MIRA INFORM REPORT

Report Date :

18.06.2013

IDENTIFICATION DETAILS

Name :	COROMANDEL ENGINEERING COMPANY LIMITED
Registered Office :	“PARRY HOUSE”, 3rd Floor, 43 Moore Street, Chennai – 600 001, Tamil Nadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.09.1947
Com. Reg. No.:	18-000343
Capital Investment / Paid-up Capital :	Rs.282.948 Millions
CIN No.: [Company Identification No.]	L74910TN1947PLC000343
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	The Company is Engaged in Construction Activity.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 900000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears huge loss recorded for the company during 2012. However, trade relations are reported to be fair. Business is active. Payments are reported to be 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 – 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 :	“PARRY HOUSE”, 3rd Floor, 43 Moore Street, Chennai – 600 001, Tamil Nadu, India
Tel. No.:	91-44-25341513, 25301700
Fax No.:	91-44-25342822
E-Mail :	coromandelengg@cec.murugappa.com vijayalakshmip@cec.murugappa.com
Website :	http://www.coromandelengg.com
Address :	Eastern Region C/o. DTDC Courier, Near Trupti,  Rayagada, Odhisha – 765 001, India
E-Mail :	adityapandenk@cec.murugappa.com
Address :	Karnataka & Maharashtra C/o. Mukund Steel Plant Ltd., Ginigera, Hospet - 583 228, Karnataka, India
E-Mail :	prabhakarav@cec.murugappa.com

DIRECTORS

As on: 31.03.2012

Name :	Mr. M.M. Venkatachalam
Designation :	Chairman and Managing Director
Name :	Mr. M.A.M. Arunachalam
Designation :	Director
Name :	Mr. S.S. Rajsekar
Designation :	Director
Name :	Mr. J. Srinivasan
Designation :	Director
Name :	Mr. V. Venkiteswaran
Designation :	Director
Name :	Mr. Sridhar Ganesh
Designation :	Director
Name :	Mr. N.V. Ravi
Designation :	Director

KEY EXECUTIVES

Name :	Mr. R. Narayanan
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2013

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Indivuduals / Hindu Undivided Family	2092143	63.50
Bodies Corporate	365937	11.11
Sub Total	2458080	74.61
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2458080	74.61
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI
Financial Institutions / Banks
Sub Total
(2) Non-Institutions
Bodies Corporate	35055	1.06
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	227757	6.91
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	572567	17.38
Any Others (Specify)	1321	0.04
Clearing Members	103	0.00
Non Resident Indians	1218	0.04
Sub Total	836700	25.39
Total Public shareholding (B)	836700	25.39
Total (A)+(B)	3294780	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	6386459	0.00

BUSINESS DETAILS

Line of Business :

The Company is Engaged in Construction Activity.

GENERAL INFORMATION

Customers :

• BHEL
• CUMI
• GODAVARI
• HCC
• WARTSILA
• BROOKE BOND
• MELSS
• ALLISON
• CAPL
• KCP
• AMCO
• FORD
• TATA
• SIEMENS

No. of Employees :

Not Available

Bankers :

• Indian Bank
• IndusInd Bank Limited
• City Union Bank Limited
• IDBI Bank Limited
• HDFC Bank Limited
• Development Credit Bank Limited
• New India Co-op Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term loan from co-operative bank	60.000	120.000
Term loan from non banking financial company	200.000	0.000
Cash credit from bank	122.040	120.804
Working capital demand loan	100.000	425.686
Total	482.040	666.490

Banking Relations :	--
Financial Institution :	Tata Capital Financial Services Limited
Auditors :
Name :	Sundaram and Srinivasan Chartered Accountants

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions
2500000	Preference shares	Rs.100/- each	Rs.250.000 Millions
	Total		Rs.350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2274485	Equity Shares	Rs.10/- each	Rs. 22.745 Millions
144000	Equity Shares	Rs.10/- each	Rs. 1.440 Millions
876295	Equity Shares	Rs.10/- each	Rs. 8.762 Millions
2500000	Preference shares	Rs.100/- each	Rs.250.000 Millions
	Total		Rs.282.948 Millions

(Rs. In Millions)

SHARE CAPITAL	As on 31.03.2012
Authorized
Equity Shares
100,00,000 (31 March 2011: 40,00,000) equity shares of Rs.10 each	100.000
Preference shares
25,00,000(31 March 2011: Nil) preference shares of Rs. 100 each	250.000
Total	350.000
Notes: Pursuant to Sec 94 and other provisions of the Companies Act 1956, Authorised Share Capital of the Company has been increased from Rs. 40.000 Millions to Rs. 350.000 Millions consisting of 10.000 millions Equity shares of Rs. 10 each and 2.500 Millions preference shares of Rs.100 each as approved by the Shareholders through postal ballot.

