MIRA INFORM REPORT

Report Date :

29.03.2011

IDENTIFICATION DETAILS

Name :	ROHAN BUILDERS (INDIA) PRIVATE LIMITED (w.e.f. 03.01.2000)
Formerly Known As :	ROHAN BUILDERS (PUNE) PRIVATE LIMITED
Registered Office :	The Reverie, 805, Bhandarkar Institute Road, Pune – 411 004, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	15.04.1994
Com. Reg. No.:	11-077758
CIN No.: [Company Identification No.]	U45201PN1994PTC077758
TAN No.: [Tax Deduction & Collection Account No.]	PNER06119B
PAN No.: [Permanent Account No.]	AAACR8220N
Legal Form :	Private Limited Liability Company
Line of Business :	Construction Contractors

RATING & COMMENTS

MIRA’s Rating :

A (58)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 3523000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – 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. Deven
Designation :	Accounts Department
Date :	28.03.2011

LOCATIONS

Registered Office :	The Reverie, 805, Bhandarkar Institute Road, Pune – 411 004, Maharashtra, India
Tel. No.:	91-20-41405140/ 25659936
Fax No.:	91-20-25659939
E-Mail :	rohanpn@rohanbuilders.com
Website :	www.rohanbuilders.com
Area :	3000 sq ft
Location :	Rented
Branch Office 1 :	Pradeep Chambers, 813, Bhandarkar Institute Road, Pune – 411 004, Maharashtra, India
Tel. No.:	91-20-41404140
Fax No.	91-20-41404150
E-Mail :	housing@rohanbuilders.com
Area :	3000 sq ft
Location :	Rented
Branch Office 2 :	1201, First Floor, Divya Shakti, 100ft Road, Indiranagar, Bangalore – 560 038, Karnataka, India
Tel. No.:	91-80-25203520/21/22
Fax No.:	91-80-25203523
E-Mail :	rohanbgl@rohanbuilders.com
Area :	1500 sq ft
Location :	Rented

DIRECTORS

As on 27.09.2010

Name :	Mr. Suhas Khushalchand Lunkad
Designation :	Managing Director
Address :	FL-1002, B-Building 1, Modi Baug, Ganeshkhind Road, Pune – 411 016, Maharashtra, India
Date of Birth/Age :	05.03.1957
Qualification :	BE (Civil)
Experience :	30 Years
Date of Appointment :	15.04.1994
DIN No.:	00469822
Name :	Mr. Milind Khushalchand Lunkad
Designation :	Director
Address :	Flat 1, Cozy Retreat Sindh Co-Operative Housing Society, Aundh, Pune – 411 007, Maharashtra, India
Date of Birth/Age :	07.02.1965
Qualification :	BE (Civil)
Experience :	22 Years
Date of Appointment :	15.04.1994
DIN No.:	00470372
Name :	Mr. Vinay Pannalal Shrishrimal
Designation :	Director
Address :	D-5, Lalbag Society, Market Yard Road, Gultekdi, Pune – 411 037, Maharashtra, India
Date of Birth/Age :	02.03.1967
Qualification :	B.Com
Experience :	19 Years
Date of Appointment :	01.04.1997
DIN No.:	00562375
Name :	Mr. Sanjay Khushalchand Lunkad
Designation :	Director
Address :	Plot No.8 and 9, S.No.54/1, Cozy Retreat Sindh Co-Operative Housing Society, Aundh, Pune – 411 007, Maharashtra, India
Date of Birth/Age :	01.06.1961
Qualification :	B. Sc
Experience :	26 Years
Date of Appointment :	01.04.1997
DIN No.:	00470139
Name :	Mr. Bharat Suwalal Desadla
Designation :	Director
Address :	Flat No.2, Aneya Apartments, Bhonde Colony, Erandwane, Pune – 411 004, Maharashtra, India
Date of Birth/Age :	01.06.1960
Qualification :	B.Com
Experience :	26 Years
Date of Appointment :	01.09.1997
DIN No.:	00470305
Name :	Mr. Deepak Kachardas Bhatewara
Designation :	Director
Address :	6, Shivshankar Apartments, Shivtirtha Nagar, Kothrud, Pune – 411 038, Maharashtra, India
Date of Birth/Age :	01.06.1955
Qualification :	B.Com
Experience :	30 Years
Date of Appointment :	01.09.1997
DIN No.:	00470229
Name :	Mr. Anil Vasant Indapurkar
Designation :	Director
Address :	Plot No.9, Madhusanchay Society, Karve Road, Pune – 411 052, Maharashtra, India
Date of Birth/Age :	23.02.1956
Date of Appointment :	01.05.1998
DIN No.:	00562492

