MIRA INFORM REPORT

Report Date :

02.11.2012

IDENTIFICATION DETAILS

Name :	PANDHE INFRACONS PRIVATE LIMITED [w.e.f. 18.12.2008]
Formerly Known As :	A.V. PANDHE, A PARTNERSHIP FIRM
Registered Office :	157, Railway Lines, Solapur – 413001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	18.12.2008
Com. Reg. No.:	11-143307 [New] 11-189029 [Old]
Capital Investment / Paid-up Capital :	Rs. 272.500 Millions
CIN No.: [Company Identification No.]	U45202MH2008PTC143307 [New] U45202MH2008PTC189029 [Old]
TAN No.: [Tax Deduction & Collection Account No.]	MUMP26239D
PAN No.: [Permanent Account No.]	AAECP9086A
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of Construction, Real Estate and Infrastructure.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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 :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Financially company is performing well. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal business dealing 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered/ Head Office :	157, Railway Lines, Solapur – 413001, Maharashtra, India
Tel. No.:	91-217-2310442/ 2743400
Fax No.:	91-217-2311458
E-Mail :	apandhe@hotmail.com
Corporate Office :	234, ‘PRANEET’ Co-Operative Housing Society, Jaywant Palkar Marg, Worli, Mumbai – 400 030, Maharashtra, India
Tel. No.:	91-22-61483200
Fax No.:	91-22-61483201

DIRECTORS

AS ON 30.09.2011

Name :

Mrs. Rohini Anil Pandhe

Designation :

Director

Address :

157, Railway Lines, Susheela Apartment, Solapur – 413001, Maharashtra, India

Date of Birth/Age :

10.12.1953

Date of Appointment :

18.12.2008

DIN No.:

01666334

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	U45201PN1988PTC046673	PANDHE CONSTRUCTIONS PRIVATE LIMITED	Director	23/03/1988	23/03/1988	-	Active	NO
2	U29199MH1993PTC072808	AVIRAT ENTERPRISES PRIVATE LIMITED	Director	12/07/1993	12/07/1993	01/10/2007	Active	NO
3	U65922PN1999PLC013689	VASUDHA HOUSING FINANCE LIMITED	Director	02/06/1999	02/06/1999	-	Strike off	NO
4	U45202PN2008PTC143307	PANDHE INFRACONS PRIVATE LIMITED	Director	18/12/2008	18/12/2008	-	Active	NO

Name :

Mr. Anil Vasantrao Pandhe

Designation :

Director

Address :

157, Railway Lines, Susheela Apartment, Solapur – 413001, Maharashtra, India

Date of Birth/Age :

18.10.1951

Date of Appointment :

18.12.2008

DIN No.:

01666337

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	U45201PN1988PTC046673	PANDHE CONSTRUCTIONS PRIVATE LIMITED	Managing director	23/03/1988	23/03/1988	-	Active	NO
2	U45209MH1995PTC090257	UNIPAN CONSTRUCTIONS PRIVATE LIMITED	Director	05/07/1995	05/07/1995	-	Active	NO
3	U65922PN1999PLC013689	VASUDHA HOUSING FINANCE LIMITED	Director	02/06/1999	02/06/1999	-	Strike off	NO
4	U45201PN2003PTC018614	DHARIYA CONSTRUCTION PRIVATE LIMITED	Director	27/11/2003	27/11/2003	31/12/2007	Active	NO
5	U45202PN2008PTC143307	PANDHE INFRACONS PRIVATE LIMITED	Director	18/12/2008	18/12/2008	-	Active	NO
6	U85100MH2009PTC190292	DIGNITY LIFESTYLE PRIVATE LIMITED	Director	12/02/2009	12/02/2009	-	Active	NO
7	U55101MH2009PTC196642	PANDHE HOSPITALITY PRIVATE LIMITED	Director	23/10/2009	23/10/2009	-	Active	NO

Name :

Mr. Ankur Anil Pandhe

Designation :

Director

Address :

157, Railway Lines, Near Kaljapur Maruti Mandir, Solapur – 413001, Maharashtra, India

Date of Birth/Age :

21.12.1981

Date of Appointment :

18.12.2008

DIN No.:

02362490

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	Company/ LLP Status	Defaulting status
1	U45202PN2008PTC143307	PANDHE INFRACONS PRIVATE LIMITED	Director	18/12/2008	18/12/2008	Active	NO
2	U55101MH2009PTC196642	PANDHE HOSPITALITY PRIVATE LIMITED	Director	23/10/2009	23/10/2009	Active	NO
3	U45201PN1988PTC046673	PANDHE CONSTRUCTIONS PRIVATE LIMITED	Additional director	01/02/2012	01/02/2012	Active	NO

Name :

Mrs. Pooja Ankur Pandhe

Designation :

Director

Address :

157, Railway Lines, Near Kaljapur Maruti Mandir, Solapur – 413001, Maharashtra, India

Date of Birth/Age :

14.05.1981

Date of Appointment :

20.02.2009

DIN No.:

02555681

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	Company/ LLP Status	Defaulting status
1	U45202PN2008PTC143307	PANDHE INFRACONS PRIVATE LIMITED	Director	20/02/2009	20/02/2009	Active	NO
2	U55101MH2009PTC196642	PANDHE HOSPITALITY PRIVATE LIMITED	Director	23/10/2009	23/10/2009	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Anil Vasantrao Pandhe	11000000
Sumanbai Vasantrao Pandhe	1300000
Ankur Anil Pandhe	10960000
Pooja Ankur Pandhe	850000
Amruta Anil Pandhe	340000
Rohini Anil Pandhe	340000
Vinayak Balwantrao Jadhav	1210000
Pandhe Hospitality Private Limited, India	1250000
Total	27250000

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	4.59
Directors or relatives of directors	95.41
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Construction, Real Estate and Infrastructure.

