MIRA INFORM REPORT

Report Date :

28.07.2011

IDENTIFICATION DETAILS

Name :	DEVI CONSTRUCTION COMPANY PRIVATE LIMITED
Registered Office :	Devi House, 6^th Floor, Shivaji Nagar, Pune-411005, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	14.02.1980
Com. Reg. No.:	11-022230
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U45202MH1980PTC022230
TAN No.: [Tax Deduction & Collection Account No.]	PNED03341C
PAN No.: [Permanent Account No.]	AAACD6005B
Legal Form :	Private Limited Liability Company
Line of Business :	Construction of Building and Leases Residential and Commercial Projects.
No. of Employees :	More than 150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 980000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. There appears huge dip in the turnover of the company due to recession. However, 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 term 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 :	Mrs. Madhuri Joshi
Designation :	Finance Manager
Contact No.:	91-20-25535020
Date :	27.07.2011

LOCATIONS

Registered Office :	Devi House, 6^th Floor, Shivaji Nagar, Pune-411005, Maharashtra, India
Tel. No.:	91-20-25535020 / 25534473
Fax No.:	91-20-25533231
E-Mail :	deviccpl@vsnl.net info@deviprojects.com deviccpl@gmail.com
Area :	10000 sq. ft. (Owned)

DIRECTORS

As on 30.09.2010

Name :	Mr. Kishan Prabhudas Baney
Designation :	Director
Address :	Devi Niwas, 1161/10, Shivaji Nagar, Pune-411005, Maharashtra, India
Date of Birth/Age :	01.11.1939
Date of Appointment :	25.02.2008
Din No.:	00592751
Name :	Mr. Ravindra Prabhudas Mahbubani
Designation :	Managing Director
Address :	Devi Niwas, 1161/10, Shivaji Nagar, Pune-411005, Maharashtra, India
Date of Birth/Age :	17.10.1955
Date of Appointment :	14.02.1980
Din No.:	01710693
Name :	Mr. Vinod Kishan Baney
Designation :	Director
Address :	Devi Niwas, 1161/10, Shivaji Nagar, Pune-411005, Maharashtra, India
Date of Birth/Age :	31.12.1970
Date of Appointment :	01.12.1995
Din No.:	00592828
Name :	Mr. Harish Kishan Baney
Designation :	Director
Address :	Devi Niwas, 1161/10, Shivaji Nagar, Pune-411005, Maharashtra, India
Date of Birth/Age :	15.03.1965
Date of Appointment :	20.03.1998
Din No.:	02091454
Name :	Mr. Raja Prabhudas Mahbubani
Designation :	Director
Address :	Devi Niwas, 1161/10, Shivaji Nagar, Pune-411005, Maharashtra, India
Date of Birth/Age :	11.12.1959
Date of Appointment :	14.02.1980
Din No.:	02406611

KEY EXECUTIVES

Name :	Mrs. Madhuri Joshi
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Kishan Prabhudas Baney	19870
Kumar Prabhudas Mahbubani	75
Ravindra Prabhudas Mahbubani	19870
Raja Prabhudas Mahbubani	60
Sheila Kishan Baney	100
Meena Kumar Mahbubani	525
Sheila Kishan Baney	4900
Vinod Kishan Baney	19800
Harish Kishan Baney	19800
Kavita Raja Mahbubani	5000
Lochana Harish Baney	5000
Preeti Vinod Baney	5000
Total	100000

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Construction of Building and Leases Residential and Commercial Projects.

Products :

Product Description	Item Code
Construction	0401

Imports :

Products :

Machinery, Tiles

Countries :

• Chin

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

• Adinath Construction
• Beardsell Limited
• Demag Cranes
• Construction Specialities
• H and R Johnson India Limited
• J B Associates
• Mistry Art
• Noble Enterprises
• Pandit Automotive Private Limited
• P M Chordia Petroleum
• Shakti Met Doors Limited
• Sika India Private Limited

Customers :

Others

No. of Employees :

More than 150 (Approximately)

Bankers :

Oriental Bank of Commerce, 917/918, Synagogue Street, Dinshaw House, Near Gita Society, Camp, Pune-411001, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Oriental Bank of Commerce, Pune Main Branch (Security against mortgage of property owned by directors and personal guarantee of directors)	0.000	1.802
Total	0.000	1.802
Unsecured Loan
From Directors
Harish Kishan Baney	3.983	3.418
Ravi Mahbubani	0.704	0.603
Kishan Prabhudas Baney	0.281	0.255
Vinod Kishan Baney	1.410	1.280
From Others Shareholders
Sheila Kishan Baney	0.143	0.130
Kavita Raja Mahbubani	0.902	0.819
Lochana Harish Baney	0.172	0.157
Preeti Vinod Baney	0.708	0.643
From Others
Devi Farms Private Limited	1.359	1.237
Devi Resorts Private Limited	0.399	0.363
Total	10.061	8.905

