MIRA INFORM REPORT

Report Date :

24.02.2012

IDENTIFICATION DETAILS

Name :	STRUCTWEL CONSTRUCTIONS PRIVATE LIMITED
Registered Office :	‘Structwel’, Plot No.15, Sector 24, Off Sion Panvel Highway, Turbhe, Navi Mumbai-400705, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.02.2007
Com. Reg. No.:	11-167624
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U45200MH2007PTC167624
TAN No.: [Tax Deduction & Collection Account No.]	MUMS55079D
PAN No.: [Permanent Account No.]	AAKCS5598J
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business construction activity.
No. of Employees :	Information not given by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 110000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject 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.

INFORMATION PARTED BY

Name :	Mr. Nilesh
Designation :	Accountant
Contact No.:	91-22-27841010
Date :	22.02.2012

LOCATIONS

Registered Office :	‘Structwel’, Plot No.15, Sector 24, Off Sion Panvel Highway, Turbhe, Navi Mumbai-400705, Maharashtra, India
Tel. No.:	91-22-27841010 (7 Lines)
Fax No.:	91-22-27841007
E-Mail :	structwel@vsnl.net
Website :	www.structwel.com

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Chetan Rameshchandra Raikar
Designation :	Director
Address :	7 B, Ameya Apartments, Near Kirti Colege, Dadar, Plot No.1193/A, Mumbai-400028, Maharashtra, India
Date of Birth/Age :	28.08.1965
Date of Appointment :	07.02.2007
DIN No.:	01196591

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	U01110MH1992PTC066516	RAIKAR BUILDERS PRIVATE LIMITED	Director	24-04-92	24-04-92	01-09-10	Active	NO
2	U74210MH1978PTC020348	STRUCTWEL DESIGNERS AND CONSULTANTS PRIVATE LIMITED	Managing director	09-09-97	09-09-97	-	Active	NO
3	U45200MH2007PTC167624	STRUCTWEL CONSTRUCTIONS PRIVATE LIMITED	Director	07-02-07	07-02-07	-	Active	NO
4	U73100PN2004PTC019875	CSRL- STRUCTWEL LAB (PUNE) PRIVATE LIMITED	Director	22-02-07	22-02-07	-	Active	NO
5	U55200MH1992PTC067255	KAMSHET HOLIDAY RESORTS PRIVATE LIMITED	Managing director	23-06-10	09-06-10	-	Active	NO
6	U29299MH1993PTC071831	TESTWELL SCIENTIFIC INSTRUMENTS PRIVATE LIMITED	Additional director	09-04-11	09-04-11	-	Active	NO

Name :	Mr. Kaustubh Rameshchandra Raikar
Designation :	Director
Address :	6A, Near Kirti Colege, Dadar, Mumbai-400028, Maharashtra, India
Date of Birth/Age :	21.10.1979
Date of Appointment :	07.02.2007
DIN No.:	01436726

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	U74210MH1978PTC020348	STRUCTWEL DESIGNERS AND CONSULTANTS PRIVATE LIMITED	Whole-time director	14-12-00	14-12-00	Active	NO
2	U45200MH2007PTC167624	STRUCTWEL CONSTRUCTIONS PRIVATE LIMITED	Director	07-02-07	07-02-07	Active	NO
3	U73100PN2004PTC019875	CSRL- STRUCTWEL LAB (PUNE) PRIVATE LIMITED	Director	22-02-07	22-02-07	Active	NO
4	U55200MH1992PTC067255	KAMSHET HOLIDAY RESORTS PRIVATE LIMITED	Director	09-06-10	09-06-10	Active	NO
5	U29299MH1993PTC071831	TESTWELL SCIENTIFIC INSTRUMENTS PRIVATE LIMITED	Additional director	09-04-11	09-04-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Nilesh
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Chetan Rameshchandra Raikar	5000
Kaustubh Rameshchandra Raikar	5000
Total	10000

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business construction activity
Imports :
Products :	Machinery
Countries :	Germany
Terms :
Selling :	Depends
Purchasing :	Depends

GENERAL INFORMATION

Customers :

Contractor

No. of Employees :

Information not given by the management

Bankers :

· NKGSB Co-operative Bank Limited, A-15, Jagruti Co-operative Housing Society, L.J. Road, Mahim (West), Mumbai-400016, Maharashtra, India

· ICICI Bank Limited

· Bank of India

· HDFC Bank Limited

· IDBI Bank Limited

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Term Loans (Secured by hypothecation of Vehicle)	2.809	2.991
NKGS Bank Over Draft A/C No. 863 (Secured by hypothecation of Book Debts and other current assets)	0.003	2.694
Total	2.812	5.685
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Shareholders	0.700	0.700
Total	0.700	0.700

