MIRA INFORM REPORT

Report Date :

04.04.2012

IDENTIFICATION DETAILS

Name :	KAZSTROYSERVICE INFRASTRUCTURE INDIA PRIVATE LIMITED

Registered Office :	6, Jain Bhawan, 12, Bhagat Singh Marg, New Delhi – 110001, Delhi

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	19.07.2007

Com. Reg. No.:	55-166048

Capital Investment/ Paid-up Capital:	Rs.306.185 Millions

CIN No.: [Company Identification No.]	U45400DL2007PTC166048

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in the business of the company is to provide Construction Management and Advisory Service and to execute turnkey projects.

No. of Employees:	Not Available

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 6126036

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is a subsidiary of JSC OGCC Kazstroyservices, Kazakhstan. It is an established company having satisfactory track. 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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

LOCATIONS

Registered Office :	6, Jain Bhawan, 12, Bhagat Singh Marg, New Delhi – 110001, Delhi, India
Tel. No.:	91-12-44566800
Fax No.:	91-12-44566866
E-Mail :	rranjan@kazstroyindia.com info@kazstroyservice.kz rbabel@kazstroyindia.com
Website :	http://www.kazstroyservice.kz

Head Office :	248 B Dostyk ave, 050020, Almaty, Republic of Kazakhstan

Branches :	Vatika Towers, A-Wing 1st Floor, Sector 54, Gurgaon - 122022, Haryana, India
Tel. No.:	91-12-44566800
Fax No.:	91-12-44566866

DIRECTORS

As on: 24.09.2011

Name :

Mr. Dinesh Kumar Khare

Designation :

Managing Director

Address :

C-17, Pancham Bunglow, Vasna Road Feder CD 8 – 390007, Gujarat, India

Date of Birth/Age :

23.12.1952

Date of Appointment :

15.03.2010

DIN No :

01425326

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	U72200KA2006PTC038999	BATEMAN ENGINEERING (INDIA) PRIVATE LIMITED	Director	12-10-07	01-12-06	01-03-08	Active	NO
2	U74999KA2006PTC039000	BATEMAN GLOBAL SERVICES (INDIA) PRIVATE LIMITED	Managing director	01-12-06	01-12-06	10-10-07	Active	NO
3	U70102AP2007PLC056526	RAMKY INTEGRATED TOWNSHIP LIMITED	Director	30-09-09	18-08-08	15-03-10	Active	NO
4	U70102AP1995PLC021333	RAMKY ESTATES AND FARMS LIMITED	Director	30-09-09	18-12-08	30-11-10	Active	NO
5	U45209AP2007PLC054907	RAMKY TOWERS LIMITED	Director	30-09-09	18-12-08	22-12-10	Active	NO
6	U90001AP2009PLC063407	HYDERABAD INTEGRATED MSW LIMITED	Director	23-04-09	23-04-09	15-03-10	Active	NO
7	U74140AP1994PLC018833	RAMKY ENVIRO ENGINEERS LIMITED	Director	15-03-10	30-05-09	13-12-10	Active	NO
8	U90001AP2001PLC037829	MUMBAI WASTE MANAGEMENT LIMITED	Director	29-09-09	30-05-09	15-03-10	Active	NO
9	U40105AP2006PLC049237	RAMKY ENERGY AND ENVIRONMENT LIMITED	Director	29-09-09	30-05-09	15-03-10	Active	NO
10	U90002WB2004PLC098219	WEST BENGAL WASTE MANAGEMENT LIMITED	Director	30-09-09	30-05-09	15-03-10	Active	NO
11	U74920AP2007PLC054147	RAMKY RECLAMATION AND RECYCLING LIMITED	Director	29-09-09	30-05-09	15-03-10	Active	NO
12	U74140AP2002PLC039702	TAMILNADU WASTE MANAGEMENT LIMITED	Director	30-09-09	30-05-09	15-03-10	Active	NO
13	U45400DL2007PTC166048	KAZSTROYSERVICE INFRASTRUCTURE INDIA PRIVATE LIMITED	Managing director	08-09-10	15-03-10	30-09-11	Active	NO
14	U28920MH1980PTC023537	PETRON CIVIL ENGINEERING PRIVATE LIMITED	Managing director	31-03-10	20-03-10	08-07-10	Active	NO
15	L45202MH1976PLC019135	PETRON ENGINEERING CONSTRUCTION LIMITED	Director	03-08-10	27-04-10	12-10-10	Active	NO
16	U45400DL2011PTC226282	SHIPRA INFRATECH PRIVATE LIMITED	Managing director	17-10-11	17-10-11	-	Active	NO

Name :

Mr. Hemant Kumar Sinha

Designation :

Director

Address :

E-54, Malviya Nagar, New Delhi – 110017, Delhi, India

Date of Birth/Age :

17.06.1959

Date of Appointment :

06.07.2011

DIN No :

