MIRA INFORM REPORT

Report Date :

26.12.2013

IDENTIFICATION DETAILS

Name :	AFCONS INFRASTRUCTURE LIMITED (w.e.f. August 1996)
Formerly Known As :	ASIA FOUNDATIONS AND CONSTRUCTIONS LIMITED
Registered Office :	“Afcons House”, 16, Shah Industrial Estate, Veera Desai Road, Azad Nagar, P. O. No. 11978, Andheri (West), Mumbai - 400053, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.11.1976
Com. Reg. No.:	11-019335
Capital Investment / Paid-up Capital :	Rs.4219.702 Millions
CIN No.: [Company Identification No.]	U45200MH1976PLC019335
TAN No.: [Tax Deduction & Collection Account No.]	MUMA09981G/ MUMA19369A/ MUMA20959B
PAN No.: [Permanent Account No.]	AAACA9067G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in Marine Works, Highways, Bridges, Metro Works, Power Houses, Tunnels, Oil and Gas, LNG Tanks and other general Civil Engineering Projects both in India and Overseas.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 31000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a part of the Shapoorji Pallonji Group the third largest construction group in India. It is a well-established and reputed company having good track record. There appears some dip in the profit of the company during current year. However, general financial position of the company appears to be strong. Fundamental are healthy. Trade relations are reported as fair. Business is active. Payment are reported to be regular and as per commitment. The company can be considered normal for business dealing at usual trade terms and condition.

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

Uptick in agriculture and construction spread some cheer as the economy grew a higher-than-expected 4.8 % in the three months through September. Manufacturing rose an annual rate per cent during the quarter and mining fell by 0.4 %, government data showed while farm output rose 46%.

India has emerged as the most attractive investment destination, thanks to a relaxation in foreign direct investment norms, says a report. India is followed by Brazil and China in the ranking part of EY’s Capital Confidence Barometer report based on a survey across 70 nations. The US, France and Japan have emerged as the top three investors likely to invest in India.

India has been ranked 83^rd globally in terms of talent competitiveness of its human capital.  Switzerland, Singapore, Denmark, Sweden and Luxembourg are the top five in the list of 103 nations compiled by INSEAD business school.

Tax rates for companies in India are among the highest in the world and the number of payments is also more than the global average putting the country at low, 158^th rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the time taken for tax payments is relatively less in India which is rated ahead of China and Japan.

1 billion smartphone shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost computing in emerging markets. By 2017, total smartphone shipments are expected to approach 1.7 billion units, resulting in a compound annual growth rate of 18.4 % between 2013 and 2017, according to research from IDC.

20 % vacancy rate of office space in Mumbai and Delhi in the third quarter, the highest in Asia after Chengdu, in China. According to Cushman and Wakefield, six Indian cities are among the 10 office markets with the worst vacancies.

Foreign banks will not have to pay stamp duty and capital gains tax, if they convert their branch operations into a wholly owned subsidiary, according to the Reserve Bank of India.

The Reserve Bank of India is planning to launch CPI – indexed bonds aimed to protecting the savings of retail investors from the impact the price rise by December end.

Central Bureau of Investigation has booked State Bank of India, Deputy Managing Director Shyamal Acharya and others in a graft case related to distribution of a loan of over Rs 4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the residence of Acharya.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Commercial Paper Programme: A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	November 2013

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 / Head Office :	“Afcons House”, 16, Shah Industrial Estate, Veera Desai Road, Azad Nagar, P. O. No. 11978, Andheri (West), Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-26731107 / 26367091 / 7093 / 66773100 Ext 138 / 66773214 / 66773241/ 67191000 / 66773241 / 67191100
Fax No.:	91-22-26730047/ 26730026/ 26369052 / 26315910 / 26731031 / 26730027/ 26367093
E-Mail :	asia.afcons@gems.vsnl.net.in rajendran@afcons.com bd@afcons.com
Website :	http://www.afcons.com
Domestic Offices :	Located at : · New Delhi · Chennai · Kolkata · Nagpur
International Offices :	Located at : · Mauritius · Oman · Abu Dhabi · Indonesia

DIRECTORS

As on 26.09.2013

Name :

Mr. Shapoor Pallonji Mistry

Designation :

Director

Address :

Sterling Bay 103, Walkeshwar Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

06.09.1964

Date of Appointment :

23.03.2012

Din No.:

