MIRA INFORM REPORT

Report Date :

20.09.2011

IDENTIFICATION DETAILS

Name :	LEIGHTON WELSPUN CONTRACTORS PRIVATE LIMITED (w.e.f. 29.04.2011)
Formerly Known As :	LEIGHTON CONTRACTORS (INDIA) PRIVATE LIMITED
Registered Office :	302-303, Windsor Building, 3^rd Floor, CST Road, Vidyanagari Marg, Kalina, Santacruz (East), Mumbai - 400 098, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	20.11.1998
Com. Reg. No.:	11-117187
Capital Investment / Paid-up Capital :	Rs.1418.763 Millions
CIN No.: [Company Identification No.]	U99999MH1998FTC117187
TAN No.: [Tax Deduction & Collection Account No.]	MUML03930D
PAN No.: [Permanent Account No.]	AAACL3338D
Legal Form :	Private Limited Liability Company
Line of Business :	Construction Activities
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 11000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company is doing well. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

INFORMATION DECLINED BY

Name :	Mr. Sanjeev Singh
Designation :	Accounts Manager

LOCATIONS

Registered / Head Office :	302-303, Windsor Building 3^rd Floor, CST Road, Vidyanagari Marg, Kalina, Santacruz (East), Mumbai - 400 098, Maharashtra, India
Tel. No.:	91-22-67190000 / 26533589
Fax No.:	91-22-67190199 / 26523979
E-Mail :	richard.hemingway@leighton.co.in
Corporate Office :	3^rd Floor, Quadrant A, IL and FS Building, Bandra Kurla Complex, Mumbai – 400 051, Maharashtra, India
Tel. No.:	91-22-26533589 / 26533599
Fax No.:	91-22-26523979 / 27570324
E-Mail :	andrew.holborn@leighton.co.in
Head / Branch Office 1:	Radisson Commercial Plaza, Wing B 2/F, A.B. Hotels Private Limited, National Highway No. 8 Mahipalpur, New Delhi - 110 037, India
Tel. No.:	91-11-4608 8200
Fax No.:	91-11-2677 9427
E-Mail :	info@leightonint.com
Branch Office 2:	Block No. 1 Unit A and B, G/F Temple Steps, 184-185, Anna Salai, Saidapet Chennai - 600 015, Tamilnadu, India
Tel. No.:	91-44-43114101 – 07
Fax No.:	91-44-43114108
E-Mail :	info@leightonint.com
Engineering and Construction Division:	4/F Radisson Commercial Plaza, National Highway #8, Mahipalpur, New Delhi 110037, India
Tel. No.:	91-11-46088200
Fax No.:	91-11-26779427

DIRECTORS

As on 30.09.2010

Name :

Mr. Rusell John Waugh

Designation :

Director

Address :

133/7, Fountain Head, S V Road, Khar, Mumbai- 400 052, Maharashtra, India

Date of Birth/Age :

25.04.1966

Date of Appointment :

24.09.2008

Din No.:

00292257

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U99999MH1998FTC117187	LEIGHTON WELSPUN CONTRACTORS PRIVATE LIMITED	Managing director	01-04-10	01-07-06	Active	NO
2	U45203MH2007PTC171439	LEIGHTON INTERNATIONAL PROJECTS (INDIA) PRIVATE LIMITED	Director	03-06-10	12-07-07	Active	NO

Name :

Mr. James Douglas Michael Connolly

Designation :

Director

Address :

302-303, 3^rd Floor, Windsor Building, CST Road, Vidyanagari Marg, Kalina, Santacruz (East), Mumbai - 400 098, Maharashtra, India

Date of Birth/Age :

15.07.1967

Date of Appointment :

27.06.2005

Din No.:

01065105

Other Directorship:

S. 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	U99999MH1998FTC117187	LEIGHTON WELSPUN CONTRACTORS PRIVATE LIMITED	Director	27-06-05	27-06-05	04-09-10	Active	NO
2	U45203MH2007PTC171439	LEIGHTON INTERNATIONAL PROJECTS (INDIA) PRIVATE LIMITED	Director	30-09-08	15-10-07	29-10-10	Active	NO

