MIRA INFORM REPORT

Report Date :

02.10.2012

IDENTIFICATION DETAILS

Name :	GVR INFRA PROJECTS LIMITED (w.e.f. 13.03.2008)

Formerly Known As :	GVR PROJECTS LIMITED (w.e.f. 03.01.2008) GVR PROJECTS PRIVATE LIMITED (w.e.f. 31.10.2007) GVR CONSTRUCTIONS PRIVATE LIMITED

Registered Office :	Plot No. 231, Swamy Ayyaoppa Society, Madhapur, Hyderabad - 500081, Andhra Pradesh

Country :	India

Financials (as on) :	31.03.2011

Date of Incorporation :	28.06.2001

Com. Reg. No.:	01-036946

Capital Investment / Paid-up Capital :	Rs.74.723 Millions

CIN No.: [Company Identification No.]	U45200AP2001PLC036946

PAN No.: [Permanent Account No.]	AABCG8066C

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Real Estate Developers.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (58)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 7700000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established and a reputed company having fine track. Financial position of the company appears to be sound. 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.

ECGC Country Risk Classification List – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	Long Term Rating = BBB+
Rating Explanation	Default risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity.
Date	September 2011

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 :	Plot No. 231, Swamy Ayyaoppa Society, Madhapur, Hyderabad-500081, Andhra Pradesh, India
Tel. No.:	91-40-43439999/ 23110244
Fax No.:	91-40-23110233
E-Mail :	cs@gvrinfra.com gvrhyd@gvrinfra.com
Website :	http://www.gvrinfra.com

Corporate Office :	Vairamas Complex, 4^th Floor, No. 112, Thyagaraya Road, T. Nagar, Chennai-600017, Tamilnadu, India
Tel. No.:	91-44-28151681/ 28151682
Fax No.:	91-44-28151683
E-Mail :	gvrchennai@gvrinfra.com

Regional Offices :	#476 Tala Cauvery Layout, Amrutha Halli Byatarayanapura, New Bengaluru, Bangalore - 560092, Karnataka. India
Tel. No.:	91-80-41479522 / 9522/9575
Fax No.:	91-80-41479511
E-Mail :	Gvblr@gvrinfra.com

DIRECTORS

As on 2309.2011

Name :

Mr. Garikapati Venkateswara Rao

Designation :

Chairman

Address :

Flat No.- NS-2, 8-2-269/19/S/D, Lavakusha Residency, Road No. 2, Banjara Hills, Hyderabad-500034, Andhra Pradesh, India

Date of Birth/Age :

09.09.1954

Qualification :

B.Com

Experience :

37 Years

Date of Appointment :

28.06.2001

DIN No.:

00589751

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	L05005AP1992PLC014326	VSF PROJECTS LIMITED	Director	4/6/1992	4/6/1992	31/10/2007	Active	NO
2	U45200AP2001PLC036946	GVR INFRA PROJECTS LIMITED	Whole-time director	1/4/2010	28/06/2001	-	Active	NO
3	U40109AP2005PLC046593	TEJASSARNIKA POWER LIMITED	Director	20/06/2005	20/06/2005	11/4/2012	Active	NO
4	U45206KA2006PTC040595	GVP INFRA PROJECTS PRIVATE LIMITED	Director	22/09/2006	22/09/2006	-	Active	NO
5	U45400TN2009PTC086790	GVNS TOLLWAY PRIVATE LIMITED	Director	1/12/2011	3/2/2009	1/8/2012	Active	NO
6	U45200TN2007PTC063782	GVR REALITIES PRIVATE LIMITED	Director	15/04/2009	15/04/2009	-	Active	NO
7	U45201KA2009PTC050817	GVR RMN HUBLI LAKSHMESHWAR ROAD PROJECT PRIVATE LIMITED	Managing director	2/9/2009	2/9/2009	1/8/2012	Active	NO
8	U45209AP2009PTC065084	KNR CONTRACTORS PRIVATE LIMITED	Director	16/09/2009	16/09/2009	16/09/2009	Active	NO
9	U45209KA2010PTC053435	GVRMP WHAGDHARI RIBBANPALLY TOLLWAY PRIVATE LIMITED	Director	29/04/2010	29/04/2010	1/8/2012	Active	NO
10	U45209KA2010PTC053426	GVRMP DHARWAD RAMANAGAR TOLLWAY PRIVATE LIMITED	Director	29/04/2010	29/04/2010	1/8/2012	Active	NO
11	U45201KA2010PTC054805	GVRMP BELGAUM KHANAPUR TOLLWAY PRIVATE LIMITED	Director	17/08/2010	17/08/2010	1/8/2012	Active	NO
12	U14106AP2012PTC081890	GVP CEMENTS PRIVATE LIMITED	Director	10/7/2012	10/7/2012	-	Active	NO

