MIRA INFORM REPORT

Report Date :

27.09.2011

IDENTIFICATION DETAILS

Name :	DSC LIMITED
Formerly Known As :	D. S. CONSTRUCTION LIMITED
Registered Office :	E-9, 3^rd Floor, South Extension, Part – II, New Delhi – 110049
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	30.10.1978
Com. Reg. No.:	55-9287
Capital Investment / Paid-up Capital :	Rs.494.560 millions
CIN No.: [Company Identification No.]	U74899DL1978PLC009287
TAN No.: [Tax Deduction & Collection Account No.]	DELD00221E
PAN No.: [Permanent Account No.]	AAACD0003D
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Infrastructure Developer
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (66)

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 14000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an 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 regular and as per commitments. The company can be considered good for normal 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

LOCATIONS

Registered Office :	E-9, 3^rd Floor, South Extension, Part – II, New Delhi – 110049, India
Tel. No.:	91-11-46575343 / 40780900
Fax No.:	91-11-46575340 / 40780915
E-Mail :	secretarial@dsclimited.com rksaini48@gmail.com
Website :	http://www.dsclimited.com
Corporate Office :	Plot No. 602-A, Udyog Vihar, Phase V, Gurgaon – 122016, Haryana, India
Tel No.:	91-124-4970777/ 888
Fax No.:	91-124-4728234
Delhi/ NCR Office Network:
Site Office :	KM – 24 Milestones, N H – 8, Dundahera, Delhi Gurgaon Border, Gurgaon – 122016,
Tel. No.:	91-124-4728181/ 4728282/ 4728100
Fax No.:	91-124-2341854/ 2348103/ 4728234
Delhi – Gurgaon Super Connectivity Limited	KM – 24 Toll Plaza Building, N H – 8, Dundahera, Delhi Gurgaon Border, Gurgaon – 122016, Haryana, India
Tel. No.:	91 – 124 – 4787800
Fax No.:	91 – 124 – 2451803

DIRECTORS

(AS ON 30.09.2010)

Name :

Mr. Narinder Singh Narula

Designation :

Whole Time Director

Address :

3, Golf Links, New Delhi – 110003, Delhi, India

Date of Birth/Age :

01.10.1942

Date of Appointment :

31.10.1978

DIN No.:

