MIRA INFORM REPORT

Report Date :

20.03.2008

IDENTIFICATION DETAILS

Name :	B G SHIRKE CONSTRUCTION TECHNOLOGY PRIVATE LIMITED
Registered Office :	72-76, Industrial Estate, Mundwa, Pune – 411036, Maharashtra
Country :	India
Financials (as on) :	31.03.2007
Date of Incorporation :	25.03.1994
Com. Reg. No.:	11-77340
CIN No.: [Company Identification No.]	U45201PN1994PTC077340
TAN No.: [Tax Deduction & Collection Account No.]	PNEB02744A
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture and sale of Prefabricated Cement Blocks and Sheets. Suppliers of Innovative Building Equipment like Electronic Tower Cranes, Hoisting Equipment etc.

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 2484000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a 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.

INFORMATION PARTED BY

Name :	Mr. P. V. Kokate
Designation :	Accounts Manager
Contact No.:	91-20-26870151
Date :	20.03.2008

LOCATIONS

Registered Office/ Factory :	72-76, Industrial Estate, Mundwa, Pune – 411036, Maharashtra, India
Tel. No.:	91-20-26870151
Fax No.:	91-20-26871612
E-Mail :	sunil_adhiya@vsnl.net, bgstech@vsnl.co.in, pvkokate@shirke.co.in
Area:	Approximately 28 Acres
Location:	Leased

DIRECTORS

Name :	Mr. Baburao Govindrao Shirke
Designation :	Chairman
Address :	1205, Apte Road, Pune – 411004, Maharashtra, India
Date of Birth/Age :	01.08.1918
Date of Appointment :	25.03.1994
Election Commission Identity Card :	MT/0042/0247/774175
Name :	Mr. Vijay Baburao Shirke
Designation :	Managing Director
Address :	1205, Apte Road, Pune – 411004, Maharashtra, India
Date of Birth/Age :	04.11.1949
Date of Appointment :	25.03.1994
Name :	Mr. Ajay Baburao Shirke
Designation :	Director
Address :	1205, Apte Road, Pune – 411004, Maharashtra, India
Date of Birth/Age :	26.04.1958
Date of Appointment :	25.03.1994
Election Commission Identity Card :	MT/0042/0247/774337
Name :	Mr. Pratap Baburao Shirke
Designation :	Director
Address :	1205, Apte Road, Pune – 411004, Maharashtra, India
Date of Birth/Age :	20.03.1948
Date of Appointment :	25.03.1994
Name :	Mr. Suresh Ramchandra Ghorpade
Designation :	Director
Address :	Plot No. 18, Mangalwadi Co-operative Housing Society, Senapati Bapat Road, Pune – 411016, Maharashtra, India
Date of Birth/Age :	29.09.1934
Date of Appointment :	14.10.2003
Name :	Mr. Uday Suresh Ghorpade
Designation :	Director
Address :	Plot No. 18, Mangalwadi Co-operative Housing Society, Senapati Bapat Road, Pune – 411016, Maharashtra, India
Date of Birth/Age :	26.08.1962
Date of Appointment :	14.10.2003
Name :	Mr. Mohan Gopalrao Desai
Designation :	Director
Address :	1201, A /2A, Ghole Road, Pune – 411016, Maharashtra, India
Date of Birth/Age :	09.10.1946
Date of Appointment :	14.10.2003

KEY EXECUTIVES

Name :	Ms. Meghana Ramesh Patwardhan
Designation :	Secretary
Address :	B-7-3, Gururaj Society, Padmavati, Satara Road, Pune – 411037, Maharashtra, India
Date of Birth/Age :	18.06.1980
Date of Appointment :	15.12.2005
Tel. No. :	91-20-24373419
E-mail:	mrpatwardhan@shirke.co.in
Name :	Mr. G. R. Bhartikar
Designation :	Group Chief Executive
Address :	72-76 Mundhwa, Pune – 411036, Maharashtra, India

MAJOR SHAREHOLDERS

[As on 30.09.2005]

Names of Shareholders	No. of Shares
Mr. Baburao Govindrao Shirke	1547520
B. G. Shirke [HUF]	3219120
Mr. Pratap Baburao Shirke	4053320
Mr. Vijay Baburao Shirke	1603000
V. B. Shirke [HUF]	2000000
Mr. Ajay Baburao Shirke	1603920
Ms. Anavi Ajay Shirke	2300000
Ms. Avanti Vijay Shirke	400
Mr. Suresh Ramchandra Ghorpade	400
Mr. Uday Suresh Ghorpade	400
Ms. Gayatri Vijay Shirke	500000
Equity Share Break-up [As on 31.03.2006]	Percentage of Holding
Directors or relatives of the Directors	100.00

BUSINESS DETAILS

Line of Business :	Manufacture and sale of Prefabricated Cement Blocks and Sheets. Suppliers of Innovative Building Equipment like Electronic Tower Cranes, Hoisting Equipment etc.
Imports
Products:	Raw Materials
Countries:	Ø Germany Ø China Ø USA Ø European Countries
Terms :
Selling :	Cheques, Credit [30 days]
Purchasing :	L/C, Cheque, Credit [30 days], Advance, Against Delivery

