1. Summary Information

		Country	India
Company Name	S. R. ASHOK AND ASSOCIATES PRIVATE LIMITED	Principal Name 1	Mr. Sudhir Kumar Marwaha
Status	Satisfactory	Principal Name 2	Mrs. Anju Marwaha
		Registration #	55-142725
Street Address	D – 7/7436, Vasant Kunj, New Delhi – 110070, Delhi, India
Established Date	21.11.2005	SIC Code	--
Telephone#	91-11-46564712 / 46564716 / 32608320	Business Style 1	Builder
Fax #	91-11-46564712 / 46564716	Business Style 2	Constructor
Homepage	--	Product Name 1	--
# of employees	30 and Job Workers (Approximately)	Product Name 2	--
Paid up capital	Rs.15,000,000	Product Name 3	--
Shareholders	Directors or relatives of Directors – 100.00%	Banking	Punjab National Bank
Public Limited Corp.	NO	Business Period	6 years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (47)
Related Company
Relation	Country	Company Name	CEO
--	--	--	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2010		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	202,744,000	Current Liabilities	492,725,000
Inventories	155,368,000	Long-term Liabilities	57,121,000
Fixed Assets	88,903,000	Other Liabilities	262,000
Deferred Assets	0	Total Liabilities	550,108,000
Invest& other Assets	213,784,000	Retained Earnings	95,691,000
		Net Worth	110,691,000
Total Assets	660,799,000	Total Liab. & Equity	660,799,000
Total Assets (Previous Year)	448,465,000
P/L Statement as of	31.03.2010		(Unit: Indian Rs.)
Sales	2,182,968,000	Net Profit	43,124,000
Sales(Previous yr)	1,746,841,000	Net Profit(Prev.yr)	--

MIRA INFORM REPORT

Report Date :

05.07.2011

IDENTIFICATION DETAILS

Name :	S. R. ASHOK AND ASSOCIATES PRIVATE LIMITED
Registered Office :	D – 7/7436, Vasant Kunj, New Delhi – 110070, Delhi
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	21.11.2005
Com. Reg. No.:	55-142725
Capital Investment / Paid-up Capital :	Rs.15.000 Millions
CIN No.: [Company Identification No.]	U74899DL2005PTC142725
IEC No.:	0502043741
TIN No.:	07512000574
PAN No.: [Permanent Account No.]	AAKCS2069Q
Legal Form :	Private Limited Liability Company
Line of Business :	Builder and Constructor
No. of Employees :	30 and Job Workers (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 443000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. 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.

ECGC Country Risk Classification List – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Rishi Bhuchar
Designation :	Director
Contact No.:	91-11-46564712
Date :	30.06.2011

LOCATIONS

Registered Office :	D – 7/7436, Vasant Kunj, New Delhi – 110070, Delhi, India
Tel. No.:	91-11-46564712 / 46564716 / 32608320
Fax No.:	91-11-46564712 / 46564716
E-Mail :	rdkonsultants@gmail.com sumit_associates@hotmail.com
Branch Office :	LSC, Building No. 1, C – 9, Vasant Kunj, New Delhi – 110070, Delhi, India

DIRECTORS

As on 30.09.2010

Name :	Mr. Sudhir Kumar Marwaha
Designation :	Director
Address :	B-71, Sarvidaya Enclave, New Delhi – 110017, Delhi, India
Name :	Mrs. Anju Marwaha
Designation :	Director
Address :	B-71, Sarvidaya Enclave, New Delhi – 110017, Delhi, India
Name :	Mr. Rishi Bhuchar
Designation :	Director
Address :	S-476, Greater Kailash, Part – 2, New Delhi – 110048, Delhi, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Sudhir Kumar Marwaha	60000
Rishi Bhuchar	970000
Anju Marwaha	470000
Total	1500000

List of Allotees (As on 06.11.2010)

Names of Shareholders	No. of Shares
Chandni Bhuchar	250000
Shweta Bhuchar	250000
Vibha Bhuchar	250000
Anjali Marwaha	400000
Anju Marwaha	250000
Suruchi Marwaha	400000
Kaash Bhuchar	200000
Total	2000000

As on 30.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Builder and Constructor
Imports :
Products :	Raw Material
Countries :	All over the world
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

• Others

No. of Employees :

30 and Job Workers (Approximately)

Bankers :

Punjab National Bank, Vasant Vihar, New Delhi, Delhi, India

Facilities :

Secured Loans	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
From Banks	8.832	0.043
Total	8.832	0.043
Unsecured Loans	31.03.2010 (Rs. in Millions)	31.03.2009 (Rs. in Millions)
From Directors	48.289	65.737
Total	48.289	65.737

Banking Relations :	--
Financial Institution :	Rajasthan Financial Corporation, C-96, Jagan Path, Chomu House, Jaipur – 302018, Rajasthan, India
Auditors :
Name :	Manoj Sangeeta and Associates Chartered Accountant
Address :	UG – 11, 109, A-212C, Tirupatai Plaza, Street No. 1, Shakarpur, New Delhi – 110092, Delhi, India

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/-each	Rs.35.000 Millions

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/-each	Rs.15.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		15.000	15.000
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		95.691	52.586
4] (Accumulated Losses)		0.000	0.000
NETWORTH		110.691	67.586
LOAN FUNDS
1] Secured Loans		8.832	0.043
2] Unsecured Loans		48.289	65.737
TOTAL BORROWING		57.121	65.780
DEFERRED TAX LIABILITIES		0.262	0.397
TOTAL		168.074	133.763
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		88.903	49.322
Capital work-in-progress		0.000	0.000
INVESTMENT		213.784	115.724
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	155.368	30.162
	Sundry Debtors	27.616	0.908
	Cash & Bank Balances	6.410	163.252
	Other Current Assets	0.000	0.000
	Loans & Advances	168.718	89.033
Total Current Assets		358.112	283.355
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	383.778	254.449
	Other Current Liabilities	90.447	44.163
	Provisions	18.500	16.090
Total Current Liabilities		492.725	314.702
Net Current Assets		(134.613)	(31.347)
MISCELLANEOUS EXPENSES		0.000	0.064
TOTAL		168.074	133.763

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Income	2182.968	1746.841
		Other Income	13.120	NA
		TOTAL (A)	2196.088	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	2127.110	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		68.978	50.239
Less/ Add	DEPRECIATION/ AMORTISATION (D)		7.354	3.739
	PROFIT BEFORE TAX (C-D) (E)		61.624	46.500
Less	TAX (F)		18.500	NA
	PROFIT AFTER TAX (E-F) (G)		43.124	NA
	Earnings Per Share (Rs.)		28.75	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	1.96	--
Net Profit Margin (PBT/Sales)	(%)	2.82	2.66
Return on Total Assets (PBT/Total Assets}	(%)	13.78	13.98
Return on Investment (ROI) (PBT/Networth)		0.56	0.69
Debt Equity Ratio (Total Liability/Networth)		4.97	5.63
Current Ratio (Current Asset/Current Liability)		0.73	0.90

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS :

During the year, the company’s sales turnover has been increased to Rs.2182.968 Millions from Rs.1746.841 Millions of the earlier year, the company is hopeful to do better in the coming year.

TRADE REFERENCE :

• Unitec
• Defense

FIXED ASSETS :

• Plant and Machinery
• Computers
• Office Equipments
• Furniture and Fixtures
• Motor Vehicle
• Cycle
• Property

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.44.46
UK Pound	1	Rs.71.53
Euro	1	Rs.64.63

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	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--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.