Indiabulls Commercial Credit Limited

INDIABULLS COMMERCIAL CREDIT LIMITED - 608949 PAGE NO.
: 1
MIRA INFORM REPORT
Report No. : 608949

Report Date : 29.02.2020
IDENTIFICATION DETAILS
Name : INDIABULLS COMMERCIAL CREDIT LIMITED (w.e.f. 12.03.2015)
Formerly Known As : INDIABULLS INFRASTRUCTURE CREDIT LIMITED (w.e.f. 21.01.2009)
INDIABULLS COMMERCIAL CREDIT LIMITED
Registered Office : M - 62 & 63, First Floor, Connaught Place, New Delhi - 110001
Tel No.: 91-22-61891000
Country : India
Financials (as on) : 31.03.2018
Date of Incorporation : 07.07.2006
CIN No.: U65923DL2006PLC150632

[Company Identification No.]
Capital Investment / Paid- INR 830.714 Million

up Capital :
PAN No.: AABCI5559G

[Permanent Account No.]
GSTN : 37AABCI5559G1ZE - Andhra Pradesh

[Goods & Service Tax Registration 22AABCI5559G1ZP - Chhattisgarh
No.]
07AABCI5559G2ZG - Delhi
06AABCI5559G1ZJ - Haryana
19AABCI5559G1ZC - West Bengal
05AABCI5559G1ZL - Uttarakhand
03AABCI5559G1ZP - Punjab
32AABCI5559G1ZO - Kerala
27AABCI5559G1ZF - Maharashtra
04AABCI5559G1ZN - Chandigarh
23AABCI5559G1ZN - Madhya Pradesh
20AABCI5559G1ZT - Jharkhand
07AABCI5559G1ZH - Delhi
DISCLAIMER : This Report is PRIVATE & CONFIDENTIAL and it is prepared at the request of and for its use by the Subscriber only. The Subscriber shall use
the contents of the Report merely as an aid to its business. Mira Inform Private Limited (“MIPL”) has collated information/data in the Report, which have not been
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INDIABULLS COMMERCIAL CREDIT LIMITED - 608949 PAGE NO. : 2
02AABCI5559G1ZR - Himachal Pradesh

21AABCI5559G1ZR - Odisha
34AABCI5559G1ZK - Puducherry
08AABCI5559G1ZF - Rajasthan
33AABCI5559G1ZM - Tamil Nadu
24AABCI5559G1ZL - Gujarat
36AABCI5559G1ZG - Telangana
09AABCI5559G1ZD - Uttar Pradesh
29AABCI5559G1ZB - Karnataka
Legal Form : A Closely Held Public Limited Liability Company
Line of Business : The company is engaged in the business of financing, Investment and allied
activities. [Registered Activity]
No. of Employees : Not Divulged
RATING & COMMENTS BASED ON ALL RISK PARAMETERS

(Mira Inform has adopted New Rating mechanism w.e.f. 23 rd January 2017)
MIRA’s Rating : A
Minimum Risk Medium Risk Medium High Risk

Low Risk High Risk
Acceptable Risk New Business
No Trace
Rating Explanation Rating Comments

A Acceptable Risk Business dealings permissible with moderate risk of default
Status : Satisfactory
Payment Behaviour : Slow
Litigation : Exists
Comments : Indiabulls Commercial Credit Limited (ICCI) is a subsidiary of “Indiabulls

Housing Finance Limited (IHFL)” and it is a part of Indiabulls group. It was
incorporated in the year 2006 and is engaged in business of financing,
investment and allied activities.
Management has failed to file its latest financials with Government Registry.
As per available financials of March 2018, the company has registered decent
growth in its revenue and has reported good profit margin.
Rating takes into consideration the company’s satisfactory track record of

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business operations marked by healthy net worth base along with average debt
coverage indicators and good liquidity position.
Rating also takes into account the group’s established market position in the
retail mortgage finance segment and robust capitalization, with healthy cover for
asset-side risks.
Further, the company has reported good earnings per share of INR 54.70
against its face value of INR 10.
However, rating strength is partially offset by susceptibility to asset quality risks

arising from the commercial credit portfolio.
Further, ICCI and IHFL have moved to NCLT against IDBI Trusteeship Ltd, to
recover dues against loans assigned to them by DHFL.
Subject is a going concern and it has filed its GST returns till January 2020.
As gathered, payments are slow.
In view of aforesaid, the company can be considered good for business dealings
at usual trade terms and conditions.
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
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
NOT AVAILABLE
NCLT (National Company Law Tribunal) LISTING STATUS
Subject’s name is not listed in the publicly available NCLT (National Company Law Tribunal) list as of 29.02.2020
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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
Management Non-Cooperative (91-22-61891000 / 124-6681199)
LOCATIONS
Registered Office : M - 62 & 63, First Floor, Connaught Place, New Delhi – 110001, India
Tel. No.: 91-22-61891000
Fax No.: Not Available
E-Mail : ajisingh@indiabulls.com
Website : https://www.indiabullscommercialcredit.com
Head Office: Indiabulls House, Plot No. 448-451, Udyog Vihar, Phase – V, Sector 19,
Gurugram – 122001, Haryana, India
Tel. No.: 91-124-6681199
Corporate Office 1: 4th Floor, Indiabulls House, Indiabulls Finance Center, S B Marg, Elphistone
Road, Mumbai - 400013, Maharashtra, India
Corporate Office 2: Indiabulls Finance Center, Tower 1, Senapati Bapat Marg, Elphinstone Road,
Mumbai – 400013, Maharashtra, India
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DIRECTORS
AS ON: 2019
Name : Mr. Shamsher Singh Ahlawat

