MIRA INFORM REPORT

Report Date :

30.05.2007

IDENTIFICATION DETAILS

Name :	THERAN JONOOB TECHNICAL AND CONSTRUCTION COMPANY - JAIHIND PROJECTS LIMITED

Registered Office :	5^th Floor, Shanty Arcade,132 Ft. Ring Road, Nr. Saptak Party Plot, Naranpura Ahmedabad Gujarat-380013

Country :	India

Financials (as on) :	31.03.2006

Date of Incorporation :	23.12.1985

Com. Reg. No.:	8338

CIN No.: [Company Identification No.]	U45201GJ1985PLC008338

TAN No.: [Tax Deduction & Collection Account No.]	AHMJ00153G

PAN No.: [Permanent Account No.]	AAACJ9366R

Legal Form :	Public Limited Liability Company. The Company shares are listed on the stock exchange.

Line of Business :	Civil Engineering

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 550000

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is well-established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	5^th Floor, Shanty Arcade,132 Ft. Ring Road, Nr. Saptak Party Plot, Naranpura Ahmedabad Gujarat-380013
Tel No:	91-79-27498175 , 27461256, 27436091, 66077500 , 66077600
Fax No:	91-79-27436169 , 66077555
E Mail :	jplho@jpl.in

Corporate Office :	9^th Floor, Madhuram Complex, Opp. R. T. O. Keshavnagar, Near Subhash Bridge, Ahmedabad-380 027

Consortium Office :	4^th Floor, Shanti Arcade, 132 Feet, Ring Road, Ahmedabad – 380013, Gujarat, India
Tel. No.:	91-9824851548
Fax No.:	91-22-66459092

Branches :	Planet Millennium, A-10, Fitth Floor, Flat-502, Pimple Saudagar, Pune-411 027

DIRECTORS

Name :	Mr. Prakash L. Hinduja
Designation :	Chairman and Managing Director

Name :	Mr. Dinesh L. Hinduja
Designation :	Director(Commercial)

Name :	Mr. Lallan R. Pandey
Designation :	Executive director

Name :	Mr. Dinesh P. Lalwani
Designation :	Director

Name :	Mr. Devraj Arjnani
Designation :	Director

Name :	Mr. Shankar Tolani
Designation :	Director

Name :	Kishor and Company
Designation :	Relative to director

Name :	Smt. N.P.Hinduja
Designation :	Relative to Director

Name :	Shri Sainath Protein Limited
Designation :	An Associate Company

Name :	Laltech Engg. Projects Limited
Designation :	Director holds Substantial interest

Name :	DCOM Systems Limited
Designation :	Director holds Substantial

Name :	Jaihind Permacoat Engg.Private Limited
Designation :	An Associates Company

Name :	Mr. Sanjay Pandey
Designation :	Relative Director

MAJOR SHAREHOLDERS

Names of Shareholders	No. of Shares	Percentage of Holding
Promoters, Relatives & Associate Companies	2397600	46.93
Public	2466600	48.28
NRI/ FII's/ OCB's	225300	4.41
Banks and Mutual Rinds	--	--
Domestic Companies	19100	0.38
Others	--	--
Total	5108600	100

BUSINESS DETAILS

Line of Business :

Civil Engineering

Products :

Production Description	Item Code:
Laying of pipeline for supply of LPG, Oil and Gas, Crude Oil, all other activities and Corrosion coating.	99930009

GENERAL INFORMATION

No. of Employees :

Total :400 (Full Time:300 ; Pay roll:100)

Bankers :

Canara Bank

Sabarmati Branch, Ahmedabad

Facilities :

SECURED LOAN :	Rs. in Millions
From Finance Company	0.514
From Bank	50.104
Total:	50.618
UNSECURED LOAN :
From Others	14.374
From Directors	1.412
Total:	15.786


Banking Relations :	Satisfactory

Auditors :
Name :	N. K. Aswani and Company Chartered Accountant
Address :	Ahmedabad

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
5500000	Equity Shares	Rs.10/- each	Rs.55.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5108600	Equity Shares	Rs.10/- each	Rs.51.086 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2006	31.03.2005	31.03.2004
SHAREHOLDERS FUNDS
1] Share Capital		51.086	51.086	51.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		88.637	78.544	73.500
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		139.723	129.630	124.600
LOAN FUNDS
1] Secured Loans		50.618	39.664	44.300
2] Unsecured Loans		15.786	10.246	18.600
TOTAL BORROWING		66.404	49.910	62.900
DEFERRED TAX LIABILITIES		18.071	16.076	0.000