KEY EXECUTIVES

Name :	Mr. Deven
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2010

Names of Shareholders	No. of Shares
Suhas Khushalchand Lunkad	540000
Milind Khushalchand Lunkad	40000
Sanjay Khushalchand Lunkad	40000
Sushma Lunkad	20000
Ranjanan Lunkad	60000
Veerbala Lunkad	20000
Sushila Lunkad	20000
Vinay Pannalal Shrishrimal	20000
Bharat Suwalal Desadla	20000
Deepak Kachardas Bhatewara	20000
Total	800000

As on 27.09.2010

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

BUSINESS DETAILS

Line of Business :	Construction Contractors
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Corporates

No. of Employees :

1200 (In Office – 1000, In Branches – 200) (Approximately)

Bankers :

• State Bank of India, Industrial Finance Branch, Wakdewadi, Pune – 411 003, Maharashtra, India
• Axis Bank
• Saraswat Bank
• ICICI Bank Limited, Land Mark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Cash Credit with State Bank of India	116.626	81.336
Cash Credit with ICICI Bank	69.731	66.454
Term Loan with Axis Bank	3.487	44.971
Term Loan with State Bank of India	61.205	77.478
Term Loan with Saraswat Bank	96.397	126.410
Loan against Vehicle and Machinery (Secured against hypothecation of vehicles and machinery)	9.987	19.823
Total	357.433	416.472

Note:

Secured against hypothecation of stock, book debts and plant and machineries further secured by mortgage of immovable property owned by the group company and personal guarantee of directors and corporate guarantee of group company.

Banking Relations :	--
Auditors :
Name :	Shah Khandelwal Jain and Associates Chartered Accountants
Address :	Level 3, Business Bay, Plot No.84, Wellesley Road, Near RTO (Sangam Bridge), Pune – 411 001, Maharashtra, India
Joint Ventures :	Rohan and Rajdeep Infrastructure Rohan Builders Rohan Projects Rohan Rajdeep Warora ROB Infrastructure Rohan Rajdeep Kalol Byepass Infrastructure
Associates :	· Rohan Rajdeep Rajasthan Infra Projects Limited CIN No.: U45200PN2009PLC134989 · Rohan Builders and Developers Private Limited · Rohan and Rajdeep Infrastructure Private Limited · Rohan and Rajdeep Tollways Limited · Rohan Housing Private Limited · Rohan Agrotech · Rohan Rajdeep Toll Roads Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
800000	Equity Shares	Rs.10/- each	Rs.8.000 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		8.000	8.000	8.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		872.769	710.922	578.648
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		880.769	718.922	586.648
LOAN FUNDS
1] Secured Loans		357.433	416.472	439.499
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		357.433	416.472	439.499
DEFERRED TAX LIABILITIES		29.819	0.000	0.000
TOTAL		1268.021	1135.394	1026.147
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		190.653	183.220	196.769
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		563.489	688.478	722.056
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	132.646	60.890	23.000
	Sundry Debtors	533.582	382.712	134.297
	Cash & Bank Balances	198.217	95.261	100.237
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	593.104	630.492	468.707
Total Current Assets		1457.549	1169.355	726.241
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	154.335	259.360	98.481
	Other Current Liabilities	496.677	461.887	393.750
	Provisions	292.658	184.412	126.688
Total Current Liabilities		943.670	905.659	618.919
Net Current Assets		513.879	263.696	107.322
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1268.021	1135.394	1026.147