Designation : Director
Address : 96A, Eastern Avenue Sainik Farm, Khanpur, New Delhi - 110062, India
Date of Appointment : 16.03.2015
DIN No.: 00017480
Other Directorship :
CIN/FCRN Company Name Begin Date
U45400DL2007PLC163094 CITRA PROPERTIES LIMITED 26/09/2018
U70102DL2007PLC157384 INDIABULLS INFRAESTATE LIMITED 30/03/2015
L65922DL2005PLC136029 INDIABULLS HOUSING FINANCE LIMITED 01/07/2013
U65993DL2005PTC134191 INDIABULLS FINANCE COMPANY PRIVATE LIMITED 16/03/2015
U70109DL2006PLC149700 INDIABULLS CONSTRUCTIONS LIMITED 24/09/2019
L45101DL2006PLC148314 INDIABULLS REAL ESTATE LIMITED 17/09/2007
U70109DL2006PLC151260 LUCINA LAND DEVELOPMENT LIMITED 28/09/2019
L51101HR2007PLC077999 INDIABULLS INTEGRATED SERVICES LIMITED 30/09/2011
L67120DL2000PLC103183 INDIABULLS FINANCIAL SERVICES LIMITED 20/12/2004
U62200DL2007PLC166080 AIRMID AVIATION SERVICES LIMITED 02/05/2016
Name : Mr. Prem Prakash Mirdha

Address : Mirdha Farm, Sirsi Road, Jaipur - 302012, Rajasthan, India
DIN No.: 01352748
U74140MH1993PTC074596 INDIABULLS RURAL FINANCE PRIVATE LIMITED 24/09/2019
L67120DL2000PLC103183 INDIABULLS FINANCIAL SERVICES LIMITED 17/09/2007
U72200DL2002PLC114257 INDIABULLS INSURANCE ADVISORS LIMITED 31/03/2015
U45201DL2005PLC139676 INDIABULLS ESTATE LIMITED 17/03/2015
U65993DL2005PTC134191 INDIABULLS FINANCE COMPANY PRIVATE LIMITED 16/03/2015
U45400DL2007PLC169086 AIRMID DEVELOPERS LIMITED 31/03/2015
L52190HR2005PLC077960 SORIL INFRA RESOURCES LIMITED 02/01/2008
Name : Mr. Anil Malhan

Address : 320, E-Space Narvana Country, Gurugram – 122018, Haryana, India
DIN No.: 01542646
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L52190HR2005PLC077960 SORIL INFRA RESOURCES LIMITED 20/08/2018
U70102DL2009PTC196236 ASPIRE LAND DEVELOPMENT PRIVATE LIMITED 30/09/2016
U93091DL2006PLC149380 INDIABULLS COLLECTION AGENCY LIMITED 01/06/2006
U70101DL2006PLC148875 INDIABULLS BUILDCON LIMITED 17/05/2006
U55201DL2004PTC126631 HABITAT RECREATIONS PRIVATE LIMITED 28/05/2004
Name : Mr. Ajit Kumar Mittal

Address : A-403, Ashok Garden, Thokarsi Jivraj Road, Shivadi, Mumbai – 400015,
Maharashtra, India
Date of Birth/Age : 17.07.1959
DIN No.: 02698115
U74899DL1994PLC062407 INDIABULLS CONSUMER FINANCE LIMITED 29/09/2017
INDIABULLS ASSET RECONSTRUCTION COMPANY
U67110MH2006PLC305312 06/09/2016
LIMITED
U65991DL2008PLC176626 INDIABULLS TRUSTEE COMPANY LIMITED 01/07/2013
U66000DL2007PLC171001 INDIABULLS LIFE INSURANCE COMPANY LIMITED 29/09/2018
U67120GJ2008PLC099142 INDIAN COMMODITY EXCHANGE LIMITED 29/12/2010
INDIABULLS VENTURE CAPITAL TRUSTEE COMPANY
U74900DL2010PLC199674 03/03/2010
LIMITED
U93090MH2010PTC211328 TRANSERV PRIVATE LIMITED 27/09/2019
L51101HR2007PLC077999 INDIABULLS INTEGRATED SERVICES LIMITED 29/09/2018
Name : Mr. Priya Jain

Address : House No. 924, Gordhan Ji Ki Gali Chouda Rasta, Ward No. 42, Jaipur –
302003, Rajasthan, India
DIN No.: 07257863
U70109MH2011PLC303671 LORENA BUILDERS LIMITED 22/09/2015
U66000DL2018PLC328939 INDIABULLS GENERAL INSURANCE LIMITED 28/09/2019
Name : Mr. Ripudaman Bandral

Designation : Managing Director
Address : Flat No-2203, Building No-2, G Block, Oberoi Splender, Jogeshwari Vikhroli
Linking Road, Opposite Majas Depot, Mumbai - 400060, Maharashtra, India
Date of Birth/Age : 01.04.1974
DIN No.: 07910257
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KEY EXECUTIVES
Name : Mr. Ashish Kumar Jain

Designation : Chief Financial Officer
Address : A-209 Surya Nagar, Gaziabad – 201011, Uttar Pradesh, India
PAN No.: AFIPJ7920D
Name : Mr. Ajit Kumar Singh

Designation : Company Secretary
Address : G1-370, 1st floor, Uttam Nagar, New Delhi -110059, India
PAN No.: BKJPS4927C
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2019
Names of Shareholders No. of Equity No. of

Shares Preference
Shares
Indiehulls Housing Finance Limited ("the holding Company”) and lt’s 60571401 22500000
nominees
Total 60571401 22500000
AS ON: 22.02.2019
Names of Allottee (Equity Shares) No. of Allottee
Indiabulls Housing Finance Limited 117650000
Total 117650000
AS ON: 25.03.2019
Names of Allottee (Equity Shares) No. of Allottee
Indiabulls Housing Finance Limited 22500000
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Total 22500000
AS ON: 28.08.2019
Equity Share Breakup Percentage of

Holding
Category
Promoters (Body corporate) 100.00
Total 100.00
BUSINESS DETAILS
Line of Business : The company is engaged in the business of financing, Investment and allied
activities. [Registered Activity]
Products : ITC Code No. Product Descriptions
99711310 Residential mortgage loan services
Brand Names : Not Available
Agencies Held : Not Available
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Exports : Not Divulged
Imports : Not Divulged
Terms : 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 : Not Divulged
Bankers :
Bank Name: Not Divulged
Branch: Not Divulged
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: --
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Remarks: --
Facilities : SECURED LOANS 31.03.2018 31.03.2017

(INR In Million) (INR In Million)
LONG-TERM BORROWINGS
Redeemable non-convertible 400.000 400.000
debentures
Term Loan
- From Banks 34565.740 10871.000
Other Loan
- From Holding Company - 800.000 0.000
Indiabulls Housing Finance
Limited
SHORT TERM BORROWINGS

