MIRA INFORM REPORT

Report Date :

24.04.2012

IDENTIFICATION DETAILS

Name :	KAEFER PUNJ LLOYD LIMITED
Formerly Known as:	PUNJ LLOYD INSULATIONS LIMITED
Registered Office :	18, Nehru Place, New Delhi – 110019
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.11.1994
Com. Reg. No.:	55-62696
Capital Investment/ Paid-up Capital:	Rs.18.000 Millions
CIN No.: [Company Identification No.]	U74899DL1994PLC062696
TAN No.: [Tax Deduction & Collection Account No.]	DELP05244B
PAN No.: [Permanent Account No.]	AACCP7087P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject undertakes Civil Construction and Civil Engineering works and services.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 422000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having Moderate track. There appears some dip in profitability of the company Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered business dealings with some caution

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	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 :	18, Nehru Place, New Delhi – 110019, India
Tel. No.:	91-124-2620123/ 2620782
Fax No.:	91-124-2620777
E-Mail :	info@punjlloyd.com ajay.taneja@kaefer.com
Website :	http://www.punjlloyd.com http://www.kaefer.com
Regional Head Office:	Kaefer Engineering Thailand Limited 39/68 – 72, Srisoorntorn Building, Sukhumvit Road, Neanpha, Muang, Rayong – 21000, Thailand
Tel. No.:	66-38-808975
Fax No.:	66-38-808978
E-Mail :	khosla@kaefer.com
Group Headquarters:	Kaefer Isoliertechnik Gmbh and Company KG Burgermeister – Smidt- Str, 70, D-28195, Bremen, Germany
Tel. No.:	49-421-30550
Fax No.:	49-421-18251
Branch Offices 1:	Located at: - Plot No. 337 Udyod Vihar-II Gurgoan-122016, India.
Tel. No.:	91-124-45517000
Fax No.:	91-124-45517770
E-Mail :	infokpll.gurgoan@kaefer.com.
Website :	www.keafer.com
Branch Offices 2:	Located at:- Aggarwal Trade Centre, Sector-11, ‘B’ wing, 2nd floor, Unit 204/205/206, CBD Belapur, Navi Mumbai-400614
Tel. No.:	91-22-41025123/ 140
Fax No.:	91-22-41025150
E-Mail :	infokpll.mumbai@keafer.com
Branch Offices 3:	Located at:- 21, Sparten Nagar, 1st floor, Mugappair (East), Chennai-600037, India.
Tel. No.:	91-44-26565132
Fax No.:	91-44-26565132
E-Mail :	infokpll.chennai@kaefer.com

DIRECTORS

As. On 26.09.2011

Name :

Mr. Jagat Bhushan Dewan

Designation :

Whole Time Director

Address :

C- 503 Sushant Lok – I, Gurgaon -122002 Haryana India

Date of Birth/Age :

11.05.1950

Date of Appointment :

19.01.2009

Din No.:

00035212

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	U74899DL1994PLC062696	KAEFER Punj Lloyd Limited	Director	30/09/2009	1/11/1997	-	Active	NO

Name :

Mr. Rajindar Krishna Khosla

Designation :

Whole Time Director

Address :

39/68-72, Sukhumvit Road, Nern Phara Sub District, Rayong – 21000 Thailand

Date of Birth/Age :

30.03.1950

Date of Appointment :

26.10.2006

Din No.:

00811137

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	U74899DL1994PLC062696	KAEFER Punj Lloyd Limited	Whole-time director	18/08/2011	26/10/2006	-	Active	NO
2	U26957GJ2008PTC054942	ROXUL-ROCKWOOL INSULATION INDIA PRIVATE LIMITED	Director	2/9/2008	2/9/2008	17/11/2010	Active	NO

Name :

Mr. Philipp Dalheimer

Designation :

Director

Address :

108A, Route Du Pnt De I Hermance Veigy, Foncenx – 074140 , France

Date of Birth/Age :

21.08.1967

Date of Appointment :

24.05.2007

Din No.:

01144709

Name :

Mr. Pawan Kumar Gupta

Designation :

Director

Address :

126 Laburnum Sushant Lok Phase I Sector 28 Gurgaon – 122001 Haryana India

Date of Birth/Age :

24.08.1952

Date of Appointment :

17.12.2009

Din No.:

01520949

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	L74899DL1988PLC033314	PUNJ-LLOYD LIMITED	Whole-time director	27/07/2007	1/6/2007	-	Active	NO
2	U51103DL2008PTC180660	PUNJ LLOYD DELTA RENEWABLES PRIVATE LIMITED	Director	19/07/2011	9/11/2009	-	Active	NO
3	U74899DL1997PLC088400	PLN CONSTRUCTION LIMITED	Director	16/12/2009	16/12/2009	-	Active	NO
4	U45400DL2007PLC161684	PUNJ LLOYD INFRASTRUCTURE LIMITED	Director	2/8/2010	16/12/2009	-	Active	NO
5	U62200DL2007PLC163930	PUNJ LLOYD AVIATION LIMITED	Director	27/07/2010	16/12/2009	-	Active	NO
6	U45203DL1996PTC190367	Sembawang Infrastructure(India) Private Limited	Director	27/07/2010	16/12/2009	-	Active	NO
7	U45201DL2006PLC156532	PL ENGINEERING LIMITED.	Director	12/7/2010	16/12/2009	-	Active	NO
8	U51909DL1985PLC021607	SPECTRA PUNJ LLOYD LIMITED	Director	27/07/2010	16/12/2009	-	Active	NO
9	U74899DL1994PLC062696	KAEFER Punj Lloyd Limited	Director	30/09/2010	17/12/2009	-	Active	NO
10	U74210DL2010PLC199851	PLE TCI ENGINEERING LIMITED	Director	9/3/2010	9/3/2010	31/08/2010	Active	NO
11	U40106DL2010PLC211739	PUNJ LLOYD SOLAR POWER LIMITED	Director	24/12/2010	24/12/2010	2/5/2011	Active	NO

Name :

Mr. Naveen Kad

Designation :

Director

Address :

27. Pharmarth Apts Bodelia, Phase – D Block, Vikas, New Delhi – 110056, Delhi, India

Date of Birth/Age :

02.05.1961

Date of Appointment :

19.01.2009

Din No.:

02548182

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	U74899DL1994PLC062696	KAEFER Punj Lloyd Limited	Director	30/09/2009	19/01/2009	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Abhishek Nagar
Designation :	Secretary
Address :	28/221, Ganesh Gali, Gokul Pura, Agra – 282002, Uttar Pradesh, India
Date of Birth/Age :	22.12.1978
Date of Appointment :	04.10.2009
Pan NO.:	AGLPN1292J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As. On 26.09.2011

Names of Shareholders	No. of Shares
Punj Lloyd Limited, India	74514
Punj Lloyd Limited Joint with Atul Punj	1
Punj Lloyd Limited Joint with Dinesh Thairani	1
Punj Lloyd Limited Joint with Manhar Kapoor	1
Punj Lloyd Limited Joint with Luv Chhabara	1
Punj Lloyd Limited Joint with Anupam Sharma	1
Punj Lloyd Limited Joint with Rajiv Dudeja	1
Kaefer Gmbh Germany	91800
Punj Lloyd Industries Limited, India	13680
	180000

As. On 26.09.2011

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	51.00
Bodies corporate	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject undertakes Civil Construction and Civil Engineering works and services.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Overseas Branch, Jawahar Vyapar Bhawan, 1, Tolstoy Marg, New Delhi - 110001, Delhi, India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2011	31.03.2010
Working capital loans banks secured	75.320	45.502
Hire purchase installment payable secured	5.264	5.529
Total	80.584	51.031

Foot Notes:

· Cash credit facility is secured by primary security of stocks of Raw material, work in progress, finished goods, stores and spares lying at the sites, furniture, present and future book debts / receivables of the company. Letter of indemnity of the firm in case of Letter of Credit. Omnibus counter guarantee of M/s Punj Lloyd Ltd. in case of Bank Guarantee. Charge on fixed assets of the company is given as collateral security, Rs.75.320 Millions (Previous Year Rs.45.502 Millions)

· Hire purchase loans from banks and from the body corporates are secured by way of hypothecation of the respective vehicles acquired out of the proceeds thereof. 2)Loans repayable within one year : - Hire purchase loans from banks Rs.1.481 Millions (Previous YearRs.1.236 Millions) - Hire purchase loans from body corporates Rs.0.850 MIllions (Previous Year Rs.1.112)

UNSECURED LOAN	31.03.2011	31.03.2010
Working capital loans banks unsecured	258.355	146.681
Other debt unsecured	26.596	0.000
Total	284.951	146.681

Foot Notes:

· In respect of above facilities, corporate guarantee is given by KAEFER Isoliertechik GmbH & Co. KG and M/s Punj Lloyd Limited.

· Purchase Bill Discounting

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountant
Pan No.	AABFS3421N
Holding Company:	KAEFER GmbH and Company KG

CAPITAL STRUCTURE

As.On 31.03.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
180000	Equity Share	Rs.10/- each	Rs.18.000 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		18.000	18.000	18.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		87.485	158.348	116.040
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		105.485	176.348	134.040
LOAN FUNDS
1] Secured Loans		80.584	51.031	137.634
2] Unsecured Loans		284.951	146.681	0.000
TOTAL BORROWING		365.535	197.712	137.634
DEFERRED TAX LIABILITIES		0.000	0.000	1.063
TOTAL		471.020	374.060	272.737
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		126.712	109.329	102.750
Capital work-in-progress		0.000	0.000	1.120
INVESTMENT		71.625	48.250	0.000
DEFERREX TAX ASSETS		0.000	0.611	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	41.397	26.828	25.713
	Sundry Debtors	275.899	233.155	286.812
	Cash & Bank Balances	25.206	13.102	53.641
	Other Current Assets	162.983	155.424	1.616
	Loans & Advances	134.062	91.411	112.773
Total Current Assets		639.547	519.920	480.555
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	209.452	152.230	122.700
	Other Current Liabilities	148.363	143.376	172.261
	Provisions	9.049	8.444	16.727
Total Current Liabilities		366.864	304.050	311.688
Net Current Assets		272.683	215.870	168.867
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		471.020	374.060	272.737

