MIRA INFORM REPORT

Report Date :

30.08.2013

IDENTIFICATION DETAILS

Name :	J N C CONSTRUCTIONS PRIVATE LIMITED
Registered Office :	G-128, Preet Vihar, New Delhi – 110092
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.04.1998
Com. Reg. No.:	55-093071
Capital Investment / Paid-up Capital :	Rs.8.543 Millions
CIN No.: [Company Identification No.]	U74899DL1998PTC093071
Legal Form :	Private Limited Liability Company
Line of Business :	Real Estate Developer.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 690000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Overall financial position of the company appears to be satisfactory. Trade relations are fair. Business is active. Payment terms are usually correct. The company can be considered 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

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 :	G-128, Preet Vihar, New Delhi – 110092, India
Tel. No.:	91-11-22541114
Fax No.:	Not Available
E-Mail :	mail@ndhco.com jnc-princesspark@yahoo.co.in
Website :	http://www.jncgroup.in
Branch Office :	Jnc Green Woods, GH-1, Sector-3, Vasundhara, Ghaziabad – 201010, Uttar Pradesh, India
Site Office :	JNC THE PARK, Plot No-GH-1, Sector-16C, Gnida, Uttar Pradesh, India
Tel. No.:	91-120-3295887

DIRECTORS

As on: 30.09.2011

Name :

Mr. Nanak Chand

Designation :

Director

Address :

G-128, Preet Vihar, New Delhi – 110092, India

Date of Birth/Age :

19.03.1949

Date of Appointment :

01.04.1998

DIN No.:

00461592

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	U74899DL1998PTC093071	J N C CONSTRUCTIONS PRIVATE LIMITED	Director	01/04/1998	01/04/1998	-	Active	NO
2	U45201DL2004PTC129458	SKYTECH CONSTRUCTIONS PRIVATE LIMITED	Director	28/09/2004	28/09/2004	-	Active	NO
3	U70101DL2005PTC132483	TIRUMALLA NCG BUILDCON PRIVATE LIMITED	Director	28/01/2005	28/01/2005	-	Active	NO
4	U45201DL2005PTC139996	SKY TECH TOWERS (INDIA) PRIVATE LIMITED	Director	25/08/2005	25/08/2005	-	Active	YES
5	U45200DL2006PTC155691	SKYTECH ESTATES PRIVATE LIMITED	Director	20/12/2006	20/12/2006	-	Active	NO
6	U70101DL2005PTC133570	PVS CONSTRUCTIONS PRIVATE LIMITED	Additional director	04/02/2008	04/02/2008	-	Active	NO
7	U45400DL2008PTC178331	TIRUMALLA RESIDENCY AND DEVELOPERS PRIVATE LIMITED	Director	19/05/2008	19/05/2008	-	Active	NO
8	U74899DL1995PTC065762	VARUNA FINANCE PRIVATE LIMITED	Additional director	02/06/2008	02/06/2008	10/01/2009	Active	NO
9	U45400DL2008PTC175378	MERION BUILDERS PRIVATE LIMITED	Additional director	01/02/2013	01/02/2013	-	Active	NO

Name :

Mr. Jitender Taneja

Designation :

Director

Address :

G-128, Preet Vihar, New Delhi – 110092, India

Date of Birth/Age :

26.02.1973

Date of Appointment :

01.04.1998

DIN No.:

00461582

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	U74899DL1998PTC093071	J N C CONSTRUCTIONS PRIVATE LIMITED	Director	01/04/1998	01/04/1998	-	Active	NO
2	U01300DL1982PTC014709	BASANT AGRO FARM PRODUCTS PRIVATE LIMITED	Director	30/03/2008	30/03/2008	-	Active	NO
3	U45201DL2005PTC142888	JNC CONSTRUCTIONS AND INFRASTRUCTURE PRIVATE LIMITED	Director	30/03/2008	30/03/2008	-	Active	NO
4	U72900DL2010PTC211945	ANSS IT SOLUTIONS PRIVATE LIMITED	Additional director	25/02/2013	25/02/2013	-	Active	NO

Name :

Mr. Chander Prakash

Designation :

Director

Address :

G-128, Preet Vihar, New Delhi – 110092, India

Date of Birth/Age :

02.11.1975

Date of Appointment :

01.01.2001

DIN No.:

00383643

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	U74899DL1998PTC093071	J N C CONSTRUCTIONS PRIVATE LIMITED	Director	01/01/2001	01/01/2001	-	Active	NO
2	U45201DL2005PTC142888	JNC CONSTRUCTIONS AND INFRASTRUCTURE PRIVATE LIMITED	Director	23/11/2005	23/11/2005	-	Active	NO
3	U01300DL1982PTC014709	BASANT AGRO FARM PRODUCTS PVT LTD	Director	30/03/2008	30/03/2008	-	Active	NO
4	U72900DL2010PTC211945	ANSS IT SOLUTIONS PRIVATE LIMITED	Additional director	25/02/2013	25/02/2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Nanak Chand	77600
Jitender Taneja	280250
Chander Prakash	115650
Harish Kumar	11500
Bharati Taneja	25000
Nidhi Taneja	30000
F- Mec Financial Ser. Limited, India	25000
Unique Diagnostics Limited, India	15000
Bharat Net Technology Limited, India	10000
Jai Kumar Goel	10
Jitender Taneja (HUF)	40000
Chander Prakash (HUF)	35000
Total	665010

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2011

Category	Percentage
Directors or relatives of directors	92.48
Other top fifty shareholders	7.52
Total	100.00

BUSINESS DETAILS

Line of Business :

