MIRA INFORM REPORT

Report Date :

29.07.2011

IDENTIFICATION DETAILS

Name :	BHATE AND RAJE CONSTRUCTION COMPANY PRIVATE LIMITED
Registered Office :	Plot No.58, S. No.58, CDSA Campus, Paud Road, Bavdhan, Pune – 411021, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.10.1999
Com. Reg. No.:	11-014083
Capital Investment / Paid-up Capital :	Rs.1.000 million
CIN No.: [Company Identification No.]	U45202PN1999PTC014083
TAN No.: [Tax Deduction & Collection Account No.]	PNEB01851D
PAN No.: [Permanent Account No.]	AABCB7417Q
Legal Form :	Private Limited Liability Company
Line of Business :	Construction Contractors For Institution and Commercial Building.
No. of Employees :	250 (Approximately)

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 650000
Status :	Good
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established company having fine track. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. 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 :	Mrs. Dhamale
Designation :	Senior Executive
Date :	27.07.2011

LOCATIONS

Registered Office :	Plot No.58, S. No.58, CDSA Campus, Paud Road, Bavdhan, Pune – 411021, Maharashtra, India
Tel. No.:	91-20-22952960/ 61/ 62
Fax No.:	91-20-22952963
E-Mail :	brccplaccounts@gmail.com prasadpusalkar@gmail.com
Location :	Owned

DIRECTORS

(AS ON 30.09.2010)

Name :	Mr. Jaideep Prasannakumar Raje
Designation :	Director
Address :	27/12, Sagar Society, Pune-Mumbai Road, Wakadewadi, Pune – 411003, Maharashtra, India
Date of Birth/ Age :	05.09.1962
Qualification :	B.E. (Civil)
Experience :	27 years
Date of Appointment :	18.10.1999
Name :	Mr. Ajit Vasant Bhate
Designation :	Director
Address :	A 1/20, Kalpataru, Rambag Colony, Navi Peth, Near S P College, Pune – 411030, Maharashtra, India
Date of Birth/ Age :	08.05.1963
Qualification :	B.E. (Civil)
Experience :	27 years
Date of Appointment :	18.10.1999

KEY EXECUTIVES

Name :	Mrs. Dhamale
Designation :	Senior Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Jaideep P Raje	5000
Ajit Vasant Bhate	5000
Total	10000

(AS ON 30.09.2010)

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Construction Contractors For Institution and Commercial Building
Products :	Construction Equipment
Imports :
Products :	· Construction Equipment
Countries :	· Mostly from European Countries
Terms :
Selling :	Cash and Credit (30-60-90 days)
Purchasing :	L/C, Cash and Credit (30-60-90 days)

GENERAL INFORMATION

Customers :

Institute

No. of Employees :

250 (Approximately)

Bankers :

· The Thane Janata Sahakari Bank Limited

Off J M Road, Deccan Gymkhana, Pune, Maharashtra, India

· HDFC Bank

Branch Mayur Colony, Pune, Maharashtra, India

· Bank of India

Branch Paud Road, Pune, Maharashtra, India

· Canara Bank

Deccan Gymkhana Branch, Pune – 411004, Maharashtra, India

· Centurion Bank

2^nd Floor, Sai complex, Fergueson College Road, Pune – 411004, Maharashtra, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In millions)
Cash Credit / working Capital demand Loans	88.948	64.471
Term Loans from Banks	2.283	16.906
Total	91.231	81.377
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In millions)
Loans from directors:
Ajit Vasant Bhate	0.634	0.951
	1.328	1.327
Total	1.962	2.278

Banking Relations :

--

Auditors :

Name :

Sushant Phadnis and Company

Chartered Accountant

Address :

“Phadnis Chambers” 2^nd Lane Shahupuri, Kolhapur – 416001, Maharashtra, India

Associates/Subsidiaries :

Name	Bhate and Raje
Address	58B CDSA Campus Pune Paud Road, Bacdhan, Pune - 411021
Legal Firm	Partnership
Year Establishment	1991

CAPITAL STRUCTURE

(AS ON 30.09.2010)

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
10000	Equity Shares	Rs.100/- each	Rs.1.000 million

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		1.000	1.000	1.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		161.712	105.954	81.589
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		162.712	106.954	82.589
LOAN FUNDS
1] Secured Loans		91.231	81.377	52.239
2] Unsecured Loans		1.962	2.278	2.746
TOTAL BORROWING		93.193	83.655	54.985
DEFERRED TAX LIABILITIES		4.799	6.327	4.535
TOTAL		260.704	196.936	142.109
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		200.217	181.957	192.820
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		135.175	0.175	0.174
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.385	1.285	1.220
	Sundry Debtors	49.155	47.217	41.776
	Cash & Bank Balances	240.409	159.596	106.253
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	126.261	104.096	111.538
Total Current Assets		417.210	312.194	260.787
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	148.845	44.230	49.008
	Other Current Liabilities	277.742	212.789	207.384
	Provisions	65.311	40.371	55.282
Total Current Liabilities		491.898	297.390	311.674
Net Current Assets		(74.688)	14.804	(50.887)
MISCELLANEOUS EXPENSES		0.000	0.000	0.002
TOTAL		260.704	196.936	142.109