00113749

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	U74899DL1978PLC009287	DSC LIMITED	Whole-time director	01-04-11	30-10-78	-	Active	NO
2	U51311DL1985PTC020128	D.S.EXPORTS PRIVATE LIMITED	Director	14-03-85	14-03-85	-	Active	NO
3	U74899DL1989PTC037867	DS PROMOTERS AND DEVELOPERS PRIVATE LIMITED	Director	02-07-92	02-07-92	-	Active	NO
4	U74899DL1992PTC051260	DS PRECIOUS MARBLES AND GRANITES Private LIMITED	Director	07-12-92	07-12-92	-	Active	NO
5	U74899DL1995PLC064015	D.S. CAPITAL AND FINANCE LIMITED	Director	03-01-95	03-01-95	-	Active	NO
6	U45201DL1995PTC069556	REGAL PROPERTIES PRIVATE LIMITED	Director	14-06-95	14-06-95	-	Active	NO
7	U70101DL1996PTC075776	VARIETY PROPERTIES PRIVATE LIMITED	Director	05-02-96	05-02-96	-	Active	NO
8	U70101DL1996PTC077732	SELECT PROMOTERS PRIVATE LIMITED	Director	02-04-96	02-04-96	-	Active	NO
9	U45201DL1997PTC087799	DEVKUSHA BUILDCON PRIVATE LIMITED	Director	12-06-97	12-06-97	-	Active	NO
10	U51909DL1997PTC089993	SAVERA IMPEX PRIVATE LIMITED	Director	07-10-97	07-10-97	-	Active	NO
11	U51909DL1997PTC090098	FAITH REAL ESTATES PRIVATE LIMITED	Director	10-10-97	10-10-97	-	Active	NO
12	U28910DL1997PTC090056	SEASON IMPEX (PRIVATE) LIMITED	Director	10-10-97	10-10-97	-	Active	NO
13	U74899DL1995PTC070909	D S FINCAP PRIVATE LIMITED	Director	27-09-99	27-09-99	-	Active	NO
14	U99999DL2000PTC103840	GRAND REAL ESTATE PRIVATE LIMITED	Director	18-02-00	18-02-00	-	Active	NO
15	U74899DL2000PTC105714	EBONY CLICK.COM PRIVATE LIMITED	Director	15-05-00	15-05-00	-	Active	NO
16	U64201DL2000PTC106128	NETVISIONS GLOBAL PRIVATE LIMITED	Director	29-08-01	29-08-01	-	Active	NO
17	U64202DL1998PTC093247	NET VISIONS (INDIA) PRIVATE LIMITED	Director	29-09-02	29-09-02	-	Active	NO
18	U74999DL2003PLC119009	VIRAMGAM-MAHESANA PROJECT LIMITED	Director	18-02-03	18-02-03	-	Active	NO
19	U70100DL2003PLC119011	SWARNA BUILDWELL LIMITED	Director	18-02-03	18-02-03	06-10-03	Active	NO
20	U45203DL2003PTC120130	DSC VENTURES PRIVATE LIMITED	Director	11-09-03	11-09-03	-	Active	NO
21	U72900DL2000PTC106565	BIRBAL COM PRIVATE LIMITED	Director	29-09-03	29-09-03	-	Active	NO
22	U45202HR2002PLC035122	DELHI-GURGAON SUPER CONNECTIVITY LIMITED	Director	03-02-04	03-02-04	-	Active	NO
23	U45201DL2006PLC147029	DSC INFRA DEVELOPERS LIMITED	Director	24-08-07	02-03-06	-	Active	NO
24	U45203DL2006PLC150616	GWALIOR JHANSI EXPRESWAYS LIMITED	Director	28-09-07	06-07-06	-	Active	NO
25	U40105DL2006PLC152768	NAYING DSC POWER LIMITED	Director	21-09-07	30-08-06	-	Active	NO
26	U74210DL2006PTC155721	DSC ARCHITECTS AND ENGINEERS PRIVATE LIMITED	Director	21-11-06	21-11-06	-	Strike off	NO
27	U70109DL2006PTC153370	ARIES BUILDWELL PRIVATE LIMITED	Director	28-12-06	28-12-06	-	Active	NO
28	U70109DL2006PTC153427	LIBRA BUILDTECH PRIVATE LIMITED	Director	28-12-06	28-12-06	-	Active	NO
29	U70109DL2006PTC153425	SAFFRON TOWN PLANNERS PRIVATE LIMITED	Director	28-12-06	28-12-06	-	Active	NO
30	U70109DL2006PTC153139	SWANS TOWN PLANNERS PRIVATE LIMITED	Director	28-12-06	28-12-06	-	Active	NO
31	U70109DL2006PTC153415	FLAMINGO PROPBUILD PRIVATE LIMITED	Director	29-09-07	28-12-06	-	Active	NO
32	U62200DL2007PTC158279	PACE AVIATION SERVICES PRIVATE LIMITED	Director	23-01-07	23-01-07	-	Strike off	NO
33	U26914DL2007PTC159693	UNIVERSAL GRANITE & MARBLE (INDIA) PRIVATE LIMITED	Director	26-02-07	26-02-07	-	Active	Yes
34	U45203DL2005PLC142204	LUCKNOW- SITAPUR EXPRESSWAYS LIMITED	Director	21-09-07	21-03-07	-	Active	NO
35	U45201DL2005PLC135938	RAIPUR EXPRESSWAYS LIMITED	Director	28-09-07	21-03-07	-	Active	NO
36	U45206DL2007PLC170996	HEMKUNT SAHIB INFRASTRUCTURE DEVELOPERS LIMITED	Director	13-08-08	03-12-07	-	Active	NO
37	U51311DL2003PTC120747	DS COMTECH PRIVATE LIMITED	Director	20-07-09	10-07-09	-	Active	NO
38	U45207DL2011PTC225011	DSC ENGINEERING PRIVATE LIMITED	Director	13-09-11	13-09-11	-	Active	NO
39	U40101DL2011PTC225013	DSC HYDRO POWER PRIVATE LIMITED	Director	13-09-11	13-09-11	-	Active	NO

