MIRA INFORM REPORT

Report No. :	486872
Report Date :	19.01.2018

IDENTIFICATION DETAILS

Name :	INDIAN EXPRESS NEWSPAPERS (MUMBAI) PRIVATE LIMITED (w.e.f.07.08.2014)
Formerly Known As :	INDIAN EXPRESS NEWSPAPERS (MUMBAI) LIMITED INDIAN EXPRESS NEWSPAPERS (BOMBAY) LIMITED
Registered Office :	Express Towers, Nariman Point, Mumbai - 400021, Maharashtra
Tel. No.:	91-22-22022627
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	25.02.1959
Com. Reg. No.:	11-011302
Capital Investment / Paid-up Capital :	INR 25.458 Million
CIN No.: [Company Identification No.]	U22120MH1959PTC011302
IEC No.:	Not Divulged
TIN No.:	Not Divulged
GST No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
PAN No.: [Permanent Account No.]	AAACI2555F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Leasing and Maintenance of Commercial Spaces. [Registered Activity]
No. of Employees :	Information declined by them management

RATING & COMMENTS

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

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1959. “Panchshil Techpark Private limited”, holds 49% stake in the subject company, which is a Pune based real estate developer. Further Singapore based “BREP Asia SG Indian Holding (NQ) Co II Pte Limited” holds 37% stake in the subject company. The company leases out commercial office space. The company owns and operates a commercial office space property, named Express Towers, located at Nariman Point, Mumbai. The said space is located on a plot of 1.46 acres and comprises single tower with total leasable area of nearly 4.5 lakh square feet (sq. ft). The company has sound financial base along with healthy networth position. Rating takes into consideration strong managerial and financial support received to the company from its holding entity. Rating also takes into account of established track of business operations along with market position, company’s healthy operational profile evidenced by high quality of asset coupled with favourable location, and healthy client profile comprising large and reputed entities in a diverse range of industries. However, rating strength is partially offset due to continuously losses incurred by the company and excess of secured borrowing recorded which has increased its debt to equity ratio. Trade relations are reported as fair. Business is active. Payments are slow but correct. The company can be considered for business dealings at usual 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term loan = AA
Rating Explanation	High degree of safety and very low credit risk
Date	10.10.2017

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 19.01.2018.

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 DECLINED

MANAGEMENT NON-CO-OPERATIVE [TEL. NO.: 91-22-67440000]

LOCATIONS

Registered Office :	Express Towers, Nariman Point, Mumbai - 400021, Maharashtra, India
Tel. No.:	91-22-22022627/67440000 / 43414100
Fax No.:	91-22-22022139 / 243414110
E-Mail :	dillon.pereira@expresstowers.in admin@expresstowers.in
Website :	http://www.expresstowers.in
Corporate Office:	Panchshil Realty, Tech Park One, Tower E, 191, Yerwada, Pune - 411 006, Maharashtra, India

DIRECTORS

AS ON: 31.03.2017

Name :	Mr. Sagar Ishwardas Chordia
Designation :	Director
Address :	Flat No. 1002, Silver Woods, Pingale Wasti, Mundhwa Road, Hadapsar, Pune - 411036, Maharashtra, India
Date of Birth/Age :	05.07.1971
Date of Appointment :	08.05.2014
DIN No.:	00054123
Name :	Mr. Vikaash Khdloya
Designation :	Director
Address :	1-2-288/31, SBH Colony Domalguda, Hyderabad - 500029, Telangana, India
Date of Appointment :	26.11.2015
DIN No.:	02042443
Name :	Mr. Siddhartha Gupta
Designation :	Director
Address :	A-2502, Lodha Bellissimo, N. M. Joshi Marg, Mahalaxmi, Mumbai - 400011, Maharashtra, India
Date of Birth/Age :	08.03.1979
Date of Appointment :	10.02.2015
DIN No.:	05146690
Name :	Mrs. Resham Atul Chordia
Designation :	Director
Address :	Sr. No. 37, Near ABC Farms, North Main Road, Koregaon Park, Pune - 411001, Maharashtra, India
Date of Birth/Age :	09.05.1991
Date of Appointment :	08.05.2014
DIN No.:	06652039

KEY EXECUTIVE

Name :	Mr. Dillon Roque Pereira
Designation :	Chief Finance Officer / Manager
Address :	124, Pereira House, Pali Naka, Dr. Ambedkar Road Bandra West, Mumbai -400050, Maharashtra, India
Date of Appointment :	10.02.2015
PAN No.:	AEHPP5903L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2017

