MIRA INFORM REPORT

Report Date :

05.12.2011

IDENTIFICATION DETAILS

Name :	RPS INFRA PROJECTS PRIVATE LIMITED
Registered Office :	C-113, 1^st Floor, Shyam Kamal, Agarwal Market, Vile Parle (East), Mumbai-400057, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	03.08.2006
Com. Reg. No.:	11-163522
Capital Investment / Paid-up Capital :	Rs.40.400 Millions
CIN No.: [Company Identification No.]	U45201MH2006PTC163522
TAN No.: [Tax Deduction & Collection Account No.]	MUMR20429D
Legal Form :	Private Limited Liability Company
Line of Business :	They are engaged in to Infrastructure Development.
No. of Employees :	65 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 1800000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is progressing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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.

INFORMATION PARTED BY

Name :	Mr. Dinesh
Designation :	Accounts Manager
Contact No.:	91-22-26120223
Date :	03.12.2011

LOCATIONS

Registered Office :	C-113, 1^st Floor, Shyam Kamal, Agarwal Market, Vile Parle (East), Mumbai-400057, Maharashtra, India
Tel. No.:	91-22-26120223/ 4/ 26183644/ 26122763
Mobile No.:	91-9820049005 (Mr. Nitin R. Shah)
Fax No.:	91-22-26120225/ 26184832
E-Mail :	dinesh@yahoo.com nitinshah54@hotmail.com vcshahco@vsnl.com
Location :	Owned

DIRECTORS

(AS ON 30.09.2009)

Name :

Mr. Rajmal Shah

Designation :

Director

Address :

Flat No. 401, Chandramani, Hanuman Road, Vile Parle (East), Mlumbai-400057, Maharashtra, India

Date of Birth/Age :

28.02.1940

Qualification :

H.S.C

Date of Appointment :

03.08.2006

Name of Partnership Firm:

R.P Shah

Address: C-113l, Shyamkamall, Agarwal Market, Vile Parle (East), Mumbai-400057, Maharashtra, India

PAN No.:

AAVPS1524J

DIN No.:

00174930

Name :

Mr. Upendra Parikh

Designation :

Director

Address :

A-503, Manish Sunflower Housing Society, 25-26, Four Bunglows, Andheri (West), Mumbai-400053, Maharashtra, India

Date of Birth/Age :

20.07.1950

Qualification :

Civil Engineers

Date of Appointment :

03.08.2006

PAN No.:

AACPP3685Q

DIN No.:

00175036

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U45201MH2006PTC163522	RPS INFRA PROJECTS PRIVATE LIMITED	Director	3/8/2006	3/8/2006	Active	NO
2	U45201MH2006PLC163441	SAKET INFRAPROJECTS LIMITED	Director	1/4/2007	1/4/2007	Active	NO

KEY EXECUTIVES

Name :	Mr. Dinesh
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2009)

Names of Shareholders	No. of Shares (Equity)
Rajmal Shah	900000
Upendra Parikh	100000
Mallikarjun Navadgi	40000
Prashant Navadgi	40000
Total	1080000
Names of Shareholders	No. of Shares (Preference)
Rajmal Shah	270000
Upendra Parikh	30000
Total	300000

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	92.59
Other top fifty shareholders	7.41
Total	100.00

BUSINESS DETAILS

Line of Business :	They are engaged in to Infrastructure Development.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

· Vinayak Steel

Customers :

End users

No. of Employees :

65 (Approximately)

Bankers :

· Kotak Mahindra Bank,

38-38A Nariman Bhavan, 227, D, Nariman Point, Mumbai-400021, Maharashtra, India

· HDFC Bank Limited

· ICICI Bank Limited,

Vile Parle Branch, Mumbai, Maharashtra, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Term Loan from Banks (Secured against hypothecation of Machinery)	16.871	25.889
Term Loan from Others (Secured against hypothecation of Machinery) (Installments due within one year Rs.1.501 Millions)	1.673	4.670
Total	18.544	30.559
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
Loans from Directors	6.406	6.408
Loans from Others	159.197	97.778
Debentures Applications Money	12.000	12.000
Total	177.603	116.186

Banking Relations :	--
Auditors :
Name :	V.C Shah and Company Chartered Accountant
Address :	3^rd Floor, Rajgir Chambers, 12/14, Shahid Bhagat Singh Road, Opposite Old Custom House, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-22634021
Fax No.:	91-22-22662667
Pan No.:	AADFV8088N