02495828

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	U45400DL2007PTC166048	KAZSTROYSERVICE INFRASTRUCTURE INDIA PRIVATE LIMITED	Director	24-09-11	23-02-09	-	Active	NO
2	U45200DL2010PTC205121	BHUBANESHWAR EXPRESSWAYS PRIVATE LIMITED	Director	30-09-11	01-10-10	-	Active	NO
3	U28920MH1980PTC023537	PETRON CIVIL ENGINEERING PRIVATE LIMITED	Additional director	21-04-11	21-04-11	19-05-11	Active	NO

Name :

Mr. Naresh Kumar Maheshwari

Designation :

Director

Address :

H No-C 413, Jalvayu Tower, Wazirabad, Sector 55-56, Gurgaon – 122002, Haryana, India

Date of Birth/Age :

17.01.1958

Date of Appointment :

01.03.2011

DIN No :

03450685

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	U45400DL2007PTC166048	KAZSTROYSERVICE INFRASTRUCTURE INDIA PRIVATE LIMITED	Director	24-09-11	01-03-11	-	Active	NO
2	U74999DL2010PTC206555	KAZSTROY INVESTMENTS AND ADVISORS PRIVATE LIMITED	Additional director	28-03-11	28-03-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajiv Ranjan
Designation :	Secretary
Address :	12/136 DSGQ, Dev Nagar, Karol Bagh, New Delhi – 110005, Delhi, India
Date of Birth/Age :	05.01.1980
Date of Appointment :	01.04.2008
PAN No :	AKSPR8245E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 24.09.2011

Names of Shareholders		No. of Shares
JSC OGCC Kazstroyservice, Kazakhstan		30618499
Pankaj Jain		1
Total		30618500

As on: 24.09.2011

Category		Percentage

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		100.00
Total		100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of the company is to provide Construction Management and Advisory Service and to execute turnkey projects.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

ING VYSYA Bank Limited

Narian Manzil Ground Floor Shop No. G1 To G5, I Floor , Shop No.1001 To 1007, Barakhamba Road, New Delhi – 110001, Delhi, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs In Millions)	As on 31.03.2010 (Rs in Millions)
Rupee term Loans secured	402.378	505.029
Working capital loans secured	1208.962	913.974
Loans taken for vehicles secured	7.468	7.308
Loans taken for fixed assets secured	631.835	269.655

Total	2250.643	1695.966
Notes: (A) Term loans from various banks are Secured by first parri passu charge on fixed assets of the Company except assets specifically hypothecated to other lenders and second charge on current assets of the Company both present and future Rs. 328.533 Millions is further secured by the corporate guarantee of the Parent company and Rs. 73.844 Millions is secured by corporate guarantee of a group company. Amount repayable within one year Rs. 155.385 Millions (B) Cash credit and Working capital loan from Banks is secured by first pari-passu charge on entire current assets of the company including present and future receivables and Rs. 597.678 Millions is further secured by second charge on entire fixed assets of the Company both present and future, except assets specifically hypothecated to other lenders. The loan is further secured by Corporate guarantee of the Parent company. (C) Vehicle loan is secured by way of hypothecation of the specific vehicle financed. Amount repayable within one year Rs. 4.481 Millions (D) Equipment loan from various financial institutions is secured by first and exclusive charge by way of hypothecation of certain specific equipments financed out of the proceeds of the loan amount. Amount repayable within one year is Rs. 207.050 Millions


Banking Relations :	--

Auditors :
Name :	S.R Batliboi and Associates Chartered Accountants
Address :	Golf View Corporate Tower-B, Sector 42, Sector Road, Gurgaon – 122022, Haryana, India
PAN No :	AABFS3421N
Tel. No.:	91-124-4644000
Fax No.:	91-124-4644050

Holding Company :	JSC OGCC Kazstroyservice, Kazakhstan

Ultimate Holding Company :	Kazstroyservice Limited, UK

Group Companies :	Petron Civil Engineering Private Limited Petron Engineering Construction Limited Kazstroy Engineering India Private Limited

CAPITAL STRUCTURE

As on 24.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

35000000	Equity Share	Rs.10/- each	Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

30618500	Equity Share	Rs.10/- each	Rs.306.185 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		306.185	300.100	300.100
2] Share Application Money		0.000	0.000	145.185
3] Reserves & Surplus		1225.324	853.239	510.000
4] (Accumulated Losses)		0.000	0.000	(64.872)
NETWORTH		1531.509	1153.339	890.413
LOAN FUNDS
1] Secured Loans		2250.643	1695.966	297.803
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		2250.643	1695.966	297.803
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		3782.152	2849.305	1188.216

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		1054.224	1146.773	473.246
Capital work-in-progress		463.911	1.395	24.331

INVESTMENT		0.114	0.000	0.000
DEFERREX TAX ASSETS		43.859	1.094	32.205

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	41.934	45.239	14.394
	Sundry Debtors	552.488	500.476	115.983
	Cash & Bank Balances	91.731	535.404	1295.242
	Other Current Assets	2429.446	1245.043	291.148
	Loans & Advances	1169.829	599.025	238.686
Total Current Assets		4285.428	2925.187	1955.453
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1676.806	1045.858	430.468
	Other Current Liabilities	356.028	157.939	864.413
	Provisions	32.550	21.347	2.138
Total Current Liabilities		2065.384	1225.144	1297.019
Net Current Assets		2220.044	1700.043	658.434