Names of Shareholders	No. of Shares	% age holding
Panchshil Techpark Private Limited	130022	51.07
BREP Asia SG Indian Holding (NQ) Co. Pte. Limited	94886	37.27
BREF VII SG Indian Holding (NQ) Co. II Pte. Limited	23709	9.31
BREP Asia SBS Holding (NZ) Co. XI Limited	468	0.18
BREP VII SBS Holding (NQ) Co. XI Limited	130	0.05
Shekhar Gupta	5369	2.11
Total	254584	100.00

AS ON: 30.06.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters (Body corporate)	97.89
Public/Other than promoters (Individual/Hindu Undivided Family - Indian)	2.11
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Leasing and Maintenance of Commercial Spaces. [Registered Activity]

Products :

ITC Code No.	Product Descriptions
99721121	Rental or leasing services of factories, office buildings and warehouses

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
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 A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	--
Remarks:	--

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Other loans and advances, others	3714.880	0.000
Rupee term loans from banks	0.000	2043.933
Rupee term loans from others	0.000	2043.933
Total	3714.880	4087.866

Financial Institutions:	· SBICAP Trustee Company Limited 202, Maker Tower "E", Cuffe Parade, Mumbai - 400005, Maharashtra, India · IDBI Trusteeship Services Limited
Auditors :
Name :	S R B C and Company LLP Chartered Accountants
Address :	C-401, 4th Floor, Panchshil Tech Park, Yerwada (Near Don Bosco School) , Pune - 411006, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	ACHFS9117R
Memberships :	Not Available
Collaborators :	Not Available
Holding company:	Panchshil Techpark Private Limited [U45200PN2005PTC139812]
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Panchshil Realty and Developers Private Limited [U45202PN2006PTC129273]

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
42510000	Equity Shares	INR 100/- each	INR 4251.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
254584	Equity Shares	INR 100/- each	INR 25.458 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	25.458	25.458	25.458
(b) Reserves and Surplus	233.430	693.085	1007.609
(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)	258.888	718.543	1033.067
(3) Non-Current Liabilities
(a) long-term borrowings	3714.880	4087.866	0.000
(b) Deferred tax liabilities (Net)	28.341	26.793	24.739
(c) Other long-term liabilities	269.034	197.881	379.655
(d) long-term provisions	1.534	1.320	0.822
Total Non-current Liabilities (3)	4013.789	4313.860	405.216
(4) Current Liabilities
(a) Short-term borrowings	0.000	0.000	280.000
(b) Trade payables	31.947	32.385	38.317
(c) Other current liabilities	1079.810	1154.349	4580.339
(d) Short-term provisions	0.087	0.081	0.043
Total Current Liabilities (4)	1111.844	1186.815	4898.699
TOTAL	5384.521	6219.218	6336.982
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3546.168	3171.827	3178.206
(ii) Intangible Assets	1466.885	2053.346	2639.785
(iii) Tangible assets capital work-in-progress	1.559	0.000	1.663
(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 loans and advances	30.866	97.609	103.815
(e) Other Non-current assets	14.016	4.930	0.000
Total Non-Current Assets	5059.494	5327.712	5923.469
(2) Current assets
(a) Current investments	117.100	742.856	238.180
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	14.814	19.616	12.804
(d) Cash and bank balances	0.522	12.664	43.597
(e) Short-term loans and advances	102.468	28.519	31.855
(f) Other current assets	90.123	87.853	87.077
Total Current Assets	325.027	891.508	413.513
TOTAL	5384.521	6219.220	6336.982

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	1164.051	1247.075	1022.222
	Other Income	40.248	53.833	19.721
	TOTAL	1204.299	1300.908	1041.943
Less	EXPENSES
	Employee benefit expense	18.299	18.853	17.972
	Other expenses	258.670	177.866	213.505
	Prior period items before tax	0.000	(0.827)	1043.935
	TOTAL	276.969	195.892	1275.412
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	927.330	1105.016	(233.469)
Less	FINANCIAL EXPENSES	484.873	528.134	348.136
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	442.457	576.882	(581.605)
Less/ Add	DEPRECIATION/ AMORTISATION	800.240	771.701	444.855
	PROFIT/ (LOSS) BEFORE TAX	(357.783)	(194.819)	(1026.460)
Less	TAX	101.872	119.705	118.288
	PROFIT/ (LOSS) AFTER TAX	(459.655)	(314.524)	(1144.748)
	Earnings / (Loss) Per Share (INR)	(1805.51)	(1235.44)	(3374.28)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	332.750	270.633	3570.000
Net cash flows from (used in) operations	815.925	721.336	941.278
Net cash flows from (used in) operating activities	710.121	606.944	764.882