TOTAL		224.198	195.616	187.500

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		129.463	84.010	90.400
Capital work-in-progress				0.000

INVESTMENT		0.364	0.364	1.400
DEFERREX TAX ASSETS

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2.846	2.599	2.300
	Sundry Debtors	168.642	95.956	149.800
	Cash & Bank Balances	16.826	9.103	6.700
	Scurity Deposit and FDR’s with Bank	107.993	110.039	0.000
	Loans & Advances	120.823	105.208	182.600
Total Current Assets		417.130	322.905	341.400
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	322.759	211.663	58.900
	Provisions	0.000	0.000	187.400
Total Current Liabilities		322.759	211.663	246.300
Net Current Assets		94.371	111.242	95.100

MISCELLANEOUS EXPENSES		0.000	0.000	0.600

TOTAL		224.198	195.616	187.500

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
Sales Turnover		624.062	522.420	462.400
Other Income		0.000	0.000	4.600
Total Income		624.062	522.420	467.000

Profit/(Loss) Before Tax		19.232	11.088	0.000
Provision for Taxation		(8.495)	(5.100)	0.000
Profit/(Loss) After Tax		10.736	5.988	0.000

Imports :
	Raw Materials	4.758	0.000	0.000
	Purchase of Fixed Assets	12.951	0.000	0.000
Total Imports		17.709	0.000	0.000


Expenditures :
	Administrative Expenses	85.540	73.904	69.000
	Raw Material Consumed	163.715	122.531	124.200
	Power and fuel	0.000	0.000	23.500
	Other Manufacturing Expenses	0.000	0.000	11.900
	Employee cost	0.000	0.000	203.300
	Miscellaneous Expenses	0.000	0.000	3.600
	Director Remuneration	3.455	1.350	0.000
	Payment to Auditors	0.045	0.034	0.000
	Payments to and Provision for Employees, Labour And Sub-contractor	263.895	233.274	0.000
	Financial Expenses	10.790	9.747	0.000
	Preliminary Expenses Written off	0.00	0.565	0.000
	Other Expenditure	68.523	63.074	0.000
Total Expenditure		595.963	504.479	435.500

QUARTERLY

PARTICULARS	30.06.2006	30.09.2006	31.12.2006
Type	1st Qtr	2nd Qtr	3rd Qtr
Sales Turnover	222.900	150.400	250.400
Other Income	01.000	01.000	01.100
Total Income	223.900	151.400	251.500
Total Expenditure	213.700	140.600	233.100
Operating Profit	10.200	10.800	18.400
Interest	02.800	03.200	03.600
Gross Profit	07.400	07.600	14.800
Depreciation	03.000	03.400	03.300
Tax	00.200	00.100	00.300
Reported PAT	04.200	04.100	11.200

200606 Result has been calculated by Capitaline and not published by the company.Extra Ordinary Items have not been calculated for the Quarter

200609 Notes EPS is Basic and Diluted 1. These Financial results were taken on record by the Board of Directors in its meeting held on October 31st 2006. 2. Provision for Taxation will be made at the end of the year. 3. The Company has received 10 complaints for quarter ended September 30, 2006 and out of which 8 complaints pending. 4. Quarterly figures have been regrouped / rearranged wherever necessary. 5. The Company is engaged in project work therefore no segment wise results are given.

200612 Notes Expenditure Includes Consumption of Raw Material Rs 79.464 million Staff / Sub-Contractor Rs 111.559 million Other Expenditure Rs 41.981 million Status of Investor Complaints for the quarter ended December 31, 2006 Complaints Pending at the beginning of the quarter Nil Complaints received during the quarter 02 Complaints disposed off during the quarter 01 Complaints unsolved at the end of the quarter 01 Tax Indicates Provision for Fringe Benefit Tax EPS is Basic and Diluted 1. These Financial results were taken on records by the Board of Directors in its meeting held on January 31, 2007. 2. Quarterly figures have been regrouped / rearranged wherever necessary. 3. The Company has only one reportable segment. 4. Provision for taxation and Deferred Tax Liability will be made at the end of the year.