00010114

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	U28100MH1920PLC000807	UNITED MOTORS (INDIA) LIMITED	Director	16/03/1983	16/03/1983	10/11/2011	Active	NO
2	U01211MH1939PTC003017	THE MANJRI STUD FARM PRIVATE LIMITED	Director	21/07/1986	21/07/1986	11/03/2009	Active	NO
3	U45200MH1943PLC003812	SHAPOORJI PALLONJI AND COMPANY LIMITED	Managing director	29/09/2009	22/04/1987	-	Active	NO
4	U65920MH1994PLC077480	SHAPOORJI PALLONJI FINANCE LIMITED	Director	04/04/1994	04/04/1994	-	Active	NO
5	U31100MH1995PLC084278	SHAPOORJI PALLONJI POWER COMPANY LIMITED	Director	16/01/1995	16/01/1995	-	Active	NO
6	U65920MH1923PTC001053	CYRUS INVESTMENTS PRIVATE LIMITED	Director	17/11/1995	17/11/1995	-	Active	NO
7	U70100MH1943PTC003997	STERLING INVESTMENT CORPORATION PRIVATE LIMITED	Director	17/11/1995	17/11/1995	-	Active	NO
8	U45200MH1951PTC008529	PALLONJI SHAPOORJI AND COMPANY PRIVATE LIMITED	Director	17/11/1995	17/11/1995	-	Active	NO
9	U99999MH1942PTC019618	SHAPOORJI PALLONJI AND COMPANY (RAJKOT) PRIVATE LIMITED	Director	20/11/1995	20/11/1995	-	Amalgamated	NO
10	U65990MH1997PLC108596	SHAPOORJI PALLONJI INFRASTRUCTURE CAPITAL COMPANY LIMITED	Director	06/11/1997	06/11/1997	-	Active	NO
11	U40109TN1995PTC033944	SAMALPATTI POWER COMPANY PRIVATE LIMITED	Director	04/12/1999	04/12/1999	-	Active	NO
12	L17110MH1919PLC000628	FORBES AND COMPANY LIMITED	Director	03/09/2001	03/09/2001	-	Active	NO
13	U27109WB1931PLC007010	EUREKA FORBES LIMITED	Director	15/03/2002	15/03/2002	-	Active	NO
14	U70200MH2003PLC139672	NUEVO CONSULTANCY SERVICES LIMITED	Director	28/03/2003	28/03/2003	20/06/2011	Active	NO
15	L74999MH1902PLC000183	THE INDIAN HOTELS COMPANY LIMITED	Director	17/04/2003	17/04/2003	-	Active	NO
16	U24232PN2003PTC017981	SOVEREIGN PHARMA PRIVATE LIMITED	Director	28/05/2003	28/05/2003	-	Active	NO
17	U11200MH2005PTC154716	S P OIL EXPLORATION PRIVATE LIMITED	Director	12/07/2005	12/07/2005	-	Active	NO
18	U55100MH1977PLC019660	FORVOL INTERNATIONAL SERVICES LIMITED	Director	19/08/2006	19/08/2006	-	Active	NO
19	L17116KA2006PLC038839	GOKAK TEXTILES LIMITED	Director	13/08/2007	29/11/2006	-	Active	NO
20	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	23/03/2012	20/12/2006	-	Active	NO
21	U35100MH2006PLC159958	FORBES BUMI ARMADA LIMITED	Director	28/09/2007	28/09/2007	18/12/2008	Active	NO
22	U74120MH2010PTC205291	SOVEREIGNTY PHARMA PRIVATE LIMITED	Director	06/07/2010	06/07/2010	-	Active	NO
23	U40103KA2012PLC062107	GOKAK POWER AND ENERGY LIMITED	Director	17/01/2012	17/01/2012	-	Active	NO

Name :

Mr. Narendra Jamnadas Jhaveri

Designation :

Director

Address :

C-42, Samprat Residency, Opposite Parivar Society, Premchand Nagar Road, Bodekdev – Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

09.08.1935

Qualification:

M.A. , M.SC (FCM)

Date of Appointment :

22.03.1996

Din No.:

00198912

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	U27203WB1938PLC009515	INDIAN ALUMINIUM COMPANY LIMITED	Director	26/10/1991	26/10/1991	-	Amalgamated	NO
2	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	22/03/1996	22/03/1996	-	Active	NO
3	L31400WB1986PLC091621	USHA MARTIN LIMITED	Director	29/03/1996	29/03/1996	28/07/2010	Active	NO
4	L24100MH1969PLC014336	PIDILITE INDUSTRIES LIMITED	Director	18/06/1996	18/06/1996	-	Active	NO
5	U72900MH1995PLC095642	NSDL E-GOVERNANCE INFRASTRUCTURE LIMITED	Director	18/10/1996	18/10/1996	09/08/2007	Active	NO
6	L29308MH1954PLC009371	VOLTAS LIMITED	Director	10/08/1998	10/08/1998	09/08/2010	Active	NO
7	L29130MH1961PLC011980	SKF INDIA LIMITED	Director	10/02/2000	10/02/2000	05/03/2011	Active	NO
8	L28920MH1957PLC010839	SIEMENS LIMITED	Director	09/11/2000	09/11/2000	-	Active	NO
9	U55101MH1985PTC152863	JUNIPER HOTELS PRIVATE LIMITED	Director	13/06/2001	13/06/2001	-	Active	NO
10	U99999MH1986PLC093854	SIEMENS TECHNOLOGY AND SERVICES PRIVATE LIMITED	Director	01/04/2005	01/04/2005	26/09/2009	Active	NO
11	L21011WB1936PLC008726	STAR PAPER MILLS LIMITED	Director	30/05/2005	30/05/2005	22/05/2007	Active	NO
12	L40200GJ1998SGC035188	GUJARAT STATE PETRONET LIMITED	Director	28/09/2006	01/10/2005	02/02/2009	Active	NO
13	L27020MH1958PLC011238	HINDALCO INDUSTRIES LIMITED	Director	30/01/2006	30/01/2006	-	Active	NO
14	U85110KA1999PTC024701	MANIPAL HEALTH SYSTEMS PRIVATE LIMITED	Director	17/05/2006	17/05/2006	08/03/2008	Active	NO
15	L26940MH2000PLC128420	ULTRATECH CEMENT LIMITED	Director	20/07/2007	16/10/2006	04/04/2012	Active	NO
16	L85910GJ1974PLC002595	SIEMENS HEALTHCARE DIAGNOSTICS LIMITED	Additional director	30/04/2007	30/04/2007	-	Amalgamated	NO
17	U67190MH2007PTC168303	PHOENIX ARC PRIVATE LIMITED	Director	02/09/2008	29/06/2007	-	Active	NO
18	L99999MH1995PLC094641	EDELWEISS FINANCIAL SERVICES LIMITED	Director	12/09/2007	21/07/2007	-	Active	NO
19	U65923GJ1990PLC013966	GVFL LIMITED	Director	23/09/2008	06/12/2007	12/08/2013	Active	NO
20	U67110AP1993PLC052266	EDELWEISS SECURITIES LIMITED	Director	10/07/2008	14/01/2008	-	Active	NO
21	L26959GJ2009PLC058011	SAMRUDDHI CEMENT LIMITED	Director	24/07/2010	18/05/2010	-	Amalgamated	NO
22	U24231GJ1991PLC015132	CADILA PHARMACEUTICALS LIMITED	Additional director	07/05/2013	07/05/2013	-	Active	NO

Name :

Mr. Naushir Dara Khurody

Designation :

Director

Address :

12 A, Darbhanga Mansions, M L Dhanukar Marg, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

26.10.1936

Qualification:

M.A.(Cantab.) Economics (Hons)

Date of Appointment :

30.09.2008

Din No.:

00007150

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	U74100MH1977PTC019472	KHURODY TECHNICAL SERVICES PRIVATE LIMITED	Director	08/04/1983	08/04/1983	-	Active	NO
2	U27109WB1931PLC007010	EUREKA FORBES LIMITED	Director	28/05/1999	28/05/1999	19/11/2012	Active	NO
3	U22120MH1978PLC020849	SAMRAT HOLDINGS LIMITED	Director	24/09/2001	24/09/2001	-	Amalgamated	NO
4	U67120MH1983PLC029632	VANTECH INVESTMENTS LIMITED	Director	22/10/2001	22/10/2001	-	Amalgamated	NO
5	L29308MH1954PLC009371	VOLTAS LIMITED	Director	28/01/2002	28/01/2002	16/08/2011	Active	NO
6	U74140MH2001PTC134220	HSBC ASSET MANAGEMENT (INDIA) PRIVATE LIMITED	Director	07/02/2002	07/02/2002	01/09/2008	Active	NO
7	L17110MH1919PLC000628	FORBES AND COMPANY LIMITED	Director	17/03/2004	17/03/2004	21/08/2012	Active	NO
8	U22100MH2004PLC149173	NEXT GEN PUBLISHING LIMITED	Director	31/01/2005	31/01/2005	22/06/2009	Active	NO
9	U70200MH2003PLC139672	NUEVO CONSULTANCY SERVICES LIMITED	Director	04/02/2005	04/02/2005	08/04/2008	Active	NO
10	U26933KL1991PLC006018	TATA CERAMICS LIMITED	Director	23/01/2006	23/01/2006	01/10/2011	Active	NO
11	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	30/09/2008	22/12/2006	-	Active	NO
12	U67190MH2005PLC153819	MILESTONE CAPITAL ADVISORS LIMITED	Director	29/08/2007	17/04/2007	-	Active	NO
13	U29219AP1980PLC002851	AQUAMALL WATER SOLUTIONS LIMITED	Director	26/09/2008	26/09/2008	19/11/2012	Active	NO
14	U29197UR2002PLC033315	FORBES AQUAMALL LIMITED	Director	26/09/2008	26/09/2008	-	Amalgamated	NO
15	U74900MH2008PLC182240	ECOFIRST SERVICES LIMITED	Director	09/09/2009	08/10/2008	18/01/2013	Active	NO
16	U93090MH2009PTC191515	QUADRIA INVESTMENT MANAGEMENT PRIVATE LIMITED	Director	20/05/2010	08/04/2009	21/03/2013	Active	NO
17	U74999HR2000PLC035269	GROW TALENT COMPANY LIMITED	Director	07/09/2012	19/04/2012	28/08/2013	Active	NO

