MIRA INFORM REPORT

Report Date :

08.04.2013

IDENTIFICATION DETAILS

Name :	BDS PROJECTS INDIA PRIVATE LIMITED (w.e.f. 15.09.2008)
Formerly Known As :	BDS COATINGS PRIVATE LIMITED
Registered Office :	Neville House, Currimbhoy Road, Ballard Estate, Mumbai-400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	11.01.2007
Com. Reg. No.:	11-166941
Capital Investment / Paid-up Capital :	Rs. 97.600 Millions
CIN No.: [Company Identification No.]	U27310MH2007PTC166941
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in Repairs and Rehabilitation of Concrete Structures, Retrofitting, Coatings, Waterproofing, Corrosion Mitigation and Construction.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (36)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 420000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears some dip in the profits during 2012. The reserve is also low. However, trade relations are reported as fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings 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	A4 (Short Term Rating) – Suspended
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	28.05.2012

Rating Agency Name	ICRA
Rating	BB (Long Term Rating) – Suspended
Rating Explanation	Moderate risk of default.
Date	28.05.2012

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 :	Neville House, Currimbhoy Road, Ballard Estate, Mumbai-400001, Maharashtra, India
Tel. No.:	91-22-22613414 / 15
Fax No.:	91-22-22679613
E-Mail :	fguzder@bdsindia.com
Website :	www.bdsindia.com

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Farokh Jamshed Guzder
Designation :	Director
Address :	132, El-Cid, 13^th Floor, D-Ridge Road, Malabar Hill, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	13.10.1950
Date of Appointment :	11.01.2007
PAN No.:	ABXPG9167E
Voter ID No.:	MT040241984
DIN No.:	00108856

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	U32301MH1980PTC022502	MAZDA JAYGEE ELECTRONICS (GANDEVI) PRIVATE LIMITED	Director	10/4/1980	10/4/1980	26/03/2012	Active	NO
2	U99999MH1956PTC009761	N S GUZDER AND COMPANY PRIVATE LIMITED	Director	1/4/1981	1/4/1981	-	Active	NO
3	U35300MH1947PTC005720	AFL PRIVATE LIMITED	Whole-time director	1/5/1981	1/5/1981	-	Active	NO
4	U51209MH1978PLC020456	B P INDIA LIMITED	Director	5/11/1984	5/11/1984	-	Active	NO
5	U67120MH1985PTC037395	JAMSHED INVESTMENTS PRIVATE LIMITED	Director	5/9/1985	5/9/1985	-	Active	NO
6	U51900MH1994PTC077194	DACHSER INDIA PRIVATE LIMITED	Director	21/03/1994	21/03/1994	-	Active	NO
7	U65990MH1998PTC113599	EFGEE SECURITIES PRIVATE LIMITED	Director	25/03/1998	25/03/1998	-	Active	NO
8	U63040MH1998PTC115025	CWT INDIA PRIVATE LIMITED	Director	20/05/1998	20/05/1998	3/7/2007	Active	NO
9	U70101MH1997PLC111936	ZEENIA REALTORS LIMITED	Director	9/12/1999	9/12/1999	-	Active	NO
10	U72900MH2003PTC143667	INDGLOBAL NETWORK SUPPORT PRIVATE LIMITED	Director	26/12/2006	26/12/2006	-	Active	NO
11	U27310MH2007PTC166941	BDS PROJECTS INDIA PRIVATE LIMITED	Director	11/1/2007	11/1/2007	-	Active	NO
12	U28920MH2007PTC173618	NUKOTE COATING SYSTEMS INDIA PRIVATE LIMITED	Director	30/08/2007	30/08/2007	-	Active	NO
13	U63090MH2001PTC133173	CYFAST ENTERPRISES PRIVATE LIMITED	Director	30/09/2008	22/08/2008	-	Active	NO
14	U45200MH2008PTC179696	CJG WAREHOUSE INFRASTRUCTURE PRIVATE LIMITED	Director	30/09/2010	9/6/2010	-	Active	NO
15	U30000MH2010PTC207901	TOTAL IMAGING SOLUTIONS PRIVATE LIMITED	Director	20/09/2010	20/09/2010	-	Active	NO
16	L63090GA1963PLC000002	CHOWGULE STEAMSHIPS LIMITED	Additional director	6/7/2012	6/7/2012	-	Active	NO