Name :

Mr. Mohinder Singh Narula

Designation :

Managing Director

Address :

3, Golf Link, New Delhi – 110003, Delhi, India

Date of Birth/Age :

09.04.1962

Date of Appointment :

01.11.2002

DIN No.:

00113019

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	U45202HR2002PLC035122	DELHI-GURGAON SUPER CONNECTIVITY LIMITED	Managing director	01-04-09	22-03-02	-	Active	NO
2	U74899DL1978PLC009287	DSC Limited	Managing director	01-04-11	01-11-02	-	Active	NO
3	U74999DL2003PLC119009	VIRAMGAM-MAHESANA PROJECT LIMITED	Director	18-02-03	18-02-03	-	Active	NO
4	U70100DL2003PLC119011	SWARNA BUILDWELL LIMITED	Director	18-02-03	18-02-03	06-10-03	Active	NO
5	U45203DL2003PTC119733	DSC INFRASTRUCTURE PRIVATE LIMITED	Director	03-04-03	03-04-03	-	Active	NO
6	U45203DL2003PTC120130	DSC VENTURES PRIVATE LIMITED	Director	18-05-03	18-05-03	-	Active	NO
7	U45201DL2005PLC135938	RAIPUR EXPRESSWAYS LIMITED	Director	06-05-05	06-05-05	-	Active	NO
8	U45203DL2005PLC139226	SANDUR BYPASS PROJECT LIMITED	Director	02-08-05	02-08-05	-	Active	NO
9	U45203DL2005PLC142204	LUCKNOW- SITAPUR EXPRESSWAYS LIMITED	Director	28-10-05	28-10-05	-	Active	NO
10	U45203DL2005PLC142356	KMP EXPRESSWAYS LIMITED	Director	09-11-05	09-11-05	-	Active	NO
11	U45201DL2006PLC147029	DSC INFRA DEVELOPERS LIMITED	Director	24-08-07	02-03-06	-	Active	NO
12	U70100DL2006PTC150565	PYROPE INFRACON PRIVATE LIMITED	Director	05-07-06	05-07-06	10-07-06	Active	NO
13	U45203DL2006PLC150616	GWALIOR JHANSI EXPRESWAYS LIMITED	Director	28-09-07	06-07-06	-	Active	NO
14	U40105DL2006PLC152768	NAYING DSC POWER LIMITED	Director	21-09-07	30-08-06	-	Active	NO
15	U74210DL2006PTC155721	DSC ARCHITECTS AND ENGINEERS PRIVATE LIMITED	Director	21-11-06	21-11-06	-	Strike off	NO
16	U62200DL2007PTC158279	PACE AVIATION SERVICES PRIVATE LIMITED	Director	23-01-07	23-01-07	-	Strike off	NO
17	U45206DL2007PLC170996	HEMKUNT SAHIB INFRASTRUCTURE DEVELOPERS LIMITED	Director	13-08-08	03-12-07	-	Active	NO
18	U31908DL2006PTC155151	MOUNTAIN FALL INDIA PRIVATE LIMITED	Director	30-09-08	04-09-08	-	Active	NO
19	U70109HR2006PTC036215	DSC PROJECTS CONCESSIONS PRIVATE LIMITED	Director	29-09-09	13-10-08	05-08-10	Strike off	NO
20	U45200HR2008PLC038489	MANGROH INFRATECH LIMITED	Director	26-09-09	06-11-08	-	Active	NO
21	U45200HR2008PLC038501	NEHRU PLACE INFRATECH LIMITED	Director	26-09-09	11-11-08	-	Active	NO
22	U45207DL2011PTC225011	DSC ENGINEERING PRIVATE LIMITED	Director	13-09-11	13-09-11	-	Active	NO
23	U40101DL2011PTC225013	DSC HYDRO POWER PRIVATE LIMITED	Director	13-09-11	13-09-11	-	Active	NO

Name :

Mr. Harpinder Singh Narula

Designation :

Chairman

Address :

Lob- 02, BG-02, Jebel Ali, Dubai-9714, United Arab Emirates

Date of Birth/Age :

17.12.1953

Date of Appointment :

30.03.2006

DIN No.:

00171589

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	U45202HR2002PLC035122	DELHI-GURGAON SUPER CONNECTIVITY LIMITED	Director	02-02-07	22-03-02	13-03-09	Active	NO
2	U45201DL2006PLC147029	DSC INFRA DEVELOPERS LIMITED	Director	24-08-07	02-03-06	01-09-11	Active	NO
3	U74899DL1978PLC009287	DSC LIMITED	Director	01-04-08	30-03-06	01-09-11	Active	NO
4	U52100DL2007PTC167035	EBONY RETAIL PRIVATE LIMITED	Director	16-08-07	16-08-07	01-02-10	Active	NO
5	U45400DL2007PTC167203	EBONY HOMES PRIVATE LIMITED	Director	20-08-07	20-08-07	18-07-09	Active	NO

Name :

Mr. Manhad Narula

Designation :

Director

Address :

3, Golf Links, New Delhi – 110003, Delhi, India

Date of Birth/Age :

01.12.1982

Date of Appointment :

16.02.2008

DIN No.:

00196278

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	U45201DL2006PLC147029	DSC INFRA DEVELOPERS LIMITED	Director	02-03-06	02-03-06	24-08-07	Active	NO
2	U26914DL2007PTC159693	UNIVERSAL GRANITE & MARBLE (INDIA) PRIVATE LIMITED	Director	26-02-07	26-02-07	-	Active	Yes
3	U52100DL2007PTC167035	EBONY RETAIL PRIVATE LIMITED	Director	16-08-07	16-08-07	-	Active	NO
4	U45400DL2007PTC167203	EBONY HOMES PRIVATE LIMITED	Director	20-08-07	20-08-07	-	Active	NO
5	U74899DL1978PLC009287	DSC LIMITED	Director	31-12-08	16-02-08	01-06-11	Active	NO
6	U74899DL1988PLC031907	EBONY RETAIL HOLDINGS LIMITED	Director	07-04-08	07-04-08	20-03-10	Active	NO

Name :

Mr. Ram Kumar Saini

Designation :

Director

Address :

G-35, Sushant Lok – 3, Sector – 57, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

03.01.1948

Date of Appointment :

30.09.2010

DIN No.:

02376535

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	U45203DL2005PLC142356	KMP EXPRESSWAYS LIMITED	Director	25-09-09	21-10-08	Active	NO
2	U74899DL1978PLC009287	DSC LIMITED	Director	30-09-10	25-05-10	Active	NO

KEY EXECUTIVES

Name :	Mr. Rakesh Bhatia
Designation :	Secretary
Address :	E-190, Sarita Vihar, New Delhi-110076, Delhi, India
Date of Birth/Age :	06.10.1963
Date of Appointment :	03.08.2007
PAN No.:	AAAPB2903K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Balbir Singh Narula	803335
Virender Singh Narula	191360
Narinder Singh Narula	110760
Devinder Kaur Narula	300950
Satvinder Kaur Narula	246740
Rajindra Kaur Narula	235625
Surina Narula	804895
D. S. Exports Private Limited, India	195000
Mohinder Singh Narula	91650
Anhad Narula	5999
D S Global Private Limited, India	600002
DS Promoters And Developers Private Limited, India	521937
DSC Infrastructure Private Limited, India	1354041
Elsingham Holdings (Mauritius) Limited, Mauritius	43993677
Total	49455971

(AS ON 30.09.2010)

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	88.96
Bodies corporate	5.40
Directors or relatives of directors	5.64
Total	100.00

BUSINESS DETAILS

Line of Business :

Infrastructure Developer

GENERAL INFORMATION

Customers :

· Haryana State Industrial and Infrastructure Development Corporation Limited

· National Highway Authority of India

· Rail Vikas Nigam Limited

· Indian Railways

· Municipal Corporation of Delhi

· Delhi Development Authority

· New Delhi Municipal Council

· Public Works Department

· Public Health Engineering Department, Rajasthan

· Government of Arunachal Pradesh

· PWD Karnataka

No. of Employees :

Not Available

Bankers :