KEY RATIOS

PARTICULARS	31.03.2006	31.03.2005	31.03.2004
Debt-Equity Ratio	0.47	0.48	0.52
Long Term Debt-Equity Ratio	0.47	0.48	0.52
Current Ratio	1.30	1.40	1.36
TURNOVER RATIOS
Fixed Assets	4.15	4.22	3.93
Inventory	229.59	211.55	220.19
Debtors	4.69	4.22	2.86
Interest Cover Ratio	2.15	1.83	1.62
Operating Profit Margin(%)	7.23	6.56	7.01
Profit Before Interest And Tax Margin(%)	5.79	5.25	5.43
Cash Profit Margin(%)	3.16	2.60	2.79
Adjusted Net Profit Margin(%)	1.73	1.29	1.21
Return On Capital Employed(%)	19.64	15.78	14.99
Return On Net Worth(%)	8.58	5.76	5.05

STOCK PRICES

Face Value	Rs.10.00
High	Rs.43.95
Low	Rs.43.95

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

During the year under review, the Company's income was Rs. 624.062 Millions against Rs.522.420 Millions during the previous year. There was increase in income on account of boom in infrastructure. The Company has increased its strength by acquiring the plant and machineries and equipments to cope up with the development in the economy in the industry particularly in the field of infrastructure and capital goods. Besides this the skilled personnel has also been increased to cope up with the development and expansion of the Company for fulfilling its commitments.

During the year, the ir Company has bagged various contracts worth over Rs. 766.772 Millions as under:

GAIL (India) Ltd. 2260.97 Laying Cross Country Pipeline and Associated Facilities for Thulandi-Phulpur Project (SPREAD-II) GAIL (India) Ltd. 2345.84 Laying & Construction of 12" Diameters x 72 KM 6" (9 KM)/ 4" (6KM) Pipeline, Terminal and Associated Facilities for Natural Gas Supply Pipeline for Kelarus-Malanpur Pipeline Projects in M.P. Region. GAIL (India) Ltd. 2897.01 Laying of Vijaypur-Kota Pipeline Project of GAIL - Section II. Essar Project Limited 163.90 COT Piping And Mechanical Erection FUTURE PLANS &

DIVERSIONS

The Company is continuing to improve its performance because of its management's total focus on key strategic initiatives. Apart from this, the management has been aggressively examining the process by taking full advantage of technology to drive down costs across the organization to generate additional funds to fuel growth. The initiative has been successfully implemented by outstanding work force of the Company to which the Board acknowledges its appreciation and gratitude.

Fixed Assets:

Land and Building
Office Equipments
Cellular Phone
Plant and Machinery
Construction Vehicle
Furniture
Computer
Dead Stock

Overview

The company. started as Jaihind Welding Works, a small metals and welding workshop in Rajkot in the year 1963 by the late Mr. Lalchand Hinduja. His zeal, leadership and dedication to work led his larger clients entrusting him to take on projects of a larger size, leading him to build a team of technocrats and engineers to focus and take on oil & gas pipeline projects against competition from major engineering firms. In the coming decades, this entrepreneur from a remote city went on to execute some of the longest pipeline projects in the country.

The company is at a threshold today where it goes from being a small national player to a globally competitive engineering construction projects company through an organization backed by an excellent team of committed workforce, technocrats and managers with proven track records; efficient, high technological equipments; sophisticated management information systems and all the necessary resources required to become a more trusted and reliable partner to their valued clients.

The company remains committed to its guiding principles of:

Quality: THE COMPANY is a certified ISO 9002 organization and entrusted by global and Indian multinational clients in various industries for its reliability.

Health & Safety: THE COMPANY realizes its manpower is its strongest asset and values it by entrusting stringent Health & Safety standards for its workforce, who works in some of the most challenging terrains and environment.

Project Management: THE COMPANY has a very good record of executing the most demanding projects in the allotted time frame and completion ahead of schedule because of their project management skills. THE COMPANY uses sophisticated project management tools to ensure accuracy in project management at all stages.

Company Projects is built on the teamwork of its workforce. Working for Company requires people who are determined, skilled, quality conscious and team players who have demonstrated effectiveness and dedication to seeing the work through.

With a diverse workforce, Company prides itself in its ability to work with and maximize participation of local communities and manpower in the diverse geographic areas it is involved in to create a socially and economically responsible work culture. Company has over 300 full time employees on their pay roll and over 100 contractual employees.

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	Indian Rupees
US Dollar	1	Rs.40.37
UK Pound	1	Rs.80.43
Euro	1	Rs.54.74

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		55

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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

MIRA INFORM REPORT

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