MIRA INFORM REPORT

Report Date :

08.06.2012

IDENTIFICATION DETAILS

Name :	EXELON INFRASTRUCTURE LIMITED
Registered Office :	#101 A Wing, Bhomi Utsaw Apartment, Beside Kala Hanuman Temple, MG Road, Kandivali (West), Mumbai – 400067, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.03.1979
Com. Reg. No.:	11-021035
Capital Investment / Paid-up Capital :	Rs.66.688 Millions
CIN No.: [Company Identification No.]	L15140MH1979PLC021035
TAN No.: [Tax Deduction & Collection Account No.]	MUME07856C
PAN No.: [Permanent Account No.]	AAACM2862M
Legal Form :	A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.
Line of Business :	Infrastructure Development
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 540000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	#101 A Wing, Bhomi Utsaw Apartment, Beside Kala Hanuman Temple, MG Road, Kandivali (West), Mumbai – 400067, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	exeloninfra@gmail.com
Website:	http://exeloninfra.com
Legal Address:	Laxmi Busness Centre, 67-B, Gopal Mansion Opp. Copper Chimney, Station Road, Bandra (West), Mumbai – 400050, Maharashtra, India
Corporate Office :	3-6-154, Victory Vision, 5th Floor, Himayat Nagar, Hyderabad - 500 029, Andhra Pradesh, India
E-Mail :	info@exeloninfra.com

DIRECTORS

As on 26.09.2011

Name :	Mr. M. Srinivasa Rao
Designation :	Director
Name :	Mr. M. Vishuvardhan Rao
Designation :	Director
Name :	Mr. P.V.M. Ramana Kumar
Designation :	Director
Name :	Mr. R. Chakravarthy
Designation :	Director
Name :	Mr. G.B.T Rao
Designation :	Director
Name :	Mr. Srinivas Yadav Sher
Designation :	Director
Name :	Mr. Ravindra Deshpande
Designation :	Additional Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2012

Category of Shareholders	No. of Shares	Percentage (%)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	1,467,422	11.00
Sub Total	1,467,422	11.00
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	1,467,422	11.00
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	2,582,829	19.37
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Millions	1,921,805	14.41
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Millions	7,333,223	54.98
Any Others (Specify)	32,321	0.24
Non Resident Indians	8,300	0.06
Clearing Members	24,021	0.18
Sub Total	11,870,178	89.00
Total Public shareholding (B)	11,870,178	89.00
Total (A)+(B)	13,337,600	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	13,337,600	-

BUSINESS DETAILS

Line of Business :

Infrastructure Development

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Axis Bank, Srinagar Colony, Hyderabad-500 073, Andhra Pradesh, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Axis Bank- Vehicle Loan	5.128	0.000
Total	5.128	0.000

Banking Relations :	--
Auditors :
Name :	P.Murali and Company Chartered Accountant
Address :	Hyderabad, Andhra Pradesh, India

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
7500000	Equity Shares	Rs.10/- each	RS.75.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
13337600	Equity Shares	Rs.5/- each	RS.66.688 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		66.688	66.688
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		68.537	63.139
4] (Accumulated Losses)		0.000	0.000
NETWORTH		135.225	129.827
LOAN FUNDS
1] Secured Loans		5.128	0.000
2] Unsecured Loans		0.000	0.000
TOTAL BORROWING		5.128	0.000
DEFERRED TAX LIABILITIES		4.818	4.306
TOTAL		145.171	134.133
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		22.114	17.300
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	31.191	20.489
	Cash & Bank Balances	0.159	2.029
	Other Current Assets	0.000	0.000
	Loans & Advances	148.199	119.496
Total Current Assets		179.549	142.014
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	48.008	18.645
	Other Current Liabilities	6.867	5.033
	Provisions	1.617	1.503
Total Current Liabilities		56.492	25.181
Net Current Assets		123.057	116.833
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		145.171	134.133

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	383.251	297.861
		Other Income	0.000	0.000
		TOTAL (A)	383.251	297.861
Less	EXPENSES
		Construction and Administrative Expenses	373.211	287.036
		TOTAL (B)	373.211	287.036
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.040	10.825
Less	FINANCIAL EXPENSES (D)		0.223	0.041
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.817	10.784
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.290	1.057
	PROFIT BEFORE TAX (E-F) (G)		7.527	9.727
Less	TAX (H)		2.129	3.533
	PROFIT AFTER TAX (G-H) (I)		5.398	6.192
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.542	(5.650)
	BALANCE CARRIED TO THE B/S		5.940	0.542
	Earnings Per Share (Rs.)		0.44	1.23

