MIRA INFORM REPORT

Report Date :

27.01.2012

IDENTIFICATION DETAILS

Name :	MODEST INFRASTRUCTURE LIMITED (w.e.f 11.12.2007)
Formerly Known As :	MODEST INFRASTRUCTURE PRIVATE LIMITED
Registered Office :	11, Rex Chambers, Ground Floor, Ballard Estate, W. H. Marg, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.04.1994
Com. Reg. No.:	11-077698
Capital Investment / Paid-up Capital :	Rs.208.988 Millions
CIN No.: [Company Identification No.]	U61100MH1994PLC077698
TAN No.: [Tax Deduction & Collection Account No.]	MUMM09833F
PAN No.: [Permanent Account No.]	AADCM1665K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in various activities connected to shipping, like ship building and ship repair.
No. of Employees :	250 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ca [14]

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company is under severe pressure. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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. P. D. Salian
Designation :	Finance Manager
Contact No.:	91-22-42184401
Date :	11.02.2011

LOCATIONS

Registered / Head Office :	11, Rex Chambers, Ground Floor, Ballard Estate, W. H. Marg, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22703572 / 71 / 73 / 74
Fax No.:	91-22-22690371
E-Mail :	modship@vsnl.com pdsalian@modship.com sagar@modship.com
Website :	www.gmbports.com www.modship.com
Area :	2500 sq.ft
Location :	Owned
Corporate Office :	Solitaire Corporate Park, Unit no 251 & 252, 5th Floor, Bldg No 2, Andheri - Ghatkoper Link Road, Andheri (East), Mumbai-400093, Maharashtra, India
Tel. No.:	91-22-42184401 / 02 / 03 / 04
Fax No.:	91-22-42184400
Shipyard :	Ramsar Yard, Old Ferry Workshop, Old Port : Bhavnagar – 364 001, Gujarat, India
Tel. No.:	91-278-2524775 / 76 / 77 / 78
Fax No.:	91-278-2524790
Branch Office :	Bharuch Danej Main Road, Rainiyad Chokady, Taluka Vagra, District Bharuch, Gujarat, India
Tel. No.:	91-2641-254001
Fax No.:	91-2641-254003

DIRECTORS

As On 30.09.2011

Name :

Mr. Kishore Deomal Gambani

Designation :

Managing Director

Address :

B/605, Shastri Nagar, Swiss Corner, Andheri, Mumbai - 400058, Maharashtra, India

Date of Appointment :

13.04.1994

DIN :

00208295

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	U63012MH1988PTC047782	MODEST SHIPPING AGENCY PRIVATE LIMITED	Director	22/06/1988	22/06/1988	Active	NO
2	U74999MH1992PTC069934	SADHANA TECHNICAL WORKS PRIVATE LIMITED	Director	7/12/1992	7/12/1992	Active	NO
3	U61100MH1994PLC077698	MODEST INFRASTRUCTURE LIMITED	Managing director	1/4/2011	13/04/1994	Active	NO
4	U63032MH1996PTC103505	MODEST MARITIME SERVICES PRIVATE LIMITED	Director	1/1/2008	1/1/2008	Active	NO

Name :

Mr. Prakash Virumal Sadhwani

Designation :

Whole Time Director

Address :

1108., Superwishwa Apartments, Sarvodaya Nagar, Nahur Gaon Road, Mulund, Mumbai - 400080, Maharashtra, India

Date of Appointment :

15.12.2005

DIN :

00208324

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	U63012MH1988PTC047782	MODEST SHIPPING AGENCY PRIVATE LIMITED	Director	22/06/1988	22/06/1988	Active	NO
2	U74999MH1992PTC069934	SADHANA TECHNICAL WORKS PRIVATE LIMITED	Director	15/12/2005	15/12/2005	Active	NO
3	U61100MH1994PLC077698	MODEST INFRASTRUCTURE LIMITED	Whole-time director	1/4/2008	15/12/2005	Active	NO
4	U63032MH1996PTC103505	MODEST MARITIME SERVICES PRIVATE LIMITED	Director	1/1/2008	1/1/2008	Active	NO
5	U45202MH2008PTC184603	VAMANRAI RATILAL CONSTRUCTION PRIVATE LIMITED	Director	11/7/2008	11/7/2008	Active	YES
6	U61100MH2009PTC191976	OCEAN BUNKERS PRIVATE LIMITED	Director	23/04/2009	23/04/2009	Active	NO

