MIRA INFORM REPORT

Report Date :

22.02.2011

IDENTIFICATION DETAILS

Name :	CITY AND INDUSTRIAL DEVELOPMENT CORPORATION OF MAHARASHTRA LIMITED

Registered Office :	Nirmal 2^nd Floor, Nariman Point, Mumbai – 400021, Maharashtra

Country :	India

Financials (as on) :	31.03.2006

Date of Incorporation :	17.03.1970

Com. Reg. No.:	014574

CIN No.: [Company Identification No.]	U99999MH1970SGC014574

Legal Form :	A closely held Public Limited Liability Company

Line of Business :	Civil Construction

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

RATING			STATUS		PROPOSED CREDIT LINE
41-55		Ba	Overall operation is considered normal. Capable to meet normal commitments.		Satisfactory
	Maximum Credit Limit :			USD 3735940

	Status :			Satisfactory

	Payment Behaviour :			Usually Correct

	Litigation :			Clear

	Comments :			Subject is a Government of Maharashtra Undertaking company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported as usually made 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.

ECGC Country Risk Classification List – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. More
Designation :	Finance Department
Contact No.:	91-22-67918557
Date :	21.02.2011

LOCATIONS

Registered Office :	Nirmal 2^nd Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-66500900/67918283
Fax No.:	91-22-22002250/22022509
E-Mail :	patocs@cidcoindia.com
Website :	www.cidcoindia.com
Location :	Owned

Head Office :	Navi Mumbai, Maharashtra, India
Tel. No.:	91-22-67918100
Fax No.:	91-22-67918557
Location :	Owned

DIRECTORS

AS ON 23.09.2010

Name :	Mr. Nakul Pundalik Patil
Designation :	Director
Address :	Poonam Bunglow Devi Chowk Shastri Nagar, Dombivali West, Thane – 421202, Maharashtra, India
Date of Birth/Age :	01.09.1936
Date of Appointment :	31.08.2006

Name :	Mr. Gurkeerat Singh Gill
Designation :	Director
Address :	901, Nilambari Queens Barracks Opposites Sarang Building CEN J Bhosale Marge, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	15.03.1950
Date of Appointment :	31.07.2007

Name :	Mr. Shyamsunder Dagduji Shinde
Designation :	Whole Time Director
Address :	Flat NO.9, 5^th Floor, Suniti Building General J R Bhosale Marge, Mumbai – 400021, Maharashtra, India
Date of Birth/Age :	15.06.1955
Date of Appointment :	05.11.2008
Date of Ceasing :	29.01.2009

Name :	Mr. Vijay Nahata
Designation :	Director

Name :	Mr. Dilip Ganpatrao Jadhav
Designation :	Director
Address :	Flat No.13, Mandar Babubhai Chinoy Marg, Churchgate, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	22.06.1951
Date of Appointment :	20.02.2009
Date of Ceasing :	18.01.2010

Name :	Mr. Thomas Chelikuzhil Benjamin
Designation :	Director
Address :	1^st Floor, R-1, Class – 1, Officers Quarters Building – 2, Foreshore Road, Mumbai – 400021, Maharashta, India
Date of Birth/Age :	30.09.1953
Date of Appointment :	06.06.2007

Name :	Mr. Manu Kumar Srivastava
Designation :	Director
Address :	Municipal Bunglow, Malbar Hill, Water Reservoir Next to P M Garden, B G Kher Marg, Mumbai – 400006, Maharashta, India
Date of Birth/Age :	15.04.1963
Date of Appointment :	27.06.2008

Name :	Mr. Ratnakar Yashwant Gaikwad
Designation :	Director
Address :	7, Suniti Gen. jagannath Bhosale Marg, Mumbai – 400021, Maharashta, India
Date of Birth/Age :	30.05.1952
Date of Appointment :	21.09.2007

Name :	Mr. Syed Shahzad Hussain
Designation :	Director
Address :	30, Yashodhan Dinshaw Wachha Road, Mumbai – 400020, Maharashta, India
Date of Birth/Age :	01.05.1950
Date of Appointment :	19.05.2007
Date of Ceasing :	30.04.2010