Products :

ITC Code	Product Descriptions
One	Construction Contracts

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Working capital loans banks secured	1082.928	622.077
Working capital loans financial institutions secured	242.336	359.896
Total	1325.264	981.973
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Loans directors unsecured	51.120	83.299
Other debt unsecured	13.830	0.000
Total	64.950	83.299

Banking Relations :	--
Auditors :
Name :	Ganesh Mallikarjun Pawle Chartered Accountant
Address :	327, Sakhar Peth, Near Nagri Bank, Solapur - 413005, Maharashtra, India
Tel. No.:	91-217-2741800
Mobile No.:	91-9422459687
E-Mail :	gmpawle@hotmail.com
Income-tax PAN of auditor or auditor's firm :	ADDPP4904C

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30,000,000	Equity Shares	Rs. 10/- each	Rs. 300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
27,250,000	Equity Shares	Rs.10/- each	Rs. 272.500 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		272.500	260.000	100.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		490.639	105.777	0.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		763.139	365.777	100.000
LOAN FUNDS
1] Secured Loans		1325.264	981.973	611.509
2] Unsecured Loans		64.950	83.299	171.091
TOTAL BORROWING		1390.214	1065.272	782.600
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2153.353	1431.049	882.600
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		278.771	170.121	96.314
Capital work-in-progress		16.938	22.675	0.000
INVESTMENT		5.313	5.294	4.069
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	590.395	481.776	524.153
	Sundry Debtors	1659.174	1397.637	594.792
	Cash & Bank Balances	401.706	263.464	96.752
	Other Current Assets	0.000	0.000	238.976
	Loans & Advances	895.898	442.101	139.267
Total Current Assets		3547.173	2584.978	1593.940
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	916.962	760.598	771.697
	Other Current Liabilities	753.392	548.800	32.911
	Provisions	26.028	44.751	7.924
Total Current Liabilities		1696.382	1354.149	812.532
Net Current Assets		1850.791	1230.829	781.408
MISCELLANEOUS EXPENSES		1.540	2.130	0.809
TOTAL		2153.353	1431.049	882.600

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Income	3010.200	2329.865
		Other Income	N.A.	18.599
		TOTAL (A)	N.A.	2348.464
Less	EXPENSES
		Cost of Goods Sold		970.777
		Administration and Other Expenses		195.182
		Direct Expenses on Works		863.179
		TOTAL (B)	N.A.	2029.138
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		N.A.	319.326
Less	INTEREST ON LOANS (D)		N.A.	136.652
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		N.A.	182.674
Less/ Add	DEPRECIATION/ AMORTISATION (F)		N.A.	8.572
	PROFIT BEFORE TAX (E-F) (G)		255.200	174.102
Less	TAX (H)		84.500	59.200
	PROFIT AFTER TAX (G-H) (I)		170.700	114.902
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		--	--
Less	APPROPRIATIONS
		Proposed Dividend	N.A.	7.800
		Dividend Distribution Tax	N.A.	1.326
	BALANCE CARRIED TO THE B/S		N.A.	105.776
	Earnings Per Share (Rs.)		N.A.	4.42

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	N.A.	4.89	N.A.
Net Profit Margin (PBT/Sales)	(%)	N.A.	7.47	N.A.
Return on Total Assets (PBT/Total Assets}	(%)	6.67	6.32	N.A.
Return on Investment (ROI) (PBT/Networth)		0.33	0.48	N.A.
Debt Equity Ratio (Total Liability/Networth)		4.04	6.61	15.95
Current Ratio (Current Asset/Current Liability)		2.09	1.91	1.96

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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 involved in	--
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note: The registered address of the company has been shifted from 802, Krishna Building, Worli Sagar Society, R.G. Thadani Marg, Worli, Mumbai – 400018, Maharashtra, India to the present w.e.f.23.04.2012

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U45202PN2008PTC143307
Name of the company	PANDHE INFRACONS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	157 Railway Lines, Solapur - 413001, Maharashtra, India Email: apandhe@hotmail.com
This form is for	Creation of charge
Type of charge	Immovable Property
Particular of charge holder	India Factoring and Finance Solutions Private Limited, 6th Floor, Vaibhav Chambers, Opposite Income tax, Bandra- Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India Email: anirudh.thakur@indiafactoring.in
Nature of description of the instrument creating or modifying the charge	Memorandum of deposit of title deeds Correction deed Declaration in respect of mortgage by deposit of title deeds
Date of instrument Creating the charge	03.05.2012
Amount secured by the charge	Rs. 100.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest 15.0% p.a. discounting charge (as amended from time to time) Terms of Repayment Repayable on demand Margin Prepayment Percentage - 75% of the Approved Receivable Value Extent and Operation of the charge Mortgage over the Company's Immovable Properties by way of deposit of Title Deeds on exclusive charge basis for repayment of the monies due in respect of the facilities together with the interest thereon at the agreed rate and all other monies payable by the Company with regards the said Facilities and continued to remain as security until the said Facilities are fully redeemed by the Company or foreclosed by the law in force
Short particulars of the property charged	Exclusive charge on Company's immovable property being all that plot of land situated in the City of Solapur, bearing C.T.S. No.174, Muncipal House No.157, South Kasba, Apartment / Complex Knownas Shubrai Tower, out of it, shop Premises situated at 4th Floor, Office No.1 to 14, admeasuring Carpet Area 326.39 Sq.mtrs, Built up Area 380.34 Sq mtrs.

FIXED ASSETS:

Ø Building

Ø Plant and Machinery

Ø Furniture and Fixture

Ø Motor 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 rceived 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. 53.78
UK Pound	1	Rs. 86.77
Euro	1	Rs. 69.71

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		49

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.