MIRA INFORM REPORT

Report Date :

01.12.2012

IDENTIFICATION DETAILS

Name :	PASSIVE INFRA PROJECTS PRIVATE LIMITED
Registered Office :	KD-87, 2^nd Floor, Pitampur Near Kohat Metro Station (Front of Pillar No.341) New Delhi – 110088
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.06.2007
Com. Reg. No.:	55-164765
Capital Investment / Paid-up Capital :	Rs.10.577 Millions
CIN No.: [Company Identification No.]	U45400DL2007PTC164765
TAN No.: [Tax Deduction & Collection Account No.]	DELP13930A
PAN No.: [Permanent Account No.]	AAECP2809D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing and Fabrication of Iron Towers and Steel Structures
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 360000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company moderate track record. Profitability of company appears to be low. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

NOTES:

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

ECGC Country Risk Classification List – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered/ Corporate Office :	KD-87, 2^nd Floor, Pitampur Near Kohat Metro Station (Front of Pillar No.341) New Delhi – 110088, India
Tel. No.:	91-11-27315598
Fax No.:	Not Available
E-Mail :	camanmohan@gmail.com info@passiveinfra.com ca_pawanchadha@hotmail.com
Website :	http://www.passiveinfra.com
Factory :	8^th KM Stone, Sampla Kharkhoda Road, Village Hassangarh, District Rohtak – 124404, Haryana, India
Tel No.:	91-1262-262392
Delhi Office/ Correspondence Address :	182, Vaishali Pitampura Delhi – 110088, India
Tel. No.:	91-11-27315598
Fax No.:	91-11-47029742
E-Mail :	info@passiveinfra.com

DIRECTORS

(AS ON 29.09.2012)

Name :

Mr. Varun Agrawal

Designation :

Director

Address :

104, Vaishali, Pitampura Delhi - 110034, India

Date of Appointment :

14.06.2007

DIN No.:

00108238

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1986PTC024790	BANSAL PLYWOOD INDUSTRIES PRIVATE LIMITED	Director	24/03/2005	24/03/2005	04/08/2009	Active	NO
2	U45400DL2007PTC164765	PASSIVE INFRA PROJECTS PRIVATE LIMITED	Director	14/06/2007	14/06/2007	-	Active	NO
3	U64200DL2007PTC169697	SAMALKHA TELECOM PRIVATE LIMITED	Director	22/10/2007	22/10/2007	-	Strike off	NO

Name :

Mr. Shiv Das Agarwal

Designation :

Additional Director

Address :

104, Vaishali, Pitampura Delhi - 110034, India

Date of Appointment :

01.12.2010

DIN No.:

00107199

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1984PTC018537	RAKHI ENGINEERS PRIVATE LIMITED	Director	30/04/1987	30/04/1987	-	Active	NO
2	U74899DL1986PTC024790	BANSAL PLYWOOD INDUSTRIES PRIVATE LIMITED	Director	15/12/1999	15/12/1999	-	Active	NO
3	U74899DL1984PTC018149	PIPING AND ENERGY PRODUCTS PRIVATE LIMITED	Director	12/03/2005	12/03/2005	-	Active	NO
4	U72300DL2007PTC160854	SUNLIGHT CYBERTECH PRIVATE LIMITED	Additional director	09/06/2007	09/06/2007	03/04/2008	Strike off	NO
5	U51311DL2003PTC122633	MANJU EXPORTS PRIVATE LIMITED	Additional director	12/06/2007	12/06/2007	20/08/2007	Active	NO
6	U45400DL2007PTC164765	PASSIVE INFRA PROJECTS PRIVATE LIMITED	Additional director	01/12/2010	14/06/2007	-	Active	NO
7	U45400DL2007PTC169495	RAKHI INFRA PROJECTS PRIVATE LIMITED	Director	16/10/2007	16/10/2007	-	Strike off	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 29.09.2012)

Names of Shareholders	No. of Shares
Varun Agrawal	1046500
Shiv Das Agarwal	5000
Bansal Plywood Industries Private Limited, India	2975
Equip Tech Private Limited, India	3270
Total	1057745

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Bodies corporate	0.59
Directors or relatives of directors	99.41
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Fabrication of Iron Towers and Steel Structures.

PRODUCTION STATUS

Particulars	Unit	31.03.2011
Installed Capacity	MT	30000
Actual Production	MT	9753.34

GENERAL INFORMATION

Customers :	· Bharat Heavy Electricals Limited · Indus Towers Limited · American Tower Company Limited · ACME Tele Power Limited · Crompton Greaves Limited · GTL · Sistema Shyam TeleServices Limited (SSTL) · Quippo Telecom Infrastructure Limited (QTIL) · Reliance Infratel Limited · Wireless TT Info Services Limited(TATA Group) · Tower Vision India Private Limited
No. of Employees :	Not Available
Bankers :	· Karnataka Bank Limited West Patel Nagar Branch, New Delhi - 110008, India · HDFC Bank · ICICI Bank · Small Industries Development Bank of India, Videocon Tower, Ground Floor, E - 1, Rani Jhansi Road, Jhandewalan,, New Delhi - 110055, Delhi, India

Banking Relations :	--
Auditors :
Name :	Man Mohan Gupta and Company Chartered Accountant
Address :	Kirpal Cottage, Sant Nagar, Rohtak, Haryana – 124001, India
Mobile No.:	91-9212747271
PAN No.:	AAPPG8373H