Redeemable non-convertible 2500.000 0.000
debentures
Loans Repayable on demand 514.076 0.000
-From banks credit facility
Total 38779.816 11271.000
Note:
(1) 905 % Redeemable Non-convertible Debentures of Face value of INR

1000000 each Redeemable (At Par) on July 07. 2029 and is listed on the
Wholesale Debt market segment of National Stock Exchange at Inca Limited.
The Company has fully utilised the proceeds from the issue of Redeemable
Non-convertible Debentures as per tennis of the Issue.
(2)Redeemable N.-Convertible Debentures are secured mains mortgage of
immovable pennon, hypothecation of current scads and ['anent and future loan
assets of the Company except such receivable specifically charged (including
investment).
(3)Secured by hypothecation of ban receivables (Current and Future), current
assets (inducing cash and cash equivalents) of the Company including
Investment)
(4)Repayable at any time before expiry all of the end of 36 months from the date
of disbursement.
(5)Secured by hypothecation of receivables (Current and Future), another
current assets of the Company
(6)Linked to reference rate used by respective lenders.
(7)The Company has fully utilised the proceeds from the Issue of Subordinated
Debt as per tones of the issue.
There is no contorting default in the repayment of the aforesaid Mrs or interest
thereon as at (no balance sheet dale.
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(1)1824% Redeemable Non-convertible Debentures of Face value of INR

1000000 each Redeemable (Al Far) on June 7, 2018) are listed on the
Wholesale Debt market segment of National Stock Exchange of India Limited
and are secured by first ranking pari passu charge on the current assets
(including investments): bath current and future: of the Company and all present
and future loan assets of the Company. including all monies receivable from
principal and Interest thereon The Company has fully utilised the per term of the
issue.
(2)The Company has availed Cast, went revolving facility from a bank with the
lenor of 12 months and the same is repayable on demand. The cash credit
fatally is secured by way of pad passu charge on current assets including loans
and advances and receivables of the Company with a minimum security cover
of 1.25 times and a letter of comfort issued by the Holding Company.
(3)The unsecured loan from nigari financial consonants Limited is granted for a
period of 12 months. The company may be at its option. Prepay the lean belere
expiry.
(4)Linked to reference rate used by lender.
There is no default In repayment of aforesaid loans or Interest thereon.
Auditors :
Name : Ajay Sardana Associates
Chartered Accountants
Address : D-118, Saket, New Delhi – 110017, India
Income-tax PAN of auditor AALFA2680H
or auditor's firm :
Membership No.: 099719
Memberships : Not Available
Collaborators : Not Available
Holding Company : • Indiabulls Housing Finance Limited

(As on 31.03.2018) • [L65922DL2005PLC136029]
Subsidiary Company : • Indiabulls Asset Management (Mauritius) (w.e.f. July 18, 2016)
(As on 31.03.2018) • Indiabulls Insurance Advisors Limited
• Indiabulls Asset Reconstruction Company Limited
• (Subsidiary of Indiabulls Insurance Advisors Limited) upto October 2, 2016
• Indiabulls Capital Services Limited
• Indiabulls Insurance Advisors Limited
• Night Financial Consultants Limited
• (Indiabulls Insurance Advisors Limited)
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Fellow Subsidiary • Indiabulls Asset Holding Company

Companies (Including step • Indiabulls Collection Agency Limited
down subsidiaries): • Indiabulls Assets Management Company Limited
(As on 31.03.2018) • Indiabulls Life Insurance Company Limited
• Indiabulls Trustee Company Limited
• Ibulls Sals Limited
• Indiabulls Holdings Company
• Indiabulls Venture Capital Management Company Limited
• (Subsidiary Of Indiabulls Holdings Company)
• Indiabulls Venture Capital Trustee Company Limited
• (Subsidiary Of Indiabulls Holdings Company)
Other Related Parties:

Associates of Holding • Oaknerth Holdings Limited (w.e.f. November 13, 2015)
Company :
(As on 31.03.2018)
CAPITAL STRUCTURE
AS ON: 31.03.2018
Authorised Capital :
No. of Shares Type Value Amount
62500000 Equity Shares INR 10/- each INR 625.000 Million

22500000 Preference Share INR 10/- each INR 225.000 Million
Total INR 850.000

Million
Issued, Subscribed & Paid-up Capital :

No. of Shares Type Value Amount
60571401 Equity Shares INR 10/- each INR 605.714

Million
22500000 Preference Share INR 10/- each INR 225.000
Million
Total INR 830.714

Million
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FINANCIAL DATA
[All figures are in INR Million]
ABRIDGED BALANCE SHEET
SOURCES OF FUNDS 31.03.2018 31.03.2017 31.03.2016
I. EQUITY AND LIABILITIES

(1)Shareholders' Funds
(a) Share Capital 830.714 653.263 653.263
(b) Reserves & Surplus 12002.528 7172.737 6613.118
(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) 12833.242 7826.000 7266.381
(3) Non-Current Liabilities

(a) long-term borrowings 38265.740 11271.000 4878.033
(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 329.303 143.889 71.713
Total Non-current Liabilities (3) 38595.043 11414.889 4949.746
(4) Current Liabilities

(a) Short term borrowings 26109.408 14604.314 6587.715
(b) Trade payables 0.000 0.000 0.000
(c) Other current liabilities 6939.509 5565.255 977.203
(d) Short-term provisions 598.425 116.850 90.318
Total Current Liabilities (4) 33647.342 20286.419 7655.236
TOTAL 85075.627 39527.308 19871.363
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II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets 65.924 78.891 23.859
(ii) Intangible Assets 62.280 86.881 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 8.489 2.016 0.000
(c) Deferred tax assets (net) 100.421 75.952 50.230
(d) Long-term Loan and Advances 68943.844 29537.481 12037.988
(e) Other Non-current assets 16.960 178.979 199.575
Total Non-Current Assets 69197.918 29960.200 12311.652
(2) Current assets

(a) Current investments 1771.537 1374.787 1234.348
(b) Inventories 0.000 0.000 0.000
(c) Trade receivables 0.000 0.000 0.000
(d) Cash and cash equivalents 2979.595 1974.270 1454.963
(e) Short-term loans and advances 9798.064 6035.381 4490.395
(f) Other current assets 1328.513 182.670 380.005
Total Current Assets 15877.709 9567.108 7559.711
TOTAL 85075.627 39527.308 19871.363
PROFIT & LOSS ACCOUNT
PARTICULARS 31.03.2018 31.03.2017 31.03.2016