Name :

Mr. Pradip Narotam Kapadia

Designation :

Director

Address :

Govind Building, 140, Princess Street, Mumbai – 400002, Maharashtra, India

Date of Birth/Age :

30.09.1951

Qualification:

B.A. , L.L.B.

Date of Appointment :

30.09.2008

Din No.:

00078673

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	U65910GJ1979PTC003314	SUMANGLA INVESTMENTS PRIVATE LIMITED	Director	17/05/1984	17/05/1984	-	Active	NO
2	U74300MH1979PTC021542	HTA MARKETING SERVICES PRIVATE LIMITED	Director	30/06/1984	30/06/1984	-	Active	NO
3	L24110MH1998PLC115499	NAVIN FLUORINE INTERNATIONAL LIMITED	Director	21/01/2003	21/01/2003	-	Active	NO
4	U17114GJ1995PLC027397	MAFATLAL DENIM LIMITED	Director	31/03/2006	31/03/2006	-	Amalgamated	NO
5	U99999MH1938PTC002771	HINDUSTAN THOMPSON ASSOCIATES PRIVATE LIMITED	Director	22/06/2007	23/08/2006	-	Active	NO
6	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director	30/09/2008	28/11/2006	-	Active	NO
7	L17116KA2006PLC038839	GOKAK TEXTILES LIMITED	Director	25/09/2009	12/09/2008	-	Active	NO
8	U67190MH2008PTC181421	C.C.CHOKSHI ADVISORS PRIVATE LIMITED	Director	23/09/2009	24/11/2008	-	Active	NO
9	U74120MH2011PTC224699	HUNGAMA DIGITAL SERVICES PRIVATE LIMITED	Director	27/06/2013	26/04/2013	-	Active	NO
10	L17110GJ1913PLC000035	MAFATLAL INDUSTRIES LIMITED	Director	31/07/2013	30/05/2013	-	Active	NO

Name :

Mr. Subrahmanian Krishnamurthy

Designation :

Managing director

Address :

D-1103, Lake Lucerne, Ekta Supreme Housing Complex, Off Adi sankaraharya Marg, Near Gopal Sharma School, Powai, Mumbai-400070, Maharashtra, India

Date of Birth/Age :

03.06.1958

Qualification:

B.E. P.G.D.I.E.

Date of Appointment :

01.07.2011

DIN No.:

00047592

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	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Managing director	01/07/2011	15/11/2002	-	Active	NO
2	U35110GJ2008PLC054507	SIMAR PORT LIMITED	Director	17/07/2008	17/07/2008	-	Active	NO

Name :

Mr. Paramasivan Srinivasan

Designation :

Managing director

Address :

Venus Flat No. 85, Versova Venus Housing Society, Plot No. 6, R D P 2, SVP Nagar, Versova, Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

20.05.1957

Qualification:

B.Com, CAIIB, FICWA, FCS

Date of Appointment :

01.04.2012

Din No.:

00058445

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	U74210MH1971PLC015196	FOURESS ENGINEERING(INDIA)LIMITED	Director	26/10/1998	26/10/1998	02/01/2012	Active	NO
2	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Managing director	01/04/2012	10/06/2002	-	Active	NO
3	U28920MH1985PTC036876	AFCONS CORROSION PROTECTION PRIVATE LIMITED	Director	12/02/2003	12/02/2003	-	Active	NO
4	U45209MH1981PTC025099	AFCONS (MID EAST) CONSTRUCTIONS INVESTMENTS PRIVATE LIMITED	Director	12/02/2003	12/02/2003	-	Active	NO
5	L25100MH1965PLC013379	THE RUBBER PRODUCTS LIMITED	Director	11/09/2008	28/05/2008	02/11/2011	Active	NO