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		3782.152	2849.305	1188.216

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	6701.340	6661.350	468.230

Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	5821.340	5562.160	454.810

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		880.000	1099.190	13.420

Less	FINANCIAL EXPENSES (D)		347.780	243.370	56.740

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		532.220	855.820	(43.320)

Less/ Add	DEPRECIATION/ AMORTISATION (F)		241.400	208.630	61.810

	PROFIT BEFORE TAX (E-F) (G)		290.820	647.190	(105.130)

Less	TAX (H)		97.780	221.580	(33.810)

	PROFIT AFTER TAX (G-H) (I)		193.043	425.610	(71.320)

	IMPORTS
		Components and Maintenance spare parts	637.680	47.707	3.549
		Others		526.891	112.419
	TOTAL IMPORTS		637.680	574.598	115.968

	Earnings Per Share (Rs.)		6.38	14.18	(2.38)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.88	6.39	(15.23)

Net Profit Margin (PBT/Sales)	(%)	4.99	11.64	(23.11)

Return on Total Assets (PBT/Total Assets}	(%)	5.45	15.89	(4.33)

Return on Investment (ROI) (PBT/Networth)		0.19	0.56	(0.12)

Debt Equity Ratio (Total Liability/Networth)		2.82	2.53	1.79

Current Ratio (Current Asset/Current Liability)		2.07	2.39	1.50

LOCAL AGENCY FURTHER INFORMATION

Background:

The Company was established as a Private Limited Company on 19^th July, 2007 under the Indian Companies Act, 1956. The Company is fully owned subsidiary of JSC OGCC Kazstroyservice, Almaty.

The principal business of the company is to provide Construction Management and Advisory Services and to execute turnkey projects.

Business and Performance Review

During the financial year 2010-2011, being the period, the Company’s total revenue has increased to INR 6701.34 Million from INR 6661.35 Million in the previous year (higher by 0.6%). There is a decline on profit before tax from INR 647.19 Million to INR 290.82 Million due tight margin in the new orders awarded to the company and tapering pipeline projects under execution.

In the current year the company has been awarded Pipeline Laying and Terminal works for Dabhol – Bangalore Pipeline project of GAIL (India) Limited. Further the company has been sub-contracted entire contract for execution and completion of Paradip Refinery Project (LSTK: Packing C) of Indian Oil Corporation Limited from JSC OGCC KazStroyService on back to back basis. Further the progress under execution has been quite satisfactory.

Your Company is having an impressive order book of INR 26971.40 Millions as on 31.03.2011.

In this financial year as well, the Company is relentlessly bidding upcoming projects and your directors are hopeful of bright prospects of business in the near future.

Business outlook:

The Infrastructure sector in India is upbeat and is witnessing positive growth and as per experts it is traversing through one of its most interesting phases. Experts believe Infrastructure is critical for India’s development, and that infrastructure will have a major role in beefing up its GDP growth. Further, Government continues to focus on infrastructure development as witnessed in the recent budget. An allocation of over Rs.2140000.000 Millions is being made for this sector, which is 23.3 per cent higher than current year, which amounts to 48.5 per cent of the Gross

Budgetary Support to plan expenditure. Further the Government’s experience with PPP model for creation of public sector assets in the country has been good. Government has recently launched the National Capacity Building Programme to enhance capacities of public functionaries in identifying, conceptualizing, structuring and managing PPPs. In addition to above Government has promised to come up with a comprehensive policy that can be used by the Centre and the State Governments in further developing public-private partnerships.

Your Board of Directors sees above as strong revenue visibility in coming future.

Form 8:

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U45400DL2007PTC166048
Name of the company	Kazstroyservice Infrastructure India Private Limited
Address of the registered office or of the principal place of business in India of the company	6, Jain Bhawan, 12, Bhagat Singh Marg, New Delhi – 110001, Delhi, India
This form is for	Creation of Charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	SERI Equipment Finance Private Limited Vishwakarma, 86c, Topsia Road, Kolkata-700046, West Bengal, India
Nature of instrument creating charge	Deed of Hypothecation. (LBP333)
Date of instrument Creating the charge	15.12.2011
Amount secured by the charge	Rs.4.116 Million
Brief of the principal terms an conditions and extent and operation of the charge	10.08% per annum.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	1 No. Pneumatic Tyred Roller. (Within India)

FIXED ASSETS:

Plant and Machinery
Furniture and Fixture
Office Equipment
Vehicles

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.50.56
UK Pound	1	Rs.81.05
Euro	1	Rs.67.48

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	6
--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.

MIRA INFORM REPORT

41.934

552.488

91.731

2429.446

1169.829

4285.428

1676.806

356.028

32.550

2065.384

2220.044

2.88

4.99

5.45

0.19

2.82

2.07

Unit