Name :	Mr. Tanaji Vithal Satre
Designation :	Director
Address :	28^th Floor, Bel Heaven Buildings, 23 New Marine Lines, Churchgate, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	01.06.1956
Date of Appointment :	25.03.2010

Name :	Mr. Singh Santosh Sandhu
Designation :	Director
Address :	17, 9^th Floor, Tyoe Belveder Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India
Date of Birth/Age :	09.07.1958
Date of Appointment :	04.04.2008

Name :	Mr. Namdeo Rama Bhagat
Designation :	Director
Address :	House No.398, Nerul Gaon Sector 20, Nerul, Navi Mumbai – 400706, Maharashtra, India
Date of Birth/Age :	20.05.1963
Date of Appointment :	31.05.2008

Name :	Mr. Subhash Genu Bhoir
Designation :	Director
Address :	Chandra Ratna Subhash Bhoir Wadi, Phata, Mumbai – 400612, Maharashtra, India
Date of Birth/Age :	02.06.1959
Date of Appointment :	31.05.2008

KEY EXECUTIVES

Name :	Mr. More
Designation :	Finance Department

Name :	Mr. Pradeep Ranjan Rath
Designation :	Secretary
Address :	L-451, Raghunath Vihar ¼ Army Colony, ½ Sector – 14, Khargha, Navi Mumbai – 410210, Maharashtra, India
Date of Birth/Age :	10.04.1972
Date of Appointment :	10.12.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.09.2010

Names of Shareholders		No. of Shares
Governor of Maharashtra, Mumbai		394993
K T Satkar		1
S S Patankar		1
S K Gupte		1
Rajendra Habde		1
R V Kulkarni		1
A S Jivane		1
Suresh Kakani		1
Total		395000

AS ON 23.09.2010

Category	Percentage
Government (Central and State)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Civil Construction

Terms :
Selling :	Cash

Purchasing :	Cash

GENERAL INFORMATION

Customers :

Government

No. of Employees :

1800 (In office)

Bankers :

State Bank of India, Navi Mumbai
Indian Overseas Bank, Navi Mumbai

Facilities :

Secured Loan	Rs. In Millions 31.03.2006	Rs. In Millions 31.03.2005
From Bank overdraft Facilities (Secured against pledge of fixed deposit Receipts)	13.445	14.341
Total	13.445	14.341

Unsecured Loan	Rs. In Millions 31.03.2006	Rs. In Millions 31.03.2005
Bonds (Gurantee by Government of Maharashtra)
11.50% Bonds 2008 11.50% Bonds 2009 11.50% Bonds 2010 13.00% Bonds 2007	200.000 500.000 500.000 500.000	200.000 500.000 500.000 500.000
Loan From:
Housing and Urban Development Corporation Limited Government of Maharashtra MUDP Government of Maharashtra – Vasai-Virar Loan from MMRDA under Megacity Scheme @ 3% Loan from MMRDA under Megacity Scheme @ 6%	2.462 340.920 40.000 122.850 424.060	3.974 395.191 40.000 160.170 290.150
Total	2448.292	2589.485

Notes:

11.50% Bonds of Rs.2.500 Millions each issued at par and redeemable at par on 28th September, 2008.
11.50% Bonds of Rs.2.500 Millions each issued at par and redeemable at par on 26th June, 2009.
11.50°/o Bonds of Rs.2.500 Millions each issued at par and redeemable at par on 28th September, 2009.
11.50% Bonds of Rs.2.500 Millions each issued at par and redeemable at par on 27th December, 2009.
1 3 .SO% Bonds of Rs.2.500 Millions each issued at par and redeemable at par on 17th December, 201 0.
13.00% Bonds of Rs.2.500 Millions each issued at par and redeemable at par on 29th July, 2007.
Guaranteed by the Government of Maharashtra to the extent of Rs 2.462 Millions (Previous year Rs. 3.974 Millions)
Repayable Unsecured Loans within 1 year : Rs. 156.171 Millions (Previous year Rs 145.501 Millions)
Interest free loan of Rs.40.000 Millions sanctioned by the Government of Maharashtra for Vasai-Virar Project for Which terms of repayment are yet to be tinalised.
M.U.D.P Loan of Rs. 340.920 Millions : 55% repayable to the Government of Maharashtra and 45% to MMRDh..
No provisions for redemption of bonds has been made in the books of account.