Name :

Mr. Umesh Narain Khanna

Designation :

Director appointed in casual vacancy

Address :

12 A, Darbhanga Mansions, M L Dhanukar Marg, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

08.07.1957

Qualification:

MBA,B.E (Electrical Engineer)

Date of Appointment :

22.08.2012

Din No.:

03634361

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	U40106DL2008PLC179793	BF-NTPC Energy Systems Limited	Director	19/09/2011	19/09/2011	31/01/2012	Active	NO
2	U65990MH1997PLC108596	SHAPOORJI PALLONJI INFRASTRUCTURE CAPITAL COMPANY LIMITED	Director	27/09/2012	20/06/2012	-	Active	NO
3	U74999UP2008PLC035469	BHARAT RENEWABLE ENERGY LIMITED	Director	27/08/2013	26/07/2012	-	Active	NO
4	U45200MH1976PLC019335	AFCONS INFRASTRUCTURE LIMITED	Director appointed in casual vacancy	22/08/2012	22/08/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Rajendran Ramaiyer Palambalkode
Designation :	Secretary
Address :	206, Ganga Darshan, J. P. Road, Versova, Mumbai – 400061, Maharashtra, India
Date of Birth/Age :	08.09.1952
Date of Appointment :	01.10.1991
PAN No.:	AAHPR6302D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 26.09.2013

SHAREHOLDERS DETAILS ATTACHED

Equity Share Break up (Percentage of Total Equity)

As on 26.09.2013

Category	Percentage
Bodies corporate	97.24
Directors or relatives of Directors	0.19
Other top fifty shareholders	2.57
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in Marine Works, Highways, Bridges, Metro Works, Power Houses, Tunnels, Oil and Gas, LNG Tanks and other general Civil Engineering Projects both in India and Overseas.

Products :

Item Code No.	Product Description
99999990	Construction

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis Bank Limited, 2nd Floor, Statesman House, 148 Barakhambha Road,, Delhi - 110001,Delhi, India

· HSBC Bank (Mauritius) Limited, Hsbc Centre, 18 Cybercity, Ebene, Mauritius - Mu, Mauritius

· DBS Bank Limited, Upper Ground Floor, Birla Tower, 25 Barakhamba Road,, New Delhi - 110001,Delhi, India

· Oriental Bank of Commerce Limited, Large Corporate Branch, 181 A Maker Tower 'E', 18th Floor, Cuffe Parade, Mumbai - 400005, Maharashtra, India

· Indian Overseas Bank, Worli Branch,Kakad Chambers, Dr. Annie Besent Road, Mumbai - 400018, Maharashtra, India

· ICICI Bank Limited, Zenith House Kashavrao Khyade Marg, Mahalaxmi, Mumbai - 400034, Maharashtra, India

Facilities :

Secured Loan	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	714.367	401.528
Foreign currency term loans from banks	1863.700	1017.400
Working capital loans from banks	1000.000	0.000
Other loans and advances	396.432	468.057
Short-term borrowings
Foreign currency term loans from banks	176.922	160.184
Working capital loans from banks	1800.000	2300.000
Other loans and advances	623.175	682.643
Total	6574.596	5029.812

Banking Relations :	---
Financial Institution:	Chennai Metro Rail Limited, No.7, "Harini Towers", Conran Smith Road, Gopalapuram, Chennai - 600086, Tamil Nadu, India
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Mumbai – 400018, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD4815A
Auditors :
Name :	J. C. Bhatt and Associates Chartered Accountants
Address :	502, Poonam Pearl, C.D. Barfiwala Marg, Juhu Lane, Andheri (West), Mumbai-400058, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABPB4478L
Holding Company:	· Shapoorji Pallonji and Company Limited, India CIN: U45200MH1943PLC003812
Subsidiaries:	· Hazarat and Company Private Limited · M/s. Afcons Corrosion Protection Private Limited (formerly known as M/s. SSS Electricals (India) Private Limited · CIN: U28920MH1985PTC036876 · Afcons Offshore and Marine Services Private Limited · Afcons Construction Mideast LLC · Afcons Infrastructures Kuwait for Building, Road and Marine Contracting WLL · Afcons Overseas Construction LLC, (w.e.f. 3rd September, 2012) · Afcons Infrastructure International Limited (AIIL) · Afcons Madagascar Overseas SARL (Subsidiary of AIIL) · Afcons Gulf International Project Services FZE (Subsidiary of AIIL) · Afcons Gunanusa Joint Venture ( Jointly Controlled Entity) · Transtonnelstroy Afcons Joint Venture ( Jointly Controlled Entity) · Dahej Standby Jetty Project undertaking
Fellow Subsidiary:	· Floreat Investments Limited · SP Jammu Udhampur Highway Private Limited · Forvol International Service Limited
Associate:	· Afcons (Mideast) Construction and Investments Private Limited
Partnership firm in which the Company is a partner:	· Afcons Pauling Joint Venture
Jointly Controlled Entities:	· Strabag AG Afcons Joint Venture · Saipem Afcons Joint Venture