· Small Industrial Development Bank of India,

SIDBI Tower, 15 Ashok Marg, Lucknow-226001, India

· HDFC Bank Limited,

9^th Floor Ansal Classiqw Tower, Rajori Garden, New Delhi – 110027, India

· ICICI Bank Limited

Landmarkrace Cource Circle, Alkapuri, Baroda – 390015, Gujarat, India

· Punjab National Bank,

Industrial Finance Branch, P-18/90, Conaught Circus, New Delhi-11001, India

· Kotak Mahindra Bank Limited,

36-38A, Nariman Bhavan 227, D, Nariman Point, Mumbai-400021, Maharashtra India

· Yes Bank Limited,

48, Nyaya Marg, Chanakyapuri, New Delhi-110021, India

· Axis Bank Limited,

4/10, OPG House, Asaf Ali Road, New Delhi-110002, Delhi, India

· Oriental Bank of Commerce

· Canara Bank

· State Bank of Patiala

· Centurion Bank Limited

Connaught Place, New Delhi, Delhi, India

Facilities :

Secured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
From Banks
Term Loan	157.645	5444.419
Cash Credit	1142.868	1500.000
Interest Accrued and Due	1.164	132.413
Vehicle Loans	13.261	19.812
From Others	1100.686	1467.283
Total	2415.624	8563.927
NOTE: (1) Term Loans front the Banks are secured by Immovable Properties and collateral securities and personal guarantees of Mr. M.S. Narula and Mr. N. S. Narula, Directors. (2) Gosh Credits from Banks are secured by Bock Debts, Movable Properties, collateral securities and personal guarantees of Mr. M. S. Narulo, Mr. N. S. Narula and Mr. H. S. Narula, Directors (3) Vehicle Loans from banks and body corporate are secured against hypothecation of respective assets financed.
Unsecured Loans	31.03.2010	31.03.2009
	(Rs. In Millions)
5292 (0.5%) Optionally Convertible Debentures of Rs.10000000/- each debentures included premium payable on Optionally Convertible Debenture Rs.459.900 Millions	3379.900	6088.813
From Subsidiaries	3548.584	334.682
From Banks	1500.000	--
Interest accrued and due	301.390	22.225
Total	8729.874	6445.720

Banking Relations :	--
Financial Institution :	· Srei Equipment Finance Limited, Vishwalarma, 86C, Topsia Road (South), Kolkata-700046, West Bengal, India
Auditors :
Name :	Kanwal Chanana and Associates Chartered Accountant
Address :	5, Barbar Road, New Delhi, Delhi – 110001, Delhi, India
Tel No.:	91-11-23717000 / 23717102
Fax No.:	91-11-23357641
E mail:	kanwal@del3.vsnl.net.in
Holding Company :	Elsingham Holdings (Mauritius) Limited, Mauritius
Joint Venture:	· Gwaliar Jhansi Expressways Limited · Elsingham – DSC Mouritius Private Limited
Subsidiaries Companies :	Viramgam-Mahesana Project Limited CIN: U74999DL2003PLC119009 Delhi-Gurgaon Super Connectivity Limited CIN: U45202HR2002PLC035122 DSC Ventures Private Limited CIN: U454203DL2003PTC120130 Sandur Bypass Project Limited CIN: U45203DL2005PLC139226 KMP Expressways Limited CIN: U45203DL2005PLC142356 Raipur Expressways Limited CIN: U45201DL2005PLC135938 Lucknow-Sitapur Expressways Limited CIN: U45203DL2005PLC142204 Naying DSC Power Limited CIN: U40105DL2006PLC152768 Hemkunt Sahib Infrastructure Developments Limited CIN: U45206DL2007PLC170996 Mangroh Infratech Limited CIN: U45200HR2008PLC038489 Nehru Place Infratech Limited CIN: U45200HR2008PLC038501 · DS Comtech Private Limited CIN: U51311DL2003PTC120747 DSC Global Holdings (Singapore) Pte. Limited, Singapore DSC Infrastructure (Singapore) Pte. Limited DSC Globeleq (Singapore) Pte Limited

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
65000000	Equity Shares	Rs.10/- each	Rs.650.000 Millions
1000000	0.001% Compulsory Convertible Preference shares	Rs.10/- each	Rs.10.000 Millions
1000000	0% Non-Convertible Redeemable Preference Shares	Rs.10/- each	Rs.10.000 Millions
19800	0.5% Cumulative Redeemable Convertible Preference Shares	Rs.100000/- each	Rs.1980.000 Millions
	Total		Rs.2650.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
49455971	Equity Shares	Rs.10/- each	Rs.494.560 millions