Name :

Mr. Ghanshyam Kanhaiyalal Rohra

Designation :

Whole Time Director

Address :

305/306,Yogi Hills, SBS Road, Mulund, Mumbai - 400080, Maharashtra, India

Date of Appointment :

01.03.1995

DIN :

00208344

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	U74999MH1992PTC069934	SADHANA TECHNICAL WORKS PRIVATE LIMITED	Director	1/3/1995	1/3/1995	Active	NO
2	U61100MH1994PLC077698	MODEST INFRASTRUCTURE LIMITED	Whole-time director	1/4/2011	1/3/1995	Active	NO

Name :

Mr. Mehul Kumar Patel

Designation :

Whole Time Director

Address :

2139-A, Behind Sameer Bunglow, Vagawaeh Road, Bhavnagar - 364002, Gujarat, India

Date of Appointment :

01.11.2005

DIN :

00531940

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	U61100MH1994PLC077698	MODEST INFRASTRUCTURE LIMITED	Whole-time director	1/4/2011	1/11/2005	Active	NO
2	U45201GJ2007PLC052332	MARITIME INFRASTRUCTURE LIMITED	Director	13/12/2007	13/12/2007	Active	NO
3	U63032GJ2008PTC054673	RATANPARA DOCKYARD PRIVATE LIMITED	Director	4/8/2008	4/8/2008	Active	NO
4	U35110GJ2007PLC051726	MASCOT SHIPYARD LIMITED	Director	30/09/2009	9/6/2009	Active	NO
5	U45201GJ2009PTC058397	MASCOT ENGITECH PRIVATE LIMITED	Director	19/10/2009	19/10/2009	Active	NO
6	U45201GJ2009PTC058407	MASCOT PROCON PRIVATE LIMITED	Director	20/10/2009	20/10/2009	Active	NO
7	U45201GJ2010PTC059448	MASCOT DREDGING PRIVATE LIMITED	Director	5/2/2010	5/2/2010	Active	NO
8	U45201GJ2010PTC059446	MASCOT OFFSHORE PRIVATE LIMITED	Director	5/2/2010	5/2/2010	Active	NO
9	U45202GJ2010PTC059423	MASCOT SURFACE TREATMENT PRIVATE LIMITED	Director	5/2/2010	5/2/2010	Active	NO
10	U40106GJ2010PTC059416	MASCOT ELECTRICAL SERVICES PRIVATE LIMITED	Director	5/2/2010	5/2/2010	Active	NO
11	U10100GJ2011PTC063733	MASCOT ARDEE CARBON PRIVATE LIMITED	Director	20/01/2011	20/01/2011	Active	NO
12	U29100GJ2011PTC064365	MASCOT HEAVY ENGINEERING PRIVATE LIMITED	Director	11/3/2011	11/3/2011	Strike off	NO

Name :

Mr. Kevat Jayantbhai Vanani

Designation :

Whole Time Director

Address :

2214/B/C/1, Manan Hill Drive, Bhavnagar - 364001, Gujarat, India

Date of Appointment :

27.07.2007

DIN :

01805118

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	U61100MH1994PLC077698	MODEST INFRASTRUCTURE LIMITED	Whole-time director	1/4/2011	27/07/2007	Active	NO
2	U70109GJ2003PTC042707	MODERN AMUSMENT AND HEALTHCLUB PRIVATE LIMITED	Director	1/4/2010	1/4/2010	Active	NO

Name :

Mr. Rohinton Kaikhushroo Patel

Designation :