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
350000000	Equity Shares	Rs.10/- each	Rs. 3500.000 Millions
650000000	Preference Shares	Rs.10/- each	Rs. 6500.000 Millions
	Total		Rs. 10000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
71970238	Equity Shares	Rs.10/- each	Rs. 719.702 Millions
100000000	0.01% Non-Cumulative and Non Profit Participatory Convertible Preference Shares	Rs.10/- each	Rs. 1000.000 Millions
250000000	0.01% Fully and Compulsorily Convertible Non-Cumulative, Non Participatory Preference shares	Rs.10/- each	Rs. 2500.000 Millions
	Total		Rs. 4219.702 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4219.702	4219.702	4218.395
(b) Reserves & Surplus	3589.821	3298.946	2445.948
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7809.523	7518.648	6664.343
(3) Non-Current Liabilities
(a) long-term borrowings	4974.499	2636.985	1868.588
(b) Deferred tax liabilities (Net)	922.827	762.697	576.042
(c) Other long term liabilities	1185.857	550.188	247.407
(d) long-term provisions	91.516	68.918	57.488
Total Non-current Liabilities (3)	7174.699	4018.788	2749.525
(4) Current Liabilities
(a) Short term borrowings	5784.241	4155.771	4311.982
(b) Trade payables	4210.158	4245.907	2122.225
(c) Other current liabilities	4936.259	5554.944	3981.678
(d) Short-term provisions	144.794	31.229	50.778
Total Current Liabilities (4)	15075.452	13987.851	10466.663
TOTAL	30059.674	25525.287	19880.531
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9098.684	5417.352	4168.662
(ii) Intangible Assets	35.037	48.005	10.260
(iii) Capital work-in-progress	1480.591	3149.724	47.264
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	40.688	39.198	29.676
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	908.581	1137.927	373.698
(e) Other Non-current assets	2672.802	3213.459	4103.159
Total Non-Current Assets	14236.383	13005.665	8732.719
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	7372.137	5124.113	3700.657
(c) Trade receivables	4909.774	3666.629	2583.154
(d) Cash and cash equivalents	162.138	358.455	1600.487
(e) Short-term loans and advances	3140.992	3353.230	2899.264
(f) Other current assets	238.250	17.195	364.250
Total Current Assets	15823.291	12519.622	11147.812
TOTAL	30059.674	25525.287	19880.531

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	18898.687	15534.824	10799.642
		Other Income	593.295	941.165	635.559
		TOTAL (A)	19491.982	16475.989	11435.201
Less	EXPENSES
		Cost of materials consumed	4660.174	1985.624	2964.281
		Purchases of stock-in-trade	19.318	79.499	0.000
		Employee benefit expense	3235.414	2098.093	1671.330
		Other expenses	9002.791	9684.811	4865.700
		TOTAL (B)	16917.697	13848.027	9501.311
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2574.285	2627.962	1933.890
Less	FINANCIAL EXPENSES (D)		1329.623	1134.251	721.200
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1244.662	1493.711	212.690
Less/ Add	DEPRECIATION/ AMORTISATION (F)		674.658	378.921	324.311
	PROFIT BEFORE TAX (E-F) (G)		570.004	1114.790	888.379
Less	TAX (H)		105.788	256.076	301.557
	PROFIT AFTER TAX (G-H) (I)		464.216	858.714	586.822
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3924.400	2980.200	1792.700
	APPROPRIATIONS
		Interim Dividend on Equity Shares	144.000	0.000	0.400
		Proposed Dividend on Preference Shares	0.400	0.400
		Tax on Dividend	23.400	0.000
		Interim distribution of profit to a Joint Venture Partner	0.000	0.700
		Transferred to General Reserve	34.800	0.000
		Transferred to Debenture Redemption Reserve	62.500	0.000
	BALANCE CARRIED TO THE B/S		4603.500	3924.400	2980.200
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	5214.000	8797.100	3692.900
	TOTAL EARNINGS		5214.000	8797.100	3692.900
	IMPORTS
		Capital Goods	NA	261.177	340.216
		Consumables	NA	3420.458	71.689
	TOTAL IMPORTS		NA	3681.635	411.905
	Earnings Per Share (Rs.)
	Basic		6.44	11.94	8.18
	Diluted		1.39	2.55	1.74

