MIRA INFORM REPORT

Report Date :

20.06.2011

IDENTIFICATION DETAILS

Name :	DAS AND SONS
Registered Office :	In Front of Bidyutpuri Colony, 1st Floor, Engineering School Road, Berhampur, District Ganjam-760010, Orrisa
Country :	India
Financials (as on) :	31.03.2011 (Provisional)
Date of Incorporation :	08.03.2010
Capital Investment/ Paid-up Capital:	Rs. 8.665 Millions
PAN No.: [Permanent Account No.]	AAEFD4538L
Legal Form :	Partnership Concern with an unlimited liability of partners.
Line of Business :	Logistics and Infrastructure Development.
No. of Employees:	Approximately 1844 (Office 4, Factory/ Site- 1800 and Branch 40)

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is three years old concern having moderate track records. No valuation report has been provided. In View of the new bank statements provided by the bank, payment seems to be made usually as agreed. It would be advisable to take adequate securities while dealing with the subject.

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	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. Sudam Behra
Designation :	Chartered Accountant
Contact No.:	91-78257375
Date :	09.06.2011

LOCATIONS

Registered Office :	In Front of Bidyutpuri Colony, 1^st Floor, Engineering School Road, Berhampur, District Ganjam-760010, Orrisa, India
Tel. No.:	91-680-6450940/ 2292760
Mobile No.:	91-9437551180
Fax No.:	91-680-2292442
E-Mail :	dassons1@gmail.com info@dasandsons.com
Area :	3104 sq.ft. (Rented)
Branch Office :	Johila Road, Plot No. 3027 (P), Near Coal Depot, Tin Plate, Jamshedpur-831003, Jharkhand, India
Tel. No.:	91-657-2341675/ 6549471
Fax No.:	91-657-2341600
Area :	Rented

PARTNERS

Name :	Mr. Daniel Das
Designation :	Partner
Address :	Gajapati Nagar-1^st Lane, Berhampur-760010, District Ganjam, Orissa, India
Date of Birth/Age :	03.03.1957
Qualification :	Graduate in Commerce
Experience :	12 Years The promoter is having vast experience in the line of road transportation cargo and infrastructure.
Name :	Mrs. Bandana Das
Designation :	Partner
Address :	Gajapati Nagar-1^st Lane, Berhampur-760010, District Ganjam, Orissa, India
Date of Birth/Age :	10.04.1963
Qualification :	Graduate in Arts
Experience :	The partner is having 7 years experience in the same trade of business and also she is acting as managing director of the sister concern m/s Blue Hawk Security Services Private Limited

BUSINESS DETAILS

Line of Business :	Logistics and Infrastructure Development.
Products :	A.PRODUCT PROTFOLIO Trained Security guard Trained Security guard (Ex Serviceman) Trained Security Supervisor Trained Security Inspectors Unarmed personal security officers Trained Fireman Trained Fire supervisor Trained cash custodian B. SERVICE PORTFOLIO Industrial security Bank security Event security Institutional security Security of Residential colonies Hotel Security
Terms :
Selling :	Credit (60 Days)
Purchasing :	Credit (30 Days)

GENERAL INFORMATION

Customers :

End Users

• Tata Steel Limited, Jamshedpur
• Magadh Roadlines, Pune
• Fazlu Roadways, Mumbai
• Captain Roadways,Pune
• Dashmesh Cargo, Nagpur
• National Freight Carriers, Raipur
• Shanti Freight Carriers, Cuttack
• Balaji Trailor Services, Vishakapatnam
• Jayshree Chemicals Limited, Ganjam
• Gopalpur Ports Limited, Ganjam
• Aditya Birla Group (UAIL)
• Indian Rare Earth Limited (IRE) – a Government of India undertaking
• Jayashree Chemicals Limited
• Penta- A- Studio
• Sinduja Construction
• Department of Horticulture- A Government of India Undertaking
• M.K.C.G Medical College
• N.I.S.T
• Raj Seal and Packers Private Limited
• MFAR Construction Private Limited

No. of Employees :

Approximately 1844 (Office 4, Factory/ Site- 1800 and Branch 40)

Bankers :

• State Bank of Bikaner and Jaipur, Berhampur
• HDFC Limited, Berhampur
• Axis Bank Limited
• BNP Paribas Bank

Facilities :

Credit Limit Rs. 2.700 Millions (From State Bank of Bikaner and Jaipur)

Secured Loans	31.03.2011 (Provisional) (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Vehicle Finance (Secured by way of hypothecation of commercial vehicles and construction machinery and equipments)	0.000	0.000
Cholamandalam DBS	0.000	0.031
Sriram Finance	0.774	0.000
GECSI	0.000	1.852
HDFC Bank	4.192	1.779
ICICI Bank	0.000	0.190
Kotak Mahindra Finance	4.141	5.467
Magma Leasing Finance	0.581	0.973
SREI Finance	12.827	0.000
S.B.B.J Finance (T/L)	0.293	0.000
Mahindra and Mahindra Finance	0.288	0.000
L and T Finance	0.290	0.000
Cash Credit Loan from SBBJ Bank, Bam	2.722	3.781
Total	26.108	14.073
Unsecured Loans	31.03.2011 (Provisional) (Rs. in Millions)	31.03.2010 (Rs. in Millions)
Unsecured Loans	2.150	0.000
Total	2.150	0.000

Banking Relations :	--
Auditors :
Name 1 :	Mr. Sudam Behera Chartered Accountant
Address :	1^st Floor, Sahu Medical Stores, S N T Road, Berhampur,-760002, Orissa, India
E-Mail :	behra_sudam@rediffmail.com
Name 2 :	Mr. Santosh Kumar Sabat Chartered Accountant
Address :	Giri Road, Near Geeta Bhavan, Berhampur-760001, Ganjam India
Associates/Subsidiaries :	Blue Hawk Security Services Private Limited Address: In Front of Bidyutpuri Colony, 1^st Floor, Engineering School Road, Berhampur, District Ganja Activity: Security Services.

CAPITAL STRUCTURE

PARTNER’S CAPITAL ACCOUNT

As on 31.03.2011 (Provisional)

(Rs. in Millions)

Particulars	Mr. Daniel Das	Mrs. Bandana Das
Opening Balance on 01.04.2010	1.600	1.759
Addition Adjustment	0.800	0.900
Salary to partners	0.096	0.150
Interest on Capital	0.192	0.211
Profit and Loss Account	1.598	1.598
Total	4.287	4.618
Less: Drawings	0.120	0.120
Closing Balance on 31.03.2011	4.167	4.498
TOTAL CAPITAL	8.665

FINANCIAL DATA

[all figures are in Rupees Millions]