Name :	Mr. Cyrus Jamshed Guzder
Designation :	Director
Address :	11, Seaface Park, 50 B Desai Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	17.09.1945
Date of Appointment :	11.01.2007
Voter ID No.:	MT04024033313
DIN No.:	00080358

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	U35300MH1947PTC005720	AFL PRIVATE LIMITED	Managing director	19/08/1970	19/08/1970	-	Active	NO
2	U99999MH1956PTC009761	N S GUZDER AND COMPANY PRIVATE LIMITED	Director	11/9/1970	11/9/1970	-	Active	NO
3	U51209MH1978PLC020456	B P INDIA LIMITED	Director	30/06/1978	30/06/1978	-	Active	NO
4	U32301MH1980PTC022502	MAZDA JAYGEE ELECTRONICS (GANDEVI) PRIVATE LIMITED	Director	10/4/1980	10/4/1980	5/3/2012	Active	NO
5	U67120MH1985PTC037400	SEEJAY INVESTMENTS PRIVATE LIMITED	Director	5/9/1985	5/9/1985	-	Active	NO
6	U51900MH1994PTC077194	DACHSER INDIA PRIVATE LIMITED	Director	21/03/1994	21/03/1994	-	Active	NO
7	U67120MH1985PTC037815	ERANGAL INVESTMENTS PRIVATE LIMITED	Director	13/03/1998	13/03/1998	-	Active	NO
8	U63040MH1998PTC115025	CWT INDIA PRIVATE LIMITED	Director	20/05/1998	20/05/1998	31/12/2010	Active	NO
9	L55101TN1996PLC036595	MAHINDRA HOLIDAYS AND RESORTS INDIA LIMITED	Director	7/8/1998	7/8/1998	-	Active	NO
10	U70101MH1997PLC111936	ZEENIA REALTORS LIMITED	Director	9/12/1999	9/12/1999	-	Active	NO
11	U63090MH2001PTC133173	CYFAST ENTERPRISES PRIVATE LIMITED	Director	28/08/2001	28/08/2001	-	Active	NO
12	U80302MH2001NPL132936	SPA EDUCATION FOUNDATION	Director	28/12/2001	28/12/2001	-	Active	NO
13	L35110MH1948PLC006472	THE GREAT EASTERN SHIPPING COMPANY LIMITED	Director	14/03/2003	14/03/2003	-	Active	NO
14	U72900MH2003PTC143667	INDGLOBAL NETWORK SUPPORT PRIVATE LIMITED	Director	26/12/2003	26/12/2003	-	Active	NO
15	U91990MH2005GAP157317	ASSOCIATION FOR PROTECTION OF ECO SENSITIVE AREAS	Director	16/11/2005	16/11/2005	-	Active	NO
16	U63040KA1978PTC050693	QUIKJET CARGO AIRLINES PRIVATE LIMITED	Director	23/10/2006	23/10/2006	-	Active	NO
17	U27310MH2007PTC166941	BDS PROJECTS INDIA PRIVATE LIMITED	Director	11/1/2007	11/1/2007	-	Active	NO
18	U28920MH2007PTC173618	NUKOTE COATING SYSTEMS INDIA PRIVATE LIMITED	Director	30/08/2007	30/08/2007	-	Active	NO
19	U74990MH2008NPL189117	INDIAN INSTITUTE FOR HUMAN SETTLEMENTS	Director	23/12/2008	23/12/2008	-	Active	NO
20	U45200MH2008PTC179696	CJG WAREHOUSE INFRASTRUCTURE PRIVATE LIMITED	Director	30/09/2009	20/06/2009	-	Active	NO
21	U74900MH2008PTC179695	RAPIDAIR AVIATION SERVICES PRIVATE LIMITED	Director	30/09/2009	20/06/2009	-	Active	NO
22	U30000MH2010PTC207901	TOTAL IMAGING SOLUTIONS PRIVATE LIMITED	Director	20/09/2010	20/09/2010	-	Active	NO
23	U93030MH2012PTC238559	SEEJAY MANAGEMENT CONSULTANTS PRIVATE LIMITED	Director	6/12/2012	6/12/2012	-	Active	NO

Name :	Mr. Jamshed Farokh Guzder
Designation :	Director
Address :	132, El-Cid, 13^th Floor, D-Ridge Road, Malabar Hill, Mumbai-400006, Maharashtra, India
Date of Birth/Age :	11.03.1983
Date of Appointment :	20.07.2009
PAN No.:	AFWPG6860K
DIN No.:	02593842

