MIRA INFORM REPORT

Report Date :

27.11.2012

IDENTIFICATION DETAILS

Name :	PUNAMRAJ CONSTRUWELL PRIVATE LIMITED
Registered Office :	Flat No.5, Rushiraj Retrate, Kulkarni Bag, College Road, Nashik – 422005, Maharashtra,
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	21.11.2006
Com. Reg. No.:	11-165679
Capital Investment/ Paid-up Capital:	Rs.0.100 Million
CIN No.: [Company Identification No.]	U70101MH2006PTC165679
Legal Form :	Private Limited Liability Company
Line of Business :	Civil Construction, Real Estate and Trading activities in all kinds of materials.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 14000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is subsidiary of Prakash Constrowell Limited. It is an established company having satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered normal for business dealing at usual trade terms and condition.

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 Office :	Flat No.5, Rushiraj Retrate, Kulkarni Bag, College Road, Nashik – 422005, Maharashtra, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	suranaaj@yahoo.co.in

DIRECTORS

AS ON 28.08.2011

Name :

Mr. Prashant Punamchand Sarda

Designation :

Director

Address :

12, Margarate Towers, Sharanpur Road, Canada Corner, Nashik, Maharashtra, India

Date of Birth/Age :

06.07.1966

Date of Appointment :

01.12.2010

Din No.:

00126888

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	L45200MH1996PLC095941	PRAKASH CONSTROWELL LIMITED	Director	01/01/2011	04/01/1996	01/07/2012	Active	NO
2	U70101MH2006PTC165679	PUNAMRAJ CONSTRUWELL PRIVATE LIMITED	Director	01/12/2010	21/11/2006	-	Active	NO

Name :

Mr. Sanjay Murlidhar Sonar

Designation :

Director

Address :

101, Janvi B, Disha Nagari, Beed By-Pass ,Aurangabad, Maharashtra, India

Date of Birth/Age :

08.01.1963

Date of Appointment :

01.01.2009

Din No.:

01976066

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	U01404MH1995PLC091858	NAVALJI COTSPIN LIMITED	Director	01/01/2007	01/01/2007	-	Active	NO
2	U70101MH2006PTC165679	PUNAMRAJ CONSTRUWELL PRIVATE LIMITED	Director	01/01/2009	01/01/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.08.2011

Names of Shareholders	No. of Shares
Prashant Punamchand Sarda	4900
Prakash Constrowell Limited, India	5100
Total	10000

Equity Share Break up (Percentage of Total Equity)

AS ON 28.08.2011

Category	Percentage
Bodies corporate	51.00
Directors or relatives of directors	49.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Civil Construction, Real Estate and Trading activities in all kinds of materials.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Bank of Maharashtra, Janmangal, Tilak Path, Nashik - 422001, Maharashtra, India

Banking Relations :	--
Auditors :
Name :	Ajay N. Rathi and Company Chartered Accountant
Address :	3, Adinath NIwas, Kotwal Park, Tilakwadi, Nashik – 422002, Maharashtra, India
Pan No.:	AEGPR1451Q
Holding Company :	Prakash Constrowell limited CIN No.:U45200MH1996PLC095941

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

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		0.100	0.100	0.100
2] Share Application Money		0.300	0.000	0.000
3] Reserves & Surplus		3.211	1.287	0.787
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3.611	1.387	0.887
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.005	0.000	0.000
TOTAL		3.616	1.387	0.887
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1.690	1.890	1.980
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	8.612	0.000
	Sundry Debtors	0.000	0.000	0.029
	Cash & Bank Balances	0.058	0.093	8.268
	Other Current Assets	3.918	6.257	0.056
	Loans & Advances	0.150	0.287	5.807
Total Current Assets		4.126	15.249	14.160
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.601	15.086	6.378
	Other Current Liabilities	1.571	0.654	8.693
	Provisions	0.030	0.017	0.189
Total Current Liabilities		2.202	15.757	15.260
Net Current Assets		1.924	(0.508)	(1.100)
MISCELLANEOUS EXPENSES		0.002	0.005	0.007
TOTAL		3.616	1.387	0.887

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income		19.282	NA
		Other Income		NA	NA
		TOTAL	24.154	NA	NA
Less	EXPENSES		21.195	NA	NA
	PROFIT BEFORE TAX		2.960	0.500	NA
Less	TAX		1.036	0.000	NA
	PROFIT AFTER TAX		1.924	0.500	NA
	Earnings Per Share (Rs.)		192	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	7.97	NA	NA
Net Profit Margin (PBT/Sales)	(%)	NA	2.59	NA
Return on Total Assets (PBT/Total Assets}	(%)	50.89	2.92	NA
Return on Investment (ROI) (PBT/Networth)		0.82	0.36	NA
Debt Equity Ratio (Total Liability/Networth)		0.61	11.36	17.20
Current Ratio (Current Asset/Current Liability)		1.87	0.97	0.93

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
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	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	No
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	No

NOTE: The Registered office of the company has been shifted 12, Margarate Towers, Sharanpur Road, Canada Corner, Nasik -422002, Maharashtra, India to the present address w.e.f.01.01.2009

FORM 8

Corporate identity number of the company	U70101MH2006PTC165679
Name of the company	PUNAMRAJ CONSTRUWELL PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Flat No.5, Rushiraj Retrate, Kulkarni Bag, College Road, Nashik – 422005, Maharashtra, India Email: suranaaj@yahoo.co.in
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Bank of Maharashtra Janmangal,Tilak Path,, Nashik - 422001, Maharashtra, India Email: bom14@mahabank.co.in
Nature of instrument creating charge	Composite Deed of Hypothecation for all facilities.
Date of instrument Creating the charge	06.08.2012
Amount secured by the charge	Rs. 20.800 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Base Rate + 3.50%p.a. i.e: 14.00% p.a. at present, with monthly rests. Term of Payment: Repayable on Demand. To be reviewed within next twelve months. Margin 40% Extent and operation of the charge The charge is operative on all present and future stocks, book-debts and all movable assets of the borrower including receivables.
Short particulars of the property charged (Including location of the property)	All present and future stocks, book-debts and all movable assets of the borrower including receivables.

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 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.55.70
UK Pound	1	Rs.89.34
Euro	1	Rs.72.35

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
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	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		41

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.