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Contract Income	3483.470	2241.473	1362.403
		Other Income
		TOTAL	3483.470	2241.473	1362.403
Less	EXPENSES
		Office Expenses	3183.565	2033.715	1147.144
		Administrative Expenses
		Advertising Expenses
		TOTAL	3183.565	2033.715	1147.144
	PROFIT BEFORE TAX		299.905	207.758	215.259
Less	TAX		99.801	73.613	53.754
	PROFIT AFTER TAX		200.104	134.145	161.505
Less	APPROPRIATIONS
		Transfer to General Reserve	25.000	25.000	25.000
		Dividend during the year and Dividend Tax	4.664	1.872	1.872
	BALANCE CARRIED TO THE B/S		170.440	107.273	134.633
	IMPORTS
		Traveling Expenses	0.000	0.277	0.275
	TOTAL IMPORTS		0.000	0.277	0.275
	Earnings Per Share (Rs.)		250.13	167.68	201.88

Expected Sales (2010-2011): Rs.5000.000 millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.74	5.98	11.85
Return on Total Assets (PBT/Total Assets}	(%)	18.20	15.36	23.32
Return on Investment (ROI) (PBT/Networth)		0.34	0.29	0.37
Debt Equity Ratio (Total Liability/Networth)		1.48	1.84	1.80
Current Ratio (Current Asset/Current Liability)		1.54	1.29	1.17

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	154.335	259.360	98.481

REVIEW OF OPERATIONS:

The company has achieved the Gross turnover of INR 3483.470 millions during the year, which is increased by 55% from previous year’s turnover of INR 2241.473 millions. The profit before provision of tax was INR 299.905 millions, which is also increased by 44%. During the year, the company has successfully executed the Phase II for Ashok Leyland at Pantnagar and Mahindra and Mahindra Automotive at Pune respectively. With these achievements the company has confidently stepped up in large projects segment and opportunities. During the year the company has bagged 4 work order of Rs.3600.000 millions from Hindalco Industries Limited and several order projects from various clients.

FORM 8:

Corporate identity number of the company	U45201PN1994PTC077758
Name of the company	ROHAN BUILDERS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	The Reverie, 805, Bhandarkar Institute Road, Pune – 411 004, Maharashtra, India E-Mail: rohanpn@rohanbuilders.com
This form is for	Creation of charge
Type of charge	Movable Property
Particular of charge holder	CIN No.: L65190GJ1994PLC021012 ICICI Bank Limited, Land Mark Race Cource Circle, Alkapuri, Baroda – 390 015, Gujarat, India E-Mail: shanthi.venkatesan@icicibank.com
Nature of description of the instrument creating or modifying the charge	Unattested deed of hypothecation
Date of instrument Creating the charge	11/01/2011
Amount secured by the charge	Rs.4.984 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As notified by the bank from time to time Terms of Repayment: As stipulated by the bank Margin: As per norms of the bank Extent and Operation of the charge: First Charge on assets hypothecated in favour of bank
Short particulars of the property charged	Hypothecation of DG Set 82.5 UVA 66 KW, DG Set 125 UVA 100 KW and Two Concrete Pump along with its Parts, Accessories, Spares.

TRADE REFERENCES:

· Mahindra and Mahindra

· Hindustan Unilever

CONTINGENT LIABILITIES NOT PROVIDED FOR IN FINAL ACCOUNTS AS ON MARCH 31, 2010

a) Bank Guarantee issued on behalf of company INR 630.500 millions and corporate guarantee issued to the group companies INR 5282.000 millions.

b) Claims not acknowledged by the company INR 6.475 millions

c) Income Tax demand disputed by the Income Tax Department in High Court INR 4.784 millions against which Nil paid and Income Tax demand disputed by the company in appeal Rs.0.639 million against which Rs.0.639 million shown under loans and advances (to the extent information available with the company).

d) Joint and several liability in respect of Joint venture projects and liquidated damages in respect of delay in completion of projects – amount not ascertainable.

e) Estimated amount of contract remaining to be executed on Capital Account and not provided for INR 10.000 millions.

FIXED ASSETS:

· Machinery

· Furniture

· Centering Materials

· Vehicles

· Office Equipments

· Computers

· Laboratory Equipments

· Leasehold Land

· Wind Mill

· UPS and Batteries

· WIP – Office Building

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.44.78
UK Pound	1	Rs.71.64
Euro	1	Rs.62.96

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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		58

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.