GENERAL INFORMATION

Customers :	Ø Builders Ø Housing Societies Ø MHADA etc.
No. of Employees :	Around 2000
Bankers :	Ø Bank of Maharashtra Deccan Gymkhana Branch, Pune Ø The Karnataka Bank Limited Budhwar Peth Branch, Pune Ø Andhra Bank Pune Camp Branch. Pune Ø Canara Bank Pune Camp Branch, Pune Ø Central Bank of India Pune Camp Branch, Pune Ø ICICI Bank Bund Garden Branch, Pune Ø ICICI Bank Bund Garden Branch, Pune Ø Axis Bank Deccan Gymkhana Branch, Pune Ø IDBI Bank FC Road, Pune Ø Centurion Bank of Punjab Limited Durga Niwas M G Road, Panaji – 403001, Goa, India
Facilities :	Enjoy C/C, L/C, Bank Guarantee from all banks

Banking Relations :	Satisfactory
Auditors :
Name :	Joshi & Kulkarni Chartered Accountants,
Address :	S. No. 124/6A, Dr. Srikar Rao Path, Girija Vishwanath Apartments, Erandwane, Pune – 411004, Maharashtra, India PAN No. : AAAFJ9692D
Associates/Subsidiaries :	v Shirke Construction Equipment Private Limited

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
18000000	Equity Shares	Rs. 10/- each	Rs.180.000 Millions
200000	Preference Shares	Rs. 100/- each	Rs. 20.000 Millions
	TOTAL		Rs. 200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
16828080	Equity Shares	Rs. 10/- each	Rs. 168.280 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2007	31.03.2006	31.03.2005
SHAREHOLDERS FUNDS
1] Share Capital		168.281	168.281	168.281
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		452.849	350.639	275.743
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		621.130	518.920	444.024
LOAN FUNDS
1] Secured Loans		2114.740	1075.366	710.109
2] Unsecured Loans		871.637	897.366	663.999
TOTAL BORROWING		2986.377	1972.732	1374.108
DEFERRED TAX LIABILITIES		103.833	109.827	120.779
TOTAL		3711.340	2601.479	1938.911
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1255.696	857.238	620.940
Capital work-in-progress		11.940	4.528	2.176
INVESTMENT		113.494	78.331	42.201
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1394.038	1692.826	1210.062
	Sundry Debtors	897.821	330.213	276.559
	Cash & Bank Balances	396.987	159.095	331.889
	Other Current Assets	0.735	0.734	1.034
	Loans & Advances	853.899	490.217	379.024
Total Current Assets		3543.480	2673.085	2198.568
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	1057.890	912.879	868.557
	Provisions	155.380	98.824	56.417
Total Current Liabilities		1213.270	1011.703	924.974
Net Current Assets		2330.210	1661.382	1273.594
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3711.340	2601.479	1938.911

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2006	31.03.2005
Sales Turnover		42262.532	3757.716
Profit/(Loss) After Tax		105.802	88.289
Expenditures :
	Interest	141.301	97.069
	Depreciation & Amortization	91.024	62.526
	Other Expenditure	4124.405	3507.832
Total Expenditure		4356.730	3667.427

KEY RATIOS

PARTICULARS		31.03.2007	31.03.2006	31.03.2005
PAT / Total Income	(%)	NA	0.25	2.34
Debt Equity Ratio (Total Liability/Networth)		6.76	1.94	2.08
Current Ratio (Current Asset/Current Liability)		2.92	2.64	2.37

LOCAL AGENCY FURTHER INFORMATION

The company has collaborations with the following:

Minato S.A., France

Elba Work, Germany

Polynorm N.V., Netherlands

Form 8 Particular for creation or modification of charges

Corporation identity number or foreign company registrations number of the company	U45201PN1994PTC077340
Name of the company	B G SHIRKE CONSTRUCTION TECHNOLOGY PRIVATE LIMITED
Address	72-76, Industrial Estate, Mundwa, Pune – 411036, Maharashtra
This Form is for	Creation of charge
Type of Charges	Hypothecation
Particular of the charge holder	Centurion Bank of Punjab Limited Durga Niwas M G Road, Panaji – 403001, Goa, India E-mail : sunil_adhiya@vsnl.net
Nature or description of the instrument creating charge	Loan-cum-hypothecation agreement
Date of the instrument creating charge	24.07.2006
Amount Secure by the charge	Rs. 1.434 millions
Brief of the principal terms and conditions and extent and operation of the charge	First charge on travelling chassis. EMI Amount : Rs. 0.035 per month No. of EMI : 48 Rate of Interest : 9% Margin : Rs. 0.254 million
Description of the property charge whether it is a charge on	Plant and machinery
Particulars of the Property charged	Shirke make travelling chassis The property is situated in India

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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.40.45
UK Pound	1	Rs.81.20
Euro	1	Rs.63.48

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		63

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