MIRA INFORM REPORT

Report Date :

19.10.2012

IDENTIFICATION DETAILS

Name :	EVERSENDAI CONSTRUCTION PRIVATE LIMITED
Registered Office :	No. 67, TNPL Building, First Floor, Mount Road, Guindy, Chennai – 600032, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.08.2009
Com. Reg. No.:	18-072572
Capital Investment / Paid-up Capital :	Rs.31.574 Millions
CIN No.: [Company Identification No.]	U45206TN2009PTC072572
TAN No.: [Tax Deduction & Collection Account No.]	CHEE04955G
PAN No.: [Permanent Account No.]	AACCE2174N
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in business of engineering, design, detailing, steel fabrication, development of residential buildings and commercial complexes.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears a huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 Office :	No. 67, TNPL Building, First Floor, Mount Road, Guindy, Chennai – 600032, Tamilnadu, India
Tel. No.:	91-44-22201691/ 22201695/ 22201692/ 22201694
Fax No.:	91-44-22245044/ 22201695/ 22201694
E-Mail :	accounts@eversendai.net eversendai.india@eversendai.com narish@eversendai.com
Website :	www.eversendai.com

DIRECTORS

As on: 30.09.2011

Name :

Mr. Nathan Elumalay

Designation :

Director

Address :

5, Jalan, 5 / 65C, Pereliling Business Centre, Kualalumpur, 53000, Malaysia

Date of Birth/Age :

31.03.1956

Date of Appointment :

21.10.2010

DIN No.:

02904577

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	U45206TN2009PTC072572	EVERSENDAI CONSTRUCTION PRIVATE LIMITED	Director	21/10/2010	02/12/2009	-	Active	NO
2	U74210TN2005PTC055177	EVERSENDAI CONSULTING ENGINEERS PRIVATE LIMITED	Director	01/03/2010	01/03/2010	-	Amalgamated	NO
3	U74999TN1999PTC043015	NPNS ENTERPRISE PRIVATE LIMITED	Director	01/03/2010	01/03/2010	-	Active	NO

Name :

Mr. Narishnath Nathan

Designation :

Director

Address :

5, Jalan, 5 / 65C, Pereliling Business Centre, Kualalumpur, 53000, Malaysia

Date of Birth/Age :

25.11.1982

Date of Appointment :

21.10.2010

DIN No.:

02908355

Name :

Mr. Narla Srinivasa Rao

Designation :

Director

Address :

Meerjapuram (Post), Nuzvid Mandalam, District Krishna - 521111, Andhra Pradesh, India

Date of Birth/Age :

24.09.1967

Date of Appointment :

14.08.2009

DIN No.:

02697245

Name :

Mr. Kaliyappan Saravanan

Designation :

Director

Address :

Plot No. IB, "Perichi House", Gurusamy Nagar Extension 5, Mahatma Gandhi Road, Porur, Chennai -600116, Tamilnadu, India

Date of Birth/Age :

26.05.1970

Date of Appointment :

14.08.2009

DIN No.:

00907614

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	U74999TN1999PTC043015	NPNS ENTERPRISE PRIVATE LIMITED	Director	30/09/2011	08/03/2004	-	Active	NO
2	U74210TN2005PTC055177	EVERSENDAI CONSULTING ENGINEERS PRIVATE LIMITED	Director	19/01/2005	19/01/2005	-	Amalgamated	NO
3	U45206TN2009PTC072572	EVERSENDAI CONSTRUCTION PRIVATE LIMITED	Director	14/08/2009	14/08/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Eversendai Corporation SDN Bhd., Malaysia	1
Shin Eversendai Engineering (M) SDN, Bhd., Malaysia	1
Eversendai Construction (S) Pte Limited, Singapore	3157377
Total	3157379

As on: 10.03.2012

Names of Allottee	No. of Shares
Eversendai Construction (S) Pte Limited, Singapore	10047674
Total	10047674

As on: 30.09.2011

Names of Allottee	No. of Shares
Eversendai Construction (S) Pte Limited, Singapore	16794947
Total	16794947

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in business of engineering, design, detailing, steel fabrication, development of residential buildings and commercial complexes.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Standard Chartered Bank, 19, Rajaji Salai, Chennai - 600001, Tamilnadu, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Loans and Advances from Banks
Letter of Credit*	5.060	36.972
Hire Purchase Loan**	0.711	0.869
Bank Overdraft*	25.784	0.000
Term Loans from Banks*	39.900	0.000
Total	71.455	37.841

Note:

* Secured by first hypothecation charge on Stock, Book Debts and guarantee from Holding company.

** Charge on Vehicle and guarantee from company under the same management.

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Short term loans and advances
Bank Overdraft	0.000	2.431
Total	0.000	2.431

Banking Relations :	--
Auditors :
Name :	S.V. Ghatalia and Associates Chartered Accountants
Address :	2nd Floor, TPL House, No 3, Cenotaph Road, Teynampet, Chennai – 600018, Tamilnadu, India
Tel. No.:	91-44-66328400
Mobile No.:	91-44-74311450
PAN No.:	AACFS6921Q
Ultimate Holding Company :	Eveisendai Corporation Bcrhad, Malaysia (From March 8, 2010)
Holding Company :	Eversendai Construction (S) Pte Limited, Singapore (From March 8, 2010) Eversendai Corporation SDN BHD, Malaysia (Till March 8, 2010)
Follow Subsidiary :	Shin Eversendai Engineering (M) SDN BHD Eversendai Engineering LLC, Dubai Eversendai Engineering Qatar WLL
Companies Under Common Control :	Eversendai Consulting Engineers Private Limited

CAPITAL STRUCTURE

After: 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.10/- each	Rs.300.000 Millions

