
From Financial Institutions	6350.000	0.000
(loan is taken from Dewan Housing Finance Limited is Secured by Charge on the Project Land together with all the building and structures thereon, receivables and Transfer of Development Rights Working capital loan carry interest of 12.50% p.a.)
Total	6350.000	0.000

Financial Institutions :	Dewan Housing Finance Corporation Limited, Warden House 2nd Floor, Sir P M Road, Fort, Mumbai – 400001, Maharashtra, India
Auditors :
Name :	S M M P and Associates Chartered Accountants
Address :	307, Chartered House, 297/299, Dr. Caswasji Homasji Street, Marine Lines Church, Mumbai – 400002, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	ADBFS6640Q
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	Edico Ventures Private Limited (formerly known as Tractus Consultants Private Limited) U51909MH2005PTC157591
Subsidiary Company :	RPL Aditya Power Private Limited U40109MH2015PTC267775

CAPITAL STRUCTURE

As on 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	INR 10/- each	INR 0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	INR 10/- each	INR 0.100 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100	0.100
(b) Reserves & Surplus	(0.535)	(0.751)	(0.655)
(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)	(0.435)	(0.651)	(0.555)
(3) Non-Current Liabilities
(a) long-term borrowings	7205.000	0.000	649.181
(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)	7205.000	0.000	649.181
(4) Current Liabilities
(a) Short term borrowings	1967.412	1913.111	927.431
(b) Trade payables	10.717	23.468	63.701
(c) Other current liabilities	0.143	42.437	5.685
(d) Short-term provisions	416.099	6.017	6.229
Total Current Liabilities (4)	2394.371	1985.033	1003.046
TOTAL	9598.936	1984.382	1651.672
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	538.432	538.432	538.432
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	1974.785	1420.535	1047.745
(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	5.932	1.677	1.357
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2519.149	1960.644	1587.534
(2) Current assets
(a) Current investments	0.122	6.614	6.615
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	21.749	1.838	21.025
(e) Short-term loans and advances	6655.850	15.286	36.498
(f) Other current assets	402.066	0.000	0.000
Total Current Assets	7079.787	23.738	64.138
TOTAL	9598.936	1984.382	1651.672

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	0.349	0.000	0.000
	Other Income	0.000	0.000	0.000
	TOTAL	0.349	0.000	0.000
Less	EXPENSES
	Other expenses	0.134	0.096	0.150
	TOTAL	0.134	0.096	0.150
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	0.215	(0.096)	(0.150)
Less	FINANCIAL EXPENSES	0.000	0.000	0.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	0.215	(0.096)	(0.150)
Less/ Add	DEPRECIATION/ AMORTISATION	0.000	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX	0.215	(0.096)	(0.150)
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	0.215	(0.096)	(0.150)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(0.751)	(0.655)	(0.505
	Balance Carried to the B/S	(0.536)	(0.751)	(0.655)
	Earnings / (Loss) Per Share (INR)	21.53	(9.59)	(14.98)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	(66.916)	10.028	67.379
Net cash flow from operating activity	(66.916)	10.028	67.379

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	0.00	0.00	0.00
Account Receivables Turnover (Income / Sundry Debtors)	0.00	0.00	0.00
Asset Turnover (Operating Income / Net Fixed Assets)	0.00	0.00	0.00

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	1.00	1.00	1.00
Debt Equity Ratio (Total Liability / Networth)	(21086.00)	(2938.73)	(2840.74)
Current Liabilities to Networth (Current Liabilities / Net Worth)	(5504.30)	(3049.21)	(1807.29)
Fixed Assets to Networth (Net Fixed Assets / Networth)	(5777.51)	(3009.17)	(2857.98)

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	61.60	0.00	0.00
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.00	0.00	(0.01)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(49.43)	14.75	27.03

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	2.96	0.01	0.06
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	2.96	0.01	0.06
G-Score Ratio Financial (Networth / Total Assets)	0.00	0.00	0.00
G-Score Ratio Debt (Debts / Equity Capital)	91724.12	19131.11	15766.12
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	2.96	0.01	0.06

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	0.100	0.100	0.100
Reserves & Surplus	(0.655)	(0.751)	(0.535)
Net worth	(0.555)	(0.651)	(0.435)
Long Term borrowings	649.181	0.000	7205.000
Short Term borrowings	927.431	1913.111	1967.412
Total borrowings	1576.612	1913.111	9172.412
Debt/Equity ratio	(2,840.742)	(2,938.727)	(21,086.005)

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	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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
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 one 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

UNSECURED LOAN

Unsecured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
From Body Corporate	855.000	0.000
Short-term borrowings
From Body Corporate (Repayable on Demand)	1967.412	1913.111
Total	2822.412	1913.111

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G45012275	100100841	DEWAN HOUSING FINANCE CORPORATION LIMITED	10/03/2017	-	-	3650000000.0	WARDEN HOUSE 2ND FLOOR, SIR P M ROAD, FORT, MUMBAI – 400001, MAHARASHTRA, INDIA
2	G45010790	100100848	DEWAN HOUSING FINANCE CORPORATION LIMITED	06/03/2017	-	-	6350000000.0	WARDEN HOUSE 2ND FLOOR, SIR P M ROAD, FORT, MUMBAI – 400001, MAHARASHTRA, INDIA
3	G08482234	100099237	RELIANCE CAPITAL LTD	29/08/2015	-	-	300000000.0	"H" Block 1ST Floor, Dhirubhai Ambani Knowledge City, Kopar Khairne, Navi Mumbai – 400710, Maharashtra, India

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	INR
US Dollar	1	INR 63.39
UK Pound	1	INR 85.74
Euro	1	INR 76.24

INFORMATION DETAILS

Information Gathered by :	SVT
Analysis Done by :	DIV
Report Prepared by :	SUJ

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.