Issued, Subscribed and Paid Up
Equity Shares
22,74,485(31 March 2011 : 22,74,485) Equity shares of Rs. 10 each	22.745
1,44,000(31 March 2011 : 1,44,000) equity shares of Rs. 10 each issued as bonus shares by capitalization of general reserve	1.440
8,76,295(31 March 2011 : 8,76,295) equity shares of Rs. 10 each Issued in pursuance of scheme of amalgamation of Polutech limited and Coromandel Prodorite Private ltd with Coromandel Engg company limited	8.763
Preference shares
25,00,000(31 March 2011: Nil) Preference Shares of Rs. 100 each issued on Preferential basis	250.000
Total	282.948

RECONCILIATION OF THE NUMBER OF SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF THE REPORTING PERIOD

	As on 31.03.2012
Equity Shares
At the beginning of the period	3294780
Issued during the period – Bonus issue	-
Issued during the period – ESOP	-
Outstanding at the end of the period	3294780
Preference shares
At the beginning of the period	-
Issued during the period	2500000
Issued during the period – ESOP
Outstanding at the end of the period	2500000

TERMS / RIGHTS ATTACHED TO EQUITY SHARES

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The dividend, if proposed by the Board Of Directors, is subject to approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts.

TERMS / RIGHTS ATTACHED TO PREFERENCE SHARES

During the year ended 31st March 2012, the company issued 25,00,000 preference shares of Rs. 100 each fully paid up. The preference shares are cumulative in nature and carry a coupon of 0.01% p a. The preference shares are redeemable at the option of the company with 4 weeks notice and within 18 months from the date of issue. Each holder of the preference share is entitled to one vote per share only on resolution placed before the company which directly affects the rights attached to the redeemable cumulative preference shares.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	282.948	32.948
(b) Reserves & Surplus	(55.956)	158.566
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	260.000	120.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	4.590	10.270
(d) long-term provisions	4.836	3.211
(4) Current liabilities
(a) Short term borrowings	297.040	546.490
(b) Trade payables	158.038	91.801
(c) Other current liabilities	930.760	218.371
(d) Short-term provisions	57.789	67.003
TOTAL	1940.045	1248.660
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	238.076	177.554
(ii) Intangible Assets	4.239	4.700
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.520	0.520
(c) Deferred tax assets (net)	98.949	-11.461
(d) Long-term Loan and Advances	5.102	4.455
(e) Trade receivables	93.491	46.799
(f) Other Non-current assets	46.500	46.500
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	292.250	238.642
(c) Trade receivables	473.353	296.835
(d) Cash and cash equivalents	55.690	35.645
(e) Short-term loans and advances	43.885	33.984
(f) Other current assets	587.990	374.487
TOTAL	1940.045	1248.660

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		32.948
2] Share Application Money		0.000
3] Reserves & Surplus		139.285
4] (Accumulated Losses)		0.000
NETWORTH		172.233
LOAN FUNDS
1] Secured Loans		553.307
2] Unsecured Loans		0.000
TOTAL BORROWING		553.307
DEFERRED TAX LIABILITIES		7.880
TOTAL		733.420
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		138.368
Capital work-in-progress		0.000
INVESTMENT		0.625
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	207.089
	Sundry Debtors	382.838
	Cash & Bank Balances	25.376
	Other Current Assets	0.919
	Loans & Advances	249.466
Total Current Assets		865.688
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	88.428
	Other Current Liabilities	129.666
	Provisions	53.167
Total Current Liabilities		271.261
Net Current Assets		594.427
MISCELLANEOUS EXPENSES		0.000
TOTAL		733.420

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from operations	1704.609	1127.524	892.085
		Other Income	7.879	18.534	4.000
		TOTAL (A)	1712.488	1146.058	896.085
Less	EXPENSES
		Raw material consumed	815.000	380.575
		Purchase of traded stock	2.774	0.174
		Changes in inventories	(60.481)	(8.072)
		Sub-contracting expenses	631.067	374.458
		Employee benefit expenses	187.911	113.946
		Other expenses	330.106	165.569
		TOTAL (B)	1906.377	1026.650	841.132
Less	PROFIT /(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(193.889)	119.408	54.953
Less	FINANCIAL EXPENSES (D)		114.923	67.092	11.504
	PROFIT /(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(308.812)	52.316	43.449
Less/ Add	DEPRECIATION/ AMORTISATION (F)		16.120	11.804	10.422
	PROFIT /(LOSS) BEFORE TAX (E-F) (G)		(324.932)	40.512	33.027
Less	TAX (H)		(110.410)	11.658	11.133
	PROFIT /(LOSS) AFTER TAX (G-H) (I)		(214.522)	28.854	21.894
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		81.311	64.930	52.920
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	2.900	2.200
		Proposed Final Dividend	0.000	8.237	6.590
		Tax on Dividend	0.000	1.336	1.094
	BALANCE CARRIED TO THE B/S		(133.211)	81.311	64.930
	Earnings Per Share (Rs.)		(65.11)	8.76	6.65