Name :

Mr. Kondepati Ganga Prasad

Designation :

Managing Director

Address :

D No. S-133, Jyothi Weight Bridge, GNT Road, Sullurpet, Nellore-524121, Andhra Pradesh, India

Date of Birth/Age :

06.04.1965

Qualification :

B.Com

Experience :

26 Years

Date of Appointment :

28.02.2004

DIN No.:

02119525

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	U40100AP2001PTC037146	PINAKINE POWER PROJECTS PRIVATE LIMITED	Director	17/08/2001	17/08/2001	11/12/2007	Active	NO
2	U45200AP2001PLC036946	GVR INFRA PROJECTS LIMITED	Managing director	1/4/2010	9/2/2004	-	Active	NO
3	U45206KA2006PTC040595	GVP INFRA PROJECTS PRIVATE LIMITED	Director	22/01/2007	22/01/2007	-	Active	NO
4	U40108TN2003PTC051940	JYOTI GREEN ENERGY PRIVATE LIMITED	Director	28/03/2007	28/03/2007	-	Active	NO
5	U45200TN2007PTC063782	GVR REALITIES PRIVATE LIMITED	Managing director	1/8/2008	5/6/2007	-	Active	NO
6	U63033TN2008PTC068854	GVR UNIVERSAL AVIATION SERVICES PRIVATE LIMITED	Director	14/08/2008	14/08/2008	1/8/2012	Active	NO
7	U40108KA2009PTC050132	JYOTI HYDEL ENERGY PRIVATE LIMITED	Director	16/06/2009	16/06/2009	-	Active	NO
8	U45209AP2009PTC065084	KNR CONTRACTORS PRIVATE LIMITED	Director	16/09/2009	16/09/2009	16/09/2009	Active	NO
9	U45201KA2009PTC050817	GVR RMN HUBLI LAKSHMESHWAR ROAD PROJECT PRIVATE LIMITED	Director	5/11/2009	5/11/2009	1/8/2012	Active	NO
10	U45209KA2010PTC053435	GVRMP WHAGDHARI RIBBANPALLY TOLLWAY PRIVATE LIMITED	Director	29/04/2010	29/04/2010	1/8/2012	Active	NO
11	U45209KA2010PTC053426	GVRMP DHARWAD RAMANAGAR TOLLWAY PRIVATE LIMITED	Director	29/04/2010	29/04/2010	1/8/2012	Active	NO
12	U45201KA2010PTC054805	GVRMP BELGAUM KHANAPUR TOLLWAY PRIVATE LIMITED	Director	17/08/2010	17/08/2010	1/8/2012	Active	NO
13	U45209TN2011PTC086789	GVR PANNA AMANGANJ TOLLWAY PRIVATE LIMITED	Director	21/10/2011	21/10/2011	16/05/2012	Active	NO
14	U92413TN2011PTC082936	CHENNAI RHINOS PRIVATE LIMITED	Director	31/10/2011	31/10/2011	-	Active	NO
15	U45300TN2011PTC083102	GVR BEHARI HANUMANA TOLLWAY PRIVATE LIMITED	Director	11/11/2011	11/11/2011	16/05/2012	Active	NO
16	U45400TN2011PTC083783	GVR KHANDAPHOD BIJWAD ROAD PROJECT PRIVATE LIMITED	Director	27/12/2011	27/12/2011	16/05/2012	Active	NO
17	U45206TN2012PTC085593	GVR AJMER NAGAUR TOLLWAY PRIVATE LIMITED	Director	25/04/2012	25/04/2012	16/05/2012	Active	NO
18	U14106AP2012PTC081890	GVP CEMENTS PRIVATE LIMITED	Director	10/7/2012	10/7/2012	-	Active	NO

Name :

Mr. Garikapati Pavan Kumar

Designation :

Executive Director

Address :

F. No. 202, 3-5-170 N.B. Residency, Narayanaguda, Hyderabad - 500029, Andhra Pradesh, India

Date of Birth/Age :

21.08.1981

Qualification :

M.B.A.