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1098.437	1010.007	924.671
		Other Income	10.377	6.573	3.531
		TOTAL (A)	1108.814	1016.580	928.202
Less	EXPENSES
		Consumption material changes in inventories	423.917	391.556
		Contract cost	433.272	314.464
		Employee related Expenses	126.250	102.822
		Administrative selling other Expenses	122.912	90.956
		TOTAL (B)	1106.351	899.798	868.614
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2.463	116.782	59.588
Less	FINANCIAL EXPENSES (D)		41.530	30.539	22.811
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(39.067)	86.243	36.777
Less/ Add	DEPRECIATION/ AMORTISATION (F)		23.849	19.538	9.777
	Prior period items before tax		(7.021)	(0.433)	(0.335)
	PROFIT BEFORE TAX (E-F) (G)		(69.937)	66.272	26.665
Less	TAX (H)		0.926	23.964	10.505
	PROFIT AFTER TAX (G-H) (I)		(70.863)	42.308	16.160
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		75.875	33.567	17.407
	BALANCE CARRIED TO THE B/S		5.012	75.875	33.567
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	23.989	20.087	0.000
	IMPORTS		34.390	81.688	0.000
	Earnings Per Share (Rs.)		(393.6864)	235.0452	201.32

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.40	4.16	1.74
Net Profit Margin (PBT/Sales)	(%)	6.37	6.57	2.88
Return on Total Assets (PBT/Total Assets}	(%)	9.13	10.53	4.57
Return on Investment (ROI) (PBT/Networth)		0.66	0.38	0.20
Debt Equity Ratio (Total Liability/Networth)		3.48	1.73	2.32
Current Ratio (Current Asset/Current Liability)		1.74	1.71	1.54

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	Yes
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Fixed Assets

· Plant and Machinery

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Computers / Software

· Computer Software’s

· Site shed

· Leasehold Improvement

· Scaffolding

Bankers Charges Report as per Registry

Corporate identity number of the company	U74899DL1994PLC062696
Name of the company	KAEFER PUNJ LLOYD LIMITED
Address of the registered office or of the principal place of business in India of the company	18, Nehru Place, New Delhi – 110019, India ajay.taneja@kaefer.com
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	80006353
Type of charge	· Book debts · Movable Property (not being pledge) · Floating Charge · Others
Particular of charge holder	State Bank of India, Overseas Branch, Jawahar Vyapar Bhawan, 1, Tolstoy Marg, New Delhi - 110001, Delhi, India sharad.khandelwal@sbi.co.in
Nature of instrument creating charge	· Supplemental Agreement of Loan for Increase in the overall limit (C1A) · Supplemental Agreement of Hypothecation of goods and assets (C2A) · Letter regarding the grant of individual within the overall limit (C-5) · Supplemental Deed of Guarantee for increase in overall limit (C-4A)
Date of instrument Creating the charge	14.03.2011
Amount secured by the charge	Rs.150.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest: Rate of interest @5.00% above base rate i.e. present effective rate 12.60% p.a. with monthly rests. Terms of repayment: On demand. Margin: Stock (RM+SIP+FG) -25%, Receivable (Cover period -90 days) -25% and LC/BG-10% Extent and operation of the charge: 100% Others: The above is to secure the credit facilities of Rs150.000 Millions i.e. Cash Credit Rs90.000 Millions and LC/BG Rs.60.000 Millions granted by the Bank to the company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Primary Security (CC/BG/LC) :(a)Stocks of raw materials, work in progress, finished goods, stores and spares lying at all project sites including goods in transit and furniture lying in their office, present and future Book Debts /Receivables of the company (b)) Letter of indemnity of the firm in case of LC (c) Omnibus counter guarantee of the firm in case of BG. Collateral Security (CC/BG/LC): Extension of charge on fixed assets of the company. Corporate Guarantee of M/s Punj Lloyd Ltd.
Date of last modification prior to the present modification	28.10.2009
Particulars of the present modification	The various working capital Limit stand enhanced from Rs.110.000 Millions to Rs.150.000 Millions i.e. Cash Credit of Rs.90.000 Millions and LC/BG of Rs.60.000 Millions Other terms and condition remaining the same.

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.51.99
UK Pound	1	Rs.83.54
Euro	1	Rs.68.40

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.