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	2.38	5.21	5.13
Net Profit Margin (PBT/Sales)	(%)	3.02	7.18	8.23
Return on Total Assets (PBT/Total Assets}	(%)	2.00	4.99	4.49
Return on Investment (ROI) (PBT/Networth)		0.07	0.15	0.13
Debt Equity Ratio (Total Debt /Networth)		1.38	0.90	0.93
Current Ratio (Current Asset/Current Liability)		1.05	0.90	1.62

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	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

CASE DETAILS

BENCH:-BOMBAY

Lodging No.:-

SL/113/2013

Filing Date:-

07/02/2013

Reg. No.:-

S/403/2013

Reg. Date:-

10/06/2013

Petitioner:-

M/S DHARTI DREDGING AND INFRASTRUCTURE LIMITED

Respondent:-

AFCONS INFRASTRUCTURE LIMITED AND 2 ORS-PERONET LNG LIMITED SAMUDRA DREDGERS (UK) LIMITED

Petn.Adv.:-

K K Associates (0)

Resp.Adv.:-

Jyoti Singh (2) (0)

District:-

OUTSIDE MAHARASHTRA

Bench:-	SINGLE
Status:-	Pre-Admission	Category:-	SPECIFIC PERFORMANCE SUIT

Last Date:-

11/06/2013

Stage:-

FOR REJECTION [ORIGINAL SIDE MATTERS]

Last Coram:-

REGISTRAR(OS)/PROTHONOTARY & SR. MASTER

Act :-

Code of Civil Procedure 1908

OPERATIONS

The Company has achieved total income of Rs.30796.900 Millions for the year compared to the previous years Rs.25507.800 Millions showing an increase of 20.74%.The EBIDTA for the year was Rs.3489.800 Millions compared to Rs.2797.200 Millions in the previous year resulting in increase by 24.76%. The Consolidated Profit before Tax for the year was Rs.1514.600 Millions compared to Rs.1505.600 Millions in the previous year resulting in a marginal increase of 0.60%.The Consolidated Profit after Tax for the year was Rs.921.200 Millions compared to Rs.881.400 Millions in the previous year resulting in increase by 4.51%. Their Order book as on 31st March 2013 was Rs.74742.700 Millions.

During the year, the following major works were completed:

i. Design and construction of container berth (625 m length) at Hazira for Hazira Port Private Limited.

ii. Civil and erection works forming part of DSO phase of iron ore mining at Liberia for Arcelor Mittal Liberia Limited.

iii. ICPR Process Platform for MHS Redevelopment Phase II- executed in Joint Venture with PT. Gunanusa Utama Fabricators, Indonesia for Oil and Natural Gas Corporation Limited.

iv. Design and Construction of Flyover at Nagpur for Maharashtra Airport Development Company Limited.

During the year, the Company has secured the following major Contracts:

i. Design Package CC-15: Part Design and Construction of elevated viaduct from Ch. Km. 26.739 to Km.34.344 including entry exit line to depot, elevated ramp at Kalkaji and special spans and Construction of six elevated stations of Phase-III of Delhi MRTS of Delhi Metro Rail Corporation Limited. of approx. value of Rs.3710.000 Millions.

ii. Western Range DSO Iron Ore Project, Liberia, Package 166580 C106A (Bundled) Bulk Earthworks, Concrete and Civil Works at Port of Arcelor Mittal Liberia Limited of approx. value of Rs.2820.000 Millions.

iii. Design Package CC-29: Part Design and Construction of elevated viaduct and Ramp length 2654.44 m and Construction of two elevated stations of Phase-III of Delhi MRTS of Delhi Metro Rail Corporation Limited. of Rs.1380.000 Millions

iv. Port of Pipavav Construction work of New Port Infrastructure Contract II Civil Works of Gujarat Pipavav Port Limited. of Rs.2790.000 Millions .

v. Fuel Quay Repair Works at Buchanan Port, Liberia of Arcelor Mittal Liberia Limited of Rs.290.000 Millions.

vi. Construction of Elevated Road over Barapulla Nallah starting from Sarai Kale Khan to Aurobindo Marg near INA Market, New Delhi-Phase-II of PWD Limited., Delhi of Rs.3550.000 Millions .

vii. Earthworks and Civils Concentrator at western Liberia of Arcelor Mittal Liberia Limited of Rs.370.000 Millions.

