MIRA INFORM REPORT

Report Date :

20.12.2011

IDENTIFICATION DETAILS

Name :	MAHINDRA EPC SERVICES PRIVATE LIMITED

Registered Office :	Mahindra Towers, Dr. G.M. Bhosale Marg, P.K. Kurne Chowk, Worli, Mumbai – 400 018, Maharashtra

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	19.09.2010

Com. Reg. No.:	11-207854

Capital Investment / Paid-up Capital :	Rs.38.000 Millions

CIN No.: [Company Identification No.]	U74990MH2010PTC207854

TAN No.: [Tax Deduction & Collection Account No.]	MUMM39229B

PAN No.: [Permanent Account No.]	AAGCM8122L

Legal Form :	Private Limited Liability Company

Line of Business :	Providing Engineering, Procurement and Construction Services.

No. of Employees :	More than 30 (Contract Basis) [Approximately]

RATING & COMMENTS

MIRA’s Rating :

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 143000

Status :	New Company

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is a new company and yet to establish itself gradually. Business is active. Trade relations are reported as fair. Payment terms are unknown. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION DECLINED BY

Name :	Mr. Satish
Designation :	Chief Finance Officer
Date :	19.12.2011

LOCATIONS

Registered Office :	Mahindra Towers, Dr. G.M. Bhosale Marg, P.K. Kurne Chowk, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-24917006/ 24901441/ 24905616
Fax No.:	91-22-24966573/ 24900833
E-Mail :	satish.kamat@mahindra.com
Website :	http://www.mahindra.com
Location :	Owned

DIRECTORS

As on 23.09.2011

Name :

Mr. Chandrasekar Kandasamy

Designation :

Director

Address :

DII/53, Mahindra Park, LBS Marg, Ghatkopar, Mumbai – 400 086, Maharashtra, India

Date of Birth/Age :

08.01.1954

Date of Appointment :

05.10.2010

DIN No.:

01084215

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	U01409MH2000PLC125781	Mahindra Shubhlabh Services Limited	Director	25-07-07	22-12-06	Active	NO
2	U30007MH1991PLC064368	Bristlecone India Limited	Director	25-07-08	17-09-07	Active	NO
3	U63000MH2007PLC173466	Mahindra Logistics Limited	Director	10-09-08	03-10-07	Active	NO
4	U35999MH2008PLC180385	Mahindra First Choice Services Limited	Director	22-07-09	24-03-08	Active	NO
5	U30007MH1994PLC081637	Mahindra Sona Limited	Additional director	02-08-10	02-08-10	Active	NO
6	U74990MH2010PTC207854	Mahindra EPC Services Private Limited	Director	23-09-11	05-10-10	Active	NO
7	U34100GJ1978PLC003127	Mahindra Gujarat Tractor Limited	Additional director	11-11-11	11-11-11	Active	NO

Name :

Mr. Ranjan Krishna Chandra Pant

Designation :

Director

Address :

Portion-B, 10-A, Kasturba Gandhi Marg, New Delhi – 110 001, India

Date of Birth/Age :

29.06.1959

Date of Appointment :

05.10.2010

DIN No.:

00005410

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74140MH1996PTC099483	DSP BlackRock Investment Managers Private Limited	Director	25-06-02	25-06-02	-	Active	NO
2	U99999MH2000PLC128245	HDFC Standard Life Insurance Company Limited	Director	03-05-04	03-05-04	-	Active	NO
3	U74140DL2005PTC138210	I S R Projects Private Limited	Director	01-07-05	01-07-05	-	Active	NO
4	U74140DL2005PTC139818	RKO Consultants Private Limited	Director	22-08-05	22-08-05	-	Active	NO
5	L52190DL2005PLC181536	Store One Retail India Limited	Director	11-08-06	08-06-06	23-12-07	Active	NO
6	U65923DL2006PTC151431	Perseus India Advisors Private Limited	Director	29-07-06	29-07-06	-	Active	YES
7	U74140DL2005PTC139290	S P V Project Consultants Private Limited	Director	12-06-07	12-06-07	-	Active	NO
8	L18101KA2004PLC033475	Gokaldas Exports Limited	Additional director	31-10-08	31-10-08	05-05-09	Active	NO
9	U74990MH2010PTC207854	Mahindra EPC Services Private Limited	Director	23-09-11	05-10-10	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Satish
Designation :	Chief Finance Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2011

Names of Shareholders		No. of Shares
Mahindra Holdings Limited, India		3799999
Mahindra Holdings Limited, India jointly with Narayan Shankar		1
Total		3800000

As on 23.09.2011

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		100.00

BUSINESS DETAILS

Line of Business :	Providing Engineering, Procurement and Construction Services.

