MIRA INFORM REPORT

Report Date :

02.06.2012

IDENTIFICATION DETAILS

Name :	RAJDEEP BUILDCON PRIVATE LIMITED
Registered Office :	''Rajdeep House'', Savedi, Ahmednagar-414001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.08.1997
Com. Reg. No.:	11-110101
Capital Investment / Paid-up Capital :	Rs.40.458 Millions
CIN No.: [Company Identification No.]	U45202PN1997PTC110101
PAN No.: [Permanent Account No.]	AAACR8605D
Legal Form :	Private Limited Liability Company
Line of Business :	Subject engaged in the construction activity.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 3000000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Financial position of the company appears to be good. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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. Praful
Designation :	Senior Executive
Contact No.:	91-241-2424072
Date :	01.06.2012

LOCATIONS

Registered Office :	''Rajdeep House'', Savedi, Ahmednagar-414001, Maharashtra, India
Tel. No.:	91-241-2424072 / 2424101 / 2423631
Fax No.:	91-241-2425812
E-Mail :	apte@rajdeeppublicity.in info@rajdeepgroup.com
Website :	http://www.rajdeeppune.in http://www.rajdeepgroup.com
Divisional Office :	Bungalow No.4, Liberty Society 11, North Main Road, Koregaon, Pune, Maharashtra, India
Tel. No.:	91-20-26052700
Fax No.:	91-20-26153844
E-Mail :	info@rajdeeppune.in
Area :	10000 Sq. Ft.
Location :	Owned

DIRECTORS

As on 26.09.2011

Name :	Mr. Dilip Popatlal Dhadiwal
Designation :	Managing director
Address :	Abhijeet Ganesh Colony, Bhist Baug Road, Savedi. Ahmednagar – 414003, Maharashtra, India
Date of Birth/Age :	11.07.1968
Qualification :	D.C.E
Experience :	23 Years
Date of Appointment :	14.08.1997
DIN No.:	00330476
Name :	Mr. Rajesh Mannalal Katariya
Designation :	Whole-time director
Address :	Pratham Plot No.3, Sr. No.25/2, Bhist Baug Pipe Line Road, Savedi. Ahmednagar – 414003, Maharashtra, India
Date of Birth/Age :	25.08.1970
Date of Appointment :	14.08.1997
DIN No.:	00330662
Name :	Mr. Kishor Popatlal Dhadiwal
Designation :	Director
Address :	Tushar Plot No.49, Sr. No.9/1A, Opposite Rajdeep House, Savedi. Ahmednagar – 414003, Maharashtra, India
Date of Birth/Age :	05.06.1963
Date of Appointment :	22.08.1998
DIN No.:	00330868

KEY EXECUTIVES

Name :	Mr. Praful
Designation :	Senior Executive
Name :	Mr. Sachin Biyani
Designation :	Project Director
Date of Birth/Age :	44 years
Qualification :	B.E.(Civil)
Experience :	23 years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on As on 26.09.2011

Names of Shareholders	No. of Equity Shares	No. of Preference Shares
Dilip Popatlal Dhadiwal	37356	--
Rajesh Mannalal Katariya	20900	--
Kishor Popatlal Dhadiwal	6850	--
Sangita Kishor Dhadiwal	4200	--
Seema Dilip Dhadiwal	3150	--
Savita Rajesh Katariya	1200	--
Rajdeep Road Developers Private Limited, India	58790	87135
Rajdeep Publicity Private Limited, India	--	185000
Total	132446	272135

List of Allottees

Names of Allottee	No. of Preference Shares Allotted
Roahn Rajdeep Tollways Limited, India	100000
Total	100000

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2011

Category	Percentage
Bodies corporate	44.38
Directors or relatives of Directors	55.62
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject engaged in the construction activity.
Imports :
Products :	Machinery
Countries :	China
Terms :
Selling :	Depends
Purchasing :	Depends

GENERAL INFORMATION

Customers :

Government

· PWD

· NHAI

· HSCL

· IFCON

· MSRDC

· Rites

· TATA

· Areva

· PIDB

· Minda

· Gammon

· HP

· Bharat Petroleum

· Zamil Steel

· Indian Oil

· L and T

· MMRDA

· Suzlon

· EATON

· ITC Limited

· Gsyuasa

· Huco

· Endurance

· Sadbhav

· Bekaert

· Sany

· Siemens

· PMC

No. of Employees :

500 (Approximately)

Bankers :

· ICICI Bank, Mumbai, Maharashtra, India

· HDFC Bank, HDFC Bank House, Senapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India

· ABN Amro Bank Limited

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working Capital Loans Banks Secured	(A)374.872	256.737
Loans Taken For Other Fixed Assets Secured	(B)39.882	41.908
Total	414.754	298.645

Note:

(A) These are secured by a hypothecation over the current assets of the company viz. stocks, works in progress and receivables. The additional security is provided by way of a charge over immovable properties owned by company and directors and are personally guaranteed by directors and corporate guarantees of certain group companies.