Note : Sole Proprietory and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011 (Provisional)	31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Partner’s Capital Account		8.665	3.359	3.087	2.747
2] Share Application Money		0.000	0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000	0.000
4] (Accumulated Losses)		0.000	0.000	0.000	0.000
NETWORTH		8.665	3.359	3.087	2.747
LOAN FUNDS
1] Secured Loans		26.108	14.073	14.663	13.574
2] Unsecured Loans		2.150	0.000	0.900	1.100
TOTAL BORROWING		28.258	14.073	15.563	14.674
DEFERRED TAX LIABILITIES		0.000	0.000	0.000	0.000
TOTAL		36.923	17.432	18.650	17.421
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.884	9.824	11.160	11.350
Capital work-in-progress		0.000	0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	6.841	0.000	0.000	0.000
	Sundry Debtors	2.019	6.494	7.137	4.682
	Cash & Bank Balances	0.841	0.329	0.109	0.376
	Other Current Assets	0.000	0.354	0.362	0.215
	Loans & Advances	4.245	0.801	0.020	1.935
Total Current Assets		13.946	7.978	7.628	7.208
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3.030	0.000	0.014	0.787
	Other Current Liabilities	3.448	0.287	0.051	0.063
	Provisions	1.429	0.083	0.073	0.287
Total Current Liabilities		7.907	0.370	0.138	1.137
Net Current Assets		6.039	7.608	7.490	6.071
MISCELLANEOUS EXPENSES		0.000	0.000	0.000	0.000
TOTAL		36.923	17.432	18.650	17.421

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011 (Provisional)	31.03.2010	31.03.2009	31.03.2008
	SALES
		Freight Income	28.232	0.000	0.000	0.000
		Income From Vehicle Hire Charges	0.000	35.480	30.111	41.319
		Other Income	91.035	0.199	0.785	1.049
		TOTAL (A)	119.267	35.679	30.896	42.368
Less	EXPENSES
		Operating Expenses- Transport	24.293	0.000	0.000	0.000
		Operating Expenses – Civil Contract and Services	77.327	0.000	0.000	0.000
		Salaries and Administrative Expenses	5.023	0.363	0.000	0.000
		Vehicle Hire Charges	0.000	9.843	9.915	22.433
		Salary and Wages	0.000	0.801	0.756	0.717
		Bank Charges	0.000	0.122	0.044	0.000
		Interest	0.000	1.749	1.762	0.219
		Other Expenses	0.000	19.021	18.177	14.006
		TOTAL (B)	106.643	31.899	30.654	37.375
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		12.624	3.780	0.242	4.993
Less	FINANCIAL EXPENSES (D)		2.363	0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.261	3.780	0.242	4.993
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5.635	3.518	0.045	4.284
	PROFIT BEFORE TAX (E-F) (G)		4.626	0.262	0.197	0.709
Less	TAX (H)		1.429	0.083	0.073	0.000
	PROFIT AFTER TAX (G-H) (I)		3.197	0.179	0.124	0.709

KEY RATIOS

PARTICULARS		31.03.2011 (Provisional)	31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.68	0.50	0.40	1.67
Net Profit Margin (PBT/Sales)	(%)	16.39	0.74	0.65	1.72
Return on Total Assets (PBT/Total Assets}	(%)	10.32	1.47	1.05	3.82
Return on Investment (ROI) (PBT/Networth)		0.53	0.08	0.06	0.26
Debt Equity Ratio (Total Liability/Networth)		4.17	4.30	5.09	5.76
Current Ratio (Current Asset/Current Liability)		1.76	21.56	55.28	6.34

LOCAL AGENCY FURTHER INFORMATION

STATEMENT SHOWING ASSETS AND LIABILITIES

NET WORTH STATEMENT

NAME OF THE APPLICANT

MRS. BANDANA DAS

IMMOVABLE PROPERTY	APPLICANT
Address of the property with Survey No./ Door No. etc.	Gajapati Nagar, 1^st Line Brahampur, Ganjam, Orissa
Description: Land/ Site/ Building	Nil
Whether free hold/ Lease hold	Nil
Type of property commercial/ residential / agricultural	Nil
Area/ Extent of Land	Nil
Present Market Value	Nil
INVESTMENT IN BUSINESS CAPITAL
Name of the Company/ firm/ Concern in which investment is made	1. Das and Sons (Partner) 2. Blue Hawk Security Services Private Limited (Director)
Present value of investment	Rs 1.200 Millions
DEPOSITED HELD WITH BANKS/ COMPANIES/ OTHER LENDER ETC.
Name of the Bank/ Company where deposit are held	Syndicate Bank
Date of Deposit	Regular
Nature of Deposit	Saving
Present value of Deposit	Rs. 0.045 Million
LIFE INSURANCE POLICIES
Policy Numbers	LIC of India
Date of Policy	Various Years
Type of Policy Endowment/ whole life etc.	Endowment
Sum Assured	Rs. 1.500 Millions
Surrender Value	Rs. 0.425 Million
VEHICLES OWNED
Model/ Make	Nil
Present Market	Nil
OTHER ASSETS
Cash in hand	Rs. 0.070 Million
Jewellery	Rs. 0.250 Million
TOTAL ASSETS	RS. 1.990 MILLION
LIABILITIES: NIL
NET WORTH	RS. 1.990 MILLIONS

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STATEMENT SHOWING ASSETS AND LIABILITIES

NET WORTH STATEMENT

NAME OF THE APPLICANT

MR. AMIT DAS

IMMOVABLE PROPERTY	CO-APPLICANT
Address of the property with Survey No./ Door No. etc.	Gajapati Nagar, 1^st Line Brahampur, Ganjam, Orissa
Description: Land/ Site/ Building	Nil
Whether free hold/ Lease hold	Nil
Type of property commercial/ residential / agricultural	Nil
Area/ Extent of Land	Nil
Present Market Value	Nil
INVESTMENT IN BUSINESS CAPITAL
Name of the Company/ firm/ Concern in which investment is made	Bluhawk Security Services Private Limited (Director)
Present value of investment	Rs. 0.100 Million
DEPOSITED HELD WITH BANKS/ COMPANIES/ OTHER LENDER ETC.
Name of the Bank/ Company where deposit are held	I.C.I.C.I Bank Limited
Date of Deposit	Regular
Nature of Deposit	Saving
Present value of Deposit	Rs. 0.040 Million
LIFE INSURANCE POLICIES
Policy Numbers	LIC of India
Date of Policy	Various Years
Type of Policy Endowment/ whole life etc.	Endowment
Sum Assured	Rs. 1.000 Million
Surrender Value	Rs. 0.200 Million
VEHICLES OWNED
Model/ Make	Nil
Present Market	Nil
OTHER ASSETS
Cash in hand	Rs. 0.050 Million
Jewellery	Rs. 0.100 Million
TOTAL ASSETS	RS. 0.490 MILLION
LIABILITIES: NIL
NET WORTH	RS. 0.490 MILLION