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012	31.03.2013
Net Sales	555.700	621.400	474.700	512.200
Total Expenditure	555.300	600.700	450.100	499.500
PBIDT (Excl OI)	0.400	20.700	24.500	12.700
Other Income	5.300	0.100	0.400	3.100
Operating Profit	5.800	20.900	25.000	15.800
Interest	25.500	27.900	29.000	30.300
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	(19.800)	(7.000)	(4.000)	(14.500)
Depreciation	4.700	4.300	4.900	7.600
Profit Before Tax	(24.500)	(11.400)	(8.900)	(22.000)
Tax	0.000	0.000	0.000	(12.400)
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	(24.500)	(11.400)	(8.900)	(9.600)
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	(24.500)	(11.400)	(8.900)	(9.600)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(12.52)	2.51	2.44
Net Profit Margin (PBT/Sales)	(%)	(19.06)	3.59	3.70
Return on Total Assets (PBT/Total Assets}	(%)	(17.70)	3.22	3.29
Return on Investment (ROI) (PBT/Networth)		(1.43)	0.21	0.19
Debt Equity Ratio (Total Debt/Networth)		2.45	3.48	3.21
Current Ratio (Current Asset/Current Liability)		1.01	1.06	3.19

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	No
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	Yes
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	No
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)

Particulars	As on 31.03.2012	As on 31.03.2011
From bank	75.000	0.000
Total	75.000	0.000

BOARD OF DIRECTORS

MR. M M VENKATACHALAM CHAIRMAN AND MANAGING DIRECTOR

Mr. M. M. Venkatachalam is a graduate in Agriculture and Master in Business Administration from George Washington University, USA. He was appointed as a Director in July 2009 and is presently the Chairman and Managing Director of the Company. He is also on the Board of various Companies including Coromandel International Limited, Ramco Systems Limited, Parry Murray and company Limited U.K., Parry Agro Industries Limited, Ambadi Enterprises Limited, Parry Enterprises India Limited, Polutech Limited etc.

MR. M A M ARUNACHALAM NON-EXECUTIVE DIRECTOR

Mr. M A M Arunachalam has done his Bachelors in Commerce and Masters in Business Administration from University of Chicago. He is an Industrialist and has an experience of 24 years in the field of varied industrial activities. He is the Managing Director of Parry Enterprises India Limited. He has been on the board of CECL, since September 1995.

MR. S S RAJSEKAR NON-EXECUTIVE DIRECTOR

Mr. S. S. Rajsekar is a Chemical Engineer (B. Tech) from Anna University. He has more than 32 years of experience in the field of real estate and property related advisory services. He has extensive senior-level contacts in the business community, through holding key positions in business organisations, Boards of Corporate Companies, Chambers of Commerce, Advisory Committees of Banks/Financial Institutions. He was the past president of Andhra Chamber of Commerce and currently he is a Managing Committee member of Madras Management Association. He has been on the board of CECL, since October 2005.

MR. J SRINIVASAN NON-EXECUTIVE DIRECTOR

Mr. J. Srinivasan holds a Bachelor’s Degree in Economics – Political Science – Commerce combination of the University of Delhi. He is also a Fellow of the Institute of Company Secretaries of India. He has been in Industry for over 54 years in different capacities. Till October 2006, he was the CEO of both TTK-LIG Limited and SSL-TTK Limited. Presently, he is the Mentor Director of the TTK Group. He was responsible for taking over Dr. Scholl domestic business in SSL-TTK and for shifting UK operations to India. In recognition of his contribution, the JV partners have named Sriperumbudur plant after him. He is also associated with a few NGOs in Chennai, like VHS, TTK-VHS-Rotary Blood Bank, TTK Hospital of TT Ranganathan Foundation, Spastics Society of Tamil Nadu, etc. He has been on the board of CECL, since July 2008