(B) The term loans are availed of for purchasing various assets such as plant and machinery, equipments, vehicles, etc. The loans are secured by way of a mortgage/hypothecation over these assets and additionally secured by way of personal guarantee of directors.

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee Term Loans Others Unsecured	115.598	98.120
Total	115.598	98.120

Note:

Being Private Limited Company, no public deposited received by company.

Banking Relations :
Financial Institution :	· TATA Capital Limited · L and T Finance Limited · G.E. Capital Finance
Auditors :
Name :	Ghaisas and Associates Chartered Accountants
Address :	A-303 Prerana Arcade, Opposite Tarakpur Bus Stand, Ahmednagar – 414003, Maharashtra, India
PAN.:	AAGFG3790B
Memberships :
Joint Venture :	· Rohan Rajdeep Katol Bypass Infrastructure · Rohan and Rajdeep Infrastructure · Rohan Rajdeep Warora ROB Infrastructure · Rajdeep Infrastructure · Rajdeep and PMCC Infrastructure · Rajdeep Publicity
Associates :	· Rajdeep Publicity Private Limited CIN No.: U45203PN2000PTC014997 · Rajdeep Road Developers Private Limited · Rohan and Rajdeep Infrastructure Private Limited CIN No.: U45202PN2003PTC018494 · Rohan Rajdeep Tollways Limited CIN No.: U45203PN2005PLC021034 · Rohan Rajdeep Toll Roads Limited CIN No.: U45203PN2007PLC130755 · Rajdeep Info Techno Private Limited CIN No.: U72200PN2003PTC018109 · Rohan Rajdeep Infra Projects Limited · Rohan Rajdeep Rajasthan Infra Projects Limited CIN No.: U45200PN2009PLC134989

CAPITAL STRUCTURE

After 26.09.2011

Authorised Capital : Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
132446	Equity Shares	Rs.100/- each	Rs.13.245 Millions
372135	9% Non Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.37.213 Millions
			Rs.50.458 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Millions
300000	9% Non Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.30.000 Millions
	Total		Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
132446	Equity Shares	Rs.100/- each	Rs.13.245 Millions
272135	9% Non Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.27.213 Millions
			Rs.40.458 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		40.458	40.458	40.458
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		710.866	587.376	469.190
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		751.324	627.834	509.648
LOAN FUNDS
1] Secured Loans		414.754	298.645	171.236
2] Unsecured Loans		115.598	98.120	58.608
TOTAL BORROWING		530.352	396.765	229.844
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1281.676	1024.599	739.492
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		268.023	235.385	150.714
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		563.913	491.598	341.026
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	391.481	210.222	281.759
	Sundry Debtors	658.309	471.980	289.487
	Cash & Bank Balances	76.751	55.424	34.734
	Other Current Assets	145.122	163.608	148.053
	Loans & Advances	74.717	120.191	186.010
Total Current Assets		1346.380	1021.425	940.043
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	343.256	349.978	280.439
	Other Current Liabilities	369.130	243.290	269.263
	Provisions	184.309	130.612	142.677
Total Current Liabilities		896.695	723.88	692.379
Net Current Assets		449.687	297.545	247.664
MISCELLANEOUS EXPENSES		0.055	0.071	0.088
TOTAL		1281.676	1024.599	739.492

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	3035.897	2739.780	2978.036
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	2793.475	2517.982	2733.953
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		242.422	221.798	244.083
Less/ Add	DEPRECIATION/ AMORTISATION		47.047	38.724	25.942
	PROFIT BEFORE TAX		195.375	183.074	218.142
Less	TAX		71.885	64.888	71.439
	PROFIT AFTER TAX		123.490	118.186	146.703
	Earnings Per Share (Rs.)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.07	4.31	4.93
Return on Total Assets (PBT/Total Assets}	(%)	12.10	14.57	20.00
Return on Investment (ROI) (PBT/Networth)		0.26	0.29	0.43
Debt Equity Ratio (Total Liability/Networth)		1.90	1.78	1.81
Current Ratio (Current Asset/Current Liability)		1.50	1.41	1.36