CAPITAL STRUCTURE

(AS ON 31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs.20.000 Millions
300000	8% Non-Cumulative Preference Shares	Rs. 100/- each	Rs.30.000 Millions
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares fully paid up	Rs. 10/- each	Rs.10.000 Millions
80000	Equity Shares 10/ - each partly paid up	Rs. 5/- each	Rs.0.400 Million
300000	8% Non-Cumulative redeemable on or before 31.01.2017 Preference Shares	Rs. 100/- each	Rs.30.000 Millions
	Total		Rs.40.400 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		40.400	40.400	40.400
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		405.373	250.979	93.869
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		445.773	291.379	134.269
LOAN FUNDS
1] Secured Loans		18.544	30.559	24.295
2] Unsecured Loans		177.603	116.186	39.805
TOTAL BORROWING		196.147	146.745	64.100
DEFERRED TAX LIABILITIES		0.650	0.000	0.000
TOTAL		642.570	438.124	198.369
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		66.538	62.592	43.325
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		43.613	16.932	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	50.595	6.300	46.500
	Sundry Debtors	353.258	357.328	189.866
	Cash & Bank Balances	89.580	88.728	164.039
	Other Current Assets	6.949	4.745	5.262
	Loans & Advances	760.036	599.800	268.045
Total Current Assets		1260.418	1056.901	673.712
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	171.437	203.166	71.612
	Other Current Liabilities	406.943	404.606	417.967
	Provisions	149.619	90.529	29.090
Total Current Liabilities		727.999	698.301	518.669
Net Current Assets		532.419	358.600	155.044
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		642.570	438.124	198.369

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1946.933	1937.985	1467.972
		Other Income		NA	5.370
		TOTAL	1946.933	NA	1473.342
Less	EXPENSES
		TOTAL	1722.309	NA	1357.962
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		224.624	254.054	115.380
Less/ Add	DEPRECIATION/ AMORTISATION		10.479	6.874	5.369
	PROFIT BEFORE TAX		214.145	247.180	110.011
Less	TAX		59.751	90.070	29.014
	PROFIT AFTER TAX		154.394	157.110	80.997
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		249.379	92.269	11.272
	BALANCE CARRIED TO THE B/S		403.773	249.379	92.269
	IMPORTS
		Raw Materials	6.354	Nil	NA
		Capital Goods	3.174	Nil	NA
	TOTAL IMPORTS		9.528	Nil	NA
	Earnings Per Share (Rs.)		148.46	151.07	60.44

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	7.93	NA	5.50
Net Profit Margin (PBT/Sales)	(%)	NA	12.75	7.49
Return on Total Assets (PBT/Total Assets}	(%)	16.14	22.08	15.34
Return on Investment (ROI) (PBT/Networth)		0.48	0.85	0.82
Debt Equity Ratio (Total Liability/Networth)		2.07	2.90	4.34
Current Ratio (Current Asset/Current Liability)		1.73	1.51	1.30

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Sundry Creditors
- Due to Micro, Small and Medium Enterprises	--	--	--
- Others	171.437	203.166	71.612
Total	171.437	203.166	71.612

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	-------
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last two years	Yes
Profitability for last three years	-------
Reasons for variation <> 20%	-------
Estimation for coming financial year	No
Capital in the business	No
Details of sister concerns	Yes
Major Suppliers	Yes
Major Customers	-------
Payments Terms	Yes
Export/ Imports Details (If applicable)	-------
Market Information	-------
Litigations that the firm/ Promoters Involved in	-------
Banking details	Yes
Banking Facility Details	-------
Conduct of the Banking Account	-------
Buyer visit details	-------
Financials, if provided	No
Incorporation details is applicable	-------
Last Accounts filed at ROC	-------
Major Shareholders, if available	-------

CONTINGENT LIABILITIES

The Service Tax department has issued show cause-cum-demand notice to the erstwhile partnership firm for demand of Service Tax amounting to Rs.17.624 Millions. The same being disputed, no provision for the same is considered necessary.

TRADE REFERENCE:

· Vinayak Steel

Bankers Charges Report as per Registry

Corporate identity number of the company	U45201MH2006PTC163522
Name of the company	RPS INFRA PROJECTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C-113, 1^st Floor, Shyam Kamal, Agarwal Market, Vile Parle (East), Mumbai-400057, Maharashtra, India nitinshah54@hotmail.com
This form is for	Creation of charge
Type of charge	Movable Property (not being pledge)
Particular of charge holder	Kotak Mahindra Bank, 38-38A Nariman Bhavan, 227, D, Nariman Point, Mumbai-400021, Maharashtra, India john.fernandes@kotak.com
Nature of description of the instrument creating or modifying the charge	Deed Of Hypothecation
Date of instrument Creating the charge	01.08.2011
Amount secured by the charge	Rs.9.075 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 9.79%, 10.22%, 10.35% and 10.21% p.a. Terms of Repayment Tenure of 35 Months Margin: Nil Extent and Operation of the charge First and exclusive charge by way of Hypothecation on the assets financed in favour of Kotak Mahindra Bank.
Short particulars of the property charged	JCB 430 : Chassis No. : 1399323, Engine No. : LAEM091882. Putzmeister Concrete Pump: Serial No. : 214300616. Two No's of AMW 2518 : Chassis No. : MBY51500ANA13237,MBY51500ANA13238. Engine No. : 01L62952594,01L62952577. Two No's. of Liehberr Transit Mixer : Chassis No.: MBYB51500ANA13237, MBYB51500ANA13238. Engine No. : 01L62952594,01L62952577.

FIXED ASSETS:

· JCB Machine

· Machinery

· Road Roller

· Dumpers

· Utility Vehicles

· Computer and Printer

· Air Conditioner

· Motor Car

· Refrigerator

· Scooter

· Tempo

· Furniture and Fixture

· Type Writer

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.51.35
UK Pound	1	Rs.80.51
Euro	1	Rs.69.14

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		47

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	Capability to overcome financial difficulties seems comparatively below average.	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
-	NB	New Business	-

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.