Experience :

10 Years

Date of Appointment :

28.06.2001

DIN No.:

01574398

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	U45200AP2001PLC036946	GVR INFRA PROJECTS LIMITED	Whole-time director	1/4/2010	28/06/2001	-	Active	NO
2	U45200TN2007PTC063782	GVR REALITIES PRIVATE LIMITED	Director	20/10/2011	5/6/2007	-	Active	NO
3	U45209TN2011PTC086789	GVR PANNA AMANGANJ TOLLWAY PRIVATE LIMITED	Director	21/10/2011	21/10/2011	-	Active	NO
4	U45300TN2011PTC083102	GVR BEHARI HANUMANA TOLLWAY PRIVATE LIMITED	Director	11/11/2011	11/11/2011	-	Active	NO
5	U45400TN2011PTC083783	GVR KHANDAPHOD BIJWAD ROAD PROJECT PRIVATE LIMITED	Director	27/12/2011	27/12/2011	-	Active	NO
6	U45206TN2012PTC085593	GVR AJMER NAGAUR TOLLWAY PRIVATE LIMITED	Director	25/04/2012	25/04/2012	-	Active	NO
7	U45209KA2010PTC053435	GVRMP WHAGDHARI RIBBANPALLY TOLLWAY PRIVATE LIMITED	Director	16/05/2012	16/05/2012	-	Active	NO
8	U45400TN2009PTC086790	GVNS TOLLWAY PRIVATE LIMITED	Director	16/05/2012	16/05/2012	-	Active	NO
9	U63033TN2008PTC068854	GVR UNIVERSAL AVIATION SERVICES PRIVATE LIMITED	Director	16/05/2012	16/05/2012	-	Active	NO
10	U45201KA2010PTC054805	GVRMP BELGAUM KHANAPUR TOLLWAY PRIVATE LIMITED	Director	16/05/2012	16/05/2012	-	Active	NO
11	U45209KA2010PTC053426	GVRMP DHARWAD RAMANAGAR TOLLWAY PRIVATE LIMITED	Director	16/05/2012	16/05/2012	-	Active	NO
12	U45201KA2009PTC050817	GVR RMN HUBLI LAKSHMESHWAR ROAD PROJECT PRIVATE LIMITED	Managing director	16/05/2012	16/05/2012	-	Active	NO

Name :

Mr. Shyamsundar Sundaresan Gurumoorthy

Designation :

Nominee director

Address :

1905/1906, Sky Flama B, Dosti Flamingos, China Mil Compond, Tokersi Jivraj Road, Parel Sewree, Mumbai – 400015, Maharashtra, India

Date of Birth/Age :

04.04.1974

Date of Appointment :

22.07.2011

DIN No.:

02202523

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	U63010AP1989PLC010716	SEAWAYS SHIPPING AND LOGISTICS LIMITED	Nominee director	28/05/2008	28/05/2008	-	Active	NO
2	L45200MH1993PLC071970	ASHOKA BUILDCON LIMITED	Nominee director	11/7/2008	18/06/2008	-	Active	NO
3	U45200AP2005PTC046382	VISHAKA SHIP BUILDING PRIVATE LIMITED	Director	29/09/2008	19/06/2008	5/9/2009	Active	NO
4	U63032TN2007PTC063604	GOOD NAVIGATION PRIVATE LIMITED	Director	30/09/2008	19/06/2008	13/08/2009	Active	NO
5	U27310GJ2006PLC048563	SE FORGE LIMITED	Director	3/11/2008	17/10/2008	16/11/2010	Active	NO
6	U29113TN2006PTC061846	GOODEARTH SHIPBUILDING PRIVATE LIMITED	Nominee director	23/03/2009	23/03/2009	13/08/2009	Active	NO
7	U63020TN2000PLC061232	GOODEARTH MARITIME LIMITED	Nominee director	30/09/2009	23/03/2009	-	Active	NO
8	U11102PN2006PLC021839	MAHARASHTRA NATURAL GAS LIMITED	Nominee director	29/04/2009	29/04/2009	-	Active	NO
9	U11101AP2006PLC051191	KRISHNA GODAVARI GAS NETWORK LIMITED	Nominee director	17/06/2009	17/06/2009	-	Active	NO
10	L51909TN1955PLC002431	SICAL LOGISTICS LIMITED.	Nominee director	24/09/2009	24/09/2009	13/11/2010	Active	NO
11	U45203TN2007PLC063432	SICAL INFRA ASSETS LIMITED	Nominee director	28/10/2009	28/10/2009	14/12/2010	Active	NO
12	L63010GJ1992PLC018106	GUJARAT PIPAVAV PORT LIMITED	Director	29/04/2011	29/10/2010	-	Active	NO
13	U45200AP2001PLC036946	GVR INFRA PROJECTS LIMITED	Nominee director	22/07/2011	22/07/2011	-	Active	NO
14	U40200UP2005PLC029538	CENTRAL U.P. GAS LIMITED	Nominee director	30/07/2012	6/9/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Sridevi Ezhilarasan
Designation :	Secretary
Address :	401, SMR Vinay Residency, 10-2-276/6/8, West Marredpally, Secunderabad-500026, Andhra Pradesh, India
Date of Birth/Age :	11.09.1984
Date of Appointment :	21.01.2008
Pan No.:	BIVPS6725E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2011