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	4.65	5.74	4.57
Account Receivables Turnover (Income / Sundry Debtors)	78.58	63.57	79.84
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	0.00	0.00	0.00
Inventory Turnover (Operating Income / Inventories)	0.00	0.00	0.00
Asset Turnover (Operating Income / Net Fixed Assets)	0.18	0.21	(0.04)

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.96	0.89	1.34
Debt Equity Ratio (Total Liability / Networth)	15.63	6.07	3.73
Current Liabilities to Networth (Current Liabilities / Net Worth)	4.29	1.65	4.74
Fixed Assets to Networth (Net Fixed Assets / Networth)	19.37	7.27	5.63
Interest Coverage Ratio (PBIT / Financial Charges)	1.91	2.09	(0.67)

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	(39.49)	(25.22)	(111.99)
Return on Total Assets ((PAT / Total Assets) * 100)	%	(8.54)	(5.06)	(18.06)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	(177.55)	(43.77)	(110.81)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.29	0.75	0.08
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.29	0.75	0.08
G-Score Ratio Financial (Networth / Total Assets)	0.05	0.12	0.16
G-Score Ratio Debt (Debts / Equity Capital)	158.99	171.20	151.23
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.29	0.75	0.08

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

FINANCIAL ANALYSIS

[all figures are in 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	25.458	25.458	25.458
Reserves & Surplus	1007.609	693.085	233.430
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1033.067	718.543	258.888
Long-term borrowings	0.000	4087.866	3714.880
Short term borrowings	280.000	0.000	0.000
Current maturities of long-term debts	3570.000	270.633	332.750
Total borrowings	3850.000	4358.499	4047.630
Debt/Equity ratio	3.727	6.066	15.635

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	1022.222	1247.075	1164.051
		21.996	(6.657)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	1022.222	1247.075	1164.051
Profit/ (Loss)	(1144.748)	(314.524)	(459.655)
	(111.99 %)	(25.22 %)	(39.49 %)

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	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 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	Yes
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

INDEX OF CHARGES

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G37198033	100069504	SBICAP TRUSTEE COMPANY LIMITED	09/12/2016	20/02/2017	-	4610000000.0	202, MAKER TOWER "E",CUFFE PARADE,MUMBAIMH400005IN
2	Y10344429	90236792	COLLECTORS OF CUSTUMER	27/01/1988	-	-	36300000.0	NEW CUSTOM HOUSEBALLARD ESTATEMUMBAIMH400038IN
3	Y10344173	90236536	PUNJAB NATIONAL BANK	30/03/1971	-	-	1382498.0	FIRST LANE BEACHMADRASHMH600001IN
4	G32354573	10586048	IDBI TRUSTEESHIP SERVICES LIMITED	10/08/2015	-	04/01/2017	4600000000.0	ASIAN BUILDING, GROUND FLOOR,17, R. KAMANI MARG, BALLARD ESTATEMUMBAIMH400001IN
5	C54324710	10491123	IDBI TRUSTEESHIP SERVICES LIMITED	07/05/2014	-	11/05/2015	3000000000.0	ASIAN BLDG, GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAIMH400001IN
6	C54323340	10523099	IDBI TRUSTEESHIP SERVICES LIMITED	28/08/2014	-	11/05/2015	3000000000.0	ASIAN BUILDING, GROUND FLOOR, 17 R KAMANI MARGBALLARD ESTATEMUMBAIMH400001IN
7	C54325345	10491130	IDBI TRUSTEESHIP SERVICES LIMITED	07/05/2014	-	11/05/2015	3000000000.0	ASIAN BLDG, GROUND FLOOR, 17, R.KAMANI MARG,BALLARBALLARD ESTATE,MUMBAIMH400001IN
8	C54322060	10511125	IDBI TRUSTEESHIP SERVICES LIMITED	14/07/2014	-	11/05/2015	1000000000.0	ASIAN BUILDING, GROUND FLOOR17-R, KAMANI MARG, BALLARD ESTATEMUMBAIMH400001IN
9	C07819048	10129499	PUNJAB & SIND BANK	16/10/2008	07/05/2009	04/06/2014	400000000.0	J.K. SOMANI BLDG.BRITISH HOTEL LANE, FORTMUMBAIMH400023IN
10	C08950420	10005741	STATE BANK OF INDIA	04/05/2006	08/03/2013	04/06/2014	1835000000.0	C-6, G BLOCKBANDRA KURLA COMPLEX,BANDRA EASTMUMBAIMH400051IN

CORPORATE INFORMATION:

The Company is a private limited company domiciled in India and is engaged in the business of leasing and maintenance of commercial spaces. The Company owns a building named "Express Towers" at Nariman Point, Mumbai.

