MIRA INFORM REPORT

Report Date :

19.09.2011

IDENTIFICATION DETAILS

Name :	JAGDISH CONSTRUCATION LIMITED (w.e.f. 08.07.1999)
Formerly Known As :	JAGDISH CONSTRUCATION PRIVATE LIMITED
Registered Office :	8, Shastri Nagar, Neemuch – 458441, Madhya Pradesh
Country :	India
Financials (as on) :	30.09.2010
Date of Incorporation :	20.09.1990
Com. Reg. No.:	10.005700
Capital Investment / Paid-up Capital :	Rs. 20.000 Millions
CIN No.: [Company Identification No.]	U45202MP1990PLC005700
TAN No.: [Tax Deduction & Collection Account No.]	BPLJ00917A
Legal Form :	A Closely Held Public Limited Liability Company.
Line of Business :	Manufacturer of Cement and Constructer of road
No. of Employees :	60 – Approximately (In Office + Site )

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 220000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payment are reported to be usually correct ands as per commitments. The Company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – June 30, 2010

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

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

INFORMATION PARTED BY

Name :	Mr. Mittel
Designation :	Manager
Contact No.:	91-6425106800
Date :	10.09.2011

LOCATIONS

Registered Office :	8, Shastri Nagar, Neemuch – 458441, Madhya Pradesh, India
Tel. No.:	91-7423-222827/231127/222847
Mobile No.:	91-9425106800 (Mr. Mittel) 91-9981109697 (Mr. Amitkumar Singhania)
Fax No.:	91-7423-257052
E-Mail :	Jcl_singhania@rediffmail.com

DIRECTORS

As on 30.09.2010

Name :

Mr. Amitkumar Singhania

Designation :

Director

Address :

8, Shastr Nagar, Neemuch-458441, Madhya Pradesh, India

Date of Birth/Age :

27.07.1978

Date of Appointment :

15.12.1997

DIN No.:

00011725

Other Directorship :

No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U45202MP1990PLC005700	JAGDISH CONSTRUCTIONS LIMITED	Director	05/12/1997	05/12/1997	-	Active	NO

Name :

Mr. Sumit Singhania

Designation :

Director

Address :

8, Shastr Nagar, Neemuch-458441, Madhya Pradesh, India

Date of Birth/Age :

04.12.1982

Date of Appointment :

27.01.2009

DIN No.:

02273405

Other Directorship :

No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U45202MP1990PLC005700	JAGDISH CONSTRUCTIONS LIMITED	Director	30/09/2009	27/01/2009	-	Active	NO

Name :

Mr. Shashi Prabha Singhania

Designation :

Director

Address :

8, Shastr Nagar, Neemuch-458441, Madhya Pradesh, India

Date of Birth/Age :

04.12.1962

Date of Appointment :

15.01.2009

DIN No.:

00012753

Other Directorship :

No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U45202MP1990PLC005700	JAGDISH CONSTRUCTIONS LIMITED	Director	30/09/2009	15/01/2009	-	Active	NO

Name :

Mr. Jagdish Prasad Singhania

Designation :

Director

Address :

8, Shastr Nagar, Neemuch-458441, Madhya Pradesh, India

Date of Birth/Age :

07.09.1972

Date of Appointment :

28.02.2004

DIN No.:

02528042

Other Directorship :

