MIRA INFORM REPORT

Report Date :

14.09.2012

IDENTIFICATION DETAILS

Name :	P.L.R. PROJECTS PRIVATE LIMITED
Registered Office :	Inwinex Towers, Plot No-130, 3rd Floor, Flat No-3B, Road No-2 Banjara Hills, Hyderabad – 500034 Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	17.05.2006
Com. Reg. No.:	01-050133
Capital Investment / Paid-up Capital :	Rs.8.287 Millions
CIN No.: [Company Identification No.]	U14101AP2006ULL050133
TAN No.: [Tax Deduction & Collection Account No.]	HYDP03699D
Legal Form :	Private Limited Liability Company
Line of Business :	Irrigation of Roads, Railways and Meanings.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 1200000
Status :	Satisfactory
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The management has failed to file the financial detail for the year 2011. However from the previous year track record financially company is performed well. Trade relations are reported to be fair. Business is active. Payments terms are unknown. The company can be considered for business dealing with some caution.

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term = LBBB -
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation it carry moderate credit risk
Date	Fab, 2010

RBI DEFAILTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ 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.

INFORMATION PARTED BY

Name :	Mr. Subani
Designation :	Account Manager
Contact No.:	91-9490951920
Date :	13.09.2012

LOCATIONS

Registered Office / Corporate Office:	Inwinex Towers, Plot No-130, 3rd Floor, Flat No-3b,Road No-2 Banjara Hills, Hyderabad – 500034 Andhra Pradesh, India
Tel. No.:	91-40-23540246 / 23540247
Mobile No.:	91-9490951920 (Mr. Subani)
Fax No.:	91-40-23540249
E-Mail :	info@plrprojects.com plreddy2004@sity.com
Website :	http://www.plrprojects.com
Area :	5000 Sq. ft
Location :	Owned
Branch Office 1 :	335, Church Road, Maruthi Nagar, Tirupati - 517502, Andhra Pradesh, India.
Tel. No.:	91-877-2240088
Fax No.:	91-877-2242875
E-Mail :	plrtpt@plrprojects.com
Location :	Owned
Branch Office :	Located at · Orissa · West Bengal · Jharkhand

DIRECTORS

As on 29.09.2010

Name :

Padmavathamma Peddireddy

Designation :

Director

Address :

335, Church Street, Tirupati - 517501 Andhra Pradesh, India.

Date of Birth/Age :

13.01.1934

Date of Appointment :

29.09.2007

DIN No.:

01933282

Name :

Peddyreddy Venkat Midhun Reddy

Designation :

Director

Address :

335, Church Road, Maruthi Nagar, Tirupati - 517502, Andhra Pradesh, India.

Date of Birth/Age :

29.081977

Date of Appointment :

15.02.2010

DIN No.:

01882747

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	U15209AP1993PTC015873	SHIVASHAKTHI DAIRY PRIVATE LIMITED	Director	30/09/2000	30/09/2000	-	Active	NO
2	U55101AP1995PTC020728	ANANDA NILAYAM HOTELS PRIVATE LIMITED	Director	15/04/2006	15/04/2006	-	Active	NO
3	U14101AP2006ULL050133	P.L.R. PROJECTS PRIVATE LIMITED	Managing director	10/07/2012	15/02/2010	-	Active	NO
4	U23101AP2010PTC071749	NELLORE COKE COMPANY PRIVATE LIMITED	Director	20/12/2010	20/12/2010	-	Active	NO
5	U40100AP2011PTC072766	PLR POWER PRIVATE LIMITED	Director	21/02/2011	21/02/2011	-	Active	NO
6	U74900TN2011PTC083173	UBIKA GREEN TECH PRIVATE LIMITED	Additional director	30/01/2012	30/01/2012	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

Names of Shareholders	No. of Shares
Peddyreddy Venkat Midhun Reddy	82869
Peddyreddy Dwarakanatha Reddy	82869
Peddireddigari Lakshmu Reddy	497211
Peddyreddy Padmavathamma	82869
Peddyreddy Indira	82869
Total	828687

As on 29.09.2010

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Irrigation of Roads, Railways and Meanings.
Terms :
Selling :	Cash / Credit
Purchasing :	Cash / Credit

GENERAL INFORMATION

Customers :

Government Department

· Central Coal Fields Limited

· Western Coal Fields Limited

· Singareni Collieries Company Limited

· Andhra Pradesh Road Development Corporation

· ational Highway Authority of India

· South Western Railway

· South Central Railway

· Andhra Pradesh Mineral Development Corporation.

· Roads and Building

· Tribal Welfare and Engineering Department

· Panchyath Raj Engineering department

· Public Health and Municipal Engineering Department

· Irrigation and Command area Development

· Andhra Pradesh Health and Medical Housing and Infrastructure Development Corporation

No. of Employees :

1000 (Approximately)

Bankers :

· Bank of Maharashtra, Vv Mahal Road, Tirupati - 517001, Andhra Pradesh, India

· State Bank of Mysore, Tirupati, Andhra Pradesh, India

Facilities :

· Fund Base – Rs.200.000 Millions / Non Fund Rs.1000.000 Millions (Form Bank of Maharashtra)

· Fund Base – Rs.100.000 Millions / Non Fund Rs.400.000 Millions (Form State Bank of Mysore)

(Rs. In Millions)

Secured Loan	As on 31.03.2010	As on 31.03.2009
Bank of Maharashtra OD A/c.	201.321	182.370
Equipment Finance Institutions	507.564	612.740
Total	708.885	795.110
Unsecured Loan	As on 31.03.2010	As on 31.03.2009
Term liabilities – Others	184.759	32.195
Total	184.759	32.195