As on: 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs.10/- each	Rs.35.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3157379	Equity Shares	Rs.10/- each	Rs.31.574 Millions

Note:

Of the above 3157379 equity shares of Rs.10 each are held by Eversendai Construction (S) Pte Limited, Singapore, the holding company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		31.574	31.574
2] Share Application Money		12.200	12.200
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		(104.796)	(7.262)
NETWORTH		(61.022)	36.512
LOAN FUNDS
1] Secured Loans		71.455	37.841
2] Unsecured Loans		0.000	2.431
TOTAL BORROWING		71.455	40.272
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		10.433	76.784
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		96.446	39.558
Capital work-in-progress		50.031	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	140.879	0.000
	Sundry Debtors	143.863	103.690
	Cash & Bank Balances	31.913	36.798
	Other Current Assets	53.107	70.063
	Loans & Advances	54.866	26.784
Total Current Assets		424.628	237.335
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	286.385	128.115
	Other Current Liabilities	268.735	68.070
	Provisions	5.552	3.924
Total Current Liabilities		560.672	200.109
Net Current Assets		(136.044)	37.226
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		10.433	76.784

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010
	SALES
		Project Sales	327.569	302.228
		Income from Services	52.807	12.153
		Other Income	1.201	4.335
		TOTAL (A)	381.577	318.716
Less	EXPENSES
		Personal Expenses	26.790	26.946
		Operating and Other Expenses	425.395	292.972
		TOTAL (B)	452.185	319.918
Less	PROFIT(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(70.608)	(1.202)
Less	FINANCIAL EXPENSES (D)		16.555	4.212
	PROFIT(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(87.163)	(5.414)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.370	1.815
	PROFIT(LOSS) BEFORE TAX (E-F) (G)		(97.533)	(7.229)
Less	TAX (H)		0.000	0.033
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(97.533)	(7.262)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	52.808	11.804
	TOTAL EARNINGS		52.808	11.804
	IMPORTS
		Raw Materials	47.103	76.130
		Capital Goods	19.006	0.000
	TOTAL IMPORTS		66.109	76.130
	Earnings/ (Loss) Per Share (Rs.)		(31.00)	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010
PAT / Total Income	(%)	(25.56)	(2.28)
Net Profit Margin (PBT/Sales)	(%)	(29.77)	(2.39)
Return on Total Assets (PBT/Total Assets}	(%)	(18.72)	(2.61)
Return on Investment (ROI) (PBT/Networth)		1.60	0.18
Debt Equity Ratio (Total Liability/Networth)		(10.36)	6.58
Current Ratio (Current Asset/Current Liability)		0.76	1.19

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	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	No

Note:

The Registered Office of the company has been shifted from 2/12, Poonthottam, First Street, Nanganallur, Chennai - 600114, Tamilnadu, India to the present address w.e.f. 23.11.2009

BACKGROUND

Subject was incorporated on August 14, 2009 as a private limited company under the Companies Act, 1956. The Company was incorporated in the State of Tamilnadu, India. The Company is a subsidiary of Eversendai Constructions (S) Pte Limited, Singapore, which is ultimately held by Eversendai Corporation Berhad, Malaysia.

The Company is incorporated to carry on the business of engineering, design, detailing, steel fabrication, development of residential buildings and commercial complexes.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U45206TN2009PTC072572
Name of the company
Address of the registered office or of the principal place of business in India of the company	No. 67, TNPL Building, First Floor, Mount Road, Guindy, Chennai – 600032, Tamilnadu, India E-mail: accounts@eversendai.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10241267
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Standard Chartered Bank, 19, Rajaji Salai, Chennai - 600001, Tamilnadu, India E-mail: ramachandran.nagasubramanian@sc.com
Nature of instrument creating charge	Supplemental to Unattested Memorandum of Hypothecation
Date of instrument Creating the charge	16.08.2012
Amount secured by the charge	Rs.1650.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate + Margin (for Facility draw down in Indian rupees) LIBOR + Margin (for Facility draw down in currency other than Indian rupees) Margin to be negotiated and agreed to from time to time Terms of Repayment Financial Guarantees/SBLC (Trade)- up to 12 months Pre-shipment Financing under Export Orders-Maximum up to 180 days. Margin As may be agreed with bank from time to time Extent and Operation of the charge First hypothecation charge on Stocks and Book debts. Others Facilities extended: Bonds and Guarantee- Rs.1650.000 millions Sub-limits: Financial Guarantees/SBLC (Trade)- (USD 16 million) Overdraft- (Rs.500.000 millions) Short term loans, Import Letter of Credit and Local Bills Discounted, Pre-shipment financing against export orders - (Rs.730.000 millions) each.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All present and future book debts, outstanding moneys receivable, claims and bills Present/ future stock in trade consisting of raw materials, finished goods, goods in process of manufacturing and other merchandise including items in transit Location of stock in trade: all locations including at TNPL Building, 1st Floor, Mount Road, Guindy, Chennai-600032.
Particulars of the present modification	1. Overall limit enhanced from Rs.730.000 millions to Rs.1650.000 millions. 2. Bonds and Guarantee enhanced from Rs.730.000 millions (sub-limit) to Rs.1650.000 millions (main facility). 3. Payment undertaking for Buyers Credit modified as Financial Guarantees/SBLC (Trade) and has now become a sub-limit. 4. Local Bills Discounted and Pre-shipment financing against export orders facilities extended as new sub-limits. 5. First hypothecation charge on stocks and book debts extended to cover the enhanced limits and sub-limits.

FIXED ASSETS:

• Freehold Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Office Equipments
• Vehicles
• Computers

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.52.97
UK Pound	1	Rs.85.45
Euro	1	Rs.69.46

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--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		14

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.