Banking Relations :	--

Auditors :
Name :	Barkar and Muzumdar Chartered Accountant

Name:	Contractor Nayak and Kishnadwala Chartered Accountant
Address:	Jash Chambers, 3^rd Floor, 7, Sir P M Road, Fort, Mumbai – 400001, Maharashtra, India

Associates/Subsidiaries :	NA

CAPITAL STRUCTURE

AS ON 31.03.2006

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
395000	Equity Shares	Rs.100/- each	Rs.39.500 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		39.500	39.500	39.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		894.485	944.844	936.397
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		933.985	984.344	975.897
LOAN FUNDS
1] Secured Loans		13.445	14.341	1960.564
2] Unsecured Loans		2448.292	2589.485	3039.545
TOTAL BORROWING		2461.737	2603.826	5000.109
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		3395.722	3588.170	5976.006

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		161.579	170.773	178.264
Capital work-in-progress		0.000	0.000	0.763

INVESTMENT		274.826	140.026	140.000
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	278.569	389.611	439.369
	Sundry Debtors	3841.364	3625.347	3655.022
	Cash & Bank Balances	6844.601	3757.133	1585.050
	Other Current Assets	115.861	78.332	39.566
	Loans & Advances	9191.672	12810.091	16451.289
Total Current Assets		20272.067	20660.514	22170.296
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	805.794	527.331	495.233
	Other Current Liabilities	16456.156	16688.478	15921.284
	Provisions	50.800	167.334	96.800
Total Current Liabilities		17312.750	17383.143	16513.317
Net Current Assets		2959.317	3277.371	5656.979

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		3395.722	3588.170	5976.006

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2006	31.03.2005	31.03.2004
	SALES
		Sales of Good Traded	172.789	225.979	0.000
		Other Income	410.917	325.423	376.157
		TOTAL (A)	583.706	551.402	376.157

Less	EXPENSES
		Purchased Made for Resale	197.177	226.515	0.000
		Salaries Wages Bonus	53.980	46.847	0.000
		Managerial Remuneration	0.573	0.623	42.957
		Payment of Auditor	0.677	0.167	0.000
		Insurance Expenses	0.050	0.084	0.000
		Power and Fuel	1.801	1.540	0.000
		Increased (Decreased) in Stock	0.000	0.000	(17.567)
		Other Expenses	308.992	205.568	267.762
		TOTAL (B)	563.250	481.344	293.152

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		20.456	70.058	83.005

Less	FINANCIAL EXPENSES (D)		69.377	60.436	59.725

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(48.921)	9.622	23.280

Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.438	1.484	1.444

	PROFIT BEFORE TAX (E-F) (G)		(50.359)	8.138	21.836

KEY RATIOS

PARTICULARS		31.03.2006	31.03.2005	31.03.2004
Net Profit Margin (PBT/Sales)	(%)	(8.63)	3.60	NA

Return on Total Assets (PBT/Total Assets}	(%)	(0.25)	0.04	0.10

Return on Investment (ROI) (PBT/Networth)		(0.05)	0.01	0.02

Debt Equity Ratio (Total Liability/Networth)		21.17	20.30	22.04

Current Ratio (Current Asset/Current Liability)		1.17	1.19	1.35

LOCAL AGENCY FURTHER INFORMATION

Note:

As confirmed by Mr. More (Finance Department) the company’s 2008-09 and 2009-10 audits is under process. The audit will be completed by next month and after that hey will file their latest financials with the government department.

Fixed Assets:

Vehicles
Office Building
Computers
Office Equipments
Plant and Machinery
Laboratory Equipments
Air Conditions

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.45.11
UK Pound	1	Rs.73.25
Euro	1	Rs.61.70

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.

MIRA INFORM REPORT

278.569

3841.364

6844.601

115.861

9191.672

20272.067

805.794

16456.156

50.800

17312.750

2959.317

(8.63)

(0.25)

(0.05)

21.17

1.17

Unit