NOTE

Of the above equity shares

a) 43993677 equity shares are held by Elsingham Holdings (Mauritius) Limited, the holding company.

b) 41847360 equity shares of Rs.10/- each were issued to the existing shareholders as fully paid up bonus shares by capitalization of general reserve.

c) 615385 (0.001%) Compulsory Convertible Preference shares were converted into 615385 (0%) Non- Convertible Redeemable Preferences Shares and the same were redeemed for a total consideration o Rs.467.250 Millions (Face value rs.6.154 Millions and Premium on Redemption Rs.461.096 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		494.560	500.714	500.714
2] Share Application Money		28.491	452.560	93.056
3] Reserves & Surplus		2891.574	2827.956	2789.295
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3414.625	3781.230	3383.065
LOAN FUNDS
1] Secured Loans		2415.624	8563.927	5428.351
2] Unsecured Loans		8729.874	6445.720	6426.958
TOTAL BORROWING		11145.498	15009.647	11855.309
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		14560.123	18790.877	15238.374
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2526.722	2000.854	1530.682
Capital work-in-progress		2.019	211.576	215.947
INVESTMENT		10222.075	11139.529	10984.020
DEFERREX TAX ASSETS		87.935	60.851	40.195
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1427.790	555.701	156.198
	Sundry Debtors	1998.548	4814.422	4298.768
	Cash & Bank Balances	736.203	1524.813	61.514
	Other Current Assets	4.047	0.000	0.000
	Loans & Advances	4117.859	1952.749	996.552
Total Current Assets		8284.447	8847.685	5513.032
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	2405.423	2878.098	1579.927
	Other Current Liabilities	3557.372	287.469	1084.224
	Provisions	600.280	304.051	381.351
Total Current Liabilities		6563.075	3469.618	3045.502
Net Current Assets		1721.372	5378.067	2467.530
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		14560.123	18790.877	15238.374

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	12594.714	6079.144	7032.481
		Other Income	75.554	79.714	60.850
		TOTAL (A)	12670.268	6158.858	7093.331
Less	EXPENSES
		Direct Contract Expenses	9359.631	3211.658	3733.577
		Administrative and Other Expenses	953.916	805.639	1448.078
		Increase / (Decrease) in Stocks	(479.491)	(26.224)	114.788
		TOTAL (B)	9834.056	3991.073	5296.443
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2836.212	2167.785	1796.888
Less	FINANCIAL EXPENSES (D)		1509.096	1674.132	699.908
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1327.116	493.653	1096.980
Less/ Add	DEPRECIATION/ AMORTISATION (F)		527.914	398.530	347.941
	PROFIT BEFORE TAX (E-F) (G)		799.202	95.123	749.039
Less	TAX (H)		274.108	55.353	327.382
	PROFIT AFTER TAX (G-H) (I)		525.094	39.770	421.657
	Extraordinary Items		0.000	1.109	0.000
	Income Tax Earlier years		0.381	0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		810.314	968.118	1076.461
Less	APPROPRIATIONS
		General Reserve	0.000	0.000	300.000
		Debenture Redemption Reserve	106.033	196.465	230.000
		Capital Redemption Reserve	6.154	0.000	0.000
	BALANCE CARRIED TO THE B/S		1222.840	810.314	968.118
	EARNINGS IN FOREIGN CURRENCY		0.000	21.876	0.000
	IMPORTS
		Raw Materials	84.363	1.723	60.158
		Drawing and Designs	0.000	1.984	0.000
		Capital Goods	78.069	118.247	58.385
	TOTAL IMPORTS		162.432	121.954	118.543
	Earnings Per Share (Rs.)		10.62	0.80	8.53

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	4.14	0.65	5.94
Net Profit Margin (PBT/Sales)	(%)	6.35	1.56	10.65
Return on Total Assets (PBT/Total Assets}	(%)	7.39	0.88	10.63
Return on Investment (ROI) (PBT/Networth)		0.23	0.03	0.22
Debt Equity Ratio (Total Liability/Networth)		5.19	4.89	4.40
Current Ratio (Current Asset/Current Liability)		1.26	2.55	1.81

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS AND FUTURE PROSPECTS

The company has achieved total Income of Rs.13149.760 Millions as compated to Rs.6185.080 Millions achieved to previous year. The Company has earned profit before interests, Depreciation and Tax (PBIDT) of rs.2778.070 Millions for the year as compared to Rs.2030.620 Millions in the previous year.