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	Contract Receipts and Other Income		899.872	493.712	800.845
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		107.358	69.769	88.187
Less/ Add	DEPRECIATION/ AMORTISATION		28.072	28.684	27.186
	PROFIT BEFORE TAX		79.286	41.085	61.001
Less	TAX		16.034	16.508	21.063
	PROFIT AFTER TAX		63.252	24.577	39.938
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		104.309	81.376	42.170
Less	APPROPRIATIONS
		Transfer to General Reserve	Nil	Nil	Nil
		Interim Dividend Paid	5.000	Nil	Nil
		Tax on Dividend	0.849	Nil	Nil
	BALANCE CARRIED TO THE B/S		161.711	105.953	82.108
	Earnings Per Share (Rs.)		6325.26	2457.77	3993.84

Particulars	31.03.2011
Sales Turnover (Approximately)	860.000

The above information has been parted by Mrs. Dhamle.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	12.84	8.31	13.45
Return on Investment (ROI) (PBT/Networth)		0.49	0.38	0.74
Debt Equity Ratio (Total Liability/Networth)		3.60	3.56	4.44
Current Ratio (Current Asset/Current Liability)		0.85	1.05	0.84

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2010	31.03.2009	31.03.2008
	(Rs. In Millions)
Sundry Creditors
- Micro, Small and Medium Enterprises	148.845	44.230	49.008
- Others	--	--	--
Total	148.845	44.230	49.008

NOTE:

The Registered Office of the company has been shifted from A1/ 20, Rambaug Colony, Navi Peth, Pune – 411030, Maharashtra, India, to the present address w.e.f. 17.05.2011.

OPERATIONAL REVIEW

The Company has improved its overall performance. The company has achieved a turn over of Rs.899.872 Millions from the last year’s Rs.493.712 Millions. The decrease was due to general recession in the industry.

The future outlook of the construction industry continues to be bright and challenging. The company proposes to continue to concentrate its efforts in executing large infrastructure projects, such as roads, irrigation projects, water supply pipelines and other infrastructure projects. Hence during the current year Company expects better growth with its continued all round efforts on the existing projects and new commercial projects.

CONTINGENT LIABILITIES

Particulars	31.03.2010	31.03.2009
	(Rs. In Millions)
Bank Guarantees	29.570	45.313
Total	29.570	45.313

TRADE REFERENCE:

· Panchsheel – Pune

FORM 8:

Bankers Charges Report as per Registry

Name of the company	Bhate And Raje Construction Company Private Limited
Presented By	Bhate And Raje Construction Company Private Limited
1) Date and description of instrument creating the change	· Counter Indemnity for bank guarantee limit dated 11.04.2005 · No instrument was executed. Letter evidencing deposit of title deeds dated 11.04.2005
2) Amount secured by the charge/amount owing on the securities of charge	Rs.10.000 Millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Non instrument was executed. By Memorandum of mortgage by Deposit of Title Deeds date 11.04.2005 company has agreed to mortgage its immovable property situated at as under All that piece and parcel of land and buildings existing and / or to be constructed thereon situated at Survey No. CTS No 942, Plot No. 3 out of final plot no 326, extend of property 7363 Sq ft Village Shivajinagar, Taluka Bhamburda, District Pune, there to
4) Gist of the terms and conditions and extent and operation of the charge.	Rate of Interest 14.25% per annuam commission 0.75% p.a
5) Name and Address and description of the person entitled to the charge.	Canara Bank, Deccan Gymkhana Branch, Pune – 411004
6) Date and brief description of instrument modifying the charge	NIL
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NIL

Corporate identity number of the company	U45202PN1999PTC014083
Name of the company	BHATE AND RAJE CONSTRUCTION COMPANY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A1/ 20, Rambaug Colony, Navi Peth, Pune – 411030, Maharashtra, India brccplaccounts@gmail.com
This form is for	Modification of charge
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	HDFC Bank Limited HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India RBBform8@hdfcbank.com
Nature of instrument creating charge	Agreement
Date of instrument Creating the charge	25.06.2010
Amount secured by the charge	Rs.137.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: Interests BG @ 1.20% p.a. Interests LC @ 1.00% p.a. ODFD@ FD Rate + 1.00% Terms of Repayment: On demand Margin: As may be stipulated by the Bank from time to time. Extent and Operations of the charge: The company to and creates in favour of the Bank by way of First and exclusive charge on the current Assets with full power of realization to the Bank.
Particulars of the property charged	Hypothecation of current Assets of the company
Particulars of the present modification	The charge shall stand increased from Rs.117.500 Millions to Rs.137.500 Millions in favour of the Bank against the security of the current assets of the company.

FIXED ASSETS

· Land

· Computers

· Plant Machinery

· Office Equipments

· Vehicles

· Furniture and Fixtures

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.43.94
UK Pound	1	Rs.72.12
Euro	1	Rs.63.66

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	6
--LEVERAGE	1~10	5
--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.