Additional Director

Address :

Rustom Villa, 4^th Floor, Dr. Ghanti Road, Dadar Parsi Colony, Mumbai – 40004, Maharashtra, India

Date of Birth/Age :

01.09.1946

Date of Appointment :

29.01.2008

DIN :

00814078

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	U61100MH1994PTC079300	EURO MARINE SURVEYORS PRIVATE LIMITED	Director	26/12/1995	26/12/1995	31/03/2008	Active	NO
2	U28920MH1990PTC055971	MODEST AND PARSONS INTERNATIONAL PRIVATE LIMITED	Director	26/12/1995	26/12/1995	31/03/2008	Active	NO
3	U25110MH2006PTC159251	PERSEPOLIS TYRES AND TRADING COMPANY PRIVATE LIMITED	Director	14/03/2007	14/03/2007	-	Active	NO
4	U61100MH1994PLC077698	MODEST INFRASTRUCTURE LIMITED	Additional director	29/01/2008	29/01/2008	-	Active	NO

Name :

Mr. Virjibhai Kurjibhai Ravani

Designation :

Additional Director

Address :

A-23 Trikam Nagar Society – 1, L H Road, Surat - 395006, Gujarat, India

Date of Birth/Age :

18.03.1954

Date of Appointment :

29.01.2008

DIN :

01832150

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	U61100MH1994PLC077698	MODEST INFRASTRUCTURE LIMITED	Additional director	29/01/2008	29/01/2008	-	Active	NO
2	U51109WB2006PTC107192	JEEVA VANIJYA PVT LTD	Director	14/03/2008	14/03/2008	-	Active	NO
3	U74900GJ2008PTC053831	TRANSGLOBE INDUSTRIES PRIVATE LIMITED	Director	7/5/2008	7/5/2008	-	Active	NO
4	U45201MH2008PLC211753	TRAANSGLOBE INFRASTRUCTURE LIMITED	Director	23/05/2008	23/05/2008	27/07/2009	Active	NO
5	U24239GJ2008PTC055006	UNIVERSAL LIFECARE PRIVATE LIMITED	Additional director	3/11/2008	3/11/2008	1/7/2010	Active	NO
6	U45200GJ2011PTC067173	RAVANI INFRASTRUCTURES PRIVATE LIMITED	Director	16/09/2011	16/09/2011	-	Active	NO

Name :

Mr. Dlipkumar Champaklal Mody

Designation :

Additional Director

Address :

11/12, Mangal Building, 76/C, R. A. Kidwai Road, Matunga, Mumbai – 400019, Maharashtra, India

Date of Birth/Age :

18.09.1948

Date of Appointment :

29.01.2008

DIN :

02158082

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	U61100MH1994PLC077698	MODEST INFRASTRUCTURE LIMITED	Additional director	29/01/2008	29/01/2008	Active	NO
2	U61100MH2009PTC191976	OCEAN BUNKERS PRIVATE LIMITED	Director	23/04/2009	23/04/2009	Active	NO
3	U74140MH2007PTC176819	JURIS MATRIX ADVISORS PRIVATE LIMITED	Additional director	21/12/2010	21/12/2010	Active	NO

Name :

Mr. Jayant Kumar Nanalal Patel

Designation :

Whole Time Director

Address :

Plot No. 2214/B/C/1 , Manan Hill Drive, Bhavnagar - 364001, Gujarat, India

Date of Appointment :

27.07.2007

DIN :

01805133

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	U61100MH1994PLC077698	MODEST INFRASTRUCTURE LIMITED	Whole-time director	1/4/2011	27/07/2007	Active	NO
2	U70109GJ2003PTC042707	MODERN AMUSMENT AND HEALTHCLUB PRIVATE LIMITED	Director	1/4/2010	1/4/2010	Active	NO