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U27310MH2007PTC166941	BDS PROJECTS INDIA PRIVATE LIMITED	Director	29/09/2009	20/07/2009	Active	NO
2	U99999MH1956PTC009761	N S GUZDER AND COMPANY Private LIMITED	Director	30/09/2010	27/10/2009	Active	NO
3	U67120MH1985PTC037395	JAMSHED INVESTMENTS PRIVATE LIMITED	Director	29/09/2012	10/7/2012	Active	NO

Name :	Mrs. Statira Farrokh Wadia
Designation :	Director
Address :	8, Nagar Road, Yerwada, Pune-411006, Maharashtra, India
Date of Birth/Age :	23.12.1943
Date of Appointment :	20.07.2009
DIN No.:	00108466

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U35300MH1947PTC005720	AFL PRIVATE LIMITED	Director	1/1/2009	20/04/1994	Active	NO
2	U99999MH1956PTC009761	N S GUZDER AND COMPANY Private LIMITED	Director	14/12/1994	14/12/1994	Active	NO
3	U24200MH1978PTC020579	JAYGEE PHARMACEUTICALS PRIVATE LIMITED	Director	9/3/1998	9/3/1998	Active	YES
4	U91990MH2005GAP157317	ASSOCIATION FOR PROTECTION OF ECO SENSITIVE AREAS	Director	16/11/2005	16/11/2005	Active	NO
5	U27310MH2007PTC166941	BDS PROJECTS INDIA PRIVATE LIMITED	Director	29/09/2009	20/07/2009	Active	NO
6	U45200MH2008PTC179696	CJG WAREHOUSE INFRASTRUCTURE PRIVATE LIMITED	Director	30/09/2010	9/6/2010	Active	NO
7	U63090MH2001PTC133173	CYFAST ENTERPRISES PRIVATE LIMITED	Director	29/09/2011	21/02/2011	Active	NO

Name :	Mr. Suryanarayanan S
Designation :	Director
Address :	52, Sagar Tarang, 81/83, Bhulabhai Desai Road, Mumbai-400036, Maharashtra, India
Date of Birth/Age :	04.05.1958
Date of Appointment :	20.07.2009
DIN No.:	00444230

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	U99999MH1956PTC009761	N S GUZDER AND COMPANY PRIVATE LIMITED	Director	19/10/2002	19/10/2002	-	Active	NO
2	U64120TN2003PTC051265	FRANCH EXPRESS NET WORK PRIVATE LIMITED	Director	28/03/2006	28/03/2006	25/06/2008	Active	NO
3	U63040KA1978PTC050693	QUIKJET CARGO AIRLINES PRIVATE LIMITED	Director	7/11/2006	7/11/2006	-	Active	NO
4	U45201MH2007PTC173777	CHARIF WAREHOUSE AND DEVELOPERS PRIVATE LIMITED	Director	3/9/2007	3/9/2007	23/05/2008	Strike off	NO
5	U45207MH2007PTC174192	CHARIF REAL ESTATE DEVELOPERS PRIVATE LIMITED	Director	17/09/2007	17/09/2007	23/05/2008	Strike off	NO
6	U31401MH2007PTC174189	CHARIF PROPERTY DEVELOPERS PRIVATE LIMITED	Director	17/09/2007	17/09/2007	23/05/2008	Strike off	NO
7	U63023MH2007PTC176412	SEALAND WAREHOUSING PRIVATE LIMITED	Director	30/09/2009	12/6/2009	20/06/2012	Active	NO
8	U27310MH2007PTC166941	BDS PROJECTS INDIA PRIVATE LIMITED	Director	29/09/2009	20/07/2009	-	Active	NO
9	U45200MH2008PTC179557	SOUTH ASIA TERMINALS PRIVATE LIMITED	Nominee director	30/06/2010	19/08/2009	-	Active	NO
10	U74140MH2009PTC197368	ADVET ADVISORY PRIVATE LIMITED	Director	26/11/2009	26/11/2009	18/05/2010	Active	NO
11	U63010MH1993PLC075480	HINDUSTAN CARGO LIMITED	Nominee director	30/06/2010	3/6/2010	-	Active	NO

Name :	Ms. Ayesha Cyrus Guzder
Designation :	Director
Address :	11, Seaface Park, 50 B Desai Road, Mumbai-400026, Maharashtra, India
Date of Birth/Age :	02.07.1983
Date of Appointment :	20.07.2009
DIN No.:	02254083