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011	31.03.2012
Net Sales	153.010	113.000	118.650	141.040
Total Expenditure	148.420	107.970	113.390	128.600
PBIDT (Excl OI)	4.590	5.030	5.260	12.440
Other Income	0.000	0.000	0.000	0.000
Operating Profit	4.590	5.030	5.260	12.440
Interest	0.010	0.010	0.010	0.420
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	4.580	5.020	5.250	12.020
Depreciation	0.490	0.490	0.490	1.190
Profit Before Tax	4.090	4.530	4.760	10.830
Tax	0.000	0.000	0.000	0.050
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	4.090	4.530	4.760	10.780
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	4.090	4.530	4.760	10.780

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	1.41	2.08
Net Profit Margin (PBT/Sales)	(%)	1.96	3.27
Return on Total Assets (PBT/Total Assets}	(%)	4.19	6.85
Return on Investment (ROI) (PBT/Networth)		0.06	0.07
Debt Equity Ratio (Total Liability/Networth)		0.42	0.19
Current Ratio (Current Asset/Current Liability)		3.18	5.64

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) 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 two years	Yes
12) Profitability for last two 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	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
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	No

OPERATIONS:

During the year the Company raised additional funds by re-issue of forfeited shares and also from various financial institutions which were deployed in the operations of the Company. In the view the above, during the year the Company income has gone up to 30% more than the previous year i.e. the total income is Rs.383.251 Millions. However, due to substantial expenses on account of Company embarking upon the Thermal Power projects, the profits of the Company have remained subdued mainly on account of huge rise in the cost of the materials like cement, iron and labour cost etc. The profit of the Company is Rs.5.911 Millions.

FUTURE OUTLOOK:

The Indian infrastructure sector has been facing financial distress due to the recession in the previous years, it also paucities the availability of funds in the market. In fact, the non availability of adequate funds leads to compact working capital structure and inadequacy in ready deployment of required funds. Even in this scenario the Company has made an effort and obtained the capital to deploy in agreed projects.

As said in the previous report, due to the constraint in infrastructure industry the Company has entered into power sector to establish a plant for generation of power and also in telecommunication sector and to provide services related to the sector. In the course of the gear up the operations of the proposed activity the Company has approved to set up a coal based 350 MW Thermal plant near to Krishnapattanam port, Eruru village, Nellore District, Andhra Pradesh and applied to appropriate Government authorities to obtain the permission to carry on the operations of the Company. The permissions are being procured from all authorities and efforts are being made for financial closure also. To part finance the said project, the company proposed to raise upto USD 50 million by a GDR/ ADR/ FCCB or FPO issue of shares.

MANAGEMENT DISCUSSION AND ANALYSIS:

INDUSTRY STRUCTURE AND DEVELOPMENT:

Infrastructure development and Construction industry plays a major role in Indian economic growth and also occupied pivotal position in Nations development program. It is the second largest contributor to the Indian economy, contributes over 12% in the growth rate, i.e. more then the GDP in the past half decade. After recovering from the sudden slow down in the real estate market the construction sector has started embryonic towards to meet its contribution level in the GDP. The industry in India is highly fragmented and has about 300,000 construction companies operating nationwide. Taking clue from the Government's ambitious projects lined up for the Eleventh Plan period, the demand for construction is expected to grow by at least 8-9%.

Apart from construction sector the power and telecommunications sectors were rapidly increasing its contribution to the GDP of the Country during the year 2009-10.With a population of one billion and an underdeveloped telecommunications infrastructure, India's unfulfilled demand for telecommunications products and services is huge. India is currently the world's second most attractive telecommunications products and services market wherein the demand for Telecom Towers shall remain robust creating huge opportunities for the Company.

Gradually in the last couple of years, the industry faced one of the worst recessions of all time. The experience thus gained was valuable and shall serve the industry strategists for years to come. The various stakeholders in the entire chain have emerged and are emerging stronger with a hard learnt lesson. The year 2011 ushered a new decade of opportunities for Indian construction and realty industry and became a test for its stakeholders. The winners were and will be the ones who balance caution with diligence evaluating all the potential opportunities with pragmatism.

OUTLOOK:

As given in the previous report, due to recession in the construction/real-estate Sector Company is not able to expand its operations to expected level, consequently The Company turned towards providing services in the fields of telecommunications and power sector. With respect to the increasing Indian population the demand for the both sector is huge. In this regard Company has great hope for exploring new activity and expectations for growth in the forthcoming period for which the Company has drawn new tactics to reach the expected level of projects and also Company is planning to enter into alliances with other organizations with aims and activities similar to that of the Company in the international arena and domestically as well.