Names of Shareholders		No. of Shares
G Venkateswara Rao		3536349
G Pavan Kumar		88641
K Ganga Prasad		2405089
G Venkata Lakshmi		50000
K Komali		1270000
G. Srinitha		100
K L K Mohan Rao		13433
Aravind Chandak		67930
Vibha Chandak		20379
Sekhar Chandak		20379
IDFC Trustee Company Limited		2037905
Total		9510205

As on 23.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	21.43
Directors or relatives of Directors	77.43
Other top fifty shareholders	1.14
Total	100.00

BUSINESS DETAILS

Line of Business :

Real Estate Developers.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Vijaya Bank, Mount Road Branch, Chennai-600002, Tamilnadu, India
State Bank of India, Industrial Finance Branch, 155, Anna Salai, Chennai – 600002, Tamilnadu, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Fully convertible debentures secured	250.000	250.000
Rupee term loans banks secured	1079.806	589.524
Rupee term loans others secured	1210.007	811.646
Working capital loans banks secured	3282.030	2124.636
Working capital loans others secured	806.670	541.097
Total	6628.513	4316.903

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans others unsecured	0.000	4.977
Total	0.000	4.977


Banking Relations :	--

Auditors :
Name :	Kota and Company Chartered Accountants
Address :	H. No. 331, Arora Colony-2, Road No. 3, Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India
PAN.:	AAPFM9554J

Subsidiary Company :	GVR Universal Aviation Services Private Limited GVNS Tollway Private Limited GVR RMN Hubli Lakshmeshwar Road Project Private Limited GVRMP Whagdhari Ribbanpally Tollway Private Limited GVRMP Dharwad Ramanagar Tollway Private Limited GVR Infra Projects LLC GVRMP Belgaum Khanapur Tollway Private Limited

Associated Company :	GVR Realities Private Limited

CAPITAL STRUCTURE

As on 23.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

15000000	Equity Shares	Rs. 10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

9510205	Equity Shares	Rs.10/- each	Rs.95.102 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

15000000	Equity Shares	Rs. 10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

7472300	Equity Shares	Rs. 10/- each	Rs.74.723 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		74.723	74.723	74.723
2] Share Application Money		80.000	0.000	0.000
3] Reserves & Surplus		1781.658	1200.077	735.889
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1936.381	1274.800	810.612
LOAN FUNDS
1] Secured Loans		6628.513	4316.903	2184.788
2] Unsecured Loans		0.000	4.977	7.129
TOTAL BORROWING		6628.513	4321.880	2191.917
DEFERRED TAX LIABILITIES		110.244	58.785	24.632

TOTAL		8675.138	5655.465	3027.161

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		2279.754	1343.888	573.723
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		601.541	168.817	12.777
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	649.950	93.099	315.239
	Sundry Debtors	2481.865	1453.365	580.284
	Cash & Bank Balances	1322.814	597.288	129.581
	Other Current Assets	2213.662	2658.022	2072.675
	Loans & Advances	1377.111	354.486	360.640
Total Current Assets		8045.402	5156.260	3458.419
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1748.406	720.264	844.573
	Other Current Liabilities	280.735	234.611	152.055
	Provisions	222.488	58.765	21.341
Total Current Liabilities		2251.629	1013.640	1017.969
Net Current Assets		5793.773	4142.620	2440.450