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U45200MH2008PTC179696	CJG WAREHOUSE INFRASTRUCTURE PRIVATE LIMITED	Director	30/09/2009	20/06/2009	Active	NO
2	U74900MH2008PTC179695	RAPIDAIR AVIATION SERVICES PRIVATE LIMITED	Director	30/09/2009	20/06/2009	Active	NO
3	U27310MH2007PTC166941	BDS PROJECTS INDIA PRIVATE LIMITED	Director	29/09/2009	20/07/2009	Active	NO
4	U67120MH1985PTC037815	ERANGAL INVESTMENTS PRIVATE LIMITED	Director	30/09/2009	20/07/2009	Active	NO
5	U67120MH1985PTC037400	SEEJAY INVESTMENTS PRIVATE LIMITED	Director	30/09/2010	20/10/2009	Active	NO
6	U70101MH1997PLC111936	ZEENIA REALTORS LIMITED	Director	30/09/2010	28/07/2010	Active	NO
7	U30000MH2010PTC207901	TOTAL IMAGING SOLUTIONS PRIVATE LIMITED	Director	20/09/2010	20/09/2010	Active	NO

Name :	Mr. Mridul Brijbhushanlal Goyal
Designation :	Executive Director
Address :	D/504, Vasant Narvel, Glory CHSL, Vasant Marvel Complex, Western Express Highway, Borivli, Mumbai-400066, Maharashtra, India
Date of Birth/Age :	17.09.1969
Date of Appointment :	24.09.2009
Date of Cessation	13.02.2012
DIN No.:	02488998
Name :	Mr. Sameer Vitthal Joshi
Designation :	Whole Time Director
Address :	A-2204, Oberoi Park View, Thakur Village, Kandivli, Mumbai-400101, Maharashtra, India
Date of Birth/Age :	12.06.1967
Date of Appointment :	29.09.2009
Date of Cessation	13.02.2012
DIN No.:	02150150

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Equity Shareholders	No. of Shares
Farokh Jamshed Guzder	10
N S Guzder and Company Private Limited, India	7490
Mridul Brijbhushanlal Goyal	1250
Sameer Vitthal Joshi	1250
TOTAL	10000

AS ON 30.09.2011

Equity Shares Break Up	Percentage of Holding
Bodies corporate	74.90
Directors or relatives of Directors	25.10
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Repairs and Rehabilitation of Concrete Structures, Retrofitting, Coatings, Waterproofing, Corrosion Mitigation and Construction.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• The Zoroastrain Co-Operative Bank Limited, Fort Branch, Yusuf Building, Ground Floor, V N Road, Fort, Mumbai-400001, Maharashtra, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Term Loans From Others	2.983	1.295
Other Loans and Advances	0.000	5.034
TOTAL	2.983	6.329

Banking Relations :	--
Auditors :
Name :	Nipun Sudhir and Associates Chartered Accountant
Address :	505, 5th Floor, Tulsiani Chambers Free, Press Journal, Marg 212 NARIMAN POINT Mumbai, Maharashtra, India
PAN No.:	AAFFN2832A
Holding Company :	N. S. Guzder and Company Private Limited CIN No.:- U99999MH1956PTC009761
Associates :	Nukote Coating Systems India Private Limited BDS L.L.C. (Dubai) Structural Specialities and Projects India Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs. 12.500 Millions
1000000	Preference Shares	Rs.100/- each	Rs. 100.000 Millions
	TOTAL		Rs. 112.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million
975000	Preference Shares	Rs.100/- each	Rs. 97.500 Millions
	TOTAL		Rs. 97.600 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		97.600	97.600	97.600
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8.168	8.685	2.157
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		105.768	106.285	99.757
LOAN FUNDS
1] Secured Loans		2.983	6.329	8.672
2] Unsecured Loans		24.175	12.500	0.000
TOTAL BORROWING		27.158	18.829	8.672
DEFERRED TAX LIABILITIES		0.000	0.154	0.311
TOTAL		132.926	125.268	108.740
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		35.417	31.178	30.285
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.100	0.100	0.100
DEFERREX TAX ASSETS		0.486	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	44.766	19.620	8.142
	Sundry Debtors	106.224	102.297	83.231
	Cash & Bank Balances	25.341	31.915	31.287
	Other Current Assets	2.179	2.185	26.548
	Loans & Advances	33.657	34.173	17.547
Total Current Assets		212.167	190.190	166.755
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	73.397	51.202	47.612
	Other Current Liabilities	35.701	39.437	40.799
	Provisions	6.146	5.561	0.000
Total Current Liabilities		115.244	96.200	88.411
Net Current Assets		96.923	93.990	78.344
MISCELLANEOUS EXPENSES		0.000	0.000	0.011
TOTAL		132.926	125.268	108.740

