MIRA INFORM REPORT

Report Date :

19.06.2012

IDENTIFICATION DETAILS

Name :	AKASH DREDGING AND MARINE SERVICES PRIVATE LIMITED
Registered Office :	106 Lakshya, 48-1-34/7 Sri Nagar, Visakhapatnam – 530016, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	03.12.2007
Com. Reg. No.:	01-056509
Capital Investment / Paid-up Capital :	Rs.3.000 Millions
CIN No.: [Company Identification No.]	U14100AP2007PTC056509
Legal Form :	Private Limited Liability Company
Line of Business :	Providing dredging services and dredging support services. Also dealer of dredging machines, dredging equipment and dredgers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. There is some dip in the turnover and profitability of the company. However, 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.

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 / Corporate Office :	106 Lakshya, 48-1-34/7 Sri Nagar, Visakhapatnam – 530016, Andhra Pradesh, India
Tel. No.:	91-891-2703466
Fax No.:	91-891-2703466
E-Mail :	info@akashdreding.com madhu@akashdredging.com
Website :	www.akashdredging.com
Project Office :	32/33, Fathima Nagar, Beach Road , Karaikal, Puducherry, India
E-Mail :	kkl@akashdredging.com rkmoorthy@akashdredging.com

DIRECTORS

As on 30.09.2011

Name :

Mr. Kakaralpudi Venkata Madhava Varma

Designation :

Managing Director

Address :

9-365, Visalakshinagar, Police Qtrs Road, Visakhapatnam – 530043, Andhra Pradesh, India

Date of Birth/Age :

14.07.1969

Date of Appointment :

03.12.2007

DIN No.:

01728826

Other Directorship

S.No.	CIN/LLPIN	NAME OF THE COMPANY/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01111AP2006PTC049227	SREE ADITYARAMA AGROTECH PRIVATE LIMITED	Director	21/02/2006	21/02/2006	-	Active	NO
2	U14100AP2007PTC056509	AKASH DREDGING AND MARINE SERVICES PRIVATE LIMITED	Managing director	25/06/2008	3/12/2007	-	Active	NO
3	U40300AP2009PTC064077	CHIRADITYA POWER PRIVATE LIMITED	Director	22/06/2009	22/06/2009	-	Active	NO
4	U27107AP1997PTC027831	KUSALAVA POWER PRIVATE LIMITED	Director	25/11/2009	25/11/2009	-	Active	NO
5	U45200AP2009PTC066270	STHIRA INFRA PROJECTS PRIVATE LIMITED	Director	15/12/2009	15/12/2009	-	Active	NO
6	U45200AP2010PTC068789	TTJ DESIGN AND ENGINEERING (INDIA) PRIVATE LIMITED	Director	4/6/2010	4/6/2010	-	Active	NO

Name :

Mr. Madhusudan Thayi

Designation :

Director

Address :

Rose Towers Four, East Point Colony, Pedawaltair, Visakhapatnam – 530017, Andhra Pradesh, India

Date of Birth/Age :

10.07.1956

Date of Appointment :

01.04.2010

DIN No.:

03095164

Name :

Mr. Rama Krishna Raju Rudraraju

Designation :

Director

Address :

10-296, Kanishka Apats, P-2, Chalapathi Nagar, Visalakshinagar, Visakhapatnam – 530043, Andhra Pradesh, India

Date of Birth/Age :

02.03.1956

Date of Appointment :

03.12.2007

DIN No.:

01890028

Other Directorship

S.No.	CIN/LLPIN	NAME OF THE COMPANY/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U14100AP2007PTC056509	AKASH DREDGING AND MARINE SERVICES PRIVATE LIMITED	Director	3/12/2007	3/12/2007	-	Active	NO
2	U63012AP2011PTC072438	SAVEN LOGISTICS PRIVATE LIMITED	Director	1/2/2011	1/2/2011	-	Active	NO

Name :

Mr. Rakesh Kumar Pandey

Designation :

Director

Address :

B/305, Dheeraj Residency Link Road, Goregaon (West), Mumbai – 400104, Maharashtra, India

Date of Birth/Age :

08.10.1972

Date of Appointment :

30.07.2011

DIN No.:

01806403

Other Directorship

S.No.	CIN/LLPIN	NAME OF THE COMPANY/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U61200MH2007PTC175939	NORSEA SHIPPING AND LOGISTICS PRIVATE LIMITED	Director	15/11/2007	15/11/2007	15/11/2008	Active	YES
2	U74900TN2009PLC071762	NORSEA OFFSHORE INDIA LIMITED	Additional director	15/10/2010	15/10/2010	24/11/2011	Active	NO
3	U74999MH2011PTC215252	PRAGATI SEAWAYS PRIVATE LIMITED	Director	24/03/2011	24/03/2011	-	Active	NO
4	U14100AP2007PTC056509	AKASH DREDGING AND MARINE SERVICES PRIVATE LIMITED	Director	30/07/2011	30/07/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Kakarlapudi Venkata Madhava Varma	150000
Rama Krishna Raju Rudraraju	75000
Madhusudan Thayi	75000
Total	300000

As on 10.11.2011

Names of Allottee	No. of allotted
Kakarlapudi Venkata Madhava Varma	100000
Rama Krishna Raju Rudraraju	50000
Madhusudan Thayi	50000
Total	200000

As on 27.12.2011

Names of Allottee	No. of allotted
Rakesh Kumar Pandey	75000
Total	75000

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing dredging services and dredging support services. Also dealer of dredging machines, dredging equipment and dredgers.