Banking Relations :	--
Auditors :
Name :	K. Ramesh and Company Chartered Accountants
Address :	18-1-668, Bhavani Nagar, Tirupathi – 517501, Andhra Pradesh, India
PAN.:	ACMPK4717A
Sister Concern :	Shiv Shakti Dairy Private Limited Address : Andhra Pradesh, India Anand Nilayam Hotels Address : Andhra Pradesh, India

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
828687	Equity Shares	Rs.10/- each	Rs.8.287 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		8.287	8.287	8.287
2] Share Application Money		12.988	10.026	0.000
3] Reserves & Surplus		291.852	187.237	91.476
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		313.127	205.550	99.763
LOAN FUNDS
1] Secured Loans		708.885	795.110	318.279
2] Unsecured Loans		184.759	32.195	0.129
TOTAL BORROWING		893.644	827.305	318.408
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1206.771	1032.855	418.171
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		495.586	414.421	172.973
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	16.208	74.919	4.820
	Sundry Debtors	132.940	68.342	70.168
	Cash & Bank Balances	133.546	41.425	136.487
	Other Current Assets	457.076	238.709	277.795
	Loans & Advances	169.560	381.713	134.891
Total Current Assets		909.330	805.108	624.161
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	143.279	187.542	310.636
	Other Current Liabilities	0.000	(0.930)	59.284
	Provisions	54.866	0.062	9.043
Total Current Liabilities		198.145	186.674	378.963
Net Current Assets		711.185	618.434	245.198
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1206.771	1032.855	418.171

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	NA	NA	NA
		Other Income
		TOTAL	NA	NA	NA
	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		355.857	227.794	159.083
Less	FINANCIAL EXPENSES		126.938	86.685	48.098
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		228.919	141.109	110.985
Less/ Add	DEPRECIATION/ AMORTISATION		71.931	45.348	45.339
	PROFIT BEFORE TAX		156.988	95.761	65.646
Less	TAX		52.374	0.000	0.000
	PROFIT AFTER TAX		104.614	95.761	65.646
	Earnings Per Share (Rs.)		126.24	--	--

Particulars	31.03.2012	31.03.2011
Sales Turnover (Approximately)	2550.000	2550.000

Expected Sales (2012-13) : Rs.2800.000 Millions

The above information has been parted by Mr. Subani

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Return on Total Assets (PBT/Total Assets}	(%)	11.17	7.85	8.24
Return on Investment (ROI) (PBT/Networth)		0.50	0.47	0.66
Debt Equity Ratio (Total Liability/Networth)		3.49	4.93	6.99
Current Ratio (Current Asset/Current Liability)		4.59	4.31	1.65

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
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	No
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 No-6-3-667/4, Flat No-502, Sirimalle Towers Panjagutta, Hyderabad -500082, Andhra Pradesh, India to present address w.e.f. 23.09.2009

TRADE REFERENCES

· Central Coal Fields Limited

· Western Coal Fields Limited

OPERATIONS

The Company is participating in all major / medium irrigation tenders along with O.B. Removal works. The directors have pleasure in informing all the members that the company has bagged a new O.B. Removal work at Piparwar, Ranchi worth Rs.695.000 Millions from Central Coal Fields Limited. The Company has also bagged a Storm Water Drainage work at Vijayawada worth Rs.843.000 Millions for Public Health Department, Vijayawada during the year. The projects on hand are progressing well and steps are initiated for on-time completion so as to avoid extra overheads, there by resulting in amicable financial performance.

BUSINESS OUTLOOK

Keeping in view the performance and future prospects of the Company's business and the booming economy in India coupled with growth in Infrastructure Industry and increasing absorption across the Real Estate Markets, the Company is poised for sustained growth and the outlook is bright.

FIXED ASSETS

· Construction Equipment

· EDP Equipments

· Furniture

· Vehicles

AS PER WEBSITE DETAILS

PROFILE

The company PLR has made a humble beginning at holy town of Tirupati in AP in 1980 executing civil contracts. PLR has acquired its first excavator, a decade later in 1990 to keep pace with the changing trends in Construction, Irrigation, Roads and Railways.

During the period of 1995 -96 the company diversified into mining works. The company has changed its status to a Private Limited in the year 2006 to expand and be further involved in the growing market of construction and mining services.

After more than two decades of executing contracts in various fields, the company has acquired expertise in laying National Highways, State Highways and other ancillary works.

PLR has projects worth Rs 16,000 millions, with the Government of Andhra Pradesh and has been having a turnover more than Rs.1200.000 millions per year for the past three years and crossed Rs.2000.000 millions during 2009-10.

The latest feather in the cap of this company is the obtaining ISO certification for ‘Removal of overburden in open cast mines and for Design and Execution of Irrigation Works’.

BOARD OF DIRECTOR

P. V. Midhun Reddy, Managing Director

Mr. P. V. Midhun Reddy, a young entrepreneur with a vision of catapulting PLR Projects to new heights, associated in the company affairs Since 2001 completing his B. Tech from the University of the Madras and a Masters of Business Administration from Schiller University, London. His true professionalism and commitment towards the company stands as valuable contribution to PLR’s growth strategy. 

Mr. Midhun plays a key role in planning, execution and sustainable growth strategies for the entire PLR Group of companies.

P. Padmavathamma, Director

Mrs. P. Padmavathammais wife of Late Mr. P. Lakshmu Reddy, founder of PLR GROUP and is currently one of the directors of PLR Projects.

P. Dwarakanath Reddy, Director

Mr. P. Dwarakanath Reddy is Managing Partner of P. L. Reddy and Company Since 1994, is in the business of contracts- irrigation, mines and so on. With his wide spread knowledge and expertise in the given industries he is in charge of controlling of all sites and playing key role in developing Human Resources.

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.55.44
UK Pound	1	Rs.89.31
Euro	1	Rs.71.62

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.