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	NA	NA	NA
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		29.220	30.452	13.945
Less	FINANCIAL EXPENSES		4.049	1.486	1.095
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		25.171	28.966	12.850
Less/ Add	DEPRECIATION/ AMORTISATION		5.831	5.361	5.382
	PROFIT / (LOSS) BEFORE TAX		19.340	23.605	7.468
	Exceptional Items		17.182	0.000	0.000
Less	TAX		1.518	7.981	2.970
	PROFIT / (LOSS) AFTER TAX		0.640	15.624	4.498
	Excess / (Short) Provision of Tax : Prior Years		1.157	0.000	0.000
	Profit / (Loss) for The Year		(0.517)	15.624	4.498
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	2.157	0.701
Less	APPROPRIATIONS
		Preference Shares Dividend	NA	7.800	2.600
		Tax on Dividend	NA	1.296	0.442
	BALANCE CARRIED TO THE B/S		NA	8.685	2.157
	Earnings Per Share (Rs.)		64.00	--	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
Return on Total Assets (PBT/Total Assets}	(%)	7.80	10.66	3.79
Return on Investment (ROI) (PBT/Networth)		0.18	0.22	0.07
Debt Equity Ratio (Total Debt /Networth)		0.26	0.18	0.09
Current Ratio (Current Asset/Current Liability)		1.84	1.98	1.87

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

UNSECURED LOAN	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Intercorporate Deposit	4.500	2.500
Loans and Advances From Related Parties	19.675	10.000
TOTAL	24.175	12.500

CORPORATE INFORMATION

Subject is a private limited company registered in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged in Repairs and Rehabilitation of Concrete Structures, Retrofitting, Coatings, Waterproofing, Corrosion Mitigation and Construction.

OPERATIONS

The turnover of the company grew by 19% compared to the previous year.

However there was a reduction in the profit of the Company on account of increase in the operating costs due to the general inflationary trend witnessed in the economy, coupled with the onetime settlement the Company made to two of its Executive Directors who departed from the Company during the year.

As stated in the earlier report the Company is executing a Low Income Group housing project for Karnataka Housing Board in Bangalore and has made reasonable progress in the execution of the same.

The overall economic outlook is showing a downward trend but the Company is confident of overcoming this by resorting to a revised business mix and concentrating on improving margins which will result in better performances in the years to come.

FORM 8

Corporate identity number of the company	U27310MH2007PTC166941
Name of the company	BDS Projects India Private Limited
Address of the registered office or of the principal place of business in India of the company	Neville House, Currimbhoy Road, Ballard Estate, Mumbai-400001, Maharashtra, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	The Zoroastrain Co-Operative Bank Limited, Fort Branch, Yusuf Building, Ground Floor, V N Road, Fort, Mumbai-400001, Maharashtra, India
Nature of instrument creating charge	Hypothecation of tangible moveable property
Date of instrument Creating the charge	24.08.2012
Amount secured by the charge	Rs. 20.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest at the rate of 0.75% per annum above the bank's mlr with a minimum rate of 14.75% per annum or at such rate as may from time to time be fixed by the bank and payable with monthly rests. Terms of repayment The term loan of Rs.20.000 Millions is repayable in 12 equal monthly installments after 6 months moratorium. Margin Margin : 25%. Extent and operation of the charge To secure the term loan of Rs.20.000 Millions granted by the bank to the company.
Short particulars of the property charged (Including location of the property)	The Borrower Hypothecates In Favour of The Bank Unencumbered Scaffoldings, Shuttering Materials, Tools, Tackles, Hammers, Mixers, Concrete Batchers, Concrete Mixers And 2 Trucks and any and Every Tangible Moveable Property of The Borrower Whether Now Lying or At Any Time Hereafter During The Continuance of This Security Lying or Being In or About The Borrower's Premises and Godowns At Mumbai or Wherever Else The Same May Be or Be Held By Any Party Anywhere to The Order and Disposition of The Borrower or In Course of Transit to The Borrower.

FIXED ASSETS

• Vehicles
• Plant and Machinery
• Computers
• Office Equipments
• Furniture and Fixtures

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 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. 54.88
UK Pound	1	Rs. 83.54
Euro	1	Rs. 70.90

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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.