MISCELLANEOUS EXPENSES		0.070	0.140	0.211

TOTAL		8675.138	5655.465	3027.161

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	10829.891	7987.037	6213.826
		Other Income	132.713	68.845	26.893
		TOTAL (A)	10962.604	8055.882	6240.719

Less	EXPENSES
		Manufacturing service costs	6488.765	4888.241
		Contract cost	2481.468	1712.800
		Employee related expenses	228.205	210.417	5541.618
		Administrative selling other expenses	276.446	137.894
		TOTAL (B)	9474.884	6949.352	5541.618

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1487.720	1106.530	699.101

Less	FINANCIAL EXPENSES (D)		445.309	350.287	220.396

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1042.411	756.243	478.705

Less/ Add	DEPRECIATION/ AMORTISATION (F)		86.684	53.231	28.655

	PROFIT BEFORE TAX (E-F) (G)		955.727	703.012	450.050

Less	TAX (H)		304.200	232.474	154.697

	PROFIT AFTER TAX (G-H) (I)		651.527	470.538	295.353

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		470.538	0.000	NA

	BALANCE CARRIED TO THE B/S		1122.065	470.538	NA

	Earnings Per Share (Rs.)		87.19	62.97	39.52

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.94	5.84	4.73

Net Profit Margin (PBT/Sales)	(%)	8.82	8.80	7.24

Return on Total Assets (PBT/Total Assets}	(%)	9.26	10.82	11.16

Return on Investment (ROI) (PBT/Networth)		0.49	0.55	0.56

Debt Equity Ratio (Total Liability/Networth)		4.59	4.19	3.96

Current Ratio (Current Asset/Current Liability)		3.57	5.09	3.40

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 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	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	Yes

Note:

The Registered office of the company has been shifted from 10-5-35, Flat No. 301, Quality Residency, Ahmed Nagar, Masab Tank, Hyderabad - 500028, Andhra Pradesh, India to present address w.e.f. 02.05.2009

PERFORMANCE FORECAST FOR CURRENT YEAR

The company expects that the past growth rates would continue in the next financial year as well considering the robust order book and various strategies at work. The Company is awaiting the outcome of bids for very substantial value relating to projects of NHAI and various State Governments in the near future. The Management, with its past experience, techno-financial caliber, planned diversification into new verticals and forging strategic alliances is optimistic to bag a good number of contracts.

SIGNIFICANT PROJECTS ON HAND

BOT Fully Operational

GVNS Tollway Private Limited has completed execution of construction of 2-lane bridge across Musi River from km.6/6 to 7/2 of Miryalguda - Kodad Road in Nalgonda District within a period of 12 months as against schedule period of 18 months.

GVR RMN Hubli Lakshmeshwar Road Project Private Limited has achieved completion in 18 months as against the schedule period of 24 months of widening of the Hubli Lakshmeshwar Road (SH-73) in Karnataka State. The SPV therefore is eligible for a bonus of one annuity

BOTs under execution

Currently, the company is in the process of executing three BOT Projects at a total cost of Rs. 9788.000 Millions with special purpose vehicles:

GVRMP Whagdhari Ribbanpally Tollway Private Limited is executing a BOT (Toll) project involving improvements to State Highway (SH-10) from Maharashtra border to Andhra Pradesh border via Aland, Gulbarga, Malkhed, Sedam, Ribbanpally (excluding Gulberga Ring Road) at a cost of Rs.3140.000 Millions, which is expected to be completed in 18 months as against the scheduled period of 24 months.

GVRMP Belgaum Khanapur Tollway Private Limited has undertaken a BOT (Toll) project for improvements to the Belgaum Khanapur Road in Belgaum district in Karnataka State at a cost of Rs.3940.000 Millions, which is expected to be completed before the scheduled period of 30 months.