During the year, the Company in Consortium with Technip KT India and TH Heavy Engineering BHD of Malaysia has bagged the HRD Process Platform Project of Oil and Natural Gas Corporation Limited. The Company’s share in the Consortium is approx. value Rs.11790.000 Millions.

CORPORATE INFORMATION

Subject is an unlisted Public Limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Afcons is a part of the Shapoorji Pallonji Group. Afcons has a presence in almost the entire spectrum of infrastructure activities in India and Overseas. The Company is engaged in Marine Works, Highways, Bridges, Metro Works, Power Houses, Tunnels, Oil and Gas, LNG Tanks and other general Civil Engineering Projects both in India and Overseas.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Non-convertible debentures others	1000.000	0.000
Working capital loans from banks	0.000	750.000
Short-term borrowings
Term loans from banks	571.082	254.350
Working capital loans from banks	560.000	250.000
Commercial paper	2044.062	499.594
Loans and advances from related parties	9.000	9.000
Total	4184.144	1762.944

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10392335	29/11/2012	1,000,000,000.00	AXIS BANK LIMITED	2ND FLOOR, STATESMAN HOUSE, 148 BARAKHAMBHA ROAD, DELHI, DELHI - 110001, INDIA	B64277312
2	10369233	09/07/2012	840,000,000.00	HSBC BANK (MAURITIUS) LIMITED	HSBC CENTRE, 18 CYBERCITY, EBENE, MAURITIUS, - MU, MAURITIUS	B45154655
3	10358916	04/06/2012	278,300,000.00	THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED	BIRLA TOWERS,, 25, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B40878605
4	10347339	10/07/2012 *	1,047,545,000.00	DBS BANK LIMITED	UPPER GROUND FLOOR, BIRLA TOWER, 25 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	B44304525
5	10347350	22/08/2012 *	254,488,810.00	CHENNAI METRO RAIL LIMITED	NO.7, "HARINI TOWERS", CONRAN SMITH ROAD, GOPALA PURAM, CHENNAI, TAMIL NADU - 600086, INDIA	B57374233
6	10347347	22/08/2012 *	390,273,751.00	CHENNAI METRO RAIL LIMITED	NO.7, "HARINI TOWERS", CONRAN SMITH ROAD, GOPALAPURAM, CHENNAI, TAMIL NADU - 600086, INDIA	B57373714
7	10311680	03/10/2011	1,000,000,000.00	INDIAN OVERSEAS BANK	132, KAKAD CHAMBER, DR.ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B23130917
8	10307940	06/09/2011	500,000,000.00	ORIENTAL BANK OF COMMERCE LIMITED	LARGE CORPORATE BRANCH, 181 A MAKER TOWER "E", 18 TH FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	B21332317
9	90228657	25/07/2012 *	60,000,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, NEVILLE HOUSE, J.N. HEREDIA MARG,, MUMBAI, MAHARASHTRA - 400001, INDIA	B45549128

* Date of charge modification

CONTINGENT LIABILITIES:

(Rs. in millions)

Particulars	31.03.2013	31.03.2012
Claims against the Company not acknowledged as debts a) Differences with sub-contractors in regard to rates and quantity of materials. b) Labour and other matters. The above claims are pending before various authorities. The Company is confident that the cases will be successfully contested	601.295 0.000	17.190 0.100
Guarantees a) Bank Guarantees given on behalf of Subsidiaries and Joint Ventures. b) Corporate Guarantees given on behalf of Subsidiaries and Joint Ventures.	13512.617 8573.618	14154.360 8032.420
Sales tax and Extra tax Represents demands raised by Sales Tax Authorities in matters of a) disallowance of labour and service charges, consumables etc. b) Tax on AS7 Turnover and c) Interest and Penalty etc. for which appeal is pending before various appellate authorities. The Company is confident that the cases will be successfully contested.	137.021	194.727
Service Tax Represents demand confirmed by the Asst. Commissioner of Service Tax for a) disallowance of Cenvat Credit, since abatement claimed by the Company and b) disallowance of general exemption of Railway for construction of Metro Railways and private Transport terninal etc. The Company has appealed against the said order with Commissioner of Service Tax Mumbai and is confident that the cases will be successfully contested. The company has received the stay order for some case from the CESTAT.	945.426	22.927

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Other equipments

· Leasehold improvements

Intangible assets

· Computer software

· Goodwill

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.61.87
UK Pound	1	Rs.101.10
Euro	1	Rs.84.65

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		60

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.