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STATEMENT SHOWING ASSETS AND LIABILITIES

NET WORTH STATEMENT

NAME OF THE GUARANTOR

MR. DANIEL DAS

IMMOVABLE PROPERTY	GUARANTOR
Address of the property with Survey No./ Door No. etc.	Gajapati Nagar, 1^st Line Brahampur, Ganjam, Orissa
Description: Land/ Site/ Building	Land and Building
Whether free hold/ Lease hold	Free hold
Type of property commercial/ residential / agricultural	Residential
Area/ Extent of Land	AC 1.600 decimal Land and Building
Present Market Value	Rs. 8.200 Millions
INVESTMENT IN BUSINESS CAPITAL
Name of the Company/ firm/ Concern in which investment is made	Das and Sons (Partner)
Present value of investment	Rs. 1.500 Millions
DEPOSITED HELD WITH BANKS/ COMPANIES/ OTHER LENDER ETC.
Name of the Bank/ Company where deposit are held	Axis Bank Limited
Date of Deposit	Regular
Nature of Deposit	Saving
Present value of Deposit	Rs. 0.100 Million
LIFE INSURANCE POLICIES
Policy Numbers	LIC of India
Date of Policy	Various Years
Type of Policy Endowment/ whole life etc.	Endowment
Sum Assured	Rs. 1.200 Million
Surrender Value	Rs. 0.350 Millions
VEHICLES OWNED
Model/ Make	Tata Safari
Present Market	Rs. 0.750 Million
OTHER ASSETS
Cash in hand	Rs. 0.200 Million
Jewellery	Rs. 0.250 Million

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1. INTRODUCTION

Das and Sons was set up in 2003 with the status of Partnership Firm in the business of logistic services. Previously as a proprietorship concern, the business has successfully excelled for 4 years. Since the inception of business, sole objective of concern is to professionalize the cargo transportation so as to provide higher quality of services to the society in large. Starting with only one truck, the company has expanded to keep pace with the rising need in the transportation industry. Evolving with the constantly changing requirements of today’s marketplace, Das and Sons can meet any transportation need that may arise by offering specialized wide load and LTL freight services. They are focused on their core competence of providing high quality transportation infrastructure in challenging geographies and this will be their key driver in the short-to-medium run.

A journey of success always requires the qualitie of foresight, strategy and preparedness. Das and Sons now possess a rich and diversified presence across the core growing sectors in the infrastructure arena. Das and Sons is prepared for an eventful future marked with important milestones. They are leveraging on their rich past experience into civil engineering and construction having projected figures of Rs.130.00 crore in next two fiscal years. Commitment, hard work, commonsense and perseverance have helped the Concern to be on par with national companies in terms of standards of performance and quality of projects. The journey towards excellence is inspired by what Das and Sons has always done - deliver superior value for all those who depend on us, work with them and invest in us. .Their business target is to have a balanced portfolio with revenue predictability, profitability and quality of contracts as key determinants.

Their subsidiary in the name of Blue Hawk Security Services Private Limited,a corporate body registered under Companies Act,1956.It specialize in Industrial Security Services, Bank Security, Event Security, Institutional Security,etc.,

2.PROMOTER’S PROFILE

A.Shri Daniel Das ( Managing Partner):

Sri Daniel Das,S/o Late P.C. Das aged about 53 years is a dynamic person possessing a good organizational skill and capable of converting opportunities into realities. He is a pioneer in remunerating from service sectors, especially transport and Infrastructure Industries. The managing partner Mr. Das is having vast experience of 11 years in the business of transportation. Apart from it , he is also a leader by example. He is looking after all the activities of M/s Das and Sons including administration. He always focus on business chain management and commitment for obtaining optimum result commensurate with economy in resources.

B. Smt.Bandana Das ( Partner):

Smt. Bandana das, w/o Sri Daniel Das,aged about 46 years ,is an enthusiastic women who is extraordinary in identifying potentiality in business. Always she involves in business decision making process since she practically sees opportunity in the difficulties. This remarkable quality helps in faster development of business activities.

Apart from above, she is also a good housewife and after climbing to business her committed attitude become herself successful business women.

C. George Amit Das (DIRECTOR)

Mr. George Amit Das Sb Daniel Das, possesses an enterprising quality. He was graduated in bachelor in commerce under Delhi University. He has done his master in business administration (MBA) with specialization in marketing and international Business from a reputed business school- Jaipuria Institute of management, Noida

Before he is being appointed as the Executive Director of M/s Blue Hawk Security Service Private Limited , he has worked with ABN AMRO Central Enterprise Private Limited as a customer relationship officer. His managerial capability is quite awesome. He has been honored a “Business Continuity Award” from a corporate like ABN AMRO.

His ability to handle the business independently and quality of more mature management at such young age is recognizable. He is who saw potential is an innovative idea, ventured into it and make it big.

The detail Bio-data is herewith given below:

NAME : Mr. George Amit Das

Father’s name : Mr. Daniel Das

Date of Birth :01.12.1983

Address : Gajapati Nagar-l’lane, Berhampu, Ganjam ( Orissa) Pin- 760010

Contact No : office : 9437551180

Res : 0680 2292742

3.GROUP MISSION AND VISION

Das and Sons (Logistics)

Mission

Das and Sons Mission is to be Rs.50 Crore company by the year 2015 by providing integrated supply chain solution of Global Quality standards in logistic sector . Its objective is to form the largest network of owned branches, covering almost all the cities and towns of the country. Das and Sons projects to handle 100,000 M.T. of cargo annually moving the variety of cargo including projection of Seaway cargo. Das and Sons to form the largest supply chain in automotive industry with the advent of globalization in the economy and meeting organization’s commitment towards excellence in every sphere of its activities

Vision

Das and Sons(Logistics) foresees to provide multi-mode transportation services .Global Quality standard from freight forwarding and custom clearances to Warehouse Management Services under a customer relationship management system for maximum benefit to clients. Ensuring that their concern stays ahead, meeting all challenges and achieves the goals while being guided by MISSION of the organization.

Das and Sons (Infrastructure) Mission

Das and Sons (Infrastructure) is now a grooming sector, experienced in infra activities including intelligent buildings and highly competent in installation of all high-tech systems within these structures, requiring high-level of expertise and excellence. The company is now in possession of know-how and experience in the infra projects. In this sense, Das and Sons (Infrastructure) serves its Clients at the highest level of satisfaction, providing the most appropriate and desired solutions, with the best quality, without overlooking ethical values the company relies on.

Vision

Das and Sons Infrastructure aims to become a national player in the sector, undertaking the prestigious projects for tomorrow’s business; harmonizing innovative and progressive technology with its experience, excellence and high-caliber work.

Das and Sons Subsidiary

Blue Hawk Security Services Private Limited

THEIR MISSION AND VISION

To be recognized as the national leader in providing security solutions Recognized.

National Leader: To be formed as national leader in security service, which delivers the highest quality service in the fields of security services.

Security solutions: They take time to get close to their customers to ensure that they understand their security needs their skills is in providing solutions to their needs which delivers business benefits for them.

They have close, open relationships with their customers that generate trust and they work in partnership for the mutual benefit of their organization. They develop and demonstrate their expertise through their innovative and leading edge approach to create and deliver the right solution. They challenge themselves to improve performance year on year and to create long terms sustainability. They always take care to employ the best people, develop their competence, provide opportunity and inspire them to live their values, they can always be trusted to do the right thing.

4. Their Values

They live by 5 values:

• Customer Focus - everything they do is driven by customer needs. They want to be the indispensable partner. They have a passion for understanding and exceeding the expectations and they are committed to providing demonstrably superior products with the highest levels of quality and excellence.