Banking Relations :	--
Auditors :
Name :	B. K. Khare and Company Chartered Accountant
Address :	706/708, Sharda Chembers, New Marine Lines, Mumbai-400020, Maharashtra, India
Tel. No.:	91-22-22000607 / 7318 / 6360 / 66315835 / 36
Fax No.:	91-22-22003476
E-Mail :	info@bkkhareco.com
Pan No.:	AAAFB0265E
Sister Concern :	Structwel Designees and Consultants Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		29.695	20.817	11.996
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		29.795	20.917	12.096
LOAN FUNDS
1] Secured Loans		2.812	5.685	2.037
2] Unsecured Loans		0.700	0.700	0.000
TOTAL BORROWING		3.512	6.385	2.037
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		33.307	27.302	14.133
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4.806	3.794	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.199	0.199	0.000
DEFERREX TAX ASSETS		0.408	0.069	0.014
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	9.894	13.100	19.240
	Cash & Bank Balances	13.549	4.432	6.243
	Other Current Assets	0.081	0.000	0.000
	Loans & Advances	42.711	28.792	15.736
Total Current Assets		66.235	46.324	41.219
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1.231	6.216	12.191
	Other Current Liabilities	20.113	4.909	7.979
	Provisions	16.997	11.959	6.930
Total Current Liabilities		38.341	23.084	27.100
Net Current Assets		27.894	23.240	14.119
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		33.307	27.302	14.133

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	145.926	90.612	140.228
		Other Income
		TOTAL (A)	145.926	90.612	140.228
Less	EXPENSES
		Office Expenses	129.189	75.465	126.478
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	129.189	75.465	126.478
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		16.737	15.147	13.750
Less	FINANCIAL EXPENSES (D)		1.630	0.404	(0.010)
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		15.107	14.743	13.760
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.530	0.840	0.000
	PROFIT BEFORE TAX (E-F) (G)		13.577	13.903	13.760
Less	TAX (H)		4.699	5.083	4.783
	PROFIT AFTER TAX (G-H) (I)		8.878	8.820	8.977
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		20.816	11.996	3.019
	BALANCE CARRIED TO THE B/S		29.694	20.816	11.996
	Earnings Per Share (Rs.)		887.84	882.02	897.69

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.08	9.73	6.40
Return on Total Assets (PBT/Total Assets}	(%)	19.00	27.70	33.37
Return on Investment (ROI) (PBT/Networth)		0.46	0.66	1.14
Debt Equity Ratio (Total Liability/Networth)		1.40	1.41	2.41
Current Ratio (Current Asset/Current Liability)		1.73	2.01	1.52

LOCAL AGENCY FURTHER INFORMATION

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

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors	1.231	6.216	12.191

NOTE

Registered office address has been shifted from 4^th Floor, Raikar Bhavan, Sector 17, Vashi, Navi Mumbai-400703, Maharashtra, India w.e.f.02.02.2009.

BUSINESS ACTIVITY

During the year, the Company incurred profit of Rs. 8.878 Millions and the management is looking for further increase income to be received in the coming years.

CONTINGENT LIABILITY

Ø Bank Guarantee Rs. 7.784 Millions (Previous Year Rs. 2.014 Millions).

FORM 8

Corporate identity number of the company	U45200MH2007PTC167624
Name of the company	STRUCTWEL CONSTRUCTIONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Structwel’, Plot No.15, Sector 24, Off Sion Panvel Highway, Turbhe, Navi Mumbai-400705, Maharashtra, India
This form is for	Modification of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	NKGSB Co-operative Bank Limited, A-15, Jagruti Co-operative Housing Society, L.J. Road, Mahim (West), Mumbai-400016, Maharashtra, India
Nature of instrument creating charge	Supplemental Deed of Hypothecation for Additional Advances
Date of instrument Creating the charge	11.11.2011
Amount secured by the charge	Rs. 10.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As may be decided, from time to time, by the bank. Margin As may be decided, from time to time, by the bank. Extent and operation of the charge To secure the due repayment of Cash Credit facility of Rs.10.000 Millions (Enhanced from Rs.5.000 Millions), together with interest, cost, charges, expenses etc. thereon, granted by the Bank to the Company.
Short particulars of the property charged (Including location of the property)	All, present and future, hypothecation of other current assets of the Company All, present and future, Book-Debts, outstanding monies, receivables, claims, bills, contracts, securities, investments, goodwill, rights and assets due to the Company
Charge identification number of the charge to be modified	10145328
Particulars of the present modification	This Charge shall hold goods and Book debts to secure the due repayment of additional Cash Credit facility of Rs.5.000 Millions granted to the Company. Hence, the aggregate Cash Credit facility, secured by charge, has been enhanced from Rs.5.000 Millions to Rs.10.000 Millions, Therefore, the overall charge now stands at Rs.10.000 Millions

FIXED ASSETS

· Diesel Generating Unit

· Computer Equipment

· Vehicles

· Air conditioner

· Electrical Fittings

· Furniture and Fixture

· Office Equipments

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. 49.24
UK Pound	1	Rs. 77.18
Euro	1	Rs. 65.29

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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	7
--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		47

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.