Banking Relations :	--
Auditors :
Name :	Shah Khandelwal Jain and Associates Chartered Accountant
Address :	1^st Floor, Alankar Cinema Building, Near Pune Station, Pune-411001, Maharashtra, India
Associates/Subsidiaries :	Devi Construction Company

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 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		10.000	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		235.502	219.984	126.073
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		245.502	229.984	136.073
LOAN FUNDS
1] Secured Loans		0.000	1.802	10.931
2] Unsecured Loans		10.061	8.905	5.483
TOTAL BORROWING		10.061	10.707	16.414
DEFERRED TAX LIABILITIES		2.008	2.040	0.000
TOTAL		257.571	242.731	152.487
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		50.194	55.127	52.028
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.152	0.252	0.252
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	28.750	76.701	208.558
	Cash & Bank Balances	53.997	35.950	45.294
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	143.551	190.046	93.142
Total Current Assets		226.298	302.697	346.994
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2.234	17.878	18.507
	Other Current Liabilities	8.714	47.802	208.177
	Provisions	8.125	49.665	20.103
Total Current Liabilities		19.073	115.345	246.787
Net Current Assets		207.225	187.352	100.207
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		257.571	242.731	152.487

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL	114.895	1097.177	623.882
Less	EXPENSES
		Office Expenses
		Administrative Expenses	83.364	945.479	559.336
		Advertising Expenses
		TOTAL	83.364	945.479	559.336
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		31.531	151.698	64.546
Less/ Add	DEPRECIATION/ AMORTISATION		7.632	8.180	6.391
	PROFIT BEFORE TAX		23.899	143.518	58.155
Less	TAX		8.094	49.637	20.258
	PROFIT AFTER TAX		15.805	93.881	37.897
	Earnings Per Share (Rs.)		155.17	938.81	378.97

Particulars	31.03.2011
Sales Turnover (Approximately)	600.000

The above information has been parted by Mrs. Madhuri Joshi.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	13.76	8.55	6.07
Return on Total Assets (PBT/Total Assets}	(%)	8.64	40.11	14.57
Return on Investment (ROI) (PBT/Networth)		0.10	0.62	0.43
Debt Equity Ratio (Total Liability/Networth)		0.12	0.55	1.93
Current Ratio (Current Asset/Current Liability)		11.86	2.62	1.41

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Sundry Creditors	2.234	17.878	18.507

Partial Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Avcon Technics Private Limited	0.008	0.023	0.000
Beardsell Limited	0.007	0.218	0.000
Demag Cranes	0.059	0.059	0.000
Devta Infrastructure	0.038	0.507	0.310
H and R Johnson India Limited	0.196	0.196	0.196
Karunya Industrial Coatings	0.023	0.016	0.000
Shah Khandelwal Jain and Associates	0.102	0.101	0.002

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	80040046
Corporate identity number of the company	U45202MH1980PTC022230
Name of the company	DEVI CONSTRUCTION CO PVT LTD
Address of the registered office or of the principal place of business in India of the company	Devi House, 6^th Floor, Shivaji Nagar, Pune-411005, Maharashtra, India
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	Oriental Bank of Commerce, 917/918, Synagogue Street, Dinshaw House, Near Gita Society, Camp, Pune-411001, Maharashtra, India
Email	bm0141@obc.co.in
Nature of description of the instrument creating or modifying the charge	Supplemental agreement for cash credit renewal and bank guarantee renewal
Date of instrument Creating the charge	11.10.2010
Amount secured by the charge	Rs.299.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest For cash credit -4% above base rate floating which is presently 12% with monthly rests and subject to changes in base rate as announced by RBI from time to time. Terms of Repayment One Year Margin For Cash credit facility -25% For Bank Guarantee- 10% in the shape of un-encumbered duly discharged CDRs. Extent and Operation of the charge First charge on the assets mentioned hereinafter
Short particulars of the property charged	I) Hypothecation of raw materials, work in process, finished goods stocks, spares consumables, receivables and fixed assets etc. II) Lease agreements/hire purchase agreements which from time to time be/are deposited deposited/assigned by the borrower to the bank together with relative promissory notes and/or hundies / cheques III) Executed issued by the hirers / and / or their guarantors endorsed and delivered by the borrower.
Date of latest modification prior to the present modification	21.11.2007
Particulars of the present modification	By Way of This Modification, Cash Credit Limit Has Been Renewed At Rs.49.000 millions and Bank Guarantee Has Been Renewed Atrs. 250.000 millions. Thus Total Amount of Charge Has Been Increased To Rs.299.000 millions.

Fixed Assets:

• Office Premises
• Machinery
• Construction Equipment and Centering Material
• Air Conditioners
• Generator
• Data Processing Machine
• Vehicles
• Office Equipments
• Office Furniture

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.43.95
UK Pound	1	Rs.72.12
Euro	1	Rs.63.67

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.