Name :

Mr. David George Savage

Designation :

Director

Address :

302-303, 3^rd Floor, Windsor Building, CST Road, Vidyanagari Marg, Kalina, Santacruz (East), Mumbai - 400 098, Maharashtra, India

Date of Birth/Age :

28.04.1960

Date of Appointment :

27.06.2005

Din No.:

01065678

Other Directorship:

S. 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	U99999MH1998FTC117187	LEIGHTON WELSPUN CONTRACTORS PRIVATE LIMITED	Director	27-06-05	27-06-05	30-04-11	Active	NO
2	U45200DL2006PTC155677	LEIGHTON CONSTRUCTION (INDIA) PRIVATE LIMITED	Director	06-08-07	06-08-07	-	Active	NO
3	U45202DL2005PTC140384	ORIENTAL PATHWAYS (AGRA) PRIVATE LIMITED	Director	29-09-07	29-09-07	15-02-11	Active	NO
4	U45201DL2005PTC140388	ORIENTAL PATHWAYS (INDORE) PRIVATE LIMITED	Director	29-09-07	29-09-07	15-02-11	Active	NO
5	U45203MH2007PTC171439	Leighton International Projects (India) Private Limited	Director	30-09-08	15-10-07	11-07-11	Active	NO

Name :

Mr. Richard John Hemingway

Designation :

Director

Address :

302-303, 3^rd Floor, Windsor Building, CST Road, Vidyanagari Marg, Kalina, Santacruz (East), Mumabi - 400 098, Maharashtra, India

Date of Birth/Age :

19.11.1963

Date of Appointment :

17.01.2007

Din No.:

01196432

Other Directorship:

S. 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	U99999MH1998FTC117187	LEIGHTON WELSPUN CONTRACTORS PRIVATE LIMITED	Director	29-09-07	17-01-07	08-12-09	Active	NO
2	U45203MH2007PTC171439	LEIGHTON INTERNATIONAL PROJECTS (INDIA) PRIVATE LIMITED	Director	12-07-07	12-07-07	15-09-10	Active	NO
3	U45200DL2006PTC155677	LEIGHTON CONSTRUCTION (INDIA) PRIVATE LIMITED	Director	06-08-07	06-08-07	-	Active	NO

Name :

Mrs. Ashwani Kumar Sharma

Designation :

Secretary

Address :

C-12/387, Yamuna Vihar, Delhi – 110053, India

Date of Birth/Age :

01.04.1971

Date of Appointment :

01.09.2010

KEY EXECUTIVES

Name :	Mr. Sanjeev Singh
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Leighton International Limited Formerly Leighton Asia (Southern) Limited, Cayman Islands	141876310
Leighton Offshore Pte Limited Formerly Leighton Contractors (Singapore) Pte Limited, Singapore	1
Total	141876311

As on 30.09.2010

Names of Shareholders	No. of Equity Shares	No. of Preference Shares
Leighton International Limited	119012311	1000000
TOTAL	119012311	1000000

AS ON 30.09.2010

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Construction Activities
Terms :
Selling :	Credit ( 30 to 90 days )
Purchasing :	Credit ( 30 to 90 days )

GENERAL INFORMATION

Customers :	Corporate Customers
No. of Employees :	300 (Approximately)
Bankers :	Not Available

Banking Relations :	---
Auditors :
Name :	BSR and Associates Chartered Accountants
Address :	KPMG House, Kamala Mills Compaound, 448, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India
Tel. No.:	91-22-39896000
Mobile No.:	91-22-39836000
Holding Company :	Leighton International Limited (Formerly Known as Leighton Asia Southern Limited)

