MIRA INFORM REPORT

Report Date :

10.06.2013

IDENTIFICATION DETAILS

Name :	PLN CONSTRUCTION LIMITED (w.e.f 03.02.2005)
Formerly Known As :	PLN CONSTRUCTION PRIVATE LIMITED
Registered Office :	17-18, Nehru Place, New Delhi – 110019
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	07.07.1997
Com. Reg. No.:	55-088400
Capital Investment / Paid-up Capital :	Rs.20.000 Millions
CIN No.: [Company Identification No.]	U74899DL1997PLC088400
TAN No.: [Tax Deduction & Collection Account No.]	DELP08783F
PAN No.: [Permanent Account No.]	AABFP1449B
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Is Primarily engaged in the business of Laying of Pipelines by Horizontal Directional Drilling (HDD) Method.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 740000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears a low profit margin and huge dip in the net profitability during 2012. However, the subject gets strong and managerial, financial and technical support from its holding company. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. In view of experienced promoters, 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

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 :	17-18, Nehru Place, New Delhi – 110019, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	dthairani@punjlloyd.com info@puunjlloyd.com anupamsharma@punjiloyed.com
Corporate Office :	Sector 32, 95, Institutional Area, Gurgaon – 122001, Haryana, India
Tel. No.:	91-124-2620769
Fax No.:	91-124-2620777
E-Mail :	vummat@punjlloyd.com

DIRECTORS

As on 27.07.2012

Name :

Mr. Atul Kumar Jain

Designation :

Director

Address :

86, SFS Phase IV, Ashok Vihar, New Delhi – 110052, India

Date of Birth/Age :

02.03.1961

Date of Appointment :

06.06.2005

DIN No.:

02208079

Name :

Mr. Pawan Kumar Gupta

Designation :

Director

Address :

128, Laburnum Sushant Lok Phase-1, Sector-28, Gurgaon-122001, Haryana, India

Date of Birth/Age :

24.08.1952

Date of Appointment :

16.12.2009

DIN No.:

01520949

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	L74899DL1988PLC033314	PUNJ-LLOYD LIMITED	Whole-time director	01/06/2012	01/06/2007	-	Active	NO
2	U51103DL2008PTC180660	PUNJ LLOYD DELTA RENEWABLES PRIVATE LIMITED	Director	19/07/2011	09/11/2009	06/08/2012	Active	NO
3	U74899DL1997PLC088400	PLN CONSTRUCTION LIMITED	Director	16/12/2009	16/12/2009	-	Active	NO
4	U45400DL2007PLC161684	PUNJ LLOYD INFRASTRUCTURE LIMITED	Director	02/08/2010	16/12/2009	-	Active	NO
5	U62200DL2007PLC163930	PUNJ LLOYD AVIATION LIMITED	Director	27/07/2010	16/12/2009	-	Active	NO
6	U45203DL1996PTC190367	SEMBAWANG INFRASTRUCTURE(INDIA) PRIVATE LIMITED	Director	27/07/2010	16/12/2009	-	Active	NO
7	U45201DL2006PLC156532	PL ENGINEERING LIMITED.	Director	12/07/2010	16/12/2009	-	Active	NO
8	U51909DL1985PLC021607	SPECTRA PUNJ LLOYD LIMITED	Director	27/07/2010	16/12/2009	-	Active	NO
9	U74899DL1994PLC062696	KAEFER PUNJ LLOYD LIMITED	Director	30/09/2010	17/12/2009	-	Active	NO
10	U74210DL2010PLC199851	PLE TCI ENGINEERING LIMITED	Director	09/03/2010	09/03/2010	31/08/2010	Active	NO
11	U40106DL2010PLC211739	PUNJ LLOYD SOLAR POWER LIMITED	Director	24/12/2010	24/12/2010	02/05/2011	Active	NO
12	U11100DL2007PLC161686	PUNJ LLOYD UPSTREAM LIMITED	Director	27/07/2012	02/07/2012	-	Active	NO

Name :

Mr. Shiv Punj

Designation :

Director

Address :

10, Prithvi Raj Road, New Delhi – 110011, India

Date of Birth/Age :

08.01.1990

Date of Appointment :

11.08.2011

DIN No.:

03227629

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	U51909DL1985PLC021607	SPECTRA PUNJ LLOYD LIMITED	Director	10/08/2011	03/08/2010	-	Active	NO
2	U74899DL1994PTC059190	ATNA PROPERTIES PRIVATE LIMITED	Director	30/09/2010	31/08/2010	-	Active	NO
3	U74899DL1993PLC054888	PUNJ LLOYD INDUSTRIES LIMITED	Director	11/08/2011	31/08/2010	28/07/2012	Active	NO
4	U67120DL1989PLC035393	ATNA INVESTMENTS LIMITED	Director	10/08/2011	31/08/2010	-	Active	NO
5	U74899DL1997PLC088400	PLN CONSTRUCTION LIMITED	Director	11/08/2011	31/08/2010	-	Active	NO
6	U74899DL1995PTC067582	NEW WORLD HOSPITALITY PRIVATE LIMITED	Director	30/09/2010	31/08/2010	-	Active	NO
7	U93000DL1993PTC056684	MANAV CAPITAL SERVICES PRIVATE LIMITED	Director	30/09/2010	31/08/2010	-	Active	NO
8	U24119DL1989PTC036576	PLE HYDRAYLICS PRIVATE LIMITED	Additional director	17/12/2012	17/12/2012	-	Active	NO
9	U74140DL2013PTC247911	SPECTRA PUNJ ENTERPRISES PRIVATE LIMITED	Director	05/02/2013	05/02/2013	-	Active	NO
10	U74899DL1993PTC055443	ARTCON PRIVATE LIMITED	Additional director	28/03/2013	28/03/2013	-	Active	NO
11	U74899DL1994PTC062094	SPECTRA PUNJ FINANCE PRIVATE LIMITED	Additional director	28/03/2013	28/03/2013	-	Active	NO
12	U74899DL1994PTC057354	MANGLAM EQUIPMENT PRIVATE LIMITED	Additional director	28/03/2013	28/03/2013	-	Active	NO
13	U74899DL1994PTC059186	PTA ENGINEERING AND MANPOWER SERVICES PRIVATE LIMITED	Additional director	28/03/2013	28/03/2013	-	Active	NO
14	U93000DL2007PTC171049	INDTECH AVIATION TRAINING SERVICES PRIVATE LIMITED	Additional director	28/03/2013	28/03/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mrs. Yogeshwari Bidhuri
Designation :	Secretary
Date of Birth/Age :	16.08.1984
Date of Appointment :	13.05.2011
PAN No.:	AEOPY8748K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.07.2012