The Directors are confident that the company is geared to manage the high paced growth planned and to best utilize the opportunities emerging in the India infrastructure space.

Bankers Charges Report as per Registry

Name of the company	D. S. CONSTRUCTION LIMITED
Presented By	Mr. Rajiv Gilani, Centurion Bank Limited
1) Date and description of instrument creating the change	Hypothecation agreement No.G-01841 Reference No.CEO-1050824001887 dated 24^th August 2005
2) Amount secured by the charge/amount owing on the securities of charge	Rs.2.580 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	One No. Ingersoll Rand PTR Model RTR-220 Serial No.05 400 07 194 covered by Invoice No.PA0178
4) Gist of the terms and conditions and extent and operation of the charge.	29 Monthly installments of Rs.96380.00 each Rate of Interest : 6.98%
5) Name and Address and description of the person entitled to the charge.	Centurion Bank Limited, Connaught Place, New Delhi, Delhi, India
6) Date and brief description of instrument modifying the charge	Not Applicable
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	Not Applicable

Corporate identity number of the company	U74899DL1978PLC009287
Name of the company	DSC Limited
Address of the registered office or of the principal place of business in India of the company	E-9, 3^rd Floor, South Extension, Part- II, New Delhi-110049, Delhi, India secretarial@dsclimited.com
This form is for	Creation of charge
Type of charge	Movable Property Floating charge
Particular of charge holder	SREI Infrastructure Finance Limited Vishwakarma, 86C, Topsia Road (South), Kolkata – 700046, West Bengal, India Email ID: spatodia@srei.com
Nature of instrument creating charge	Deed of Hypothecation
Date of instrument Creating the charge	26.08.2011
Amount secured by the charge	Rs.2000.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest (SBR - 3.75%) per annum= 13% per annum. Current SBR is 16.75%. SBR =SREI Benchmark Rate Terms of Repayment Principal repayment to be made by way of bullet repayment at the end of the loan tenor. Margin Nil Extent and Operation of the charge As per the deed of Hypothecation
Short particular of the property or asset(s) charged	All assets of the Borrower which are partly / fully financed by SREI or assets / equipments which are hypothecated in favour of Srei Equipment Finance Private Limited

FIXED ASSETS

· Freehold Land

· Leasehold Land

· Vehicles

· Plant and Machinery

· Air Conditioner

· Office Equipment

· Furniture and Fixtures

· Computer

AS PER WEB DETAILS

MAJOR ACHIEVEMENTS

Roads and Highways:

Jan 2002: Development of the state-of-the-art 8 lane 27 Kms Expressway between Delhi and Gurgaon on NH-8 with 32 lane Toll plaza.

Nov 2005: Developing one of the largest Toll based expressways in India - 135 Kms Kundli-Manesar-Palwal Expressway.

Jan 2008: Currently Operating and Maintaining Asia’s largest toll plaza with 32 toll booths.

DSC GROUP PROFILE:

The DSC Group is a diversified global business with varied interests spread across the world. Starting as an Indian construction company 70 years ago, it shifted focus overseas in the 1980s with the aim of seizing the construction opportunities abroad. However, since 2002, the Group is again re-focussing on the infrastructure sector in India. Diversified across multiple verticals - from developing, financing and constructing infrastructure projects, to hospitality, trading, real estate and retailing, the Group’s major operations span projects across infrastructure sectors in India and abroad through the various Group companies.

Armed with a talented workforce of around 20,000 employees across 11 locations, coupled with extensive experience spanning seven decades, the Group has been delivering excellence across the globe, notably in India, North Africa, Middle East, USA and UK.

With a balanced portfolio of high margin EPC construction projects and investment in lucrative BOT oriented infrastructure projects; the DSC Group is well positioned to leverage the opportunities in the infrastructure sector, globally.