No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U45202MP1990PLC005700	JAGDISH CONSTRUCTIONS LIMITED	Director	28/02/2004	28/02/2004	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mittel
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Bhagwan Prasad Singhania	3710
Shankarlal Singhania	100
Amit Singhania	1000
Shashiprabha Singhania	1000
Giniadevi Singhania	100
G.P. Singhania	300
Rajkumari Singhania	100
L.P. Singhania	300
Kusumlata Singaania	100
Jagdish Prasad Singhania	435
Vinay Kumar Singhania	1000
Chandrakaladevi Agarwal	1000
Ushadevi Singhania	1475
Bhopal Singh Rajput	2000
Harishchandra Agarwal	500
Bhagwatidevi Agarwal	750
Govind Prasad Agarwal	1050
Anitadevi Agarwal	500
Dilip Agarwal	900
Sanjay Agarwal	1100
Ajay Kumar Agarwal	1150
Laxmilal Choudhary	2000
Anil Kumar Choudhary	1000
Sushil Kumar Choudhary	1000
Vijay Kumar Choudhary	1000
Omprakash Sultania	2000
Jayshree Sultania	1750
Dilipkumar Chatterjee	1300
S.K.Jha	1400
Bhudisingh Yadav	1250
Chandrika Prasad	1000
R. Chandra	1000
Gangamadhav Sharan Gupta	4610
Y.C.Gupta	6200
Santosh Gupta	6370
Manojkumar Dethain	1350
Someshwar Sharma	1200
Jaykumar Singhvi	750
Sitaram Sultania	500
Tulsidevi Sultania	500
Alokkumar Sultania	250
Jagdish Trading Compnay	94000
A.K Roadways	16000
S.G.SInghania	7000
Arjun Singh	1000
Gowardhan Singh	1000
Prahlad Singh	1000
Lal Singh	1000
Kishan Singh	1000
Kishan Singh	1000
Bhagwat Singh	1000
Sohanlal Prajapat	1000
Bajrang Singh	1000
Shyam Singh	1000
Devi Singh	1000
Shnkar Shekhawat	1000
Prem Shnakar Pandya	1000
Nathu Singh Rethore	1000
Samundar Jamal	1000
Gisaram Meghwal	1000
Umaram Choudhary	1000
Lumbaram Meghwal	1000
Lal Singh Sisodiya	1000
Ghewarlal Prajapat	1000
Pabu Singh	1000
Venaram Choudhary	1000
Madhudas	1000
Fefaram	1000
Bhundaram Salwi	1000
Ganesh Bhambhi	1000
Sohanlal Sharma	1000
Retan Singh	1000
TOTAL	200000

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	68
Other top fifty shareholders	32
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Cement and Constructer of road
Products :	Building and Road Construction Work Over Burden Removal Work Loading and Uploading of Cement – Rock Phosphate Transportation of fly Ash – Coal Mining of Lime Stone – Bauxite Construction Raw Material
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Cement	--	18250.00 Mtr	18250.00 Mtr	--

GENERAL INFORMATION

No. of Employees :

60 – Approximately (In Office + Site )

Bankers :

• State Bank Of Bikaner and Jaipur

Neemuch Branch , Neemuch-458441, Madhya Pradesh, India

• Indusind Bank Limited

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Hire Finance From Indusind Bank Lrd. Ratlam From Megma Sarachi Finance Ltd Korba From Shriram Transport Finance Company limited Neemuch Loan Against FDR’s Total		2.386 2.484 0.406 0.000 5.276
Cash Credit Facility State Bank of Bikaner and Jaipur, Neemuch(secured by hypothecation of stock in trade of Road Division and equitable Mortagage of land belonging to guarrntor)		2.018
Term Loan State Bank of Bikaner and Jaipur, Neemuch	NA	5.282
Total	NA	12.576
UnSecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
From Director	Na	4.695
Total	Na	4.695

Banking Relations :
Financial Institution :	Srei Equipment Finance Private Limited Vishwakarma, 86C, Topsia Road, Kolkata – 700048, West Bangal, India Shriram Transport Finance Ltd Megma Sarachi Finance Ltd
Auditors :
Name :	N. Patidar Chartered Accountant
Address :	9, Katju Market, Tagore Marg, Neemuch – 458441, Madhya Pradesh, India
PAN.:	AARPP5601M
Sister Concern:	Jagdish Trading Company

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs. 20.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

Particulars	As on 31.03.2011 (Rs. in Millions
Sales Turnover	350.000

. Expected Sales (2011-2012) : Rs. 400.000 Millions above information is parted by Mr.Mittel