• Innovation - they welcome and push change; they challenge the status quo. They constantly look for new ideas, they are ready to make bold moves and decisions, and they encourage their people to be entrepreneurial, to take some risks and to learn from their mistakes. And they keep things simple and minimize bureaucracy.

• Valuing their People - They put the highest priority on developing and retaining outstanding people. They enjoy what they do and they celebrate success. They respect the people and practice open, honest and direct communication. They behave in an ethical, professional and principled manner.

• Passion for Winning - They always want to be the best and are determined to outperform and beat the competition. They are a high energy, fast moving, decisive organization. They like action! They execute well and deliver.

• Boundarylessness - They enjoy the global nature of the business and encourage the people to work collaboratively across business units, hierarchy and functions. The people are supportive of each other and they seek partnership with customers, suppliers and contacts

5. ORGANISATIONAL PHILOSOPHY

They believe that honesty and integrity shall be instilled in every job

They believe in working hard for the clients to ensure the best prices and best quality work.

They believe that they collaborate with the best sub-agencies to bring the service and project ontime, under budget and the best quality workmanship

They believe the employees are the best asset, working hard every day to complete each job with quality workmanship, attention to detail and pride

6. DAS AND SONS SERVICES

A. Das and Sons (Logistics)

Das and Sons (Logistics), a division of Das and Sons Group, is reputed foremost surface transport entity. With an extensive and strategically located branch network, specialized fleet of vehicles and the latest technical and functional infrastructure.

The firm’s strategy is to cross sell its broad range, deliver to any corner of India through specialized and trained professional teams to create value of its customers.

Das and Sons(Logistics) provides a single window for all cargo transportation services whether handling of general, heavy duty or volumetric cargo.

Das and Sons(Logistics) at present has the adequate network of transporting places covering almost Southern and western India viz: Maharashtra, Chattisgarh, Jharkhand, Andhra Pradesh and Orissa.

Das and Sons now handle 25,000 M.T of cargo annually. Moving a variety of cargo that includes raw materials, industrial products and high value cargos .Using state of art equipment to transport consignment of any size, weight and dimensions including heavy-duty equipments and provide accurate and timely information and services to its customers supported by well documented systems and procedures assuring consistency and efficiency in its operations and customer care through its network.

Such as: Steel, HR coils, iron plates, Iron rods, asbestos, salt, urea, containers and other industrial products.

The system have been developed to ensure that each cargo is carefully handled and securely delivered to its customers. It’s deliveries effective in high quality services through its good business practices and timely delivering cargos to its esteemed customers.

Das and Sons(Logistics) offers total multimodal transportation solutions ranging from full truck load, less than truck load, small and Over Dimensional Cargos through Road . Das and Sons(Logistics) ensures a cost effective, safe, reliable and ethical service, which has secured its involvement in all major private projects.

Logistics Resources:

Das and Sons has now owned and dedicated 95 nos. of fleets in order to cater the present market demand in transport industry.

Value Added Services:

The land which opens up wide array of opportunities for the logistics service providers across the world is India. The high demand for the logistics services is due to the significant growth of economy. A few years back the value of the India logistics market was is $14 billion and will grow at a rate of 7-8 per cent. The logistics companies in India cater to millions of retailers and meet the requirements of about a billion people. For Small (upto 1 ton) / LTL (above 1 ton) transportation requirement the branch network ensures that deliveries can be made in every district of the country. The size of the cargo does not matter. Company Hubs consolidate and move the cargo speedily. Track and trace facility for the cargo is available through the extensive GPRS system.

• Modernised and Latest Equipped Hubs
• Multiple Deliveries from Single Location
• Standardised Billing and Rate Structure
• Containerised Movement for High Value Cargo

TRANSPORT INDUSTRY:

With the changing economy Scenario, factors such as globalization Ot market, international economy integration, removal of barriers to business and trade and increase competition have enhanced need of transportation. Transportation is one of the most important infrastructure requirements, which is essential for the growth of trade and business.

Transportation volume in India remains much less than those in developed countries. India has still to go a long way in strengthening its transportation network. Transportation is largely influenced by information and communication requirements with the focus being on knowledge of customer needs and value added services. Cargo road is transport is entirely in the hand of private sectors. An estimated 1.2 millions trucks(9 tons Capacity) crisscross the country covering more than 80.000 Kim’s. Of roads

· The transportation industry is global in nature and its growth has been spurred by the increased adoption of new technologies that allow time-specific delivery and electronic tracking of cargo. (Hoovers Online)

· Employment in transportation and material moving occupations is projected to grow by 1.1 million between 2004 and 2014. Two-fifths of new jobs should be for truck drivers and driver/sales workers. (U.S. Bureau of Labor Statistics, 2006-07 Career Guide to Industries)

· Transportation and material moving occupations, which include laborers and hand freight, stock and material movers, are projected to increase by more than 248,000 new jobs between 2004 and 2014. (U.S. Bureau of Labor Statistics, 2006-07 Career Guide to Industries)

Indian Scenario:

Today the Indian customers standard and the level of expectations have gone up dramatically. They have become world class customers and thus expect world-class services. Hence it customers services, which is going to ve the competitive edge to any industry in the future.

The domestic express cargo industry is meeting the customer satisfaction needs by providing speedy and safe delivery of cargo. The industry has been making and increasingly important contribution to the economy growth of the country. Its important that the industry works in close tandem with regulatory agencies.

The Government of India’s national highway development project, the Golden Quadrilateral linking the 4 metros, the North-South- East-West corridors and connecting roads to villages was estimated to the completed by 2009. The Indian road freight transport sector, roughly estimated at US $10 Billion, dominates the transport industry,. The Indian economy recorded reasonable growth of 8.5% in the under review, All sectors, agriculture, industry and services showed a strong growth indicating a further investment of capital expenditure.

Road Freight Index(RFI)

Projection of revenue is well commensurate with Road Freight Index(RFI), which is an index of weighted average lorry freight rates across various routes. Indian RFI is the index of the freight rates movement calculated based on the road density and dynamic freight rates of the top 50 routes selected across the country. The Indian RFI is compared weekly by experienced panelists who make an assessment of the freight that would be paid on that day. They estimate the current market levels for component routs.

RFI helps to make comprehensive analysis of freight trends, route wise and date wise and helps to forecast the freight trends and freight rates. The immediate impart of seasonal, regulated changes can be predicated viewing the previous trends. Freight rated of each route will provide the rates of that route over a period of time hereby making it easy to analyze the market fluctuations route wise and predict the freight rates for quoting the rates. The freight rates for the major routes selected across the country will be easily available so that the user can decide the movement of the freight Lorries and optimize profits.

B. Das And Sons (Infrastructure)

Das and Sons group has entered in the business of Civil Engineering and Construction in the year 2010 by catering to Tata Steel Work Order for Gopalpur Industrial Park Limited, Ganjam in the state of Orissa. The unit has strived to achieve its motto of being ‘Builders to the Nation’ with an array of landmark structures to its credit, including road and bridges, land leveling and plant wall construction and high-rise structures, Industrial structures. During this period of 12 months planners, designers and construction specialists at Das and Sons have proved their competence and innovative skills. As part of its diversification strategy, Das and Sons has during the year 2010-11 under review has achieved a turnover of Rs. 160.000 Millions

The current year was fairly successful year for the company as they completed targeted goal set.