CAPITAL STRUCTURE

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
142500000	Equity Shares	Rs.10/- each	Rs.1425.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
141876311	Equity Shares	Rs.10/- each	Rs.1418.763 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		1418.763	710.613	63.413
2] Share Application Money		0.000	615.135	0.000
3] Reserves & Surplus		1349.415	66.790	0.000
4] (Accumulated Losses)		0.000	0.000	(95.104)
NETWORTH		2768.178	1392.538	(31.691)
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		2147.127	2064.128	1458.264
TOTAL BORROWING		2147.127	2064.128	1458.264
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4915.305	3456.666	1426.573
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		956.710	1381.834	1133.159
Capital work-in-progress		1.963	14.821	225.521
INVESTMENT		1378.408	154.500	14.500
DEFERREX TAX ASSETS		151.766	139.229	52.344
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	3849.040	4532.886	3370.058
	Cash & Bank Balances	833.966	186.120	32.132
	Other Current Assets	4017.302	5142.383	791.556
	Loans & Advances	1890.979	1698.989	916.588
Total Current Assets		10591.287	11560.378	5110.334
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors
	Other Current Liabilities	7959.491	9646.655	4995.895
	Provisions	205.338	147.441	113.390
Total Current Liabilities		8164.829	9794.096	5109.285
Net Current Assets		2426.458	1766.282	1.049
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4915.305	3456.666	1426.573

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Turnover	18270.825	13568.030	8198.244
		Other Income	350.883	267.199	295.138
		TOTAL (A)	18621.708	13835.229	8493.382
Less	EXPENSES
		Sales and Administrative Cost	16120.730	13132.967	8043.976
		Prior Period Adjustment	0.000	(80.858)	0.000
		TOTAL (B)	16120.730	13052.109	8043.976
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2500.978	783.120	449.406
Less	FINANCIAL EXPENSES (D)		347.759	188.499	95.917
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2153.219	594.621	353.489
Less/ Add	DEPRECIATION/ AMORTISATION (F)		262.010	296.898	226.473
	PROFIT BEFORE TAX (E-F) (G)		1891.209	297.723	127.016
Less	TAX (I)		608.585	135.829	60.295
	PROFIT AFTER TAX (G-I) (J)		1282.624	161.894	66.721
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		66.790	(95.104)	(161.825)
	BALANCE CARRIED TO THE B/S		1349.414	66.790	(95.104)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	3930.991	954.677
	TOTAL EARNINGS		NA	3930.991	4885.668
	IMPORTS
		Raw Materials	NA	620.115	0.000
		Capital Goods	NA	20.267	0.000
	TOTAL IMPORTS		NA	640.382	0.000
	Earnings Per Share (Rs.)		10.51	9.45	0.66

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	6.88	1.25	0.79
Net Profit Margin (PBT/Sales)	(%)	10.35	1.71	1.55
Return on Total Assets (PBT/Total Assets}	(%)	16.37	6.89	94.64
Return on Investment (ROI) (PBT/Networth)		0.68	0.16	(4.01)
Debt Equity Ratio (Total Liability/Networth)		3.72	8.52	(161.22)
Current Ratio (Current Asset/Current Liability)		1.29	1.18	1.00

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors: Not Available

Note:

Registered Office of the company has been shifted from Block No. 210, 2^nd Floor, Raheja Arcade, Sector-2, C.B.D. Belapur, Navi Mumbai, Thane 400614, Maharashtra to the present address with effect from 01.01.2005

BACKGROUND:

Subject was incorporated on 20 November 1998. The company is a subsidiary of Lighton International Limited (formerly Known as Leighton Asia (Southern) Limited) a company in the Cayman Islands.

The company is in the business of acquiring of offering technical know-how on a contractual basis for construction of commercial and industrial property, installation of plants equipment and provision of other related services.

OPERATIONS:

During the year , the company has achieved strong growth and continues to have good levels of work in hand as at balance sheet date. Opportunities in each of the operating division of building. Infrastructure and oil and gas remain strong. Results for the company for the financial year are in line with expectation.

FIXED ASSETS

v Plant and Machinery

v Furniture

v Office Equipments

v Computer

v Vehicles

v Leasehold Improvements

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.47.79
UK Pound	1	Rs.75.05
Euro	1	Rs.65.35

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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		45

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.