KEY EXECUTIVES

Name :	Mr. P. D. Salian
Designation :	Finance Manager
Name :	Ms. Neelam Sumeet Maheshwari
Designation :	Company Secretary
Address :	B/301, Turning Point Building, Sector -1, Vasant Nagari, Vasai Road [East], Mumbai, 401208, Maharashtra, India
Date of Appointment :	01.05.2008
Pan No. :	AHBPK9698L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 30.09.2011

Names of Shareholders	No. of Shares
Mehul Vamanbhai Patel	7200000
Kishor Deoomal Gambani	6879166
Prakash Virumal Sadhwani	64 76167
Ghanshyam Kanayalal Rohra	63 2 7167
Jayantkumar Nanalal Patel	53 00000
Vanani Kevat Jayantkumar	2700000
Navin Ghanshyam Rohra	2054380
Neetu Navin Rohra	2050000
Sadhana Technical Works Private Limited	1089250
Ravani Artiben Virjibhai	700000
Modest Maritime Services Private Limited	491000
Coastal Marine Construction and Eng.	400000
Sushila P Sadhwani	377000
Renu Ghanshyam Rohra	3 01000
Gulshan Ghanshyam Rohra	2 6 9370
Ravani R Virjibhai	250000
Kundanben Virjibhai Ravani	250000
Ravani Tejas Virjibhai	250000
Jalan Limited	210800
Turquise Management Inc	200000
Redwood Offshore Private Limited	100000
Kaminiben Mehulbhai Patel	100000
Vamanray R Patel	100000
Patel Rasilaben Vamanbhai	100000
Deodhar Shipping Private Limited	50000
Mamta Rohra	50000
Harish Rohra	50000
Mehulkumar Ambaliya	45000
Rohinton Patel	33750
Malika A Khatri	27000
Sanjeev Rai	25000
Sycamore Marine Private Limited	25000
Mamta Anil Rohra	25000
Namrata Prakash Sadhwani	21750
Kanta Deoomal Gambani	14000
Bhavesh Pravinchandra Shah	10000
Bhavesh Vasantrai Gandhi	10000
Jigar K. Patel	10000
Sagar Anilkumar Rohra	10000
Nazneen Salim Sheikh	10000

As On 30.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	0.91
Bodies corporate	4.80
Directors or relatives of Directors	94.29
Total	10000

BUSINESS DETAILS

Line of Business :	Subject is engaged in various activities connected to shipping, like ship building and ship repair.
Terms :
Selling :	L/C / Cash / Credit [30 / 60 Days]
Purchasing :	L/C / Cash / Credit [30 / 60 Days]

GENERAL INFORMATION

Customers :

Corporate

• Indian Navy
• Preste Global Limited
• Ambuja Cements Limited
• Krishna International FZE
• S.S. Marine Services
• Rix Shipping Company Limited
• Turquise Management INC

No. of Employees :

250 (Approximately)

Bankers :

• State Bank of India, Overseas Branch, 2^nd Floor, Arcade World Trade Centre, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Facilities :

Cash Credit: Rs. 550.000 Millions (State Bank of India)

Secured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Term Loans
From HDFC Bank (Secured by hypothecation of motor cars, loader and tanker)	0.000	5.490
From Kotak Mahindra Bank (secured by hypothecation of motor car)	0.000	0.320
Working capital loans
From State Bank of India (Secured primarily by hypothecation charge on entire current assets of the company on pari passu basis and collaterally by way of mortgage by deposit of title deeds of certain immovable properties of the company)	335.566	404.536
Total	335.566	410.346

Unsecured Loans	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
From Directors, shareholders and their associates	28.150	50.685
Others	38.500	26.700
Total	66.650	77.385

Banking Relations :	--
Financial Institution :	Ge Capital Transportation Financial Services Limited, Aifacs Building, 1, Rafi Marg, New Delhi - 110001, India
Auditors :
Name :	Kabra Associates Chartered Accountants
Address :	204 Niranjan, 99 Marine Drive, Mumbai – 400002, Maharashtra, India
Tel. No.:	91-22-66340027/8
Fax No.:	91-22-66340025
E-Mail :	dsk@ekabra.com
Pan No. :	AABFM5187D
Associates :	Sadhana Technical Works Private Limited CIN : U74999MH1992PTC069934