ON GOING CURRENT PROJECTS with TATA STEEL

Das and Sons (Infrastructure) has already completed a work order value of Rs.90.000 Millions in civil construction for Gopalpur Industrial park Limited(TATA Steel ).In progress to it ,the following level of infrastructure activity is under process:

1.Construction of RCC Wall ,work order value of RS.120.000 Millions

2.Construction of Road ,work order value of Rs.110.000 Millions

3.Land Levelling ,work order value of Rs 80.000 Millions

Total worth of on-going work order value Rs.410.000 Millions

What Lies Ahead with TATA STEEL

1.Construction of RCC Wall ,projected work order value of RS.130.000 Millions

2.Construction of Road ,projected work order value of Rs.200.000 Millions

3.Land levelling ,projected work order value of Rs 800.000 Millions

4.Plant Construction with strategic partner with L and T Limited Rs.2500.000 Millions

Total worth of projected work order value Rs. 3630.000 Millions

HEALTHY AND SAFETY ENVIRONMENT

Das and Sons (Infrastructure) is strongly committed to safety and accident prevention on project sites and work places to ensure that accidents do not take place, employees’ morale and satisfaction is improved, and in turn, the performance of Company is enhanced.

One of the priorities is to protect the environment and the health and safety of the people who work for us. The effective management of health and safety and protection of the environment are integral to the business success.

Everyone at Das and Sons (Infrastructure) is accountable for health, safety and environment (HS and E) and they work hard to foster a culture where these three factors are taken into account wherever they operate.

Das and Sons (Infrastructure) integrates HS and E into all areas of its operation, so that it’s sites are healthy and safe for all who work in them. It is committed to carrying out all its activities without detriment to the Environment.

INFRASTRUCTURE INDUSTRY

The country’s core sector, comprising six key infrastructure industries, accelerated by 7 per cent in October 2010 from a year ago, according to the data released by the Union Ministry of Commerce and Industry. The growth was primarily led by a 16.8 per cent increase in cement output and a 6.2 per cent rise in production of finished steel. Electricity generation growth improved to 8.4 per cent in October, the highest growth rate in 14 months.

The Planning Commission has projected that investment in infrastructure would almost double at US$ 1025 billion in the 12th Plan, compared to US$ 514 billion in the 11th Plan. Of the US$ 1,025 billion, 50 per cent is expected to come froro private sector, whose investment has been 36 per cent in the 11th Plan.

Infrastructure investment in India is set to grow dramatically. As per Union Minister for Finance, Mr Pranab Mukherjee, India would require to develop a rupee-denominated long-term bond market for funding the infrastructure sector that requires an investment of around US$ 459 to US$ 500 billion by 2012.

The State Level Single Window Clearance Authority (SLSWCA) on October 1, 2010 cleared 16 investment proposals worth US$ 1.46 billion while 15 other proposals, each entailing an investment of over US$ 225.35 million were referred to the High Level Clearance Authority (HLCA). The investment proposals approved by SLSWCA include five in the steel sector, four in the cement sector, two in ancillary industries and one each in food processing, power, paper manufacturing and engineering.

Meanwhile, a committee on infrastructure under Prime Minister Dr Manmohan Singh will conduct quarterly review of development of power, road, ports, civil aviation and railways sectors, announced the Planning Commission of India recently. Further, the cabinet committee on infrastructure (CCI) will handle specific infrastructure cases that may require necessary policy correction or solving issues affecting projects.

Notably, truck sales, a key indicator of goods moment, registered a growth of 43.6 per cent at 29,420 units during September 2010, as per the data released by the Indian Foundation for Transport Research and Training (IFTRT).

DAS AND SONS ( INFRASTRUCTURE) – RESOURCES

It has owned a range of construction equipments, worth of Rs.57.300 Millions comprising:

1. Excavators

2. Back-hoe Loaders

3. Soil Compactors

4. Tippers

5. Tractors

6. Water Tankers

7. Mixture Machines

8. Trailors

9. Motor Graders

7. DAS AND SONS SUBSIDIARY

Blue Hawk Security Services Private Limited

M/s Blue Hawk Security services Private Limited, a corporate body registered under companies act, 1956, in which Smt. Bandana Das is resuming the role of managing Director. It is a professionally managed company, specialized in industrial security serving the client of reputes by offering expert advice on effective security measures and deploying well trained security personal. They specialized in assessing current and future risks and developing secure solutions to minimize their impact and works across a wide range of geographical markets and business sector. By its nature of operation, it provides the service of risk management and gives protection to government and corporate customers. They continue to devote the efforts to provide security solutions to the customers.

THE OBJECTIVES

• To safeguard the public properties and lives from theft, sabotage and fire risk etc. by taking adequate security measures.
• To rehabilitate Ex-defence, police and para-military personals by utilizing their multifarious experiences.
• To create employment opportunities for unemployed youth after a well scheduled training programmer, this includes fire fighting, offensive combat, ground defense etc.
• To be recognized as a provider of excellence by the customers and stakeholders, including governments and public policy audiences.

C. SERVICE OFFERED

• Deployment of security personal, Ex-serviceman, civilian with or without Arms.
• Instant security arrangement with or without over telephone.
• Armed guard Escorts, skilled in combats with or without van.
• Security consultancy for modernizing security arrangement and installation of sophisticated electronic devices.
• Training programme according to the client’s requirements.

They work round the clock to enable the clients o contact them for attention and service immediately In case of emergency.

In respect of the guarding service BLUE HAWK provides smartly uniformed highly trained and well supervised guards who are responsible for security and safety of assets, personal and property against losses due to theft, pilferage, intrusions, fir and accidents.

They are providing executive protection service and specialized security service for mega events like exhibitions and cultural shows. Guarding service are carried the by the way of provision of guards for static posts and mobile/beat patrols for all type of premises.

They believe the success of the guarding division can be attributed to the way in which they approach this business. The BLUW HAWK’S philosophy is that, all guards are direct employees of BLUEHAWK. They are carefully selected, through vetted and properly trained. BLUE HAWK guards are smartly uniformed and supervised.

MARKET OPPURTUNITY

Security is seen as ever more important in the modern age of industrialization, infrastructure facility undertaking and rapid urbanization with huge population. Since security risk is multiplying with different in its variety like theft, violence, gang attack and explosion etc. it is inevitable that the demand in the field of security service is emerged as more elasticity.

Future it will be seen that market potentiality in integrated approach to security solutions is also awesome like, CC TV, X-Ray, Intruder alarms, Explosive detection equipments, electronics monitoring of offenders etc.

Market is seen as more attractive in the following sectors.