CAPITAL STRUCTURE

(AS ON 29.09.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1057745	Equity Shares	Rs.10/- each	Rs.10.577 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.577	10.515	10.515
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		79.970	57.073	55.035
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		90.547	67.588	65.550
LOAN FUNDS
1] Secured Loans		118.206	127.408	122.381
2] Unsecured Loans		66.386	73.979	26.427
TOTAL BORROWING		184.592	201.387	148.808
DEFERRED TAX LIABILITIES		4.408	3.717	2.873
TOTAL		279.547	272.692	217.231
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		66.204	65.518	64.991
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	108.096	114.394	146.809
	Sundry Debtors	246.675	171.416	110.769
	Cash & Bank Balances	1.539	0.895	0.231
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	24.874	11.031	13.870
Total Current Assets		381.184	297.736	271.679
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	151.916	72.742	106.509
	Other Current Liabilities	4.899	6.834	2.789
	Provisions	11.026	10.986	10.145
Total Current Liabilities		167.841	90.562	119.443
Net Current Assets		213.343	270.174	152.236
MISCELLANEOUS EXPENSES		0.000	0.000	0.004
TOTAL		279.547	272.692	217.231

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2012	31.03.2011	31.03.2010
	SALES	838.604	476.364	449.674
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	8.409	5.850	5.212
Less/ Add	DEPRECIATION/ AMORTISATION	3.263	2.966	2.287
	PROFIT BEFORE TAX	5.146	2.884	2.888
Less	TAX	0.922	0.846	0.433
	PROFIT AFTER TAX	4.224	2.038	2.455
	Deferred Tax Liability	NA	NA	1.517
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	NA	NA	2.704
	BALANCE CARRIED TO THE B/S	NA	NA	55.035
	Earnings Per Share (Rs.)	3.22	1.94	1.28

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Net Profit Margin (PBT/Sales)	(%)	0.61	0.61	0.64
Return on Total Assets (PBT/Total Assets}	(%)	1.15	0.79	0.86
Return on Investment (ROI) (PBT/Networth)		0.06	0.04	0.04
Debt Equity Ratio (Total Liability/Networth)		3.89	4.32	4.09
Current Ratio (Current Asset/Current Liability)		2.27	3.29	2.27

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE:

The Registered office of the company has been shifted from 105, Vaishali Pitampura, Delhi – 110034, India, to the present address w.e.f. 02.04.2012.

PERFORMANCE

The company has achieved its achieved its targets and improved in sales and profitability. The company expects to get better results in near future.

FORM 8

This form is for	Creation of charge
Corporate identity number of the company	U45400DL2007PTC164765
Name of the company	PASSIVE INFRA PROJECTS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	KD-87, Pitampura, Delhi – 110034, India ca_pawanchadha@hotmail.com
Type of charge	Immovable Property Movable Property (Not being pledge) Floating Charge
Particular of charge holder	Karnataka Bank Limited West Patel Nagar Branch, New Delhi – 110008, India del.westpatelnagar@ktkbank.com
Nature of description of the instrument creating or modifying the charge	Hypothecation Agreement
Date of instrument Creating the charge	18/09/2012
Amount secured by the charge	Rs.80.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest 50% of applicable charges. Other terms and conditions as per sanction ref. No. MDS (LCFD) 136/2012-13 dated 11.09.2012. Terms of Repayment As per terms of establishment. Other terms and conditions as per sanction ref. no. MDS (LCFD) 136/2012-13 dated 11.09.2012. Margin 10% Cash Margin. Extent and Operation of the charge 100% Others To Grant Fresh Inland / Import LC (DA/DP) facility with a limit of Rs.80.000 Millions against 10% cash margin and hypothecation of goods procured under LC. Other Terms and Conditions as per sanction ref. No. MDS (LCFD) 136/2012-13 dated 11.09.2012.
Short particulars of the property charged	10% Cash margin and hypothecation of goods produced under LC. EM of Factory Property situated at Village Hassangarh 8th km Stone Sampla - Kharkhoda Road Tehsil Sampla Dist. Rohtak Haryana of area 61528.50 sq. Yards (Situated at various Kehwat No, Hotoni No's as specified in the legal opinion dated 03.08.2012) standing in the name of M/s Passive Infra Projects Private Limited EM of residential property situated at Plot No. 105, Delhi University Teachers Housing Co Op Society Limited known as Vaishali Pitampura Delhi with an area of 269.69 sq. yards Standing in the name of Mr. Varun Agarwal.

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Dies and Tools

· Computer

· Car

· Tata Indica Vista

· Crane

· Eicher

· Motor Cycle

· Furniture

· Genset

· Mobile and Telephone

· Water Filter

· Digital Camera

· Electric Line

· Fire Fighting Instrument

· Air Conditioner

· Weighing Machine

AS PER WEBSITE

COMPANY PROFILE

Passive Infra specializes in Manufacturing of Structural Steels in India, and has developed a strong presence in supplying Fabricated and Galvanized Steel Structures to various companies involved in infrastructural projects. Backed by the international standards certification ISO 9001:2000 awarded for its manufacturing facility located in Haryana on the Delhi Border, the company is now growing in reputation and business, poised for occupying a prominent place among top steel fabricating companies in India.

Equipped with a perfect blend of state-of-the-art machines and man-power, the company enjoys a clear edge over others in delivering jobs that are totally in sync with the specifications of the clients. The manufacturing facilities passive Infra comprise of hot dip galvanizing, powder coating, sand blasting, and painting processes, apart from a well stocked tool room and in-house lab-testing, which is also available for chemical and physical testing of products at the company’s manufacturing plant.

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 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 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.54.53
UK Pound	1	Rs.87.48
Euro	1	Rs.70.88

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
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	4
--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	NO
--AFFILIATION	YES/NO	NO
--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.