CAPITAL STRUCTURE

As On 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
150,000,000	Equity Shares	Rs. 10/- each	Rs.1500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12,898,800	Equity Shares	Rs. 10/- each	Rs. 128.988 Millions
32,000,000	Equity Shares (Partly Paid up)	Rs. 2.50/- each	Rs. 80.000 Millions
	Total		Rs. 208.988 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		208.988	208.788	208.788
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		[190.966]	79.659	189.718
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		18.022	288.447	398.506
LOAN FUNDS
1] Secured Loans		335.566	410.346	355.856
2] Unsecured Loans		66.650	77.385	45.978
TOTAL BORROWING		402.216	487.731	401.834
DEFERRED TAX LIABILITIES		0.000	0.000	9.349
TOTAL		420.238	776.178	809.689
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		315.337	309.366	344.188
Capital work-in-progress		149.756	143.272	0.000
INVESTMENT		1.455	1.456	1.456
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	551.545	741.550	553.298
	Sundry Debtors	199.633	468.447	71.927
	Cash & Bank Balances	223.601	283.992	148..075
	Other Current Assets	38.502	38.502	0.000
	Loans & Advances	129.417	89.388	340.972
Total Current Assets		1142.698	1621.879	1114.272
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	80.870	151.455	70.813
	Other Current Liabilities	1084.323	1106.875	581.824
	Provisions	26.719	51.064	11.309
Total Current Liabilities		1191.912	1309.394	663.946
Net Current Assets		[49.214]	312.485	450.326
MISCELLANEOUS EXPENSES		2.904	9.599	13.719
TOTAL		420.238	776.178	809.689

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Revenue from operations	648.424	770.313	916.970
		Closing work in progress	0.000	0.000	505.508
		Other Income	2.910	30.562	8.107
		TOTAL (A)	651.334	800.875	1430.585
Less	EXPENSES
		Consumption materials changes inventories	475.845	532.666
		Manufacturing service costs	162.233	186.122
		Contract Cost	0.000	0.000	1355.987
		Employee related expenses	62.509	51.229
		Administrative selling other expenses	53.831	45.859
		Prior period items	1.654	[2.980]	0.469
		TOTAL (B)	756.072	812.896	1356.456
	PROFIT/[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		[104.738]	[12.021]	74.129
Less	FINANCIAL EXPENSES (D)		151.462	133.507	32.586
	PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		[256.200]	[145.528]	41.543
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.271	12.322	7.067
	PROFIT / [LOSS] BEFORE TAX (E-F) (G)		[270.471]	[157.850]	34.476
Less	TAX (H)		0.000	[47.946]	11.481
	PROFIT / [LOSS] AFTER TAX (G-H) (I)		[270.471]	[109.904]	22.995
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		[70.811]	39.093	16.098
	BALANCE CARRIED TO THE B/S		[341.282]	[70.811]	39.093
	EARNINGS IN FOREIGN CURRENCY
	FOB Value of Export		186.571	520.273	136.821
	TOTAL EARNINGS		186.571	520.273	136.821
	IMPORTS
		Capital Goods	0.331	0.000	4.205
		Materials and components	84.984	534.931	505.456
	TOTAL IMPORTS		85.315	534.931	509.661
	Earnings/[Loss] Per Share (Rs.)		[13.50]	[5.48]	1.15

Expected Sales (2011-2012) : Rs. 800.000 Millions

The above information has been parted by Mr. Salian [Finance Manager]

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	[41.52]	[13.72]	1.61
Net Profit Margin (PBT/Sales)	(%)	[41.71]	[20.49]	3.76
Return on Total Assets (PBT/Total Assets}	(%)	[18.55]	[8.17]	2.36
Return on Investment (ROI) (PBT/Networth)		[15.01]	[0.55]	0.09
Debt Equity Ratio (Total Liability/Networth)		88.45	6.23	2.67
Current Ratio (Current Asset/Current Liability)		0.96	1.24	1.68