1. Construction Industry

2. manufacturing industry

3. Banking institutions

4. shipping companies

5. Govt. Undertaking

6. sanitary sectors

7. various Project works

FINANCIALS

A. DAS AND SONS (LOGISTICS AND INFRASTRUCTURE)

(Rs. in Millions)

Particulars	2010-11 (Provisional)	2011-12 (Projected)
Gross Receipt (Logistics)	67.630	110.000
Gross Receipt (Civil Construction)	98.524	490.000
Profit Before Management Planning Expenses, Depreciation and Interest	9.754	39.255
Less:
Depreciation	4.076	6.087
Interest	2.610	5.053
Profit Before Management Planning Expenses	3.068	28.115
Less:
Management Planning Expenses	0.649	1.200
Taxation	0.792	8.075
Balance Carried to Capital A/C	1.627	18.840

B. DAS AND SONS SUBSIDIARY (BLUE HAWK SECURITY)

(Rs. in Millions)

Particulars	2010-11 (Provisional)	2011-12 (Projected)
Gross Receipts	31.522	36.276
Profit before Depreciation and Interest	1.232	1.619
Less:
Depreciation	0.074	0.053
Interest	0.348	0.470
Profit Before Tax	0.809	1.095
Less:
Taxation	0.250	0.338
Balance Carried to Reserve and Surplus	0.559	0.757

------------------------------------------------------------------------------------------------------------------------------

OPERATING STATEMENT

(Rs. in Millions)

Particulars	31.03.2011 (Provisional)	31.03.2012 (Projected)	31.03.2013 (Projected)
1. Gross Sales
i. Domestic Sales	119.267	350.000	500.000
ii. Export Sales/ Other Sales and Services	--	--	--
Total	119.267	350.000	500.000
2. Less Excise Duty	--	--	--
3. Net Sales (1-2)	119.267	350.000	500.000
4. % age rise (+) or fall (-) net sales as compared to previous year (annualized)	234.28%	193.46%	42.86%
5. Cost of Sales
i. Raw Materials (including stores and other items used in the process of manufacture)	101.620	319.956	459.257
a. Imported	--	--	--
b. Indigenous	101.620	319.956	459.257
ii. Other Spares	0.000	0.000	0.000
a. Imported	--	--	--
b. Indigenous	--	--	--
iii. Power and Fuel	0.000	0.000	0.000
iv. Direct Labour (Factory Wages and Salaries)	0.000	0.000	0.000
v. Other Manufacturing Expenses	0.000	0.000	0.000
vi. Depreciation	5.635	5.578	5.047
vii. Sub- Total (i to vi )	107.255	325.534	464.304
viii. Add: Opening Stock-in-process	0.000	0.000	0.000
Sub – Total (vii + vii)	107.255	325.534	464.304
ix. Deduct: Closing Stock in Process	0.000	0.000	0.000
x. Cost of Production	107.255	325.534	464.304
xi. Add: Opening stock of finished goods	0.000	0.000	0.000
Sub Total (x+xi)	107.255	325.534	464.304
xii. Deduct: Closing stock of finished goods	0.000	0.000	0.000
xiii. Sub- Total (Total cost of Sales)	107.255	325.534	464.304
6. Selling, General and Administrative expenses (Net of other Income)	5.023	6.746	9.495
7. Sub- Total (5+6)	112.278	332.280	473.799
8. operating Profit Before Interest (3-7)	6.989	17.720	26.201
9. Interest	2.363	3.986	3.275
10. Operating Profit After Interest (8-9)	4.626	13.734	22.926
11. i. Add: Other Non-Operating Income
a. Rent, Interest etc.	0.000	0.000	0.000
b. Misc. Income	0.000	0.000	0.000
c. Profit on Sale of Assets	0.000	0.000	0.000
d. Dividends	0.000	0.000	0.000
Sub- Total (Income)	0.000	0.000	0.000
ii. Deduct: Other non-operating expenses
a. Provision for diminution in Value of Investment	0.000	0.000	0.000
b. Payment under VRS	0.000	0.000	0.000
Sub- Total (Expenses)	0.000	0.000	0.000
iii. Net of other non-operating income/ expenses (net of 11(i) and 11(ii)	0.000	0.000	0.000
12. Profit before tax/ loss (10+11(iii))	4.626	13.734	22.926
13. a) Provision for taxes	1.429	4.243	7.083
b) Deferred for Tax Liability/ Assets	--	--	--
14. Net Profit / Loss (12-13)	3.197	9.491	15.843
15 a. Equity Dividend paid-amount (Already paid + B.S. Provision)	--	--	--
b. Dividend Rate (% age)	0.00	0.00	0.00
16. Retained Profit (14-15)	3.197	9.491	15.843
17. Retained Profit/ Net Profit (% age)	100.00%	100.00%	100.00%

ANALYSIS OF BALANCE SHEET

(Rs. in Millions)