MR. V. VENKITESWARAN NON-EXECUTIVE DIRECTOR

Mr. V. Venkiteswaran has business experience of over 41 years in diverse areas of operations. He is a Mechanical Engineer from the University of Madras and worked over 36 years with Tata Tea Limited, initially overseeing the technical aspects of large tea plantations before attaining the position of GM. He held several key management positions in diverse operations like heading a subsidiary Company in the US, the Tata Tetley JV at Cochin and was responsible for a number of green field projects in India and Abroad. All this culminated in his position as Executive Director of TTL between 2002 and 2006, after which he was a consultant for specific overseas projects till August 2007. He has been on the board of CECL, since July 2008

MR. SRIDHAR GANESH NON-EXECUTIVE DIRECTOR

Mr. Sridhar Ganesh is a graduate in Physics and an alumnus of IIM Calcutta. He has extensive experience in the areas of developing people strategy, building organization culture, leadership development and coaching for performance and has worked across the HR function in organisations like Cadbury Schweppes, Berger Paints etc. He took up the current role as Director HR with the Murugappa Group in February 2007. He is a member of the Advisory Council of Loyola Institute of Business Administration (LIBA) and the CII National Committee on Skills and Human Resources. He is also the Chairman of the CII Southern Region Task Force on HR, Skills, Employability, Affirmative Action and ITI - IMC. He was appointed as a Director of CECL in October 2009.

MR. N V RAVI NON-EXECUTIVE DIRECTOR

Mr. N. V. Ravi is an architect and has his own private practice since 1985. He has done his Masters in Architecture at the University of Michigan Ann Arbor. He has designed and executed several residential, industrial and commercial projects in Chennai, Delhi, Bangalore, Hyderabad etc. He also has vast experience in field of construction and has his own property development firm which has been doing projects since 1996. He was appointed as a Director of CECL in February 2012.

OPERATIONS AND PERFORMANCE

During the year, the company recorded a turnover of Rs. 1704.609 millions and Loss of Rs 324.932 millions as against the last year turnover of Rs. 1127.524 millions and PBT of Rs. 40.512 millions. The key reasons for the loss during the current year comprise of steep increase in all construction material costs and labour costs. Severe shortage of construction labour had led to unprecedented increase in good quality manpower costs. The interest costs also climbed up due to increase in the cost of borrowed funds from bankers.

The company participated in several tenders during the year across various industrial, commercial and residential segments. The company quoted tenders for a value of approx. Rs. 31844.500 millions during the year and won work orders worth Rs. 2580.000 millions. This year saw the company taking high value orders in the range of Rs. 300.000 millions to Rs. 400.000 millions.

On the Property Development front, the company reported a turnover of Rs 186.191 millions as against Rs. 116.157 millions reported last year. The company’s residential projects are progressing well.

The company during the year has acquired operational Plant and Machinery and other Fixed Assets amounting to Rs. 77.600 millions.

REVIEW OF BUSINESS OF COROMANDEL ENGINEERING COMPANY LIMITED

The civil contract segment saw reasonable performance on the sales front with many new projects getting into their fold. However, the financial results for the contract segment was severely affected due to spiraling costs of input materials and labour.

The company had won many orders under stiff competitive conditions, which meant a lower margin on the estimates front. Unfortunately, during the year, the cost of most of the input construction materials like sand, aggregate, bulk materials, bricks, blocks etc went up by over 30-40% which was unprecedented.

Their cost estimates on these items were grossly lower compared to actuals. This apart, the cost of labour in terms of masons, helpers, carpenters, electricians, mechanics etc went up substantially during the year due to severe shortage. With more and more construction labour moving out to other disciplines where the nature of work is much easier and the absorption of construction labour going up due to mega projects like Metro rail etc., the availability of labour became very scarce. This pushed up the cost of labour by over 50-60% during the year.

Since most of the orders were won on firm and fixed basis, the company’s ability to pass through such cost increase was extremely limited. The company had to honour the contractual commitments to the clients and hence, the financial performance reflected a loss during the year.

On the residential segment, in spite of the input cost increase, the company could manage to report reasonable sales and profits. Since the overall value of sales in residential projects is less compared to the civil contracts segment, the benefit in this segment could not offset the loss arising from civil construction.

DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONS

SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements are prepared under the historical cost convention, on accrual basis and in accordance with the Generally Accepted Accounting Principles in India(Indian GAAP) and comply with the Accounting Standards prescribed in the Companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act, 1956.

STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31.03.2013

(Rs. In Millions)

S. NO	Particulars	Unaudited		Audited
		Quarter ended		Year ended
		As on 31.03.2013	As on 31.12.2012	As on 31.03.2013
1	Income from operations
	(a) Net sales/income from operations	512.173	474.654	2163.922
	(Net of excise duty)	-	-	-
	(b) Other operating income	-	-	-
	Total income from operations (net)	512.173	474.654	2163.922
2	Expenses
	(a) Cost of materials consumed	175.894	183.330	809.460
	(b) Changes in inventories and work in progr	(5.572)	(31.709)	(57.683)
	(c) Purchases of traded goods	-	-	3.070
	(d) Sub Contract and labour payments	197.809	167.017	843.209
	(e) Employee benefits expense	48.087	49.901	189.474
	(f) Depreciation and amortisation expenses	7.559	4.865	21.506
	(g) Other expenses	83.261	81.570	317.994
	Total expenses	507.038	454.974	2127.030
3	Profit / (Loss) from operations before other income and finance costs	5.135	19.680	36.892
		-	-	-
4	Other income	3.132	0.431	9.030
5	Profit/(Loss) before finance costs	8.267	20.111	45.922
6	Finance costs	30.302	28.999	112.759
7	Profit / (Loss) before tax	(22.035)	(8.888)	(66.837)
B	Tax expense	(12.432)	-	(12.432)
9	Net Profit / (Loss) after tax	(9.603)	(8.888)	(54.405)
10	Paid-up equity share capital	32.948	32.948	32.948
11	Reserve excluding revaluation reserves as per balance sheet of previous accounting yea	-	-	(110.361)
12	Earnings per share (before extraordinary item of Rs. 10/- each (not annualized)	-	-	-
	(a) Basic	(2.91)	(2.70)	(16.51)
	(b) Diluted
A	Particulars of Shareholding
1	Public shareholding	836700	836700	836700
	- Number of shares	25.39%	25.39%	25.39%
	- Percentage of shareholding
2	Promoters and Promoter Group Shareholding
	a) Pledged / encumbered
	- Number of shares
	- Percentage of shares (as a % of the total shareholding of the Promoter and Promoter group)
	- Percentage of shares (as a % of the total share capital of the company)
	b) Non - encumbered
	- Number of shares	2458080	2458080	2458080
	- Percentage of shares (as a % of the total shareholding of the Promoter and Promoter group)	100%	100%	100%
	- Percentage of shares (as a % of the total share capital of the company)	74.61%	74.61%	74.61%

	Particulars	Quarter ended 31.03.2013
B	Investor complaints
	Pending at the beginning of the quarter	Nil
	Received during the quarter	0
	Disposed off during the quarter	0
	Remaining unresolved at the end of the quar	Nil

	Standalone Statement of Assets and Liability	Unaudited
		As on 31.03.2013
A	EQUITY AND LIABILITIES
1	Share holders' funds
	(a) Share capital	282.948
	(b) Reserves and surplus	(110.361)
	Sub-total - Shareholders' funds	172.587
2	Share application money pending allotment	0.000
3	Minority interest	0.000
4	Non-current liabilities
	(a) Long-term borrowings	420.200
	(b) Trade payables	-
	(c) Long-term provisions	4.829
	Sub-total - Non-current liabilities	425.029
5	Current liabilities
	(a) Short-term borrowings	295.581
	(b) Trade payables	310.545
	(c) Other current liabilities	1253.083
	(d) Short-term provisions	58.083
	Sub-total - Current liabilities	1917.292
	Total - Equity and Liabilities	2514.908
B	ASSETS
1	Non-current assets
	(a) Fixed assets	303.754
	(b) Non-current investments	0.544
	(c) Deferred tax assets/ (liabilities) (Net)	111.381
	(d) Long-term loans and advances	3.659
	(e) Trade receivables	100.400
	(f) Other non-current assets	46.500
	Sub-total - Non-current assets	566.238
2	Current assets
	(a) Current investments	-
	(b) Inventories	375.876
	(c) Trade receivables	471.994
	(d) Cash and cash equivalents	58.251
	(e) Short-term loans and advances	80.307
	(f) Other current assets	961.742
	Sub-total - Current assets	1948.670
	TOTAL - Assets	2514.908

1. The above results for the year were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 30th April, 2013 and has been subjected to Audit by the Statutory Auditors of the Company.
2. As the Company's business activity falls within a single significant business segment, viz. "Construction", no separate segment information is disclosed.
3. Figures of the previous periods have been regrouped and reclassified wherever necessary, to correspond with classification of figures for current periods.
4. The figures of the quarter ended March 31, 2013 are the balancing figure between the Audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year.

FIXED ASSETS

• Land and Buildings
• Plant and Equipment
• Furniture and Fixtures
• Office equipment
• Vehicles

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. 57.73
UK Pound	1	Rs. 90.61
Euro	1	Rs. 76.96

INFORMATION DETAILS

Report Prepared by :

DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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.