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditor Details:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
- Due Others	343.255	349.978	280.439

	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	Yes
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 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	Yes
17) Major suppliers	No
18) Major customers	Yes
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
21) Market information	--
22) Litigations that the firm / promoter	--
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	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

Financial Results:

The company is engaged in the business of construction of roads, bridges and industrial projects. The company has successfully completed various projects. Based on the experience and financial strength gained from these projects, the company has entered, during the past few years, into a few strategic joint ventures for the purpose of executing infrastructure projects. Most of the projects have already started yielding substantial revenues, more specifically described in notes forming parts of accounts

Contingent Liabilities

Contingent liabilities not provided for: Guarantees provided by banks for the company Rs. 1065.452 Millions and corporate guarantees provided by the company for bank guarantees of associate and joint venture firms and companies Rs. 427.835 Millions. There are no over dues or defaults in respect of the above Loan, BG and LC accounts and the company does not expect any liability in this regard. This has been disclosed in accordance with AS 29 “Provisions, Contingent Liabilities and Contingent Assets “issued by ICAI

Service Tax:-

(Rs. In Millions)

Nature of Disputed Dues	Relevant Period	Amount	Amount	Amount
a. Alleged non-payment of service tax in respect of NHAI Contract	Nov. 2005 to March 2008	3.593	0.620	3.073
b. Alleged incorrect availment of cenvat credit		0.393	NIL	0.393
c. Penalty u/s 77 and 78 in respect of (a) and (b) above	Oct. 2004 to Jan. 207	4.091	0.639	3.452
d. Short payment of service tax	Jan.08 and Feb-08	0.101	NIL	0.101
e. Penalty u/s 76 of the Finance Act	Jan.08 and Feb.08	0.101	NIL	0.101
f. Alleged inadmissible availament of cenvat credit	Apr. 2005 to Mar. 2006	1.879	1.144	0.735
g. Alleged incorrect availment of abatement benefit	Apr.2005 to Mar. 2008	50.129	2.728	47.401
h. Excess utilization of cenvat credit	Apr.2005 to Mar.2008	53.722	NIL	53.722

Bankers Charges Report as per Registry

Corporate identity number of the company	U45202PN1997PTC110101
Name of the company	RAJDEEP BUILDCON PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	''Rajdeep House'', Savedi, Ahmednagar-414001, Maharashtra, India E-Mail : apte@rajdeeppublicity.in
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	HDFC Bank, HDFC Bank House, Senapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India E-mail : cpu-retailassetoperations.rocefiling@hdfcbank.com
Nature of instrument creating charge	Agreement for Loan and Guarantee. (Contracts No.: 3421264 / 3421270 / 3421274) (Rs.2.891 Millions + Rs.0.809 Millions + Rs.4.347 Millions) = Rs.8.047 Millions
Date of instrument Creating the charge	09.04.2012
Amount secured by the charge	Rs.8.047 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @ 11 & 11.01 % p.a. Terms of Repayment The Loan is repayable in 24 EMIs of Rs.0.375 Million (Rs.0.135 Million + Rs.0.038 Million + Rs.0.203 Million) starting from 1st May, 2012 ending on 1st April, 2014. Margin As may be stipulated by bank from time to time. Extent and Operation of the charge The Company hypothecates to and charges in favour of the Bank by way of first and exclusive charge of the Vehicle/ equipment as security for the repayment/payment by the company of the loan granted or to be granted to the company by the Bank together with all fees, interest, costs and expenses incurred/to be incurred by the Bank and all other monies payable or to become payable by the company to the Bank. Others The Bank shall be absolutely entitled and have full power and authority to sell, assign or transfer in any manner, in whole or in part, and in such manner and on such terms as the Bank may decide, including reserving a right to the Bank to retain its power to proceed against the company on behalf of the purchaser, assignee or transferee, any or all outstanding dues of the company, to any third party of the Bank's choice without reference to or without written intimation to the company.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of 3 Nos. Equipments namely : 2 Nos. A. D Scaffolding (Year of Manufacture: 2012) 1 Nos. Fedders Lloyd Scaffolding Material (Year of Manufacture: 2012)

Fixed Assets:

· Land and Building

· Plant and Machinery

· Centering Material

· Vehicles

· Computers

· Furniture and Fixtures

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.55.93
UK Pound	1	Rs.86.03
Euro	1	Rs.69.13

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		53

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.