Names of Shareholders	No. of Shares
Punj Lloyd Limited, India	1999994
Punj Lloyd Limited Jointly with Atul Punj	1
Punj Lloyd Limited Jointly with L Chhabra	1
Punj Lloyd Limited Jointly with Dinesh Thairani	1
Punj Lloyd Limited Jointly with Rajiv Dudeja	1
Punj Lloyd Limited Jointly with Anupam Sharma	1
Punj Lloyd Limited Jointly with Manhar Kapoor	1
Total	2000000

Equity Share Break up (Percentage of Total Equity)

As on 27.07.2012

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Is Primarily engaged in the business of Laying of Pipelines by Horizontal Directional Drilling (HDD) Method.

Production:

Item Code	Product Description
99543204	Horizontal drilling for the passage of cables or drainpipes

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Canara Bank, Corporate Services Branch, Ground Floor, Ansal Tower, 38, Nehru Place, New Delhi – 110019, India
• Canara Bank, Prime Corporate Branch-1, D D A Building, Near Paras Cinema, Nehru place, New Delhi-110019, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Working capital loans from banks	18.829	18.187
Total	18.829	18.187

Note: Cash credit from a bank secured by hypothecation of spares and trade receivables of the company. The cash credit is repayable on demand and carries interest @ BPLR + 3%

Banking Relations :	--
Auditors :
Name :	Srivastava Kumar and Company Chartered Accountants
Address :	2/A, Nangali Rajapur, Near Sarai Kale Kahn, Nizamuddin East, New Delhi – 110014, India
PAN No.:	AAIFS7865H
Holding Company :	Punj Lloyd Limited CIN No.: L74899DL1988PLC033314
Fellow Subsidiaries :	Spectra Punj Lloyd Limited CIN No.:U11100DL2007PLC161686

CAPITAL STRUCTURE

As on 27.07.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 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		20.000	20.000	20.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		164.696	163.802	150.114
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		184.696	183.802	170.114
LOAN FUNDS
1] Secured Loans		18.829	18.187	13.082
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		18.829	18.187	13.082
DEFERRED TAX LIABILITIES		5.223	5.191	6.161
TOTAL		208.748	207.180	189.357
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		284.231	316.253	275.152
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	134.840	60.060	0.000
	Sundry Debtors	69.384	59.154	81.035
	Cash & Bank Balances	6.004	12.451	40.851
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	266.521	88.577	38.667
Total Current Assets		476.749	220.242	160.553
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	87.938	41.612	235.749
	Other Current Liabilities	464.294	287.703	12.599
	Provisions	0.000	0.000	0.000
Total Current Liabilities		552.232	329.315	246.348
Net Current Assets		(75.483)	(109.073)	(85.795)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		208.748	207.180	189.357

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	258.256	256.481	316.424
		Other Income	21.738	4.115	2.138
		TOTAL (A)	279.994	260.596	318.562
Less	EXPENSES
		Cost of materials consumed	120.635	79.375
		Other expenses	114.837	111.984
		TOTAL (B)	235.472	191.359	243.908
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		44.522	69.237	74.653
Less	FINANCIAL EXPENSES (D)		2.461	1.300	9.630
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		42.061	67.937	65.024
Less/ Add	DEPRECIATION/ AMORTISATION (F)		40.917	47.718	39.708
	PROFIT BEFORE TAX (E-F) (G)		1.144	20.219	25.316
Less	TAX (H)		0.250	6.531	7.000
	PROFIT AFTER TAX (G-H) (I)		0.894	13.688	18.316
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		161.591	147.903	129.587
	BALANCE CARRIED TO THE B/S		NA	161.591	147.903
	EXPORT VALUE		0.000	0.000	48.812
	Earnings Per Share (Rs.)		0.45	6.84	9.16

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.32	5.25	5.75
Net Profit Margin (PBT/Sales)	(%)	0.44	7.88	8.00
Return on Total Assets (PBT/Total Assets}	(%)	0.15	3.77	5.81
Return on Investment (ROI) (PBT/Networth)		0.01	0.11	0.15
Debt Equity Ratio (Total Debt /Networth)		0.10	0.10	0.08
Current Ratio (Current Asset/Current Liability)		0.86	0.67	0.65

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

FIXED ASSETS:

· Computers

· Plant and Machinery

· Office Equipments

· Vehicle

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.56.74
UK Pound	1	Rs.88.53
Euro	1	Rs.75.20

INFORMATION DETAILS

Report Prepared by :

AHN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--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	Yes
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
DEFAULTER
--RBI	YES/NO	No
--EPF	YES/NO	No
TOTAL		49

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.