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		20.000	20.000	20.000
2] Share Application Money		2.148	2.148	2.148
3] Reserves & Surplus		33.795	29.554	22.412
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		55.943	51.702	44.560
LOAN FUNDS
1] Secured Loans		19.490	12.576	17.316
2] Unsecured Loans		0.337	4.695	1.653
TOTAL BORROWING		19.827	17.273	18.969
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		75.770	68.973	63.529
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.583	23.949	25.887
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	28.761	30.041	13.355
	Sundry Debtors	39.234	37.445	19.719
	Cash & Bank Balances	7.731	31.762	63.490
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	98.692	94.882	70.141
Total Current Assets		174.418	194.130	166.705
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	129.231	149.106	129.063
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		129.231	149.061	129.063
Net Current Assets		45.187	45.024	37.642
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		75.770	68.973	63.529

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	305.216	436.279	521.374
		Other Income	0.999	1.678	3.028
		Increase or Decrease in stock	(2.828)	18.661	3.912
		TOTAL	303.387	456.618	528.314
Less	EXPENSES
		Material Consumed	4.155	1.542	1.097
		Power and Fuel charges	2.395	1.319	1.147
		Direct Expenses	188.860	346.255	350.614
		Payment to Employees	87.329	84.057	153.203
		Other Operating Expenses	4.222	3.617	3.363
		Interest	1.595	1.510	1.477
		TOTAL	288.556	438.300	510.901
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		14.831	18.318	17.413
Less/ Add	DEPRECIATION/ AMORTISATION		7.604	8.178	5.021
	PROFIT BEFORE TAX		7.227	10.140	12.392
Less	TAX		(2.987)	(2.997)	(4.807)
	PROFIT AFTER TAX		4.240	7.143	7.585
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		29.554	22.411	14.827
	BALANCE CARRIED TO THE B/S		33.794	29.554	22.412
	Earnings Per Share (Rs.)		21.2	35.72	37.93

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.40	1.56	1.44
Net Profit Margin (PBT/Sales)	(%)	2.37	2.22	2.35
Return on Total Assets (PBT/Total Assets}	(%)	3.53	4.65	6.43
Return on Investment (ROI) (PBT/Networth)		0.13	0.20	0.28
Debt Equity Ratio (Total Liability/Networth)		2.66	3.22	3.32
Current Ratio (Current Asset/Current Liability)		1.35	1.30	1.29

LOCAL AGENCY FURTHER INFORMATION

TRADE REFERENCES :

• Vikram Cement
• Aditya Cement

FORM 8 :

Corporate identity number of the company	U45202MP1990PLC005700
Name of the company	JAGDISH CONSTRUCATIONS LIMITED
Address of the registered office or of the principal place of business in India of the company	8,Shastri Nagar, Neemuch – 458441, Madhya Pradesh, India jcl_singhania@rediffmail.com
This form is for	Creation of Charge
Type of charge	Movable Property (not being pledge)
Particular of charge holder	SREI Equipment Finance Private Limited “VISHWAKARMA”, 86c, Topsia Road, Kolkata – 700046, West Bangal, India Sanjay_chaurasia@resi.com
Nature of instrument creating charge	Deed of Hypothecation.(LBH578)
Date of instrument Creating the charge	15.07.2011
Amount secured by the charge	Rs. 1.000 Million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Intrest: 14.47% per annum Terms of Repayment : Amount repayable in 35 no. monthly installments of Rs.0.035 Million Each Margin : Rs. 0.326 Million Extent and operation of the charge : As per deed of Hypothecation.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1no. Rock Breaker. ( WITHIN INDIA)

FIXED ASSETS :

• Land at Banswara
• Building at Banaswara
• Furniture
• Office Equipment
• Plant and Machinery
• Car
• Two Wheelers
• Electric Instalation
• Lab Equipment
• Pay Loader
• Trolly
• Tippers
• HY Excavator
• Wagon Drilling Comp.450
• Dozzer
• D.G.Set
• Computer
• Mining Plant and Machinery
• Fly Ash Tankers
• Machinery (Road Work)
• Camp
• Tools Tackles
• Mobile Phone
• Digital Camera
• Crusher
• Bicyale

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.46.78
UK Pound	1	Rs.73.09
Euro	1	Rs.59.87

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.