SALES
Income 8433.695 3659.061 3640.957
Other Income 877.652 426.921 197.522
TOTAL 9311.347 4085.982 3838.479
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Less EXPENSES
Employees benefits expense 331.991 301.520 330.428
Other expenses 1546.150 1636.610 1263.294
TOTAL 1878.141 1938.130 1593.722
PROFIT/ (LOSS) BEFORE DEPRECIATION AND 7433.206 2147.852 2244.757

AMORTISATION, INTEREST AND TAX
Less DEPRECIATION/ AMORTISATION 45.313 20.848 5.898
PROFIT/ (LOSS) BEFORE INTEREST AND TAX 7387.893 2127.004 2238.859
Less FINANCIAL EXPENSES 3613.612 1333.048 1608.472
PROFIT/ (LOSS) BEFORE TAX 3774.281 793.956 630.387
Less TAX 1225.273 208.465 124.935
PROFIT/ (LOSS) AFTER TAX 2549.008 585.491 505.452
Earnings / (Loss) Per Share (INR)

Basic 54.70 13.15 11.28
Diluted 37.11 8.96 7.74
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CURRENT MATURITIES OF LONG TERM DEBT DETAILS
PARTICULARS 31.03.2018 31.03.2017 31.03.2016
Current Maturities of Long term debt 5004.288 2119.658 888.889
Cash (used) in/generated from operations (41575.217) (14627.564) 7705.784
Net cash (used) in/generated from operating activities (42482.603) (14928.348) 7401.422
KEY RATIOS
EFFICIENCY RATIOS
PARTICULARS 31.03.2018 31.03.2017 31.03.2016
Average Collection Days 0.00 0.00 0.00

[Sundry Debtors / Income * 365]
Account Receivables Turnover 0.00 0.00 0.00

[Income / Sunday Debtors]
Inventory Turnover 0.00 0.00 0.00

[Operating Income / Inventories]
Asset Turnover 57.63 12.83 93.84

[Operating Income / Net Fixed Assets]
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LEVERAGE RATIOS
PARTICULARS 31.03.2018 31.03.2017 31.03.2016
Debt Ratio 0.90 0.85 0.68

[(Borrowing + Current Liabilities) / Total Assets]
Debt Equity Ratio 5.41 3.58 1.70

[Total Liability / Networth]
Current Liabilities to Networth 2.62 2.59 1.05

[Current Liabilities / Networth]
Fixed Assets to Networth 0.01 0.02 0.00

[Net Fixed Assets / Networth]
Interest Coverage Ratio 2.04 1.60 1.39

[PBIT / Financial Charges]
PROFITABILITY RATIOS
PARTICULARS 31.03.2018 31.03.2017 31.03.2016
Operating Profit Margin 0.88 0.58 0.61

[EBIT / Total Revenue]
Net Profit Margin % 30.22 16.00 13.88

[(PAT/Sales) * 100]
Return on Total Assets % 3.00 1.48 2.54

[(PAT / Total Assets) * 100]
Return on Investment (ROI) % 19.86 7.48 6.96

[(PAT / Networth) * 100]
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SOLVENCY RATIOS
PARTICULARS 31.03.2018 31.03.2017 31.03.2016
Current Ratio 0.47 0.47 0.99

[Current Assets / Current Liabilities]
Quick Ratio 0.47 0.47 0.99

[(Current Assets - Inventories) / Current Liabilities]
G-Score Ratio Financial 0.15 0.20 0.37

[Networth / Total Assets]
G-Score Ratio Debt 83.52 42.85 18.91

[Debts / Equity Capital]
G-Score Ratio Liquidity 0.47 0.47 0.99

[Total Current Assets / Total Current Liabilities]
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 31.03.2016 31.03.2017 31.03.2018

INR In Million INR In Million INR In Million
Share Capital 653.263 653.263 830.714
Reserves & Surplus 6613.118 7172.737 12002.528
Share Application money pending allotment 0.000 0.000 0.000
Net worth 7266.381 7826.000 12833.242
Long Term borrowings 4878.033 11271.000 38265.740

Short Term borrowings 6587.715 14604.314 26109.408
Current maturities of long term debt 888.889 2119.658 5004.288
Total borrowings 12354.637 27994.972 69379.436
Debt/Equity ratio 1.700 3.577 5.406
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YEAR-ON-YEAR GROWTH
Year on Year Growth 31.03.2016 31.03.2017 31.03.2018

Sales 3640.957 3659.061 8433.695
0.497 130.488
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NET PROFIT MARGIN
Net Profit Margin 31.03.2016 31.03.2017 31.03.2018

Sales 3640.957 3659.061 8433.695
Profit/(Loss) 505.452 585.491 2549.008
13.88% 16.00% 30.22%
GST FILING STATUS
Subject has filed its GST returns with the concerned authorities till January 2020 as seen from the below
table.
37AABCI5559G1ZE - Andhra Pradesh

Return Type Financial Year Tax Period Date of filing Status
GSTR9C 2017-2018 Annual 25/11/2019 Filed
GSTR3B 2019-2020 January 20/02/2020 Filed
GSTR1 2019-2020 January 11/02/2020 Filed
GSTR3B 2019-2020 December 20/01/2020 Filed
GSTR1 2019-2020 December 11/01/2020 Filed
GSTR3B 2019-2020 November 20/12/2019 Filed
GSTR1 2019-2020 November 11/12/2019 Filed
GSTR3B 2019-2020 October 20/11/2019 Filed
GSTR1 2019-2020 October 11/11/2019 Filed
GSTR3B 2019-2020 September 19/10/2019 Filed
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22AABCI5559G1ZP – Chhattisgarh
07AABCI5559G2ZG – Delhi
GSTR6 2019-2020 September 12/10/2019 Filed
GSTR6 2019-2020 August 13/09/2019 Filed
GSTR6 2019-2020 July 13/08/2019 Filed
GSTR6 2019-2020 June 13/07/2019 Filed
GSTR6 2019-2020 May 13/06/2019 Filed
GSTR6 2019-2020 April 13/05/2019 Filed
06AABCI5559G1ZJ – Haryana
19AABCI5559G1ZC - West Bengal

EMISPDF
or its officials.

