MIRA INFORM REPORT

Report Date :

18.12.2012

IDENTIFICATION DETAILS

Name :	MAHAVEER INFRAENGINEERING PRIVATE LIMITED
Registered Office :	Office No. 6, 4^th Floor, Goldsukh, railway Head Quarter Office, Jawahar Circle, Jaipur – 302017 ,Rajasthan
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	07.11.2008
Com. Reg. No.:	17-027705
Capital Investment / Paid-up Capital :	Rs. 4.150 Millions
CIN No.: [Company Identification No.]	U45201RJ2008PTC027705
PAN No.: [Permanent Account No.]	AAFCM8521Q
Legal Form :	Private Limited Liability Company
Line of Business :	Construction Activities
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD136000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The latest financials is missing from the government department. As per the previous year’s record, the company is found to have huge external borrowings. However, trade relations are reported to be fair. Business is active. Payments are reported to be unknown in the absence of latest financials. The company can be considered for 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 – 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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	B (Term Loan)
Rating Explanation	Having high risk of default regarding timely servicing of financial obligation.
Date	October 2012

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.

INFORMATION PARTED BY

Name :	Mr. Suresh Jain
Designation :	Director
Contact No.:	91-09930866215
Date :	14.12.2012

LOCATIONS

Registered Office :	Office No. 6, 4^th Floor, Goldsukh, railway Head Quarter Office, Jawahar Circle, Jaipur – 302017, Rajasthan, India
Tel. No.:	Not Available
Mobile No.:	91-09867180821 (Kishor Jain)
Fax No.:	Not Available
E-Mail :	Sureshjain.mipl@gmail.com, Kdjain@gmail.com mpk927@gmail.com
Website :	www.mahaveerinfra.com
Location :	Owned
Head Office :	NH-15, By Pass Road, Chohtan Choraha, Barmer- 344001, Rajasthan, India
Tel. No.:	91-2982-222212
Fax No.:	Not Available
E-Mail :	India.mipl@gmail.com
Corporate Office :	E - 109, Ansa industrial Estate, Saki- Naka, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No.:	91-022-28471714/15
Fax No.:	Not Available
Operational Office	6th Floor, 603,Reena Complex, Ramdev Nagar Road, Near Railway Station, Vidya Vihar West, Mumbai – 400086, Maharashtra, India
Tel. No.:	91-22-65224446
Fax No.:	Not Available

DIRECTORS

As on: 30.09.2011

Name :

Mr. Suresh Jain

Designation :

Director

Name :

Mr. Kishor Jain

Designation :

Director

Address :

85 Badrika, Ashra, Khetwadi, Lane 14, Mumbai, 400004, Maharashtra, India

Date of Appointment :

21.10.2009

DIN No.:

02128274

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	U74999MH2004PTC144148	RELIABLE RECORD KEEPERS PRIVATE LIMITED	Director	22/12/2006	22/12/2006	10/10/2011	Active	NO
2	U70109MH2008PTC184695	AKSHATA REAL ESTATE PRIVATE LIMITED	Director	14/08/2008	14/08/2008	-	Active	NO
3	U29268MH1997PTC162312	ARION ENTERPRISES PRIVATE LIMITED.	Director	02/02/2009	02/02/2009	-	Active	NO
4	U29199MH1997PTC162313	NEHA IMPLEMENTS PRIVATE LIMITED.	Director	02/02/2009	02/02/2009	-	Active	NO
5	U45201RJ2008PTC027705	MAHAVEER INFRAENGINEERING PRIVATE LIMITED	Director	21/10/2009	20/02/2009	-	Active	NO
6	U01407MH2008PTC183220	ADVENT ALTERNATIVE INFRAPROJECTS PRIVATE LIMITED	Director	10/08/2009	10/08/2009	15/03/2010	Active	NO
7	U70102MH2010PTC199972	AVATAR INFRASTRUCTURE PRIVATE LIMITED	Director	20/09/2010	14/05/2010	-	Active	NO
8	U45201RJ2011PTC034046	MAHAVEER INTEGRATED TEXTILE PARK PRIVATE LIMITED	Director	02/02/2011	02/02/2011	-	Active	NO
9	U60200RJ2011PTC034108	MIPL ROAD TRANSPORTATION PRIVATE LIMITED	Director	08/02/2011	08/02/2011	-	Active	NO
10	U45200MH2008PTC179725	INDIRA INFRASTRUCTURES PRIVATE LIMITED.	Additional director	06/04/2012	06/04/2012	-	Active	NO
11	U92190MH2008PTC186972	RAINBOW ENTERTAINMENT PRIVATE LIMITED	Additional director	06/04/2012	06/04/2012	-	Active	NO

Name :

Mr. Sanjay Punaniya

Designation :

Director

Name :

Mr. Ajay Munot

Designation :

Director

KEY EXECUTIVES

Name :	Mr. Suresh Jain
Designation :	Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Pukhraj Bhoor	315000
Kishore Jain	600000
Kishore Jain HUF	330000
Total	1245000

As on: 20.03.2012

Names of Allotee	No. of Shares Alloted
Kishore Jain	2800000
Kishore Jain HUF	1920000
Dhanraj Jain	160000
Tijo Devi Dhanraj Jain	100000
Total	4980000

As on: 30.03.2012

Names of Allotee	No. of Shares Alloted
Mimosa Enterprises Private Limited (India)	100000
Total	100000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Construction Activities
Terms :
Selling :	Cash/Credit
Purchasing :	Cash/Credit

GENERAL INFORMATION

Suppliers :

Star Service Station

Customers :