Particulars	31.03.2011 (Provisional)	31.03.2012 (Projected)	31.03.2013 (Projected)
CURRENT LIABILITIES
1. Short- term borrowing from Banks (Including bills purchased, discounted and excess borrowings placed on repayment basis)
i) From Applicable bank	0.000	15.000	15.000
ii) From Other Banks	2.721	--	--
iii) (Of which BP and BD)	--	--	--
Sub Total (A)	2.721	15.000	15.000
2. Short term borrowings from others	0.000	0.000	0.000
3. Sundry Creditors(Trade)	3.029	5.500	5.500
4 Advance payment from customers/ deposits from dealers	0.000	0.000	0.000
5. Provision for taxation – deferred tax	1.429	4.243	7.083
6. Dividend payable	0.000	0.000	0.000
7. Other statutory Liabilities (due within one year)	0.000	0.000	0.000
8. Deposits/ Installment of term loan/ DPGs/ debentures etc (Due within one year)	0.000	0.000	0.000
9. Other current liabilities and provision (due within one year)	5.600	8.142	11.115
(Specify major items)
a. Creditors for capital items	--	--	--
b. Unsecured Loan	2.150	1.200	1.200
c. Expenses payable	3.433	6.942	9.915
d. Interest accrued but not due	--	--	--
e. Others	0.017	0.000	0.000
Sub Total (2 to 9) (B)	10.058	17.885	23.698
10. TOTAL CURRENT LIABILITIES (Total of 1 to 9)	12.779	32.885	38.698
TERM LIABILITIES
11. Debentures (Not maturing within one year)	--	--	--
12. Preference Shares (redeemable after one year)	--	--	--
13. Term Loans (excluding installments payable within one year)	23.387	13.812	4.361
14. Deferred payment credits (excluding installments due within one year)	0.000	0.000	0.000
15. Term deposits (repayable after one year)	0.000	0.000	0.000
16. Other Term Liabilities	0.000	0.000	0.000
17. TOTAL TERM LIABILITIES (10+17)	23.387	13.812	4.361
18. TOTAL OUTSIDE LIABILITIES (10+17)	36.166	46.697	43.059
NET WORTH
19. Ordinary Share Capital	8.665	19.140	37.577
20. General Reserve	0.000	0.000	0.000
21. Revaluation Reserve	0.000	0.000	0.000
22. Other Reserve (Excluding provisions) inter-division	0.000	0.000	0.000
23. Surplus (+) or deficit (-) in Profit and Loss Account	0.000	0.000	0.000
23 a. Others
Difference of FDS	--	--	--
Deferred Tax Liability Account	--	--	--
24. NET WORTH	8.665	19.140	37.577
25. TOTAL LIABILITIES (18+24)	44.831	65.837	80.636
CURRENT ASSETS
26. Cash and bank balance	0.841	0.300	0.300
27. Investment (Other than long term investment)
i) Government and other trustee securities	--	--	--
ii) Fixed Deposits with banks	--	--	--
28 i) Receivables other than deferred and exports (including bills purchased and discounted by banks)	2.019	21.875	31.250
ii) Export receivables (including bills purchased and discounted by banks)	--	--	--
29. Installments of deferred receivables (due within one year)	--	--	--
30. Inventory	6.841	12.500	16.000
i) Raw Materials (including stores and other items used in the process of manufacture)	6.841	12.500	16.000
a) Imported	--	--	--
b) Indigenous	6.841	12.500	16.000
ii) Stocks- in Process	0.000	0.000	0.000
iii) Finished Goods	0.000	0.000	0.000
iv) Other consumables spares	0.000	0.000	0.000
a) Imported	--	--	--
b) Indigenous	--	--	--
31. Advances to suppliers of raw materials and stores/ spares	0.000	0.000	0.000
32. Advance payment of taxes	0.000	0.000	0.000
33. Other current assets (specify major items)	4.239	5.849	8.820
a. Income accrued on deposit	--	--	--
b. Other current assets	1.636	2.649	4.140
c. Tax deducted at source	2.603	3.200	4.680
d. Other (specify)	0.000	0.000	0.000
34. TOTAL CURRENT ASSETS (Total of 26 to 33)	13.940	40.524	56.370
FIXED ASSETS
35. Gross Block (Land and Building, Machinery, Work-in-progress)	44.551	44.551	48.551
36. Depreciation to date	13.667	19.245	24.292
37. NET BLOCK (35-36)	30.884	25.306	24.259
OTHER NON- CURRENT ASSETS
38. Investments/ book debts/ advances/ deposits which are not current assets	0.007	0.007	0.007
i) a) Investments in subsidiary companies/ affiliates	--	--	--
b) Others	0.000	0.000	0.000
ii) Advances to suppliers of capital goods and contractors	0.000	0.000	0.000
iii) Deferred receivables (maturity exceeding one year)	--	--	--
iv) Others	0.007	0.007	0.007
a. Security Deposit	0.007	0.007	0.007
b. Others (Cheques in hand)	--	--	--
39. Non-consumable stores and spares	--	--	--
40. Other non-current assets	--	--	--
41. TOTAL OTHER NON-CURRENT ASSETS (Total of 38 to 40)	0.007	0.007	0.007
42. Intangible assets (patents, goodwill, preliminary expenses, bad/ doubtful debts not provided for etc.)	0.000	0.000	0.000
43. TOTAL ASSETS (Total of 34, 37, 41, 42)	44.831	65.837	80.636
44. TANGIBLE NET WORTH	8.665	19.140	37.577
45. NET working Capital ((17+24) – (37+41+42)) to tally with (34-10)	1.161	7.639	17.672
46. Current Ratio (Item 34/ 10)	1.09	1.23	1.46
47. Total Outside Liabilities/ Tangible Net Worth (18/44)	4.17	2.44	1.15
48. Total Term Liabilities/ Tangible Net Worth (17/44)	2.70	0.72	0.12
ADDITIONAL INFORMATION
a) Arrears of depreciation	NA	NA	NA
b) Contingent liabilities	NA	NA	NA
i) Arrears of cumulative dividends	NA	NA	NA
ii) Gratuity liability not provided for	NA	NA	NA
iii) Disputed excise/ customs / tax/ liabilities	NA	NA	NA
iv) Other liabilities not provided for	NA	NA	NA

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

(Rs. in Millions)

Particulars	31.03.2011 (Provisional)	31.03.2012 (Projected)	31.03.2013 (Projected)
A. CURRENT ASSETS
1) Raw Materials (Including stores and other items used process of manufacture)
a) Imported	0.000	0.000	0.000
(Months’ Consumption)	--	--	--
b) Indigenous	6.841	12.500	16.000
(Months’ Consumption)	0.81	0.47	0.42
2. Other consumables Spares, Excluding those included in 1 above
a) Imported	0.000	0.000	0.000
(Months’ Consumption)	--	--	--
b) Indigenous	0.000	0.000	0.000
(Months’ Consumption)	--	--	--
3. Stocks- in process	0.000	0.000	0.000
(Months’ Cost of Production)	--	--	--
4. Finished Goods	0.000	0.000	0.000
(Months’ Cost of Sales)	--	--	--
5. Receivables other than exports and deferred receivables (including bills purchased and discounted by bankers)	2.019	21.875	31.250
Months’ domestic sales excluding deferred payment sales	0.20	0.75	0.75
6. Export receivables (Including bills purchased and discount)	0.000	0.000	0.000
Months’ export sales	--	--	--
7. Advances to suppliers of raw materials and stores/ spares, consumables	0.000	0.000	0.000
8. Other current assets including cash and bank balances and deferred receivables due within one year (Specify major items)	5.080	6.149	9.120
Cash and Bank balance	0.841	0.300	0.300
Investments (Other than long term)
i. Government and other trustee securities	0.000	0.000	0.000
ii. Fixed Deposits with Banks	0.000	0.000	0.000
Installments of deferred receivables (Due within 1 year)
Advance payment of taxes	0.000	0.000	0.000
Other Current Assets	0.000	0.000	0.000
	4.239	5.849	8.820
9. TOTAL CURRENT ASSETS (To agree wit item 34 in form III)	13.940	40.524	56.370
B. CURRENT LIABILITIES
(Other than bank borrowings for working capital)
10. Creditors for purchase of raw materials, stores and consumables spares	3.029	5.500	5.500
Months’ purchase	0.34	0.20	0.14
11. Advance from Customers	0.000	0.000	0.000
12. Statutory Liabilities	0.000	0.000	0.000
13. Other Current Liabilities (Specify Major Items)	7.029	12.385	18.198
Short term borrowings	0.000	0.000	0.000
Unsecured Loans	1.429	4.243	7.083
Dividend Payable	0.000	0.000	0.000
Deposit/ installment of term loans/ DPGs / debentures etc (due within 1 year)	0.000	0.000	0.000
Other Current liabilities and provision (Due within 1 year)	5.600	8.142	11.115
14. Total	10.058	17.885	23.698

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

(Rs. in Millions)