05AABCI5559G1ZL – Uttarakhand
03AABCI5559G1ZP – Punjab
32AABCI5559G1ZO – Kerala
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or its officials.

27AABCI5559G1ZF – Maharashtra
04AABCI5559G1ZN – Chandigarh
23AABCI5559G1ZN - Madhya Pradesh

20AABCI5559G1ZT – Jharkhand
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or its officials.

07AABCI5559G1ZH – Delhi
02AABCI5559G1ZR - Himachal Pradesh

21AABCI5559G1ZR – Odisha
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or its officials.

34AABCI5559G1ZK – Puducherry
GSTR1 2019-2020 September 11/10/2019 Filed
08AABCI5559G1ZF – Rajasthan
33AABCI5559G1ZM - Tamil Nadu

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or its officials.
24AABCI5559G1ZL – Gujarat
36AABCI5559G1ZG – Telangana
09AABCI5559G1ZD - Uttar Pradesh

29AABCI5559G1ZB – Karnataka
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or its officials.

LEGAL CASE
Civil Judge Senior Divison, Ludhiana

Case Details
Case Type: CS
Filing Number: 431/2020Filing Date: 18-01-2020
Registration Number: 298/2020Registration Date: 18-01-2020
CNR Number: PBLD02-000393-2020
Case Status
First Hearing Date: 18th January 2020
Next Hearing Date: 27th March 2020
Stage of Case: Notice
Court Number and Judge: 35-Civil Judge (Junior Division)
Petitioner and Advocate

1) NITISH KATHPAL
Advocate- SUNIL DUTT
Respondent and Advocate

1) Indiabulls Housing Finance Ltd
2) INDIABULLS COMMERCIAL CREDIT LTD.
3) PREET MOHINDER SINGH, CREDIT MANAGER
4) SATWINDER, COLLECTION MANAGER
5) ICICI BANK LOMBARD INSURANCE COMPANY
Acts
Under Act(s) Under Section(s)
Code of Civil Procedure 7R1
IA Details
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or its officials.
IA Number Party Date of Filing Next Date IA Status

IA/1/2020 NITISH KATHPAL
18-01-2020 18-01-2020 Pending
Classification : Stay of Proceedings Indiabulls Housing Finance Ltd
Main Matters
Main Case No. : //
History of Case Hearing

Judge Business On Date Hearing Date Purpose of hearing
Civil Judge (Junior Division) 18-01-2020 20-01-2020 Considertion
Civil Judge (Junior Division) 20-01-2020 05-02-2020 Notice
Interim Orders
Order Number Order Date Order Details

1 18-01-2020 Copy of order
Civil Judge Senior Divison, Ludhiana

Case Details
Case Type: CS
Filing Number: 431/2020Filing Date: 18-01-2020
Registration Number: 298/2020Registration Date: 18-01-2020
CNR Number: PBLD02-000393-2020
Case Status
First Hearing Date: 18th January 2020
Next Hearing Date: 27th March 2020
Stage of Case: Notice
Court Number and Judge: 35-Civil Judge (Junior Division)
Petitioner and Advocate
1) NITISH KATHPAL
Advocate- SUNIL DUTT
Respondent and Advocate

1) Indiabulls Housing Finance Ltd
2) INDIABULLS COMMERCIAL CREDIT LTD.
3) PREET MOHINDER SINGH, CREDIT MANAGER
4) SATWINDER, COLLECTION MANAGER
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or its officials.
5) ICICI BANK LOMBARD INSURANCE COMPANY
Acts
Under Act(s) Under Section(s)
Code of Civil Procedure 7R1
IA Details
IA Number Party Date of Filing Next Date IA Status
IA/1/2020 NITISH KATHPAL
18-01-2020 18-01-2020 Pending
Classification : Stay of Proceedings Indiabulls Housing Finance Ltd
Main Matters
Main Case No. : //
History of Case Hearing

Judge Business On Date Hearing Date Purpose of hearing
Civil Judge (Junior Division) 18-01-2020 20-01-2020 Considertion
Interim Orders
Order Number Order Date Order Details

LEGAL CASES AGAINST THE DIRECTORS
Name/ company name DIN Address Status

INDIABULLS M - 62 & 63, First Floor, Connaught Place, New Record found
COMMERCIAL CREDIT Delhi – 110001, India
LIMITED
Mr. Shamsher Singh 00017480 96A, Eastern Avenue Sainik Farm, Khanpur, Record not found
Ahlawat New Delhi - 110062, India
Mr. Prem Prakash Mirdha 01352748 Mirdha Farm, Sirsi Road, Jaipur - 302012, Record not found
Rajasthan, India
Mr. Anil Malhan 01542646 320, E-Space Narvana Country, Gurugram – Record not found
122018, Haryana, India
Mr. Ajit Kumar Mittal 02698115 A-403, Ashok Garden, Thokarsi Jivraj Road, Record not found
Shivadi, Mumbai – 400015, Maharashtra, India
Mr. Priya Jain 07257863 House No. 924, Gordhan Ji Ki Gali Chouda Record not found
Rasta, Ward No. 42, Jaipur – 302003, Rajasthan,
India
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or its officials.
Mr. Ripudaman Bandral 07910257 Flat No-2203, Building No-2, G Block, Oberoi Record not found
Splender, Jogeshwari Vikhroli Linking Road,
Opposite Majas Depot, Mumbai - 400060,
Maharashtra, India
LOCAL AGENCY FURTHER INFORMATION
Sr. Check list by info agents Available in Report

No. (YES/NO/NA)
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 NO
19 Major customers NO
20 Banking Details YES
21 Banking facility details YES
22 Conduct of the banking account --
23 Financials, if provided YES
24 Capital in the business YES
25 Last accounts filed at ROC, if applicable NO
26 Turnover of firm for last 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 YES
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or its officials.
33 Market information --
34 Payments terms NO
35 Negative Reporting by Auditors in the Annual Report NO
CORPORATE INFORMATION:
The company (formerly Indiabuls infrastructure Credit Limited) the Company) was Incorporated on July 07, 2006
and is engaged in the business of financing, Investment and allied activities. On February 12. 2008, the Company
was registered under section Jun 45-IA of the Reserve Bank of India Act, 10340 carry on the business of a Non
Ranking Financial Company but does not have permission from the Reserve Bank of India to accept public
deposits.
BUSINESS REVIEW:
The revenue from of the operations of the company for the year 2017-18 stood at INR 8433.700 million and profit
after tax of the company was INR 2549.000 million. The profitability of the company is expecting to further grow in
the coming years.
INDEX OF CHARGES
SN SRN CHAR CHARG DATE DATE DATE AMOUNT ADDRESS