· Corporate Government

· HDIL- House Development Infrastructure Limited

· Abhishek  Enterprises

· Ahluwalia Contractors (India) Limited

· Amrapali Enterprises 

· Balajee Infratech and Construction Private Limited

· Cairn Energy India Pty Limited (CEIL) 

· Cloud Nine Realtor Private Limited

· Coastal Project Private Limited

· D.B.Reality 

· Dhanshree Developers 

· Dighi Port Limited

· ESAJV D - Art Indo Indian Private Limited

· Pearl Dhanshree Infrastructure Limited 

· Raghuveer Urban Construction Company Private Limited

· Rajdeep Buildcon Private Limited 

· RKW Developers Private Limited

· Trinethara Ventures Limited 

· Ultra Space Developers Private Limited

· Unitech Limited

· Ferani Developers

· Golden Beach Hotel and Resorts Private Limited

· Housing Development and Infrastructure Limited (MMRDA) 

· Housing Development and Infrastructure Limited (HDIL)

No. of Employees :

50 (Approximately)

Bankers :

· Union Bank Of India, Mumbai

· HDFC Bank Limited

· Kotak Mahindra Bank Limited

· Karnataka Bank Limited

· Indusind Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2010	As on 31.03.2009
HDFC Bank Limited	8.206	0.000
Kotak Mahindra Bank Limited	8.388	3.300
India Infoline Investment Service Limited	10.000	0.000
Indusind Bank 1774	2.806	0.000
Indusind Bank 1850	1.349	0.000
Indusind Bank 1859	1.450	0.000
Indusind Bank 1930	2.303	0.000
Karnataka Bank Limited	2.879	0.000
L And T Finance 173026	0.636	0.000
L And T Finance 173027	0.519	0.000
Srei Finance Limited 0030395	36.089	0.000
Srei Finance Limited 0031115	32.472	0.000
Tata Capital Loan 433	3.224	0.000
Tata Capital Loan 452	3.224	0.000
Tata Capital Loan 453	3.224	0.000
Tata Capital Loan 454	3.224	0.000
Tata Capital Loan 455	3.225	0.000
Union Loan 44160652/025	0.854	0.000
Total	124.072	3.300
Unsecured Loan	As on 31.03.2010	As on 31.03.2009
Brianna Infrastructure Private Limited	8.530	0.000
Safeco Projects Private Limited	16.900	0.000
VNR Infrastructure Private Limited	17.100	0.000
Total	42.530	0.000

Banking Relations :	--
Financial Institution :	Reliance Capital Limited, “H” Block, 1^st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai – 400710, Maharashtra, India
Auditors :
Name :	Mukesh Nishit and Company Chartered Accountants
Address :	H 1/35, Ram Vihar, M. I. Road, Jaipur – 302001, Rajasthan, India
PAN No.:	AAHFM1130G

CAPITAL STRUCTURE

As on: 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
415000	Equity Shares	Rs.10/- each	Rs.4.150 Millions

After: 29.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6325000	Equity Shares	Rs.10/- each	Rs.63.250 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		4.150	3.100
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		29.887	2.692
4] (Accumulated Losses)		0.000	0.000
NETWORTH		34.037	5.792
LOAN FUNDS
1] Secured Loans		124.072	3.300
2] Unsecured Loans		42.530	0.000
TOTAL BORROWING		166.602	3.300
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		200.639	9.092
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		113.046	4.174
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000
	Sundry Debtors	266.036	0.000
	Cash & Bank Balances	4.565	0.000
	Other Current Assets	20.896	9.007
	Loans & Advances	7.860	0.000
Total Current Assets		299.357	9.007
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	180.892	4.089
	Other Current Liabilities	0.000	0.000
	Provisions	30.872	0.000
Total Current Liabilities		211.764	4.089
Net Current Assets		87.593	4.918
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		200.639	9.092

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2010	31.03.2009
	SALES
		Income		420.205	20.692
		Other Income		1.507
		TOTAL		421.712	20.692
Less	EXPENSES
		Office Expenses		380.512	16.710
		Administrative Expenses
		Advertising Expenses
		TOTAL		380.512	16.710
	PROFIT BEFORE TAX			41.200	3.982
Less	TAX			14.004	1.290
	PROFIT AFTER TAX			27.196	2.692
	Earnings Per Share			65.53	8.68

Particulars	31.03.2012	31.03.2011
Sales Turnover (Approximately)	1480.000	1260.000

Expected Sales (2012-2013): Rs.2000.000 Millions

The above information has been parted by Mr. Suresh Jain

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009
PAT / Total Income	(%)	6.45	13.00
Net Profit Margin (PBT/Sales)	(%)	9.77	19.24
Return on Total Assets (PBT/Total Assets}	(%)	9.99	30.21
Return on Investment (ROI) (PBT/Networth)		1.21	0.69
Debt Equity Ratio (Total Liability/Networth)		11.12	1.28
Current Ratio (Current Asset/Current Liability)		1.41	2.20

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last One year	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
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	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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	Yes

Note:

The registered office of the company has been shifted from C/O Pdmavati Automobiles, Chohtan Choraha, Barmer- 344001, Rajasthan India, to present address w.e.f.14.03.2012

Note:

The Profit and Loss Account of the Company shows a net profit of Rs.27.196 Millions

General Review:

The Directors report that during the year the company could not achieve its target due to adverse market situation. They hope that the company shall be able to improve its performance in the year to come, the future of the company seems to be bright.

Trade Reference:

· Star Service Station

· HDIL- House Development Infrastructure Limited

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 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.54.39
UK Pound	1	Rs.87.78
Euro	1	Rs.71.29

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
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		27

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.