Particulars	31.03.2011 Current Year Estimates	31.03.2012 Projected	31.03.2013 Projected	31.03.2014 Projected	31.03.2015 Projected	31.03.2016 Projected
1. Total Current Assets	13.940	40.524	56.370	0.000	0.000	0.000
2. Other Current Liabilities (Other than bank borrowings)	10.058	17.885	23.698	0.000	0.000	0.000
3. Working Capital Gap (WCG) (1-2)	3.882	22.639	32.672	0.000	0.000	0.000
4. Minimum stipulated net working capital i.e. 25% of WCG/ 25% of total Current assets as the case may be depending upon the method lending being applied (Export Receivables to be excluded under both methods)	0.971	5.660	8.168	0.000	0.000	0.000
5. Actual/ projected net working Capital	1.161	7.639	17.672	0.000	0.000	0.000
6. Item 3 minus Item 4	2.912	16.979	24.504	0.000	0.000	0.000
7. Item 3 minus Item 5	2.721	15.000	15.000	0.000	0.000	0.000
8. Maximum Permissible Bank Finance (Item 6 or 7 whichever is lower)	2.721	15.000	15.000	0.000	0.000	0.000
9. Excess borrowings representing shortfall in NWC (4-5)	2.721	15.000	15.000	0.000	0.000	0.000

FUNDS FLOW STATEMENT

(Rs. in Millions)

Particulars	31.03.2011 (Provisional)	31.03.2012 (Projected)	31.03.2013 (Projected)
1. SOURCES
a) Net Profit (after tax)	3.197	9.491	15.843
b) Depreciation	5.635	5.578	5.047
c) Increase in Capital	5.306	10.475	18.437
d) Increase in Term Liabilities (Including Public deposits)	13.095	--	--
e) Decrease in
i. Fixed Assets	--	--	--
ii. Other non –current assets	--	--	--
f) Others (Preliminary and Preoperative Expenses)	0.000	0.000	0.000
g) TOTAL	27.233	25.544	39.327
2. USES
a) Net Loss	--	--	--
b) Decrease in Term Liabilities (including Public Deposits)	--	9.575	9.451
c) Increase in Fixed assets	26.695	0.000	4.000
ii) Other non-current assets	0.000	0.000	0.000
d) Dividend payments	0.000	0.000	0.000
e) Others (Preliminary and Preoperative Expenses)	3.197	9.491	15.843
f) TOTAL	29.892	19.066	29.294
3. Long Term Surplus (+)/ Deficit (1-2)	[2.659]	6.478	10.033
4. Increase/ Decrease in Current Assets (as per details given below)	5.969	26.584	15.846
5. Increase/ decrease in current liabilities other than bank borrowings	9.688	7.827	5.813
6. Increase / decrease in working capital gap	[3.719]	18.757	10.033
7. Net Surplus (+)/ Deficit (-) (Difference of 3 and 6)	1.060	[12.279]	0.000
8. Increase/ Decrease in bank borrowings	[1.060]	12.279	0.000
INCREASE / DECREASE IN NET SALES	83.588	230.733	150.000
* Breakup of item 4
i. Increase / decrease in Raw Materials	6.841	5.659	3.500
ii. Increase/ decrease in Stocks- in-process	0.000	0.000	0.000
iii. Increase/ decrease in finished goods	0.000	0.000	0.000
iv. Increase/ decrease in receivables
a) Domestic	[4.475]	19.856	9.375
b) Export	0.000	0.000	0.000
v. Increase/ Decrease in stores and spares	0.000	0.000	0.000
vi. Increase/ decrease in other current assets	3.603	1.069	2.971
Total	5.969	26.584	15.846

ASSESSED BANK FINANCE

(Rs. in Millions)

Particulars	31.03.2011 (Provisional)	31.03.2012 (Projected)	31.03.2013 (Projected)
Total Current Assets	13.940	40.524	56.370
Current Liabilities (Other than bank borrowings)	10.058	17.885	23.698
Working Capital Gap	3.882	22.639	32.672
Net Working Capital I(Act/ Projected)	1.161	7.639	17.672
Assessed Bank Finance (ABF)	2.721	15.000	15.000
NWC/ TCA (%)	8%	19%	31%
Bank Finance to TCA (%)	20%	37%	27%
Other CL/TCA (%)	72%	44%	42%
Sundry Creditors / TCA (%)	22%	14%	10%
Investment/ NS (Days)	20.94	13.04	11.68
Received/ Gross Sales (Days)	6.18	22.81	22.81
Sundry Creditors/ Purchase (Days)	10.52	6.10	4.25

PERFORMANCE AND FINANCIAL INDICATORS

(Rs. in Millions)

Particulars	31.03.2011 (Provisional)	31.03.2012 (Projected)	31.03.2013 (Projected)
Net Sales	119.267	350.000	500.000
Operating Profit	4.626	13.734	22.926
Net other Income	0.000	0.000	0.000
Profit Before Tax	4.626	13.734	22.926
PBT/ NS (%)	3.88%	3.92%	4.59%
Profit After Tax (Including Deferred Tax)	3.197	9.491	15.843
Cash Accruals	8.832	15.069	20.890
Paid up Capital	8.665	19.140	37.577
Tangible Net Worth	8.665	19.140	37.577
TNW (Excluding Investment/ Loans)	8.665	19.140	37.577
TOL/ TNW	4.17	2.44	1.15
Total Term Liability/ TNW	2.70	0.72	0.12
Current Ratio	1.09	1.23	1.46
Total Tangible Assets (TTA)	44.831	65.837	80.636
EFFICIENCY RATIOS:
Net Sales/ TTA (Times)	2.66	5.32	6.20
PBT/ TTA (%)	10.32%	20.86%	28.43%
Operating Const/ NS (%)	96.12%	96.08%	95.41%
Bank Finance / Current Assets (%)	19.52%	37.02%	26.61%
Investment +, Rec/ NS (Days)	27.11	35.85	34.49

CHECK

(Rs. in Millions)

Particulars	2011	2012	2013	2014	2015	2016
1. Closing Stock in Process of operating statement tallied with that of Balance sheet	YES	YES	YES	YES	YES	YES
2. Closing Stock of F.G. of operating Statement tallied with that of Balance sheet	YES	YES	YES	YES	YES	YES
3. Net Profit	3.197	9.491	15.843	0.000	0.000	0.000
4. Depreciation Reported in operating statement tallied with that of Balance Sheet	YES	YES	YES	YES	YES	YES
5. Balance sheet assets is equal to liabilities	YES	YES	YES	YES	YES	YES
a. Total Assets	44.831	65.837	80.636	0.000	0.000	0.000
b. Total Liabilities	44.831	65.837	80.636	0.000	0.000	0.000
c. Differences	--	--	--	--	--	--

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Trade References:

· Tata Steel Limited, Gajapati Nagar- 1^st Lane (Extension), Berhampur,

Contact Person: 91-9437046846 (Mr. Shasanka Sekhar Routray)

· Jayshree Chemicals Limited, Ganjam

Contact Person: 91-9437054336 (Mr. S.S. Kalia)

· Benambra Patro (Supplier of metal chips, foils etc.)

Contact No.: 91-9937755903

Fixed Assets:

· Commercial Vehicles

· Excavator

· Tippers

· Backhoe Loader

· Soil Compactor

· Tata Hitachi

· Tractor

· Motor Car

· Motor Cycle

· G.P.S. Equipments

· Machinery and Equipments

· Furniture and Fixture

· Computers

· Air Conditioner

· Office Equipments

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.44.93
UK Pound	1	Rs.72.43
Euro	1	Rs.63.62

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.