In fact, the availability of long term financial resources will be reflected in the current year working with the Company planning to explore several new project contracts for development and construction. The Company were made stringent policies by which it can defence the adverse effect of the market conditions and also Company is in the process of installation of the required machinery to commence the manufacturing activity in future. The Company proposes to seek effective and functional alliances

FINANCIAL PERFORMANCE:

During the year, total income of the company has increased to Rs.383.200 Millions from Rs.297.800 Millions in previous year. However, due to increase in expenses and provisions, the Profit is reduced to Rs.5.911 Millions as against Rs.6.192 Millions

SHARE CAPITAL:

During the year, the paid up share capital of the Company is Rs.66.688 Millions.

No fresh capital has been issued during the period.

FIXED ASSETS:

· Furniture and Fixtures

· Office Equipment

· Plant and Machinery

· Computer Software

· Vehicles

AS PER WEBSITE DETAILS

PROFILE

Subject is one of largest and most respected business conglomerates. Sectors: Communications, Engineering, Energy.

Subject is a company incorporated with the main objective of developing power projects and accordingly the company has envisaged to develop a 350MW natural gas based combined cycle power plant along with all requisite auxiliaries and utility facilities.

Subject has been successfully developing and operating infrastructure projects since 15 years. Pursuant to the ambitious corporate vision of development of power Subject projects to meet out the growing demand for power, has now taken active steps to develop the power Projects.

SERVICES

Leadership through Infrastructure

Subject is one of the upcoming Power Infrastructure Development, Power Project Management Companies in South India with rich and varied experience in execution of land market power projects across the length and breadth of the country.

With established credentials in executing complex and challenging projects in all kinds of environment, Exelon has repeatedly delivered projects on time and of the highest quality.

An abundance of resources like People, Plant and Equipment, Finance etc., have enabled Exelon Infrastructure Limited establish enviable record in infrastructure sphere. Exelon Infrastructure Limited Committed to the highest standards of quality.

Current Project:

Needs and Opportunities of the Project:

“Andhra Pradesh State Electricity Board has been adjusting tariff on energy to generate a surplus of 3 per cent in conformity with the section (59) to Electricity (Supply) Act, 1948 for further investment besides covering cost of supply.”

Project Allotment:

“The Project was registered by Non-Conventional Energy Development Corporation of Andhra Pradesh (NEDCAP). NEDCAP desired that a detailed Project Report be submitted firming up the project features for implementation of the project.”

Preparation of Detailed Project Report:

The objective of the detailed project report is to establish the technical feasibility and economic viability for construction of Mini Hydel Plant at bay reservoir.

UP COMING PROJECT

Subject is going to set up the thermal power project is represented by a 350 MW coastal thermal power project being processed near krishnapatnam in Andhra Pradesh. Exelon is acquiring 200 Acres of land near krishnapatnam port, Nellore District.

Exelon Global Venture Limited a Flag ship company of Subject, India.

Exelon Global Venture Limited is dedicated to contribute globally to the society at large through providing the quality professional engineering, construction services by way of construction of industrial facilities and supply of technical services. As an EPC company, it is their mission "To ensure the satisfaction and success of the clients through the provision of effective total solution." The key to this mission is to meet Quality requirements as well as Safety and Environment requirements called for by their clients and society. In this regard, their company will share the same vision with their clients and will maintain mutually beneficial relationships with all.

Exelon Global Venture Limited is committed to environmental excellence. Each of their projects, whether a plant or refinery facility etc., has the potential to affect people, animals, plants, and the land. Their goal always is to protect the environment during a project, and to build in safeguards that will keep protecting it long after the project is complete.

Exelon Global Venture Limited* has been awarded an contract for Design, engineering, manufacture, supply, delivery and fabricating, Erection, Testing and Commissioning at site of PSL – 2 Carbon Steel Line Pipes with external 3 layer of polyethylene coating for Gas Transmission Project along with 132 KV GIS Substation Project in Abu Dhabi, U A E. arranging transit insurance of all equipments as per the scope of work inclusive of all types of taxes, duties, levies etc.

The value of the Contract is worth of $ 54 Million USD. The contract price is inclusive of delivering the material at the project site including unloading, packing and forwarding charges, Freight and Insurance and applicable taxes.

The Contract Period is 18 months.

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.55.56
UK Pound	1	Rs.85.51
Euro	1	Rs.69.50

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
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	3
--CREDIT LINES	1~10	2
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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.