O GE ID E OF OF OF
HOLDE CREAT MODIFIC SATISF
R NAME ION ATION ACTION
1 R29862 100313 INDIABU 31/12/2 - - 2500000000.0 M - 62 & 63FIRST
075 819 LLS 019 FLOOR,
HOUSIN CONNAUGHT
G PLACENEW
FINANC DELHIDE110001IN
E
LIMITED
2 R26766 100310 INDIABU 31/10/2 - - 5000000000.0 M - 62 & 63FIRST
311 035 LLS 019 FLOOR,
HOUSIN CONNAUGHT
G PLACENEW
E
LIMITED
3 H90108 100287 INDIABU 27/08/2 - - 10000000000.0 M - 62 & 63FIRST
580 428 LLS 019 FLOOR,
HOUSIN CONNAUGHT
G PLACENEW
E
LIMITED
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or its officials.
4 H91438 100284 IDBI 28/06/2 08/08/20 - 2500000000.0 ASIAN BUILDING,

648 535 TRUSTE 019 19 GROUND FLOOR,
ESHIP 17, R. KAMANI
SERVIC MARG,BALLARD
ES ESTATEMUMBAIMH
LIMITED 400001IN
5 H77492 100273 NATION 18/06/2 - - 3000000000.0 54, WELLESLEY
114 805 AL 019 ROAD, SHIVAJI
BANK NAGARPUNEMH41
FOR 1005IN
AGRICU
LTURAL
AND
RURAL
DEVELO
PMENT
6 H59591 100261 INDIABU 23/04/2 - - 10000000000.0 M - 62 & 63FIRST
677 358 LLS 019 FLOOR,
HOUSIN CONNAUGHT
G PLACENEW
E
LIMITED
7 H62046 100303 IDBI 03/04/2 - - 5000000000.0 ASIAN BUILDING,
594 768 TRUSTE 019 GROUND FLOOR,
ESHIP 17, R. KAMANI
SERVIC MARG,BALLARD
ES ESTATEMUMBAIMH
LIMITED 400001IN
8 H59589 100261 INDIABU 28/03/2 - - 10000000000.0 M - 62 & 63FIRST
093 354 LLS 019 FLOOR,
HOUSIN CONNAUGHT
G PLACENEW
E
LIMITED
9 H59586 100261 INDIABU 20/03/2 - - 10000000000.0 M - 62 & 63FIRST
990 349 LLS 019 FLOOR,
HOUSIN CONNAUGHT
G PLACENEW
E
LIMITED
10 H48465 100247 NATION 01/03/2 - - 7320000000.0 54, WELLESLEY
652 852 AL 019 ROAD, SHIVAJI
BANK NAGARPUNEMH41
FOR 1005IN
AGRICU
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or its officials.
LTURAL
AND
RURAL
DEVELO
PMENT
UNSECURED LOANS
PARTICULARS 31.03.2018 31.03.2017