COMPANY PROFILE:

The flagship company of the DSC Group, Company illustrious odyssey in India dates back three decades when, in 1978, it commenced operations as D.S. Constructions. Uniquely placed as a high quality, international-grade infrastructure company, it steadfastly pursued lucrative opportunities in North Africa and Middle East. Vindicating its efforts, D.S. Constructions won its first project in Libya in 1979 and from thereon has ranked as one of the foremost and most trusted construction companies in that country.

The next thirty years saw it delivering myriad prestigious projects across various sectors including roads and highways, hospitals, power substations, sewage and water treatment plants and other commercial projects. Reinforcing its scale, size and commitment, D.S. Constructions emerged as one of the largest overseas construction companies and was conferred the President of India’s “Building the Nation” Award in recognition of its contribution in the construction space.  

Capitalising on the post liberalisation opportunities which opened up the Indian Infrastructure sector in the late 1990s, D.S. Constructions commenced its operations in the country in 2002. The organization has since then been rechristened as DSC Limited and is built on its mission of ‘Creating Infra wealth’ - infrastructure that creates wealth for the nation.

Company has been creating assets that span diverse verticals comprising Concessions, EPC, Power and Real Estate and Urban Infrastructure and straddles a broad spectrum of sectors namely roads and expressways, railways, pipelines, power, urban infrastructure and real estate.

Steered by a visionary management and guided by a futuristic strategy, DSC Limited ranks as a pioneer in the BOT (Build, Operate and Transfer) space and is one of the fastest growing infrastructure developers in India. As a testament of its differentiated approach and agility, DSC Limited, today, features as one of Indias vertically integrated infrastructure companies through its full service capabilities in both EPC (Engineering, Procurement and Construction) and Asset Management. Right from planning to investing and constructing, and after completion, to managing and operating the projects, company vertical integration capabilities are demonstrated in its turnkey solutions and end-to-end involvement across the project lifecycle.  

Committed to quality and timely completion and delivery of projects, DSC Limited is an ISO 9001:2000 certified company, coupled with ISO 9000 and 14000 accreditation. It has health and safety systems in place across all its major project locations.

MILESTONES

In its infra wealth creation odyssey the company has several accomplishments to its credit. Some significant milestones are as follows:

1979-2002

· D.S. Constructions set up in 1978 as an overseas construction company

· High quality prestigious projects delivered in North Africa and Middle East

· Projects executed include roads and highways, hospitals, power substations, sewage and water treatment plants and commercial plants

2002-03

· Commenced India operations with award of two World Bank funded road projects in UP

· Was awarded one of Indias first projects in rail sector - the Viramgam-Mahesana Project in PPP format

· Was awarded the prestigious access-controlled expressway - the Delhi-Gurgaon Expressway

· Awarded project for widening of NH-6 between Raipur and Durg

2004

· Received completion certificate for Viramgam-Mahesana Rail Project

· Completed road project between Bijnor and Najibabad.

2005

· Awarded project for widening and upgradation of the Raipur-Aurang section

· Concession agreement signed for Sandur Bypass Road Project

· Awarded road project for widening the Lucknow-Sitapur section

2006

· Received COD for widening of NH-6 between Raipur and Durg

· Concession agreement signed for Gwalior-Jhansi Highway Project

· Awarded Kundli-Manesar-Palwal Expressway Project

2007

· Acquired Hydro Concessions for 4 projects in Arunachal Pradesh

· Received LOI for Automated Multi-Level Car Parking project at Kasturba Gandhi Marg in Delhi

2008

· Completed the Delhi-Gurgaon Expressway Project

· Received LOIs for Barapullah Elevated Road and UP Link Road projects on cash contract basis

· Received LOIs for construction of drain and pipeline projects in Delhi and Jodhpur

· Awarded project for doubling of track for Bilaspur Railway section in Chhattisgarh

2009

· Received COD for Sandur Bypass Road, Phase-I

· Completed Attur-Salem Railway Project

· Awarded 2 Automated Multi-Level Car Parking projects in Rohini and Nehru Place in Delhi

2010

· Received COD for Sandur Bypass Road, Phase-II

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.49.67
UK Pound	1	Rs.76.51
Euro	1	Rs.66.98

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--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		66

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.