DISCLOSURE OF CONTINGENT LIABILITIES

Rs. In Millions

Particulars	31.03.2011	31.03.2010
Bank guarantees issued by banks: On behalf of the Company	321.886	189.818
On behalf of Others	275.443	156.562
Letters of Credit issued by Banks: On behalf of the company	8.364	Nil

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U45200AP2001PLC036946
Name of the company	GVR INFRA PROJECTS LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 231, Swamy Ayyaoppa Society, Madhapur, Hyderabad-500081, Andhra Pradesh, India cs@gvrinfra.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10308579
Type of charge	Immovable property
Particular of charge holder	State Bank of India, Industrial Finance Branch, 155, Anna Salai, Chennai – 600002, Tamilnadu, India shanmuga.samy@sbi.co.in
Nature of instrument creating charge	Memorandum of deposit for creation of further charge for term loan/ overall limit where the initial charge is created by way of mortgage by deposit of title deeds
Date of instrument Creating the charge	29.08.2012
Amount secured by the charge	Rs,18550.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC/WCDL: 3.50% above BR (Presently 13.50% p.a.) Terms of Repayment Repayable on Demand. This facility is available for a period of 12 months. Margin Stocks - 25% Work in Progress - 25% Receivables - Inland- 25% Cover period - 120 days BG - 5% LC (WC) - 5% Extent and Operation of the charge For CC: First charge on the Current assets present and future on pari passu basis with other banks under Consortium For BG: Counter Guarantee from company and extension of charge over current assets on pari passu basis as mentioned for CC (Hypothecation) For LC and Bill Discounting: Documents of title to goods and extension of charge on entire current assets of the Company on pari passu basis, with other lenders in consortium Additional security by creation of equitable mortgage
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Properties located at different places as detailed
Date of instrument modifying the charge	27.07.2012
Particulars of the present modification	There is no change in the overall limits sanctioned by the bank. Mortgage by deposit of title deeds with the bank as additional security to cover the overall limit of Rs. 18550.000 Millions

FIXED ASSETS:

· Land

· Leasehold Land

· Building

· Plant and Machinery

· Motor Vehicles

· Furniture and other Equipments

· Computer and Cell Phones

· Bridge

AS PER WEBSITE

PROFILE

Subject, the flagship Company of GVR Group, is one of the fastest growing infrastructure enterprises of India operating across business segments comprising of Roads, Power, Irrigation, Railways, Bridges and Flyovers, Buildings and Water supply and Sewerage with a turnover of over Rs. 12 Billion ($ 240 Million). The Company presently manages projects across all segments in 12 different states in India and road projects in Nepal and exploring opportunities in Middle East and other parts of the World. As India's leading infrastructure development Company they have built large number of roadways, bridges, barrages, power projects and buildings over the past decade while connecting the most remote locations across the nation and ushering in infinite opportunity to the millions inhabiting these places and offering them an enriched quality of life.

PRESS RELEASE

Chennai, July 22:

IDFC Private Equity has invested Rs 1500.000 Millions in the Chennai-based GVR Infrastructure Projects.

GVR Infrastructure, which has a significant presence in the EPC segment, will utilise the funds to scale up operations. The company, which also has a portfolio of BOT projects, is expanding its presence in infrastructure segments including ports and power, according to Mr. L.N. Vijayaraghavan, Group Advisor.

At a press conference to announce the investment by IDFC PE, he said the company is a bidder to set up a fourth berth at the Tuticorin Port. It has partnered with a Singapore company for the project. It will also set up a 450-MW power plant in Tuticorin where it has identified land for the project.

Mr. K. Ganga Prasad, Managing Director, GVR, said the company decade-old company has an order backlog of Rs 42000.000 Millions and has reported revenues of about Rs 10000.000 Millions in the last financial year. It has a diversified presence in infrastructure covering urban infrastructure, railways and irrigation, roads and has project across India. Its portfolio of five BOT projects in roads with two in operation and the others in various stages of implementation.

Its flagship project is the Rs 5760.000 Millions Hyderabad Outer Ring Road project which is running on schedule and is to be completed in about eight months.

Mr. S.G. Shyam Sundar, Partner, IDFC PE, while declining to specify IDFC PE's stake in GVR or the evaluation, said the deal is a part of the third fund raised by IDFC PE. It raised Rs 31500.000 Millions ($700 million) in May 2008 and has invested a little over half that amount so far. This is its third investment in road sector, he said.

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.52.78
UK Pound	1	Rs.85.16
Euro	1	Rs.67.79

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--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		58

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.

MIRA INFORM REPORT

649.950

93.099

2481.865

1453.365

1322.814

597.288

2213.662

2658.022

1377.111

354.486

8045.402

5156.260

1748.406

720.264

280.735

234.611

222.488

58.765

2251.629

1013.640

5793.773

4142.620

5.94

8.82

9.26

0.49

4.59

3.57

Unit