(INR In Million) (INR In Million)
Subordinated Debt 2500.000 0.000

Commercial Papers 22950.000 14500.000
Other Loan from Night Financial consultants Limited 145.332 14604.314
Total 25595.332 14604.314
FIXED ASSETS:
Tangible Assets:
• Land
• Office equipment
• Furniture and fixtures
• Computer
• Vehicles
• Leasehold improvement
Intangible Assets:
• Software
EMISPDF
or its officials.
INDUSTRY OVERVIEW
FINANCIAL SERVICES IN INDIA
Introduction
India has a diversified financial sector undergoing rapid expansion, both in terms of strong growth of existing
financial services firms and new entities entering the market. The sector comprises commercial banks, insurance
companies, non-banking financial companies, co-operatives, pension funds, mutual funds and other smaller
financial entities. The banking regulator has allowed new entities such as payments banks to be created recently
thereby adding to the types of entities operating in the sector. However, the financial sector in India is
predominantly a banking sector with commercial banks accounting for more than 64 per cent of the total assets
held by the financial system.
The Government of India has introduced several reforms to liberalise, regulate and enhance this industry. The
Government and Reserve Bank of India (RBI) have taken various measures to facilitate easy access to finance
for Micro, Small and Medium Enterprises (MSMEs). These measures include launching Credit Guarantee Fund
Scheme for Micro and Small Enterprises, issuing guideline to banks regarding collateral requirements and setting
up a Micro Units Development and Refinance Agency (MUDRA). With a combined push by both government and
private sector, India is undoubtedly one of the world's most vibrant capital markets. In 2017,a new portal named
'Udyami Mitra' has been launched by the Small Industries Development Bank of India (SIDBI) with the aim of
improving credit availability to Micro, Small and Medium Enterprises' (MSMEs) in the country. India has scored a
perfect 10 in protecting shareholders' rights on the back of reforms implemented by Securities and Exchange
Board of India (SEBI).
Market Size
The MF industry’s AUM has grown from Rs 10.96 trillion (US$ 156.82 billion) in October 2014 to Rs 26.33 trillion
(US$ 376.73 billion) in October 2019.
Another crucial component of India’s financial industry is the insurance industry. The insurance industry has been
expanding at a fast pace. The total first year premium of life insurance companies reached Rs 214,673 crore
(US$ 30.72 billion) during FY19.
Along with the secondary market, the market for Initial Public Offers (IPOs) has also witnessed rapid expansion.
In FY19, Rs 14,674 crore (US$ 2.10 billion) has been raised from Initial Public Offerings (IPOs).
Furthermore, India’s leading bourse Bombay Stock Exchange (BSE) will set up a joint venture with Ebix Inc to
build a robust insurance distribution network in the country through a new distribution exchange platform.
Investments/Developments
The net investment in Indian equities by FPIs is close to the Rs 1 trillion (US$ 14.52 billion) mark during calendar
year 2019, touching a six-year high.
In October 2019, ICICI Lombard General Insurance Company acquired Unbox Technologies for an aggregate
cash consideration of Rs 225 crore (US$ 32.19 million).
In 2018, Rs 30,959 crore (US$ 4.43 billion) were raised from initial public offerings (IPOs) whereas in financial
year 2019, total funds raised stood at Rs 19,900 crore (US$ 2.85 billion).
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or its officials.
The equity mutual funds registered a net inflow of Rs 6,489 crore in September 2019.
Indian stocks markets, S&P Sensex and Nifty 50, rose 17 and 15 per cent respectively in FY19.
The value of alternative investment funds rose from Rs 13,776 crore (US$ 1.97 billion) in June 2016 to Rs 74,817
crore (US$ 10.70 billion) in June 2019.
There were 9,659 non-banking financial companies (NBFCs) registered with the Reserve Bank as on March 31,
2019.
In FY19, over 3,133 core digital transactions were registered and reached 1,527 crore in FY20 (till September
2019).
As of October 2018, the Financial Inclusion Lab has selected 11 fintech innovators with an investment of US$ 9.5
million promoted by the IIM-Ahmedabad's Bharat Inclusion Initiative (BII) along with JP Morgan, Michael and
Susan Dell Foundation, and the Bill and Melinda Gates Foundation.
The private equity and venture capital (PE/VC) investments in August 2019 stood at US$ 4.4 billion.
Government Initiatives
In November 2019, government allocated Rs 10,000 crore to set up AIFs for revival of stalled housing projects.
Under the Interest Subvention Scheme for MSMEs, Rs 350 crore (US$ 50.07 million) has been allocated under
Union Budget 2019-20 for 2 per cent interest subvention for all GST registered MSMEs, on fresh or incremental
loans.
In December, 2018, Securities and Exchange Board of India (SEBI) proposed direct overseas listing of Indian
companies and other regulatory changes.
Bombay Stock Exchange (BSE) introduced weekly futures and options contracts on Sensex 50 index from
October 26, 2018.
In September 2018, SEBI asked for recommendations to strengthen rules which will enhance the overall
governance standards for issuers, intermediaries or infrastructure providers in the financial market.
The Government of India launched India Post Payments Bank (IPPB), to provide every district with one branch
which will help increase rural penetration. As of August 2018, two branches out of 650 branches are already
operational.
Road Ahead
India is expected to be fourth largest private wealth market globally by 2028.
India is today one of the most vibrant global economies, on the back of robust banking and insurance sectors.
The relaxation of foreign investment rules has received a positive response from the insurance sector, with many
companies announcing plans to increase their stakes in joint ventures with Indian companies. Over the coming
quarters there could be a series of joint venture deals between global insurance giants and local players.
The Association of Mutual Funds in India (AMFI) is targeting nearly five-fold growth in assets under management
(AUM) to Rs 95 lakh crore (US$ 1.47 trillion) and a more than three times growth in investor accounts to 130
million by 2025.
EMISPDF
or its officials.
India's mobile wallet industry is estimated to grow at a Compound Annual Growth Rate (CAGR) of 150 per cent to
reach US$ 4.4 billion by 2022 while mobile wallet transactions to touch Rs 32 trillion (USD $ 492.6 billion) by
2022.
PRESS RELEASE
NCLT ALLOWS INDIABULLS GROUP TO RECOVER DUES FROM LOANS ASSIGNED TO DHFL
FEBRUARY 6, 2020
The National Company Law Tribunal (NCLT) on Thursday allowed Indiabulls to recover its dues originating from
loans assigned to it by Dewan Housing Finance (DHFL), saying these transactions were completed before the
moratorium kicked in.
The counsel representing Indiabulls said the diversified finance company wants to recover dues against loans
assigned to it by DHFL as the assignment was done prior to the imposition of the moratorium.
The insolvency regulations specifically excludes third party assets held by a corporate debtor, he added.
DHFL's RBI-appointed administrator and IDBI Trusteeship did not object to this application.
The tribunal directed the distribution of current and future receivables as per the assignment agreement
between DHFL and Indiabulls entities.
On January 27, two Indiabulls Group companies had filed an application in NCLT against IDBI Trusteeship to
recover dues against loans assigned to them by DHFL.
The non-banking finance company had entered into an arrangement for assignment of loans with Indiabulls
Commercial Credit and Indiabulls Housing Finance for consideration.
According to the arrangement, the Indiabulls entities became the assignee of the loans and DHFL ceased to hold
any rights in such loans after the assignment.
DHFL continued to act as a collecting agent for the two Indiabulls entities and deposited the collections with IDBI
Trusteeship.
As per the arrangement, IDBI Trusteeship was entitled to 20 per cent of the collections deposited with it against
certain loans.
DHFL became the first financial services company to be referred to the NCLT under new rules notified by the
government on 15 November, 2019.
In December 2019, NCLT had admitted a Reserve Bank's move to initiate insolvency proceedings against the
financial services company.
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or its officials.
INDIABULLS HOUSING FINANCE IS NOW BUYING BACK ITS SLUMPING BONDS
JAN 31, 2020
An Indian shadow bank is offering to buy back its cheapened bonds after an ongoing fraud probe and a prolonged
credit squeeze helped push yields as high as 43 per cent last year.
IndiabullsNSE -9.07 % Housing Finance Ltd. will repurchase anything trading at a yield of more than 12 per cent
and has already spent 15 billion rupees ($210 million) to buy its local debt in December, Chief Executive Officer
Gagan Banga said in an interview at his Mumbai office. The lender has consistently denied allegations of
wrongdoing and Banga said the deals aim to correct pricing in an opaque and shallow market.
“Unless the bond markets fully mature, I don’t know the way out,” Banga said. “That’s what we can do to send a
strong message, normalize the market.”
Indiabulls’s bonds and shares have slumped since September 2018, when the collapse of an infrastructure
financier triggered a squeeze that’s still denying cash to all but the strongest shadow lenders. Authorities are
investigating Indiabulls for improper lending and last year rejected its plan to merge with a bank, blocking a path
that would have helped both firms raise funds and strengthen buffers.
Policy makers have long tried to deepen India’s debt market and further steps are expected in the budget due
Feb. 1. While there are more than 23,000 outstanding corporate bonds in India, only about 350 trades were
reported on average each day in 2019 through September, data from the Securities and Exchange Board of India
show.
CCI APPROVES MERGER OF INDIABULLS HOUSING FINANCE LIMITED AND INDIABULLS COMMERCIAL
CREDIT LIMITED INTO LAKSHMI VILAS BANK LIMITED
26 SEPTEMBER 2019
On June 20, 2019, CCI approved the merger of Indiabulls Housing Finance Limited ('IHFL') and Indiabulls
Commercial Credit Limited ('ICCL') into Lakshmi Vilas Bank Limited ('LVB') which will operate under the business
name of Indiabulls Lakshmi Vilas Bank Limited. Thereafter, LVB proposed to raise funds from IHFL by way of a
preferential allotment, to meet funding requirements which would increase the issued and paid-up share capital of
the LVB up to INR 16,80,00,000 ( approx. USD 2,300,000). 1
IHFL is a housing finance institution engaged in the business of providing home loans, provision of mutual funds
and distribution of insurance products. ICCL is a wholly owned subsidiary of IHFL and is engaged in the business
of providing long-term secured mortgage-backed loans. LVB is a scheduled commercial bank offering banking
and ancillary financial services like distribution of insurance products and distribution of mutual funds.
CCI noted that IHFL Group and LVB overlap horizontally in the business of provision of loans in India, distribution
of mutual funds, distribution of insurance policies/ products, provision of home loans, loan against property and
MSME loans and distribution of life, health and general insurance products/schemes. CCI approved the
combination since the incremental market share of the resultant company would be insignificant.
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or its officials.
DHFL INSOLVENCY: INDIABULLS GROUP ENTITIES MOVE NCLT TO SECURE ASSIGNED LOANS
JANUARY 27 2020
Two Indiabulls Group entities have moved the NCLT against IDBI Trusteeship Ltd. to recover dues against loans
assigned to them by Dewan Housing Finance Ltd. DHFL, a non-banking finance company, had entered into an
arrangement for assignment of loans with Indiabulls Commercial Credit Ltd. and Indiabulls Housing Finance Ltd.
for a consideration.
As per the arrangement, the Indiabulls entities became assignee of the loans and DHFL ceased to hold any rights
in such loans after the assignment. The non-bank lender continued to act as a collecting agent for the two
Indiabulls entities. It deposited the collections with IDBI Trusteeship. As per the arrangement, IDBI Trusteeship
was entitled to 20 percent of the collections deposited with it against certain loans.
The Insolvency and Bankruptcy Code was amended last year to bring financial service providers within its
purview. The Reserve Bank of India moved an application in November last year for initiation of insolvency
proceedings against DHFL. NCLT had allowed RBI’s application and imposed a moratorium. DHFL’s creditors
had also moved Bombay High Court to recover dues.
Counsel for the Indiabulls entities informed the tribunal on Monday that the money deposited by DHFL with IDBI
Trusteeship under the assignment arrangement were outside the scope of moratorium, as the insolvency
regulations specifically exclude third party assets held by a corporate debtor.
DHFL has been facing considerable financial stress since 2018 when a series of defaults by companies like
IL&FS led to a liquidity squeeze in the credit market, resulting in the drying up of funds for non-bank lenders.
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or its officials.
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 :
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or its officials.
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 71.85