GENERAL INFORMATION

No. of Employees :	More than 30 (Contract Basis) [Approximately]

Bankers :	HDFC Bank, Worli Branch


Banking Relations :	--

Auditors :
Name :	B.K. Khare and Company Chartered Accountants
Address :	706/708, Sharda Chambers, New Marine Lines, Mumbai, Maharashtra, India
PAN No.:	ASDFG1234H

Holding Company :	Mahindra Holdings Limited Address: Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400 018, Maharashtra, India

Fellow Subsidiaries :	v Mahindra Consulting Engineers Limited v Mahindra World City Jaipur Limited

CAPITAL STRUCTURE

After 23.09.2011

Authorised Capital : Rs.150.000 millions

Issued, Subscribed & Paid-up Capital : Rs.38.000 millions

As on 23.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3800000	Equity Shares	Rs.10/- each	Rs.38.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		19.09.2010 to 31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		38.000
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(2.184)
NETWORTH		35.816
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000

TOTAL		35.816

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		0.211
Capital work-in-progress		0.000

INVESTMENT		0.000
DEFERRED TAX ASSETS		0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	35.296
	Other Current Assets	0.167
	Loans & Advances	1.322
Total Current Assets		36.785
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.137
	Other Current Liabilities	0.169
	Provisions	0.874
Total Current Liabilities		1.180
Net Current Assets		35.605

MISCELLANEOUS EXPENSES		0.000

TOTAL		35.816

PROFIT & LOSS ACCOUNT

	PARTICULARS		19.09.2010 to 31.03.2011
	SALES
		Income	0.000
		Other Income	0.187
		TOTAL (A)	0.187

Less	EXPENSES
		Raw Materials and Finished Products	0.000
		Personnel	0.000
		Other Expenses	2.353
		TOTAL (B)	2.353

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(2.166)

Less	INTEREST, COMMITMENT AND FINANCE CHARGES (D)		0.017

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(2.183)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.001

	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(2.184)

Less	TAX (H)		0.000

	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(2.184)

	BALANCE CARRIED TO THE B/S		(2.184)

	IMPORTS
		Capital Goods	0.108
	TOTAL IMPORTS		0.108

	Earnings/ (Loss) Per Share (Rs.)		(4.54)

KEY RATIOS

PARTICULARS		19.09.2010 to 31.03.2011
PAT / Total Income	(%)	(1167.91)

Net Profit Margin (PBT/Sales)	(%)	0.00

Return on Total Assets (PBT/Total Assets}	(%)	(5.90)

Return on Investment (ROI) (PBT/Networth)		(0.06)

Debt Equity Ratio (Total Liability/Networth)		0.03

Current Ratio (Current Asset/Current Liability)		31.17

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2011 (Rs. in millions)
Sundry Creditors:
(i) Total outstanding dues of micro and small enterprises	--
(ii) Total outstanding dues of creditors other than micro and small enterprises	0.137
Total	0.137

THE COMPANY

The Company was incorporated on 19^th September, 2010 with a paid up capital of Rs.0.100 million.

The Company became a wholly owned subsidiary of Mahindra Holdings Limited on 4^th March, 2011 and in turn a subsidiary of Mahindra and Mahindra Limited.

Further, pursuant to a Rights Issue, the Company allotted 3790000 Equity Shares of Rs.10 each to Mahindra Holdings Limited.

OPERATIONS

The Company commenced its operations during the current year and aspires to be a trusted name in providing Engineering, Procurement and Construction services in renewable energy space in India.

During the period, the Company carried evaluation of relevant business parameters and is now ready to place bids for upcoming Renewable Energy Projects 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 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.52.95
UK Pound	1	Rs.82.04
Euro	1	Rs.68.91

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.