GENERAL INFORMATION

Customers :

· Marg Constructions, Chennai

· Visakhapatnam Port Trust

· Gangavaram Port Limited

· Kakinada Port Limited

· Mumbai Port Trust

· Indian Navy

· Inland water Ways Authority of India Limited (IWAI)

· Pondicherry Port

· M/s. Navayuga Engineering and Construction Limited

· MALPE Fishing Harbour, Government of Karnataka

· Maharashtra State Maritime Board

· Ministry of Major Irrigation, Government of Andhra Pradesh

· Karaikal Port Private Limited

· Dharti Infrastructure

· Marg Construction-General

· Marg Construction Limited

· Norsea Offshore India Limited

No. of Employees :

Not Available

Bankers :

· Kotak Mahindra Bank Limited, 36-38 A, Nariman Bhavan, 227,D, Nariman Point,, Mumbai - 400021, Maharashtra, India

· Bank of India

· HDFC Bank

· ICICI Bank

· Axis Bank

· HSBC Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Bank Of India OD	8.956	5.077
Hire Purchase Loan Bank of India Bolero Loan	0.407	0.000
Hire Purchase Loan HDFC Bank Skoda Loan	0.969	0.000
Hire Purchase Loan Magma Sarachi Finance	0.714	1.251
Hire Purchase Loan SREI Infra Finance Limited	0.396	1.861
Hire Purchase Loan From ICICI Bank	0.000	0.195
Total	11.442	8.384

Banking Relations :	--
Financial Institutions :	· SREI Equipment Finance Private Limited, 'Vishwakarma', 86 C, Topsia Road, Kolkata - 700046, West Bengal, India · SREI Infra Finance Limited
Auditors :
Name :	Nekkanti and Raju Associates Chartered Accountants
Address :	48-1-34/5, 2^nd Floor, Akshya, Srinagar, Visakhapatnam – 530016, Andhra Pradesh, India
PAN.:	AADFN3983G

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
575000	Equity Shares	Rs.10/- each	Rs.5.750 Millions

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
300000	Equity Shares	Rs.10/- each	Rs.3.000 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		3.000	3.000	3.000
2] Share Application Money		3.500	0.000	0.000
3] Reserves & Surplus		8.444	6.553	3.545
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		14.944	9.553	6.545
LOAN FUNDS
1] Secured Loans		11.442	8.384	16.134
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		11.442	8.384	16.134
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		26.386	17.937	22.679
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		9.375	9.034	7.972
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	13.391	7.709	16.439
	Cash & Bank Balances	4.770	0.159	0.056
	Other Current Assets	0.022	0.026	0.000
	Loans & Advances	6.265	7.143	20.347
Total Current Assets		24.448	15.037	36.842
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4.135	1.226	17.849
	Other Current Liabilities	2.456	0.659	2.065
	Provisions	0.846	4.249	2.250
Total Current Liabilities		7.437	6.134	22.164
Net Current Assets		17.011	8.903	14.678
MISCELLANEOUS EXPENSES		0.000	0.000	0.029
TOTAL		26.386	17.937	22.679

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	51.708	78.459	80.834
		Other Income
		TOTAL (A)	51.708	78.459	80.834
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA		73.865
		Advertising Expenses
		TOTAL (B)	NA		73.865
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA		6.969
				(74.106 Including Financial and Depreciation Expenses)
Less	FINANCIAL EXPENSES (D)		NA		1.204
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA		5.765
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA		1.082
	PROFIT BEFORE TAX (E-F) (G)		NA	4.353	4.683
Less	TAX (H)		NA	1.345	1.577
	PROFIT AFTER TAX (G-H) (I)		1.892	3.008	3.106
	Earnings Per Share (Rs.)		6.31	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	3.66	3.83	3.84
Return on Total Assets (PBT/Total Assets}	(%)	NA	18.08	10.45
Return on Investment (ROI) (PBT/Networth)		NA	0.46	0.72
Debt Equity Ratio (Total Liability/Networth)		1.26	1.52	5.85
Current Ratio (Current Asset/Current Liability)		3.29	2.45	1.66

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 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	No
17) Major suppliers	No
18) Major customers	Yes
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	Yes

FINANCIAL RESULTS AND OPERATIONS

The Directors are to report that during the year under report the company registered turnover of Rs.51.708 Millions as against the previous year’s turnover of Rs.78.459 Millions. During the year under report your company has earned Net profit of Rs.1.892 Millions after charging interest, depreciation and Income Tax as against the previous year’s Net profit of Rs.3.008 Millions.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U14100AP2007PTC056509
Name of the company	AKASH DREDGING AND MARINE SERVICES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	106 Lakshya, 48-1-34/7 Sri Nagar, Visakhapatnam – 530016, Andhra Pradesh, India info@akashdreding.com
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	SREI Equipment Finance Private Limited, 'Vishwakarma', 86 C, Topsia Road, Kolkata - 700046, West Bengal, India sanjay_chaurasia@srei.com
Nature of instrument creating charge	Deed of Hypothecation.
Date of instrument Creating the charge	15.09.2011
Amount secured by the charge	Rs.170.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest 10.04% per annum Terms of Repayment Amount repayable in 57 monthly installments. Installment no.1 to 33 of Rs.3.813 Millions each and no.34 to 57 of Rs.3.840 Millions each. Margin Rs.26.485 Millions Extent and Operation of the charge As per Deed of Hypothecation.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Various assets

FIXED ASSETS

· Computers

· Epbx

· Laptop

· L And T Komatsu

· Fixtures & Furniture

· Mobiles

· Printer

· Tavera Car

· Tata Mobile Van

· Bolero Camper

· Skoda Laura

· Ups

· Water Despencer

· Walk talk

· Welding Rectifier

· Air Cooler/Conditioner

· Refrigerator

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.55.60
UK Pound	1	Rs.87.34
Euro	1	Rs.70.66

INFORMATION DETAILS

Report Prepared by :

NTH

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	5
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		42

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.