UK Pound 1 INR 92.94
Euro 1 INR 77.73
INFORMATION DETAILS
Information Gathered by : SUP
Analysis Done by : VIV
Report Prepared by : VSM
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SCORE FACTORS
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
RATING EXPLANATIONS
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 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 rating 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)
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INDIABULLS COMMERCIAL CREDIT LIMITED - 608949 PAGE NO.

MIRA INFORM REPORT

Report No. : 608949

Name : INDIABULLS COMMERCIAL CREDIT LIMITED (w.e.f. 12.03.2015)

Formerly Known As : INDIABULLS INFRASTRUCTURE CREDIT LIMITED (w.e.f. 21.01.2009)

INDIABULLS COMMERCIAL CREDIT LIMITED

Financials (as on) : 31.03.2018

Date of Incorporation : 07.07.2006

CIN No.: U65923DL2006PLC150632

Capital Investment / Paid- INR 830.714 Million

PAN No.: AABCI5559G

GSTN : 37AABCI5559G1ZE - Andhra Pradesh

02AABCI5559G1ZR - Himachal Pradesh

Legal Form : A Closely Held Public Limited Liability Company

No. of Employees : Not Divulged

RATING & COMMENTS BASED ON ALL RISK PARAMETERS

Minimum Risk Medium Risk Medium High Risk

Rating Explanation Rating Comments

Payment Behaviour : Slow

Comments : Indiabulls Commercial Credit Limited (ICCI) is a subsidiary of “Indiabulls

Rating takes into consideration the company’s satisfactory track record of

However, rating strength is partially offset by susceptibility to asset quality risks

As gathered, payments are slow.

EXTERNAL AGENCY RATING

RBI DEFAULTERS’ LIST STATUS

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

NCLT (National Company Law Tribunal) LISTING STATUS

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Management Non-Cooperative (91-22-61891000 / 124-6681199)

Name : Mr. Shamsher Singh Ahlawat

Name : Mr. Prem Prakash Mirdha

Name : Mr. Anil Malhan

CIN/FCRN Company Name Begin Date

Name : Mr. Ajit Kumar Mittal

Name : Mr. Priya Jain

Name : Mr. Ripudaman Bandral

Name : Mr. Ashish Kumar Jain

Name : Mr. Ajit Kumar Singh

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

Names of Shareholders No. of Equity No. of

Total 60571401 22500000

Names of Allottee (Equity Shares) No. of Allottee

Indiabulls Housing Finance Limited 117650000

Names of Allottee (Equity Shares) No. of Allottee

Indiabulls Housing Finance Limited 22500000

Equity Share Breakup Percentage of

Products : ITC Code No. Product Descriptions

99711310 Residential mortgage loan services

Brand Names : Not Available

Agencies Held : Not Available

Exports : Not Divulged

Imports : Not Divulged

Terms : Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

Suppliers : Reference: Not Divulged

No. of Employees : Not Divulged

Facilities : SECURED LOANS 31.03.2018 31.03.2017

SHORT TERM BORROWINGS

Total 38779.816 11271.000

(1) 905 % Redeemable Non-convertible Debentures of Face value of INR

SHORT TERM BORROWINGS

(1)1824% Redeemable Non-convertible Debentures of Face value of INR

Memberships : Not Available

Collaborators : Not Available