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details :

(Rs. in Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
-Due to Micro and Small Enterprises	-	-	-
-Due to Other	80.870	151.455	70.813
Total	80.870	151.455	70.813

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	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last two years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	No
Details of sister concerns	-
Major Suppliers	No
Major Customers	No
Payment Terms	Yes
Export / Import Details [If Applicable]	-
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	No
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

Operations:

During the year the total Income is reduced to Rs. 651.334 Millions as against Rs. 800.875 Millions in the previous year. The company has incurred a net loss of Rs. 268.817 Millions as against net loss of Rs. 109.904 Millions in the previous year.

The Company presently has orders worth Rs. 3550.000 Millions to be executed by May 2012 in the existing yard.

The Company is planning to develop a new yard at Ratanpur at Bhavnagar for which the Company has acquired land from Government of Gujarat with the Sea front of 1.3 k.m. having a total area of 40 acres. The total capital cost will be approx. Rs. 5500.000 Millions and the yard will be ready by December 2013.

In 2002 the Ministry of Shipping, Government of India has announced a Subsidy of 30% of Export Order for execution of Projects till August 14, 2007

Accordingly the Company has taken steps to claim Subsidy and claim was lodged after August 14, 2007 for projects executed before August 14, 2007. There was dispute over claim and suitable actions have been taken by your board and the matter is at present pending before Secretary, Ministry of Shipping. Your Company has taken legal opinion on the matter and based on the opinion a Rs.135.684 Millions has been accounted for as income from operations till 31^st March 2011 out of which Rs.180.02 was received by the company on 8 th September, 2011.

Contingent Liabilities

Contingent Liabilities not provided for:

Rs. In Millions

Particulars	31.03.2011	31.03.2010
In respect of Bond/Undertaking:
To Custom / Excise Authorities	7.600	375.000
In respect of performance guarantee given by bank to the buyers:
To customers/suppliers	66.800	48.900

Bankers Charges Report as per Registry

Corporate identity number of the company	U61100MH1994PLC077698
Name of the company	MODEST INFRASTRUCTURE LIMITED
Address of the registered office or of the principal place of business in India of the company	11, Rex Chambers, Gr. Floor, Ballard Estate, W. H. Marg, Mumbai – 400001, Maharashtra, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10089504
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Overseas Branch, 2^nd Floor, Arcade World Trade Centre, Cuffe Parade, Mumbai – 400005, Maharashtra, India Email : vlaxman@vsnl.com
Nature of instrument creating charge	Memorandum of deposit for creation of further charge for Term Loan/overall Limit where the initial charge is created by way of mortgage by deposit of title deeds.
Date of instrument Creating the charge	04.01.2011
Amount secured by the charge	Rs.2500.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest - Interest at the rate as may be communicated by the Bank from time to time. Terms of Repayment - On Demand Margin - As may be stipulated by the Banks form time to time. Extent and Operation of the charge - The Company accorded and gave oral consent to the bank to continue to hold and retain the title deeds (by way of Constructive delivery), in respect of its immovable properties as mentioned under Item No 15 as security for repayment of Rs.2500 millions, including principal, interest, liquidated damages, costs, charges and expenses.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Immovable properties lying and situated at Mumbai, Bhavnagar and Bharuch
Date of instrument modifying the charge	13.01.2010
Particulars of the present modification	The mortgage/charge now stands increased upto Rs.2500 millions in favour of State Bank India against the security of immovable properties being lying and situate at Mumbai, Bhavnagar and Bharuch.

Fixed Assets:

• Land
• Building
• Plant and machinery
• Yard safety equipments
• Vessels
• Office equipment
• Electrical installations
• Furniture and fixtures
• Computers
• 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.49.96
UK Pound	1	Rs.77.74
Euro	1	Rs.65.08

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--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		14

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.