FINANCIAL PERFORMANCE:

The Company recorded operating revenues of INR 1164.000 million in FY 2016-17, a decrease of 7% compared to INR 1247.000 million in FY 2015-16; consequently, the Net Operating Income or PBITDA reduced to INR 927.000 million in FY 2016-17, a decrease of 16% compared to INR 1104.000 million in FY 2015-16. Net loss after tax for FY 2016-17 increased to INR 460.000 million as against loss after tax at INR 315.000 million for FY 2015-16. The decrease in operating revenues was mainly due to certain occupants vacating the premises, the same which were filled up in the latter part of the year.

REVIEW OF OPERATIONS:

The Company achieved over 97% occupancy by the year end, and continued its focus on various initiatives undertaken during the year such as:

Ongoing repositioning exercise to enhance the enduring appeal of Express Towers by undertaking initiatives which includes:

Refurbishment of multi occupant floor lobbies with new marble flooring and lighting;

Upgradation of Facade with energy efficient DGU glasses and new aluminum frames for over 88% of the building which has enhanced aesthetics and contemporariness

Enhanced the aesthetics and utility of the parking and ground floor lobby by adding premium quality furniture

Strengthened the building security through installing access controlled flab barriers and Hi-Tech Metal Pole detectors at ground floor lobby, and by installation of CCTV cameras at parking level.

Initiatives undertaken for achieving energy efficiency and environment safety by making ring wells along with rain water harvesting systems.

Additionally, renovation of the water supply and water disposal system done which has enhanced the evacuation capabilities, reduced energy

consumption and improved supply reliability.

Enhanced the safety and security during emergencies, by constructing a new fire exit staircase on east side at parking level Addition of a full-fledged concierge services

Addition of a full-fledged concierge services

MARKET HIGHLIGHTS:

Mumbai is one of the most sought out commercial hubs for most corporates both Indian and Multi-nationals to set-up their offices in the country.

There has been a consistent steady growth in the Mumbai office market during FY 16-17 with demand from various sectors of the industry. The banking, financial services and insurance sector (BFSI), the traditional driver of demand in Mumbai, again dominated the leasing market, accounting for 24% of total new leased space in 2016. This sector was followed by engineering and manufacturing (22%), other industries (19%), technology (17%), health and pharmaceuticals (10%) and consulting (8%).

Mumbai office property market has shown consistent growth in both capital and rentals values in F.Y 16-17. Suburban office markets such as Bandra -Kurla Complex, Andheri -Kurla Road, Powai and Malad were in demand from IT ITES companies due to availability of new Grade A developments, large floor plates, amenities and nearness to residential zones and most importantly lower real estate cost as compared to CBD.

Total office supply in Mumbai is 126 Million Sq. Ft. Vacancy was recorded at 15.4% as of March 2017, remaining stable on y-o-y basis compared to March 2016. In spite of the higher vacancy levels, the rental values remain stable across markets, owing to demand from occupants.

The Mumbai office leasing is likely to rebound in 2017. This is because several large transactions are in the pipeline and a few new occupiers are eyeing the Mumbai market. Average rent in Mumbai is expected to remain stable over 2017; however, Grade A buildings should continue to enjoy premium rents depending on the demand and supply balance in the micro-markets where they are situated.

FUTURE OUTLOOK:

The demand for office spaces in the Central Business District including the micro market of Nariman point is expected to be stable over the next 9 to 12 months. This steady demand in the Nariman Point area is owing to various factors such as proximity to various Central Government offices, environmental factors such as low pollution levels, greenery and spaciousness which retain its serenity. Moreover, the upcoming Coastal road and

Metro rail project have further contributed to maintain the attractiveness of the CBD (South Mumbai).

The Company continues to remain the preferred choice for the CBD (South Mumbai) market for both domestic and multinational clients. The company has been able to renew most of the leases at market rentals and has been able to backfill vacancy created during the year at higher rentals. This has augmented the building's demand amongst corporates to achieve higher rentals.

FIXED ASSETS:

Tangible assets

• Land
• Buildings
• Plant and equipment
• Office equipment
• Computer equipment’s

Intangible assets

• Goodwill
• Computer 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 records 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 63.84
UK Pound	1	INR 88.28
Euro	1	INR 77.88

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	PRS
Report Prepared by :	ARC

SCORE FACTORS

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

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.