Real Estate Developer.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

IDBI Bank Limited Retail Assets Centre, 1st Floor, 54, Ring Road, Lajpat Nagar - III, New Delhi - 110024, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
From Banks	96.028	105.523
SHORT TERM BORROWINGS
From Banks (Installments payable in next 12 months)	6.744	0.000
Total	102.772	105.523

Banking Relations :	--
Auditors :
Name :	N. Dhawan and Company Chartered Accountants
Address :	411, Bhera Enclave, Paschim Vihar, Outer Ring Road, Delhi – 110087, India
Tel. No.:	91-11-42342154
Mobile No.:	91-9313510400
E-Mail :	mail@ndhco.com
PAN No.:	AESPD3231Q

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
855760	Equity Shares	Rs.10/- each	Rs.8.543 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	8.543	6.650
(b) Reserves & Surplus	163.125	31.789
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	3.000	0.000
Total Shareholders’ Funds (1) + (2)	174.668	38.439
(3) Non-Current Liabilities
(a) long-term borrowings	96.028	105.523
(b) Deferred tax liabilities (Net)	0.427	0.427
(c) Other long term liabilities	181.762	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	278.217	105.950
(4) Current Liabilities
(a) Short term borrowings	18.043	1.500
(b) Trade payables	159.828	146.612
(c) Other current liabilities	2.825	0.076
(d) Short-term provisions	0.000	0.000
Total Current Liabilities (4)	180.696	148.188
TOTAL	633.581	292.577
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9.915	10.370
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	9.915	10.370
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	508.404	219.539
(c) Trade receivables	0.507	0.000
(d) Cash and cash equivalents	42.329	2.294
(e) Short-term loans and advances	72.426	60.354
(f) Other current assets	0.000	0.020
Total Current Assets	623.666	282.207
TOTAL	633.581	292.577

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		6.650
2] Share Application Money		0.000
3] Reserves & Surplus		30.001
4] (Accumulated Losses)		0.000
NETWORTH		36.651
LOAN FUNDS
1] Secured Loans		97.998
2] Unsecured Loans		0.000
TOTAL BORROWING		97.998
DEFERRED TAX LIABILITIES		0.427
TOTAL		135.076
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.565
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	12.500
	Sundry Debtors	33.114
	Cash & Bank Balances	1.390
	Other Current Assets	0.000
	Loans & Advances	209.431
Total Current Assets		256.435
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	111.719
	Other Current Liabilities	12.151
	Provisions	3.074
Total Current Liabilities		126.944
Net Current Assets		129.491
MISCELLANEOUS EXPENSES		0.020
TOTAL		135.076

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	120.141	20.261	203.272
		Other Income	0.046	0.212	1.384
		TOTAL (A)	120.187	20.473	204.656
Less	EXPENSES
		Cost of material consumed	232.638	170.233
		Work-in-progress and stock -in-trade	(288.865)	(207.039)
		Employee benefits expenses	8.410	7.849
		Other expenses	31.003	24.556
		Expenses on percentage completion method	112.290	8.407
		Exceptional items	0.779	0.000
		TOTAL (B)	96.255	4.006	184.559
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		23.932	16.467	20.097
Less	FINANCIAL EXPENSES (D)		15.715	12.693	9.779
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8.217	3.774	10.318
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.689	1.986	1.283
	PROFIT BEFORE TAX (E-F) (G)		5.528	1.788	9.035
Less	TAX (H)		0.000	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		5.528	1.788	9.035
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		16.938	15.150	9.442
Less	APPROPRIATIONS
		Deferred Tax Liability	NA	0.000	0.088
		Income Tax Demand	NA	0.000	0.010
		Interest on TDS/ Income Tax	NA	0.000	0.172
		Provision for Income Tax	NA	0.000	3.057
	BALANCE CARRIED TO THE B/S		NA	16.938	15.150
	Earnings Per Share (Rs.)		6.47	2.69	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.60	8.73	4.41
Net Profit Margin (PBT/Sales)	(%)	4.60	8.82	4.44
Return on Total Assets (PBT/Total Assets}	(%)	0.87	0.61	3.45
Return on Investment (ROI) (PBT/Networth)		0.03	0.05	0.25
Debt Equity Ratio (Total Debt/Networth)		0.65	2.78	2.67
Current Ratio (Current Asset/Current Liability)		3.45	1.91	2.02

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	No
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

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 31.03.2012	As on 31.03.2011
SHORT TERM BORROWINGS
From other parties	11.299	1.500
Total	11.299	1.500

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10246915	25/08/2009	40,000,000.00	IDBI BANK LIMITED	RETAIL ASSETS CENTRE, 1ST FLOOR, 54, RING ROAD, LAJPAT NAGAR - III, NEW DELHI, DELHI - 110024, INDI A	A73999773
2	10052076	08/05/2006	40,000,000.00	Syndicate Bank	NAVYUG MARKET, GHAZIABAD, UTTAR PRADESH - 201301, INDIA	A01214519
3	10009992	31/03/2006	4,592,624.00	SYNDICATE BANK	NAVYUG MARKET, GHAZIABAD, UTTAR PRADESH - 201001, INDIA	A00419747
4	10013275	31/03/2006	4,592,624.00	SYNDICATE BANK	NAVYUG MARKET, GHAZIABAD, UTTAR PRADESH - 201001, INDIA	A00419853

FIXED ASSETS

Tangible Assets

· Plant and Machinery

· Computer

· Refrigerator

· Furniture and Fixture

· Scooter

· Car

· Fan

· Generator

· Cellular Phone

· Office Equipment

· Coffee Machine

· Water Dispenser

· Cycle

· Model

· Inverter

· Submersible Pump

· Air Conditioners

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.67.71
UK Pound	1	Rs.105.14
Euro	1	Rs.90.03

INFORMATION DETAILS

Report Prepared by :

VRN

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	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		47

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.